Latest news with #Shariah-compliant
Fintech News ME
39 minutes ago
- Business
- Fintech News ME
Singapore's StashAway Appoints Raaed Sheibani as UAE Country Manager
StashAway, a digital investment platform operating across Asia and the Middle East, has named Raaed Sheibani as its new Country Manager for the UAE. His appointment coincides with StashAway's participation in the Dubai International Financial Centre's (DIFC) '1 Million Learners' initiative as a founding partner. In his new role, Raaed will oversee StashAway's strategic development in the UAE, with an emphasis on supporting young professionals and high net worth individuals in building long-term wealth. The company, under his leadership, plans to develop its offerings in private markets and Shariah-compliant investments, improve customer experience, and extend its financial education programmes in the country. 'The UAE is a strategic market for us. With its thriving expatriate community and a rising generation of young investors, we are seeing strong demand for sophisticated, globally diversified investment solutions,' said Michele Ferrario, Co-founder and Chief Executive Officer of StashAway. 'Raaed brings deep local insights and a genuine passion for financial inclusion – exactly what we need to drive our next chapter in the UAE.' Raaed has a background in fintech, strategy consulting, business development and product management. Prior to joining StashAway, he was Head of Growth and Operations at Qlub, a global software-as-a-service payments firm, where he led customer and product development for the UAE. 'I am excited to join a company that is truly focused on empowering people to invest, save and learn,' said Raaed Sheibani. 'There is a clear need in the UAE for an investment platform that is simple, transparent and cost effective. I look forward to deepening our local impact by enhancing our offering to meet the needs of UAE investors and expanding our financial education efforts.'
Express Tribune
2 days ago
- Business
- Express Tribune
SBP injects Rs1.15tr to stabilise markets
Listen to article The State Bank of Pakistan (SBP) conducted a major liquidity injection on Friday, deploying a total of Rs1.148 trillion into the banking system through a mix of conventional and Shariah-compliant open market operations (OMOs). Under the conventional reverse repo facility, SBP injected Rs970 billion, including Rs250 billion for a 6-day tenor at 11.10% and Rs720 billion (partially accepted) for a 14-day tenor at 11.08%. Simultaneously, the Shariah-compliant Mudarabah OMO contributed Rs178 billion, split almost evenly between 6-day and 14-day tenors, both priced at 11.10%. This Rs1.15 trillion operation is among the largest single-day liquidity injections this year, signalling the SBP's proactive approach to maintaining stability in the interbank market amid tight liquidity conditions. Meanwhile, the Pakistani rupee posted a marginal gain against the US dollar in the interbank market, appreciating by 0.02% on Friday. By the end of the trading session, the local currency closed at 282.02, up by five paisas from Thursday's closing rate of 282.07. According to Ismail Iqbal Securities, the rupee has depreciated by 1.23% on a calendar year-to-date (CYTD) basis and by 1.30% on a fiscal year-to-date (FYTD) basis. On the commodities front, gold prices in Pakistan declined on Friday, reflecting losses in the international market. The fall came as the US dollar gained strength and investors responded to recent tariff announcements. However, a softer US inflation report sustained hopes of a possible interest rate cut. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs700 per tola, settling at Rs348,600, while the rate for 10 grams decreased by Rs599 to Rs298,868. Adnan Agar, Director at Interactive Commodities, said the market remains range-bound. "Gold hit a high of $3,322 and is trading around $3,290, with strong support at $3,260," he noted, adding that, "Unless the price breaks above $3,340$3,350, downward pressure is likely to continue."
New Straits Times
3 days ago
- Business
- New Straits Times
SC drops nine stocks, adds 41 to Shariah-compliant list in May review
KUALA LUMPUR: The Securities Commission Malaysia (SC) has removed nine companies and added 41 new names to its list of Shariah-compliant securities, following its latest biannual review conducted by the Shariah Advisory Council (SAC). The changes, effective today, bring the total number of Shariah-compliant counters on Bursa Malaysia to 850 out of 1,056 listed companies, maintaining a compliance rate of 80 per cent. Among those dropped from the list are Sarawak Cable Bhd, MAG Holdings Bhd, GuocoLand (Malaysia) Bhd, Carzo Holdings Bhd, Rhong Khen International Bhd and TP Tec Holding Bhd. The other three are VETECE Holdings Bhd, Vsolar Group Bhd and newly-listed Saliran Group Bhd, which debuted on March 13. The SC said the reclassified securities were previously listed as Shariah-compliant, but changes in the companies' business operations and financial positions had led to their removal from the list. Investors holding such reclassified securities have been advised to dispose of them if the market price on the effective date is equal to or higher than their original investment cost. It added investors can keep any dividends or gains received up to the effective date, but anything earned after that must be channelled to baitulmal or charitable bodies. Meanwhile, the 41 newly added Shariah-compliant securities span a wide range of sectors, including healthcare, property, plantations and logistics. These include Apex Healthcare Bhd, IOI Properties Group Bhd, PLS Plantations Bhd, CJ Century Logistics Holdings Bhd, RichTech Digital Bhd, Oriental Kopi Holdings Bhd and Eco-Shop Marketing Bhd. The SC said the updated classification was based on audited financial statements released between Oct 1, 2024, and March 31, 2025. The Shariah-compliant list is updated and published twice a year, in May and November.
New Straits Times
3 days ago
- Business
- New Straits Times
Bank Islam Q1 earnings down on higher provisions, but non-fund income jumps 50pct
KUALA LUMPUR: Bank Islam Malaysia Bhd's (BIMB) net profit dropped 3.4 per cent to RM126.27 million in the first quarter ended March 31, 2025 (1Q25) from RM130.73 million a year ago. The lower earnings were mainly due to higher net allowance for impairment on financing and higher total overheads, mitigated by higher net income, the bank said in a filing to Bursa Malaysia today. However, revenue for the quarter rose to RM1.23 billion, down 7.89 per cent from RM1.14 billion previously. Earnings per share stood at 5.57 sen, down 0.2 sen from 5.77 sen in 1Q24. BIMB registered a net income of RM673.5 million in 1Q25, a nine per cent increase from a year earlier, primarily driven by a 50.3 per cent surge in non-fund-based income at RM133.6 million. Other contributing factors included increased foreign exchange transactions income and net gains from the sale of investment securities. BIMB's net allowance for impairment on financing and advances rose by RM37.5 million to RM79.8 million in the quarter, primarily due to an increase in net new impaired financing. The bank's total assets stood at RM98.3 billion, up eight per cent year on year, spurred by increased investment securities and financing. Gross financing grew six per cent to RM71.8 billion, driven by a 6.5 per cent increase in consumer financing and a 10.4 per cent rise in commercial financing. Customer deposits and investment accounts rose 5.5 per cent to RM80.6 billion. As of March 2025, the bank's current, savings and transactional investment accounts stood at RM30 billion, representing a healthy composition of 37.2 per cent. Total capital ratio remained robust at 18.7 per cent. Commenting on the financial performance, group chief executive officer Datuk Mohd Muazzam Mohamed said the bank delivered a modest first quarter performance, driven by strategic growth and a commitment to sustainability. "As a forward-looking, Shariah-compliant financial institution, we continue to evolve with customer expectations while leveraging technological advancements in Islamic finance. "Our continued focus on responsible banking and long-term sustainable growth reinforces Bank Islam's leadership in shaping a more inclusive, resilient, and future ready financial ecosystem," he said in a separate statement. On prospects, BIMB said its business growth strategies for 2025 prioritise the expansion of wealth management, Ar-Rahnu and bureau-de-change services, while fortifying collaboration with its subsidiaries, namely, BIMB Investment Management Bhd and BIMB Securities Sdn Bhd. The bank will also continue to strengthen its Ar-Rahnu services by expanding product offerings and enhancing accessibility, further advancing Shariah-compliant financial solutions to meet evolving customer needs. BIMB said it remains steadfast in addressing environmental and social challenges, particularly climate change and community upliftment. It noted that social finance remains the key pillar in this approach, spearheaded by its globally recognised social finance driver, Sadaqa House.
The Star
3 days ago
- Business
- The Star
Prudential BSN leads in Family Takaful for the 12th year
Wan Saifulrizal (right) said that PruBSN is committed to offering affordable yet comprehensive coverage despite the rise of medical claims inflation. Prudential BSN Takaful Berhad (PruBSN) is named Malaysia's Best Takaful Operator – Family Takaful Agency Business for the 12th year at the Takaful Star Awards 2025. The award by the Malaysia Takaful Association (MTA) reaffirms PruBSN's excellence in the Family Takaful segment since its establishment in 2006. For almost two decades, the company has demonstrated significant growth while staying focused on its mission to deliver accessible, Shariah-compliant protection solutions to all Malaysians. Better solutions for the future According to PruBSN chief executive officer Wan Saifulziral Wan Ismail, medical claims inflation has risen by about 16% annually between 2021 and 2023 as inflation and healthcare costs have soared over the years. Despite this, he maintains that PruBSN is committed to offering quality protection solutions that strike the right balance between affordability and comprehensive coverage. 'We continue to focus on sustainable innovation – enhancing value for our customers without compromising coverage and the quality of protection. Wan Saifulrizal receiving the award from MTA chief executive officer Mohd Radzuan Mohamed. 'Through continuous education, we ensure our customers are empowered to make informed decisions,' said Wan Saifulrizal. Wan added that a total of RM1.2bil was disbursed across all types of claims in 2024 alone, ensuring timely and comprehensive support for peace of mind. As healthcare needs grow more complex, PruBSN has expanded its offerings that are customisable and affordable including PruBSN AnugerahMax, PruBSN Asas360, Medik Asas, Crisis TotalCare, Medic TotalCare and Health360 to meet Malaysians' evolving needs. With healthcare expenditure projected to double by 2028, these solutions are built to address both physical and financial risks, empowering Malaysians to face life's uncertainties with confidence. Inclusive and accessible healthcare At the heart of PruBSN's philosophy lies the spirit of Ta'awun – the principle of mutual assistance. PruBSN's Tabarru' fund enables participants to support one another in times of need, reflecting the company's commitment to inclusive, accessible healthcare and social sustainability. According to Wan, PruBSN's Microtakaful Jariyah initiative embodies this spirit by offering complimentary protection to B40 breadwinners. The programme supports underserved communities by offering coverage to more than 188,000 individuals, with nearly RM5mil in claims disbursed since its inception. PruBSN team celebrating the win as the Best Family Takaful Operator. At the forefront of inclusive Takaful ecosystem PruBSN has earned other recognitions during the prestigious awards night including third place in Top Unit Manager, first place in Top Agency Manager (Direct), second place in Top Agency Manager (Group), first place for the MDRT Builder Award, a special award for MTA Member Companies Top Agency/Agent/Intermediaries, as well as several Institution categories for best Takaful products such as Critical Illness Plan, Terms Plan, Social Takaful Fund and Microtakaful. The Takaful Star Awards, presented annually by MTA, recognise exemplary performance among Takaful operators, agents and industry leaders. PruBSN remains resolute in its commitment to deliver value-driven, sustainable protection solutions that support the health, security and financial well-being of all Malaysians.
