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 […]
Despite robust issuance during Q1, there has so far been lower sukuk issuance from GCC sovereigns as their economies continue to recover from the Covid-19 fallout By Jinan AlTaitoon, ZAWYA Sukuk issuance had a strong start to the year, with a total of $47.0 billion issued during Q1 2021, compared to $40.8 billion in Q1 2020, […]
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 […]
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 […]
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, […]
Published 20 Apr,2021 via Muscat Daily – Oman’s Islamic banking industry is continuing to perform well in spite of the economic headwinds caused by the coronavirus pandemic and lower oil prices. The market share of Islamic banking assets in the overall banking sector assets has reached to 14.5 per cent in February 2021 and Oman’s Islamic […]
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 […]
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, […]
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 […]
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 […]
March 2021 KARACHI: Pakistan Mortgage Refinance Company (PMRC) has issued a first of its kind sukuk of Rs3.1 billion at 8.25 percent for the promotion of housing finance in the country, it said on Thursday. “PMRC and its Partner Financial Institutions (PFIs) have joined hands to strengthen and promote the housing finance market by participating […]
By Reuters Staff DUBAI, March (Reuters) – Jeddah-based Islamic Development Bank has hired a group of banks to arrange an issuance of five-year U.S. dollar-denominated sustainability Sukuk, or Islamic bonds, a document showed on Monday. Citi, HSBC, Goldman Sachs, Natixis, Societe Generale, Standard Chartered and Warba Bank will arrange investor calls starting on Monday, the document […]
