Newswrap: Islamic finance

Newswrap: Islamic finance

Bursa Malaysia to develop first Sharia-compliant carbon credit product, Digital Gold Dinar; Islamic Development Bank to boost support for Kazakhstan and Malaysia; ADIB profits up 30%; Bahrain Islamic Bank supports fintech initiative.

Bursa Malaysia to develop first Sharia-compliant carbon credit product, Digital Gold Dinar

Malaysia’s Islamic Capital Market’s (ICM) Bursa Digital Research announced that it will “proactively build new markets to serve as fresh growth avenues or solutions for our stakeholders,” including new products such as asset-backed securities and tokenised assets.

The Islamic Capital Market update noted that there are “exciting initiatives in the pipeline,” including work “on establishing a Voluntary Carbon Market with the first Sharia-compliant carbon credit product as well as the commercialisation of a Digital Gold Dinar solution.” These new offerings are being “developed and designed to fulfil the needs of the real market and drive the sustainability agenda in the capital market.” The ICM accounts for more than 60% of the Malaysian capital market.

Islamic Development Bank to boost support for Kazakhstan and Malaysia

During meetings with leaders of Kazakhstan and Malaysia by the Islamic Development Bank (IsDB) President and Group Chairman, Muhammad Al Jasser, the bank discussed ways to further enhance cooperation.

Malaysia hosts the IsDB’s Centre of Excellence in