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As recorded by Professor S.D Goiten, the basis of commerce and industry in the twelfth and thirteenth centuries in the Mediterranean region was formed through partnership and profit-sharing rather than interest-based borrowing and lending. From a very early stage in Islamic history, Muslims were able to gather resources to finance productive activities without interests. However, western financial institutions including banks dominated in following centuries making the Islamic tradition dormant. In the 1970s, the commercial practice Read more…

RIYADH: Saudi Arabia’s sukuk issuances jumped by 37 percent in 2021, totalling $36.9 billion, up from $27 billion the year before, S&P Global Ratings revealed. The increase is attributed to the global issuance of foreign-currency denominated sukuk, which has increased by 10 percent in 2021, with large issuances in the Kingdom, such as that by oil giant Saudi Aramco, contributing to the rise. On a broader scale, global sukuk issuance has slightly decreased to $147.4 billion Read more…

Islamic finance enthusiasts in Ghana have been urged to explore ways of kick starting operations in the short term as efforts to achieve a fully fledged Islamic banking and finance ecosystem gathers pace. This could entail teaming up with conventional banks to open windows – which will serve as a roll out of sharia-compliant products for people who are interested in the ethical finance industry. The call to start small with Islamic products was made Read more…