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Kapital News Highlight - July 9

Monday, July 9, 2018



A weekly highlight for your updated and forward-thinking financial insight : 

  • The world crude oil prices continue to increase up to US$ 80 per barrel after output cuts by the Organization of Petroleum Exporting Countries (OPEC) and allies. The prices are receiving new force after the Iranian President Hassan Rouhani threatened to disrupt oil shipments from the Strait of Hormuz if the US continues to pressure other countries to stop buying oil from Iran. The fact that the Strait of Hormuz is very important to the world has made the oil market worried. The latest data showed that the strait handles about a 30% of the world's seaborne oil traffic. (CNBC)

 

  • At the third Annual Islamic Finance Conference (AIFC) in Makassar, Deputy Finance Minister Mardiasmo said that the development of sharia financial technology (sharia fintech) has the potential to help increase the share of Islamic finance business in Indonesia's financial service. He said that Indonesia should take the most recent technological advancement into account to accelerate the process of strengthening the role of Islamic finance. (The Jakarta Post)

 

  • Head of the National Development Planning Board (Bappenas) Bambang Brodjonegoro said that Indonesia has the potential to become the main player in sharia financial industry. He highlighted that one way to do is to facilitate the customers to access financing from sharia banks or sharia financing agencies through synergy with financial technology institutions. Currently, Indonesia's sharia banks have only 5% share of the banking market in the country which makes Indonesia lagging behind Malaysia and the UK. (Antara News)

 

  • The recent merger of Uber and Grab in Singapore is considered to violate the Competition Act as it has the potential for monopoly that made it harder for new competitors to enter the market and resulted in higher prices. The Competition and Consumer Commission of Singapore (CCCS) will also be seeking public feedback on proposed remedies to address competition concerns and has recommended imposing financial penalties on the parties. In response later on Thursday, Grab disagreed with the findings and said that CCCS has taken a very narrow approach in defining competition. (Channel News Asia)

 

  • On 4-5 July 2018, Global Islamic Finance Report (GIFR) 2018 was launched at Astana Islamic Economy Forum. The report showed that the global Islamic financial industry grew 6 percent to be worth more than US$2,4 trillion by the end of 2017. This is the fourth consecutive year that the industry has registered a single digit growth and the fifth consecutive year that the growth rate has been on a declining trend. In addition, the report also asserted that Islamic banking and finance must be developed in line with the higher objectives of Islamic economic system. (Zawya)

 

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