Islamic finance roundup: Bank Indonesia outlines strategies to advance Islamic finance
Here's a roundup of key developments across the Islamic finance ecosystem in August
Editor's note: Southeast Asian countries have led the world in Islamic finance in legislation and practice, and they are not willing to go slow. Malaysia is strengthening cross-border ties to focus on Shariah-compliant finance while Indonesia is looking to advance the entire IF ecosystem.
Company News
Bangladesh
Visa honours Islami Bank for excellence in Islamic banking cards
Islami Bank Bangladesh received the Excellence in Islamic Banking Cards award for issuing the highest number of Visa debit cards among Islamic banks in Bangladesh.
The award was presented at the VISA Leadership Conclave 2025 in Dhaka, attended by key figures. (TBS News)
Indonesia
Bank Indonesia outlines strategies to advance Islamic finance
Indonesia has emerged as a global leader in Islamic finance, with Bank Indonesia Governor Perry Warjiyo emphasizing the country’s ambition to drive the world’s Islamic economy.
To achieve this, Indonesia is focusing on three key steps. The first is expanding participation in Islamic banking through Bank Syariah Indonesia. The second is increasing financial access in pesantren through the “Ngaji Fiqih, Ngaji Sugih” campaign.
The third is enhancing Islamic economic and financial literacy, through Islamic festivals and broader community engagement initiatives. (Metro TV)
United Kingdom
Nomo Bank expands property finance team with two strategic hires
Nomo, the world’s first digital Sharia’a-compliant cross-border bank, has expanded its property finance team with the appointment of Jeton Asani and Steven Griffiths as Business Development Managers.
These additions aim to strengthen Nomo’s relationships with broker partners, supporting the bank’s provision of UK property finance to GCC residents. (Zawya)
Qatar
Al Rayan Bank goes live with Finastra to deliver seamless digital banking
Finastra, a global leader in financial services software, announced that Qatar's AlRayan Bank has successfully gone live with Finastra Corporate Channels, enhancing and streamlining its corporate digital banking services.
The platform provides a unified, secure, and consistent digital experience across all channels while improving operational agility and customer satisfaction.
With modernized trade finance and cash management infrastructure, AlRayan Bank can now introduce mobile-first capabilities, accelerate time-to-funds, and create new business opportunities while strengthening client retention. (Financial IT)
Trade Developments
Malaysia / Guinea-Bissau
Malaysia, Guinea-Bissau extend ties with focus on halal industry, Islamic finance and energy
Malaysia and Guinea-Bissau have reaffirmed their commitment to strengthening bilateral relations, focusing on areas such as the halal industry, Islamic finance, the energy sector, and capacity building.
Prime Minister Anwar Ibrahim encouraged Malaysian corporations, including PETRONAS and FGV Holdings, to explore potential ventures in Guinea-Bissau. (The Star)
Investment
Malaysia
Cagamas raises funds from maiden Asean social green Islamic variable rate note
Malaysia’s national mortgage corporation Cagamas Bhd announced that it raised 200 million Malaysian ringgitts through its first ASEAN social green sukuk variable rate notes.
The proceeds from the Shariah-compliant instrument, aligned with sustainable and responsible investment principles, will be used exclusively to finance affordable home purchases that qualify as eligible sustainability assets.
Details on tenure, pricing, and other terms were not disclosed. (The Edge)
