Pakistan returns to sukuk market to bolster economic stability

Despite increasing interest rates creating unfavourable pricing conditions for Pakistan in debt  markets, the government raised a total of $5.8 billion in  H1 2022 Staff Writer, ZAWYA, 2022   With Pakistan’s foreign reserves continuing to deplete through international debt repayments, the government returned to the international sukuk market for the first time since a five-year dollar […]

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CBB Sukuk Al-Ijara oversubscribed

Monthly issue of the short-term Islamic leasing bonds oversubscribed by 182% Press Release Manama, Bahrain – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 182%. Subscriptions worth BD 47.363 million were received for the BD 26 million issue, which carries […]

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Financing a sustainable future: High-Level working group on Green & Sustainability Sukuk releases its first report

Global Green Sukuk issuance of $4.4 billion in H1 2022 Press Release, 2022   Indonesia and the GCC are leading jurisdictions for green and sustainability sukuk, together making up 53% of total issuance. The report recommends promoting common regional and international standards, developing capacity with issuers, and expanding the wider ecosystem. Global green and sustainability […]

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Turkiye eyes to become leader in Islamic finance, says official

Turkiye aims to position itself as the leading country in Islamic finance, a senior finance official said on Tuesday, Anadolu News Agency reports. “Unlike many countries claiming to be an Islamic financial centre in the world, Turkiye has very important advantages based on its historical, cultural, geopolitical and economic background,” Goksel Asan, Head of the presidency’s Finance […]

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Indonesia raises $122mln from Islamic bond auction

October , 2022 The ministry plans to hold an additional auction to raise more on Wednesday   Gayatri Suroyo and Fransiska Nangoy, Reuters News   JAKARTA – Indonesia sold 1.89 trillion rupiah ($122.21 million) worth of Islamic bonds, below target, in an auction on Tuesday that drew incoming bids worth a total of 6.4 trillion rupiah, […]

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Sukuk outlook stable as new economic risks transpire

Jinan AlTaitoon, CESGA Senior Research Analyst, London Stock Exchange Group (LSEG) The world is facing a significant risk of recession this year that could worsen in 2023, according to the IMF. A report from Refinitiv examines the impact of recent economic developments on the prospects of the global sukuk market in the next five years. […]

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Sukuk documentation adapts to AAOIFI standards

Fitch Ratings says that however, it is uncertain if additional changes will be seen in the near term and issuers have exhibited varying degrees of adaptation, while the practical effect of the new documentation has yet to be tested Staff Writer, TradeArabia Changes in global sukuk documentation linked to UAE Central Bank’s adoption of the Accounting […]

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Profitability of Islamic banks will recover to pre-pandemic levels

“After declining in 2020 when the pandemic first struck, the return on average assets for most Islamic banking systems improved in 2021, partly because of lower provisioning needs as economies recovered,” Moody’s Investors Service said Staff Writer, Times of Oman Muscat: The profitability of Islamic banks will improve as provisioning needs decline and net profit margins […]

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