Islamic Finance

Islamic Mutual Funds selling their stake in Hub Power Company

Potential sell-off from Islamic mutual funds (6% of free float), largely due to rising debt financed equity investments has kept a cap on HUBC’s price performance. However, the release of detailed financial accounts indicates HUBC’s conventional debt to asset (33%) comfortably below the levels allowed by Shariah compliance criteria of 37%. Meanwhile, ‘penal income’ at… Continue reading Islamic Mutual Funds selling their stake in Hub Power Company

Islamic Finance

Takeaways from Meezan Bank analysts briefing

On Thursday, Meezan Bank (MEBL) held a briefing for analyst to discuss/elaborate its 1H2019 financial results and provide future outlook. The Bank recorded provisions of Rs1.2 billion for the period under review as against a reversal of Rs100 million for the corresponding period last year. The NPL mainly related to Rs583 million on loan books… Continue reading Takeaways from Meezan Bank analysts briefing

Islamic Finance

Meezan Bank posts Rs4.1 billion profit after tax for second quarter of 2019

Meezan Bank (MEBL), Pakistan’s first and the largest Islamic bank has announced second quarter results. The Bank has posted profit after tax of Rs4.1 billion (EPS: Rs3.2), up 88%YoY on the back of increase in net spread earned; up by 77%YoY. MEBL also announced interim cash dividend of Rs1.0/share. Cumulative earnings for 1H2019 of the… Continue reading Meezan Bank posts Rs4.1 billion profit after tax for second quarter of 2019

Islamic Finance

Jaiz Bank of Nigeria upgrades its core banking platform

Path Solutions, the global Islamic banking software company announced Jaiz Bank, Nigeria’s premier Islamic bank has successfully upgraded its Islamic core banking platform. The upgrade is to enable innovation that will meet evolving customers’ needs as it expands into new markets. Path Solutions analyzed Jaiz Bank’s specific IT requirements and adapted them to the latest version of iMAL.… Continue reading Jaiz Bank of Nigeria upgrades its core banking platform

Islamic Finance

AAOIFI conducts a two-day Public Hearing session in Bahrain

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), conducted a two-day public hearing session in Bahrain for its exposure drafts on financial accounting and governance standards on 17 and 18 July 2019 at the AAOIFI head-office premises in Bahrain. This was the second public hearing session in Bahrain during this year with several… Continue reading AAOIFI conducts a two-day Public Hearing session in Bahrain

Islamic Banking in Pakistan

Government of Pakistan lacks commitment towards elimination of Riba

Pakistani newspapers and magazines are full of praises for the Government of Pakistan (GoP) and State Bank of Pakistan (SBP) for ushering double digit growth of Islamic banking in the country. However, the performance over slightly less than two decades looks miniscule keeping the facts in mind that overwhelming majority of the population of the… Continue reading Government of Pakistan lacks commitment towards elimination of Riba

Islamic finance, Islamic banking, Shariah compliance

AAOIFI conducts a 2-day Sensitization Session in Turkey

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a focused training course on AAOIFI financial accounting standards versus international standards for a group of senior management officials hailing from the participation banking industry in the Republic of Turkey. During the 2-day sensitization session at the headquarters of TKBB (Participation Banks Association Of… Continue reading AAOIFI conducts a 2-day Sensitization Session in Turkey