Islamic finance wrap: CIMB Islamic, Petronas partner for Islamic commodity derivatives
Here's a roundup of key developments across the Islamic finance ecosystem during the first three weeks of March
Editor's note: Islamic finance is stepping up the pace in Malaysia as two giants signed an agreement for Shariah-compliant commodity derivatives. A new Islamic banking solution tailored for particularly SMEs across the halal space was also launched.
Meanwhile, UAE entities Bee'ah Group and Emirates Islamic partnered, too, to foster sustainable initiatives.
Company News
Malaysia
An ECF site has launched a halal venture capital firm & accelerator
Ethis advances its mission of supporting halal enterprises by introducing HASAN, a venture capital accelerator initiative.
Umar Munshi, Ethis Group co-founder and HASAN managing partner, along with Mohamad Akhtaar bin Abdul Ghani, HASAN's head of accelerator and Investor Relations, elucidated on this development. (Vulcan Post)
Oman
Alizz Islamic bank partners with Al Jabr MENA to nurture SMEs
Oman's Alizz Islamic Bank embarks on a year-long strategic partnership with Al Jabr MENA to foster SME growth through knowledge enrichment.
The formal signing of a memorandum of agreement took place at Alizz Islamic Bank's Head Office in Wilayat Bawshar. (Zawya)
Malaysia
CIMB Islamic and Petronas sign agreement for Islamic commodity derivatives
CIMB Islamic Bank Bhd and Petronas have signed the tahawwut master agreement (TMA) for Shariah-compliant commodity derivatives.
This agreement marks Petronas' entry into Shariah-compliant derivatives, positioning it as the first Malaysian corporation to utilize CIMB Islamic's instruments for Islamic energy commodity derivative trades. (The Star)
United Kingdom
Halal car finance platform, Ayan Capital, launches in the UK
Ayan Capital, an Islamic car finance platform, has launched in the UK.
It offers Shariah-compliant financing for vehicle purchases, catering to businesses and drivers.
Approved drivers can obtain financing of up to £50,000 within days from any UK dealership, addressing the growing demand in the market. (Zawya)
Malaysia
Hong Leong Islamic launches BizHalal to support SMEs
Hong Leong Islamic Bank Bhd (HLISB) responds to Malaysia's halal ecosystem push with BizHalal, an Islamic banking solution tailored for businesses, particularly SMEs in the halal industry.
This initiative aligns with national goals to bolster the halal sector and foster economic growth.
Through BizHalal, the lender offers Shariah-compliant financing and halal advisory support, supported by an in-house team of halal industry experts. (The Malaysian Reserve)
Malaysia
Google Cloud, Mambu, Backbase to power Bank Muamalat’s Islamic banking overhaul
Bank Muamalat Malaysia partners with Google Cloud to transform its digital Islamic banking services.
Leveraging Google Cloud's technology, including infrastructure, data analytics and artificial intelligence, the bank aims to offer more personalized and accessible services.
This collaboration involves transitioning digital applications and databases to Google Cloud, integrating with Mambu's digital banking platform and Backbase's engagement banking platform. (Fintech News)
Event
Republic of Somaliland
African Islamic Finance Summit successfully concluded in Somaliland
The 11th African Islamic Finance Summit, organized by AlHuda Centre of Islamic Banking and Economics (CIBE) in collaboration with the Central Bank of Somaliland and the National Insurance Authority (NIA), took place on March 5, in Hargeisa, Somaliland.
The event garnered participation from industry leaders, scholars, and practitioners from Africa and beyond. (Zawya)
ESG Developments
UAE
BEEAH and Emirates Islamic sign landmark ESG Agreement
BEEAH Group and Emirates Islamic have forged a pioneering partnership in the UAE, focusing on sustainable initiatives.
This collaboration introduces an environmental, social, and governance (ESG) linked financing facility, emphasizing both entities' dedication to advancing environmental objectives.
The partnership aims to drive sustainable solutions across various sectors, including clean energy and waste management. (Emirates Islamic)
Operational Developments
Ethiopia
Islamic Development Bank Institute delivers Islamic banking capacity building program for Ethiopia
The Islamic Development Bank Institute (IsDBI) conducted a capacity-building program for Ethiopia's banking sector.
Attended by over 35 senior officials from Ethiopian commercial banks, the program focused on competitive product development and strategic business growth. (Zawya)
