Islamic Finance
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Aft er proposing its first-ever Sukuk offering in January, Al Rayan successfully closed the largest corporate Sukuk issuance in the UK’s history last month with the Tolkien Funding Sukuk No 1 raising GBP250 million (US$349.18 million) in capital. The Sukuk facility was rated ‘A’ and priced at 0.8% above the LIBOR rate. The bank did…
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Islamic finance and fintech practitioners came together on the 24th January for the inaugural meeting of the UK Islamic Fintech Panel. According to the recent Islamic Fintech Landscape report by RED money Group, the UK has the second-largest number of Islamic fintech firms at 18, second only to Malaysia which has 21 fintech firms. The…
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Introduction Islamic finance in the UK has continued to grow despite the economic uncertainty in the aftermath of the Brexit vote last year and the snap election in June. Islamic banks continued to demonstrate continued strength with record earnings from the Al-Rayan Bank, the country’s largest Islamic financial institution by assets. The first Shariah-compliant crowdfunding…