Issuers with weaker credit quality are likely to find it more difficult to access the market, says S&P By Staff Writer, ZAWYA While there has been some progress over the past decade, the contribution of Islamic finance to North African economies remains small due to a lack of a favorable regulatory environment in the region, S&P Global […]
Malaysia has issued $800 million worth of 10-year trust certificates, billed as the world’s first sovereign U.S. dollar sustainability sukuk as the proceeds will be used exclusively for green projects, the finance ministry said on Thursday. In addition, the Southeast Asian nation also issued $500 million 30-year trust certificates, the ministry said in a statement. […]
Increasing share of Islamic assets in Oman banking sector to support sukuk market By Staff Writer, ZAWYA Moody’s Investors Service said the rising share of Islamic assets in Oman’s banking assets will continue to deepen the market for domestic government sukuk, supporting government liquidity. “We expect the government will meet $2.0 billion-$2.5 billion of its annual […]
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 […]
