Moody's says Islamic finance to grow faster than conventional banking. Bloomberg
Moody's says Islamic finance to grow faster than conventional banking. Bloomberg

Islamic financing to outpace conventional banking with sukuks



Islamic finance is set to outpace the growth of conventional banking as governments increasingly tap the sukuk market and individuals use more Sharia-compliant financial instruments, according to Moody’s Investors Service.

“The Islamic finance sector will be supported by governments whose objective is to grow the Islamic finance industry both domestically and globally as well as by continued demand for Islamic products from individuals,” said Nitish Bhojnagarwala, vice president and senior analyst at Moody’s.

“Islamic insurers’ penetration into South East Asia and North Africa will also drive growth in the industry.”

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Islamic banking penetration in the GCC, where growth has been most pronounced, increased to 45 per cent in September 2017 from 31 per cent in 2008, while during the same period sukuk issuances more than doubled to $100 billion from $42bn, Moody's said.

Saudi Arabia has $292bn of Islamic assets, making it the largest market for Sharia-compliant products globally , it said.

Sovereign sukuk issuances rose 44 per cent in 2017 from a year earlier, rising to $55bn, Moody’s said. The rating agency said it expected sukuk issuance to remain stable this year, though the rising price of oil may lessen the need for GCC governments to sell debt.

“Sovereign issuance has underpinned the recovery in the global sukuk market activity after a sharp drop in activity in 2015,” Mr Bhojnagarwala said.

“We expect sovereign sukuk issuance volumes to continue to grow in 2018 as governments look to diversify their financing mix and support their strategic objectives of expanding the Islamic finance market both locally and globally.”

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Result:

1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds

2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds

3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds

4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds

5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds

6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)

Six things you need to know about UAE Women’s Special Olympics football team

Several girls started playing football at age four

They describe sport as their passion

The girls don’t dwell on their condition

They just say they may need to work a little harder than others

When not in training, they play football with their brothers and sisters

The girls want to inspire others to join the UAE Special Olympics teams

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Install an air filter in your home.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Company%20Profile
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Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)

  • Arrive with a thank you gift, or make sure you have one for your host by the time you leave. 
  • Offer to buy groceries, cook them a meal or take your hosts out for dinner.
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The%20specs
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COMPANY%20PROFILE
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MATCH INFO

Uefa Champions League, semi-final result:

Liverpool 4-0 Barcelona

Liverpool win 4-3 on aggregate

Champions Legaue final: June 1, Madrid

A Dog's Journey 

Directed by: Gail Mancuso

Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott

3 out of 5 stars

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
THE SPECS

Engine: 6.0-litre, twin-turbocharged W12

Transmission: eight-speed automatic

Power: 626bhp

Torque: 900Nm

Price: Dh1,050,000

On sale: now

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Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).

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COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

The bio

Academics: Phd in strategic management in University of Wales

Number one caps: His best-seller caps are in shades of grey, blue, black and yellow

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Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus

Cars: Loves exotic cars and currently drives a Bentley Bentayga

Holiday: Favourite travel destinations are London and St Tropez