Newswrap: Islamic Finance
IMF to Separate Islamic Finance in SNA/BPM; Alberta invites halal finance to its sandbox; Islamic Coin, a Sharia-compliant cryptocurrency, is set to launch in May; Saudi Arabia's CMA cancels its share in sukuk and bonds trading commission to reduce costs and enhance liquidity; IsDB approves financing projects worth $403 million for sustainable development; Nexxo Ventures sells its investment in Fintech QPAY to Qatar Islamic Bank.
Regulatory - Global
IMF to Separate Islamic Finance in SNA/BPM; No Headline Impact Expected (April 4th, 2023)
Fitch Ratings reports that the International Monetary Fund (IMF) is planning to include separate categories for Islamic finance in its System of National Accounts and Balance of Payments Manual. This move will enhance data quality, comparability, and transparency by giving more precise measurement of economic activities and flows related to Islamic finance and allowing cross-country comparisons. (Fitch Ratings)
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