Islamic finance roundup: Samba Bank Limited announces plans to transition to Islamic banking
Here's a roundup of key developments across the Islamic finance ecosystem during the month of March.
Editor's note: There is an undisputable rise in demand for Shariah-compliant services, which is prompting banks across the world to take notice.
Pakistan's Samba Bank Limited recently announced its intent to convert to an Islamic banking institution, falling in lockstep with the country's overall ambition to usher in an interest-free banking system.
Meanwhile, an IsDB entity is looking to boost SME financing in Bangladesh.
Company News
UAE
AlHuda CIBE launches internship program for Islamic finance
The AlHuda Centre of Islamic Banking and Economics (CIBE) has launched its 8th Global Virtual Internship Program, aimed at enhancing global expertise in Islamic banking and finance.
The program, which commenced during the Covid-19 pandemic, has drawn 250 participants from 40 countries, providing a two-month educational experience for professionals and students in various financial sectors such as banking, insurance, and capital markets. (Zawya)
Pakistan
Samba Bank announces plans to transition to Islamic banking
Pakistan-based Samba Bank Limited, a subsidiary of the kingdom's Saudi National Bank, has announced its plans to transition from a conventional bank to an Islamic one.
The decision was disclosed in a notice to the Pakistan Stock Exchange and involves submitting a tentative conversion plan to the State Bank of Pakistan.
The move is part of a broader trend in Pakistan, where Islamic banking has experienced substantial growth due to increased demand, regulatory backing, and the availability of Shariah-compliant financial products. (Business Recorder)
Saudi Arabia
Universal Postal Union explores collaboration with IsDBI
The Islamic Development Bank Institute (IsDBI) met with a delegation from the Universal Postal Union (UPU) to explore collaboration on enhancing postal financial services using Islamic finance principles.
The meeting, attended by representatives from both organizations, focused on creating innovative financial solutions appropriate for IsDB's member countries and addressing the needs of customers in diverse geographic areas. (Zawya)
Global
Xlence launches Shariah-compliant trading product
Xlence, an international CFD broker, has launched Islamic/Swap-Free accounts tailored for traders adhering to Islamic finance principles. These accounts comply with Sharia law by eliminating interest-based transactions. (Mondovisione)
Investment
Bangladesh
ITFC signs Murabaha agreement to boost SMEs financing in Bangladesh
The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group, signed a Master Murabaha Agreement with Mutual Trust Bank in Dhaka to boost trade finance support for SMEs and the private sector in Bangladesh.
This agreement will enhance Mutual Trust Bank's capacity to support cross-border trade and SME growth, reflecting a shared commitment to economic development in the country. (Zawya)
Saudi Arabia / Uzbekistan
ICD, Turonbank strengthen partnership to support private sector growth
The Islamic Corporation for the Development of the Private Sector (ICD) and Turonbank have partnered to boost Uzbekistan's private sector by signing a $30 million Islamic financing facility.
The initiative is focused on supporting small-and-medium-sized enterprises (SMEs) through financial resources aimed at fostering project launches and expansions, ultimately enhancing sustainable economic growth and resilience in Uzbekistan. (Zawya)
