Islamic finance roundup: Mercan Group's PE fund receives Shariah approval

Here's a roundup of key developments across the Islamic finance ecosystem during the month of August

Editor's Note: There are renewed calls to take active steps to enhance Islamic finance practices among lenders, as made by the deputy of an Afghani bank. Meanwhile, Portugal's Mercan Group has also received the Shariah nod for its private equity fund, 

Company News

Afghanistan

Da Afghanistan bank deputy calls for enhanced Islamic banking practices

Sediqullah Khalid, the First Deputy of Da Afghanistan Bank (DAB), urged commercial banks to take practical steps to advance Islamic banking during a meeting on financial services development.

The gathering, attended by representatives from commercial banks and the Bankers Association, focused on expanding and enhancing financial services, as highlighted in a press release from Da Afghanistan Bank. (Pakistan Observer)

Portugal

Mercan PE fund receives Shariah-certification approval

Mercan Group announced that its Mercan Private Equity Fund I (MPEF I) has received Shariah certification approval, confirming its compliance with Islamic law.

This certification, granted after rigorous analysis by experts, ensures that the fund aligns with Shariah principles, making it a viable option for faith-based investors. (Mercan)

Operational Developments

Bahrain

BIBF, IsDBI deliver training on risk management & stress testing for Islamic financial institutions

The Bahrain Institute of Banking and Finance (BIBF) and the Islamic Development Bank Institute (IsDBI) recently completed a two-day virtual training program on "Risk Management and Stress Testing for Islamic Financial Institutions."

The program, attended by regulators and senior executives from Islamic financial institutions, focused on enhancing participants' understanding of the latest developments and best practices in risk management and stress testing within the Islamic finance industry. (Zawya)

Investment

Indonesia

Menara Syariah-INCEIF collaborate on sustainable Waqf, climate investments

Menara Syariah and INCEIF University hosted a symposium on August 8, bringing together industry experts, scholars, and practitioners to explore Islamic finance.

The event, held by INCEIF, a postgraduate university specializing in Islamic finance established by Malaysia's Central Bank, focused on leveraging Islamic financial principles to promote sustainable Waqf (endowment) practices and climate investments. (Indonesia Business Post)