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​Islamic finance is a way of doing financial transactions and banking while respecting Islamic law or sharia. Islamic finance hardly existed 30 years ago yet today is a $4 trillion industry with hundreds of financial institutions located in more than 80 countries. Islamic banks are by far the biggest players in the Islamic finance industry and account for $1.75 trillion or 70% of …

Bilateral trade volumes are significantly up as Moscow targets the Islamic world for new trade and development opportunities  By Farzad Ramezani Bonesh, with additional commentary by Chris Devonshire-Ellis Due to the Ukraine conflict, Russia has lost part of its supply chain and Western-origin suppliers, compounded by most Western based countries imposing sanctions and cutting off their economic relations with Russia. However, to …

The Consumer Affairs Authority (CAA) has taken a significant step towards safeguarding consumer rights by issuing a special gazette notification aimed at regulating the activities of online sellers and sellers operating on digital platforms. The directives outlined in the notification, which were announced by CAA Chairman Shantha Niriella on May 17, are designed to protect consumers throughout the various stages …

The Riyadh skyline. In Saudi Arabia, the implementation of Vision 2030 and continued growth in mortgage lending supported the Islamic finance industry’s growth, S&P said. EPA The global Islamic finance industry is expected to grow by around 10 per cent in 2023-2024 despite the economic slowdown, after posting a similar expansion in 2022 mainly led by the GCC countries, according to S&P Global …

Brazil is already the leading exporter of halal meat and poultry to the Arab world but authorities believe the wider halal market holds even greater potential and are taking steps to unlock it. (Shutterstock) Project incentivizes food companies to obtain halal certification to access Muslim markets worldwide Exports to the Arab world from Latin America’s biggest economy reached $17.74 billion …

On behalf of the upcoming Ramadan festival, President Ranil Wickremesinghe has issued an order to reduce the Special Commodity Levy (SCL) imposed on Dates from Rs.200 to Rs.1 per Kg.  The President Media Division said the waiver only applies to Dates received as a gift or donation, without any foreign exchange involved, from foreign governments, organizations, business entities, volunteer associations, …