Indonesia to make more regional development banks, pension funds Shariah-compliant as it eyes bigger Islamic economy

BY YOSI WINOSA JAKARTA – Indonesia is in a hurry to increase Islamic financial assets and, under orders from vice president Ma’ruf Amin, the National Committee for Islamic Economy and Finance (KNEKS) will take a progressive approach. Islamic commercial banking assets stood at 593,948 billion rupiah at the end of 2020, making up 6.47% of the […]

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Saudi PIF-anchored Shariah-compliant fund makes first investment

NBK Capital Partners’ $300 million Shariah Credit Opportunities Fund, anchored by Saudi Arabia’s Public Investment Fund, has made its first investment. The fund has signed a $20 million financing facility with UAE-based human resource outsourcing company Reach Group to support its expansion into Saudi Arabia. Reach is entering the Kingdom through the acquisition of a […]

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UAE’s Zurich Capital Funds Group launches Islamic digital bank

Accounts can provide services and sukuk without minimum daily restrictions By Staff Writer, ZAWYA Zurich Capital Funds Group has launched a fully Islamic Shariah compliant digital bank that will provide all banking services according to Islamic law. The Rizq/Baraka bank, while UAE based, will have a virtual presence globally, Zurich Capital, a private holding and financing […]

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Groundbreaking SOFR-linked Sukuk Issued by the Islamic Development Bank

Jeddah, Kingdom of Saudi Arabia, April 2021 – The Islamic Development Bank (IsDB – the Bank) has issued its first-ever Secured Overnight Financing Rate (SOFR)-linked Sukuk in the global capital markets. The Bank, rated Aaa/AAA/AAA by Moody’s, S&P and Fitch (all stable outlook), successfully closed the debut SOFR-linked issuance, its second Sukuk of the year, […]

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UK announces arrangers for sophomore sovereign sukuk

BY HASSAN JIVRAJ LONDON – The Government of the United Kingdom has announced the syndicate of arranging banks for its second sovereign sukuk, according to a document on Monday from the country’s Debt Management Office. CIMB Investment Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC and Standard Chartered have been appointed as joint lead managers for the […]

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Dubai Islamic Bank plans to sell AT1 Islamic bonds

AT1 bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature but issuers can call them after a specified period By Yousef Saba, Reuters News DUBAI – Dubai Islamic Bank, the United Arab Emirates’ largest Islamic lender, plans to tap the international debt markets with U.S. dollar-denominated Additional Tier 1 (AT1) sukuk, […]

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Bahrain’s NOGA sells $600mln in 8-year Islamic bonds

Gulf International Bank, HSBC, JPMorgan and BNP Paribas are arranging the deal By Yousef Saba, Reuters News DUBAI – Bahrain’s National Oil and Gas Holding Company (NOGA Holding) launched eight-year sukuk, or Islamic bonds, on Wednesday to raise $600 million at 5.25%, a document from one of the banks on the deal showed. NOGA, wholly owned by […]

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5-year plan for Islamic banking industry launched

KARACHI: The State Bank of Pakistan on Monday announced the third five-year strategic plan for Islamic banking industry, with the aim of expanding the share of Islamic banks’ assets and deposits to 30 per cent in overall banking industry. The five-year plan (2021-25) envisages 35pc share of Islamic banks in the branch network of overall […]

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