Islamic finance wrap: Canada to introduce halal mortgages for Muslims
Here's a roundup of key developments across the Islamic finance ecosystem during the month of April
Editor's note: Canada leads the news race, with the government announcing its intent to introduce halal mortgages for Muslims. Meanwhile, Ahli Islamic has introduced Oman's first Shariah-compliant money market fund.
In neighbouring UAE, Emirates Islamic has introduced fractional sukuk for investors.
Company News
Pakistan
JazzCash launches Islamic Savings product
JazzCash has introduced its Islamic Savings product, featuring the highest daily halal profit rates, aiming to enhance financial inclusion in Pakistan.
The offering includes free accidental insurance upon enrollment, providing added security for customers.
The initiative addresses key obstacles to digital financial service adoption in the country and offers a user-friendly platform through the JazzCash app for managing savings conveniently. (Business Recorder)
Oman
Ahli Islamic introduces first Shariah-compliant money market fund
Ahli Islamic, a subsidiary of ahlibank in Oman, has introduced the country's first Islamic money market fund, offering customers Shariah-compliant investment opportunities with attractive local and regional profit rates.
The fund aligns with Islamic principles of ethical finance and responsible growth, providing investors with accessible entry points starting from just 500 Omani riyals. (Zawya)
Australia
Hejaz, LMG partner to offer Shariah-compliant finance
Hejaz, an Islamic financial services provider, has teamed up with aggregator LMG to offer Shariah-compliant financing to brokers.
The partnership addresses demand from LMG brokers to better serve Muslim clients by leveraging Hejaz's unique position as the sole provider of broker-friendly Islamic finance products in Australia. (MPA)
UAE
Emirates Islamic introduces fractional sukuk for investors
Emirates Islamic has introduced fractional sukuk, an innovative product aimed at investors seeking access to international sukuk markets.
With a minimum investment of $25,000, this offering addresses the challenge faced by retail investors who typically require a minimum of $200,000 to enter the Sukuk market. (Zawya)
Saudi Arabia / Malaysia
Securities Commission Malaysia partners with Islamic Development Bank to advance Islamic capital market
The Securities Commission Malaysia inked a memorandum of understanding with the Islamic Development Bank (IsDB) Group, marking a significant step towards enhanced collaboration in the Islamic capital market.
The agreement focuses on expanding Islamic fintech and social finance, particularly in waqf. (The Edge Malaysia)
Investment
Singapore
Olam Agri secures inaugural $625m Shariah-compliant financing facility
Olam Agri, a subsidiary of Olam Group, has obtained a Shariah-compliant financing facility worth $625 million on April 4.
The Murabaha facility, the first of its kind for Olam, attracted investments from various global entities, including the UAE, Malaysia, Singapore, and Hong Kong. (The Edge)
Trade Developments
Canada
Canadian government unveils ‘halal mortgages’ for Muslims
The Canadian government plans to introduce halal mortgages for Muslims, providing alternative financing options and promoting homeownership within the community.
The initiative aims to enhance diversity in the housing market while meeting the specific needs of Canadian Muslims.
Additionally, the government intends to implement a two-year ban on foreigners purchasing land in the country, as outlined in the federal budget for 2024. (English Aaj)
Saudi Arabia
ICIEC, Federation of Contractors from Islamic Countries promote Islamic insurance solutions
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, signed a MoU with the Federation of Contractors from Islamic Countries during the IsDB Group Annual Meeting 2024 in Riyadh. (Zawya)
