Cryptocurrency technology has been on a tumultuous journey since its creation in 2009. According to a recent New York Times article, bitcoin enthusiasts in the U.S. wrongly predicted the involvement […]
Over the decades, the Islamic finance industry has seen significant growth and is now estimated to have crossed $2 trillion in assets. The ecosystem surrounding Islamic finance has also developed […]
Humanitarian disasters have led to an unprecedented level of forced displacement. The United Nations High Commissioner for Refugees reports more displaced persons now than at any time since the end […]
The small republic at the Horn of Africa, Djibouti, is not in the business news very often, but when it happens, it can be insightful.Djibouti, which has built up a […]
The Kuwaiti banking sector enjoyed another strong year of growth in 2018. But the country’s Islamic banks emerged as the standout performers within this wider story. By most performance metrics, […]
Switzerland-based fintech firm X8 AG has received a certification from the Shariyah Review Bureau (SRB) for its Ethereum-based stablecoin, Reuters U.K. reports Nov. 12. X8 AG is one among the […]
Saudi Arabia and the United Arab Emirates (UAE) introduced the Value Added Tax (VAT) for the first time from Monday.
It is a five per cent tax on most goods and services to boost revenue. The VAT will be applied on food, clothes, electronics and gasoline, phone, water and electricity bills, as well as hotel reservations, the BBC reported. The five percent sales tax applies to most goods and services and analysts project that the two governments could raise as much as $21 billion in 2018, equivalent to 2.0 percent of GDP.
Swiss Federal prosecutors said on Monday that the Swiss authorities were examining information provided by banks about possible suspicious transactions related to Saudi accounts.
The comments came in response to a report published in the Financial Times, which quoted unnamed sources who claimed that the Swiss banks began reporting suspicious activities within the accounts of some Saudi clients.
