Latest news with #ShariahFinance
Mail & Guardian
27-06-2025
- Business
- Mail & Guardian
Standard Bank launches Southern Africa's first Shari'ah-compliant overdraft
Africa's biggest lender, Standard Bank, has launched the first-ever Shari'ah-compliant overdraft facility in Southern Africa, marking a transformative milestone for Islamic Finance on the continent. Designed to empower business owners with more Shari'ah-compliant solutions, the product adds to a long list of Standard Bank's innovative solutions to meet the unique needs of Africa's growing demand for Islamic Finance. Structured under the Shari'ah principle of Wakaalah, the Shari'ah Overdraft facility is a non-interest based alternative that provides businesses with instant access to short-term funding. Linked to the Shari'ah Business Current Account, the new product will allow clients to drawdown up to a pre-approved limit. 'This is not just a product launch, it's a response to a critical gap in Africa's Islamic Finance ecosystem,' said Ameen Hassen, Head of Shari'ah Banking at Standard Bank. 'For too long, businesses that required Shari'ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari'ah compliance.' With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic Finance assets, Standard Bank's innovation arrives as the region seeks scalable, Shari'ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses. Key benefits of the new product include: Competitive market related pricing. Direct linkage to the Shari'ah Business Current Account for streamlined operations. Certified compliance: The facility is certified by Standard Bank's Shari'ah Advisory Committee. Not only for Muslims While Shari'ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank's offering transcends religious boundaries, with approximately 35% of Standard Bank's South African Shari'ah clients identifying as non-Muslim. 'This isn't just for Muslims, it's for anyone seeking transparent, non-interest, asset-based or backed financial solutions,' said Hassen. The launch builds on Standard Bank's legacy of Islamic Finance innovation, including the world's first Shari'ah-compliant Diners Club product and South Africa's inaugural Shari'ah tax-efficient endowment. 'Africa's economic future hinges on inclusive, innovative finance,' said Hassen. 'With this product, we're not just serving clients, we're innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.' To leverage this Shari'ah-compliant liquidity facility, businesses and individuals can contact their Standard Bank Relationship Manager or email
Argaam
26-05-2025
- Business
- Argaam
2P renews, increases credit facility with SNB to SAR 73.6M
Perfect Presentation for Commercial Services Co. (2P) renewed and increased a Shariah-compliant credit facility to SAR 73.62 million with Saudi National Bank (SNB), the company said in a filing to Tadawul. The facility, secured today, May 26, will be utilized for awarded projects, as well as the issuance of letters of guarantees, credit, and invoice financing. The deal does not have any related parties, 2P said. The financing, available until May 30, 2026, is secured by promissory notes and covers the total amount, according to the statement.
Argaam
26-05-2025
- Business
- Argaam
AOL secures SAR 15M credit facilities from Alinma Bank
Academy of Learning Co. (AOL) obtained SAR 15 million Shariah-compliant credit facilities from Alinma Bank. In a statement to Tadawul, the company said that the funding period is five years starting from May 25, 2025. The amount is covered by a guarantee pursuant to a fine and solidarity bond declaration from the Chairman of the board of directors and a promissory note submitted by AOL to the bank. AOL aims to obtain these facilities in order to expand and increase its revenues in the upcoming period, in line with its strategy and future plans, the statement added, indicating that no related parties are included in the deal.
Zawya
23-05-2025
- Business
- Zawya
ICIEC extends EUR 232mln insurance policy to Standard Chartered & Others to support financing for Côte d'Ivoire's landmark 'Tour F' Development
Algiers, Algeria – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed an endorsement to the Non‑Honoring of Sovereign Financial Obligation (NHSFO) insurance policy with Standard Chartered (Hong Kong) Limited and others. The endorsement supports an additional EUR 130 million Murabaha facility to the Ministry of Finance and Budget of the Republic of Côte d'Ivoire, building on the initial EUR 102 million previously insured by ICIEC. With this uplift, the total value of the insured Murabaha facility now stands at EUR 232 million. The endorsement policy was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered. The signing took place on the sidelines of the 2025 IsDB Group Annual Meetings in Algiers. Under the arrangementment, ICIEC's NHSFO policy covers the participating financial institutions with robust credit enhancement. The proceeds will fund the construction of 'Tour F'- a flagship government office tower within Abidjan's new Administrative City, designed to modernize public‑sector infrastructure and improve public service delivery across Côte d'Ivoire. Dr. Khalid Khalafalla, CEO of ICIEC, said: 'This policy exemplifies how ICIEC's risk‑mitigation solutions unlock affordable, Shariah‑compliant capital for transformational public projects. Through this, ICIEC is supporting Côte d'Ivoire to realise a state‑of‑the‑art administrative hub that will boost efficiency, stimulate the local construction sector, and advance the country's development agenda in line with the UN SDGs.' Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered says: 'This collaboration with ICIEC is testament to our shared commitments to impact and advancement. We are thrilled to combine our expertise, and continue our long-standing partnership, with ICIEC to support this significant development in Côte d'Ivoire.' About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
Zawya
21-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Honors Award Winning Deals at the Islamic Development Bank (IsDB) Group Private Sector Forum 2025 —Pioneering Shariah-Compliant Risk-Mitigation to Advance Sustainable Development
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, proudly announced today the winners of its flagship accolades at the IsDB Group Private Sector Forum 2025 Awards. The awards ceremony was held on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers, celebrating transactions that have translated Shariah-compliant risk-sharing into measurable socio-economic benefits across the OIC member countries. Mopane Securities Plc was honored with the Best Trade Credit Insurance Deal of the Year Award for structuring a USD 20 million medium-term credit facility for Uzbekistan's JSC Aloqabank, arranged by Frontera Capital Group Limited. With 95 percent insurance coverage from ICIEC, the facility enables Aloqabank to extend fresh liquidity to a curated portfolio of Uzbek businesses—mobilizing cross-border capital without conventional collateral and directly advancing SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation and Infrastructure). Deutsche Bank received the Best Foreign Investment Insurance Deal of the Year award for arranging a seven-year, EUR 149 million commodity Murabaha term facility mandated by Côte d'Ivoire's Ministry of Finance and Budget to finance regional hospitals in Kong and Odienne. ICIEC's Non-Honouring of Sovereign Financial Obligation policy covers 95 percent of principal and profit, de-risking the project and enabling the addition of 377 beds. ' Congratulations to all the parties involved in the awarded deals for demonstrating the pivotal role of Shariah-based risk mitigation tools,' said Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC. ' By unlocking strategic capital without relying on conventional collateral, these innovative deals have fortified supply chains, expanded critical infrastructure, and fostered inclusive growth. Together, we are not only safeguarding investments but also accelerating progress toward the United Nations Sustainable Development Goals for our member states.' The award winners were selected by an independent panel of esteemed experts, following a rigorous evaluation process grounded in impact, innovation, and alignment with the Sustainable Development Goals (SDGs). This approach underscores the Awards' commitment to transparency, impartiality, and excellence in recognizing meaningful contributions to sustainable development. The award winning deals were selected by an independent panel of esteemed experts, following a rigorous evaluation process grounded in impact, innovation, and alignment with the Sustainable Development Goals (SDGs). Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Media Contact: Email: ICIEC-Communication@ About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World's only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an "Aa3" insurance financial strength credit rating (IFSR) from Moody's, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time 'AA-' long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC's resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, visit:
