Saudi’s Al Kathiri Holding plans $133mln Islamic bond

Proceeds to meet company’s strategic, financial objectives By Staff Writer, ZAWYA Saudi Arabia-listed building materials firm Al Kathiri Holding announced on Tuesday that it is looking to issue a Saudi riyal-denominated Islamic bond. Proceeds from the sukuk issuance, valued at 500 million riyals ($133.3 million), will be used for the company’s “general corporate purposes” and to meet its […]

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Sovereign sukuk issuances will help develop Islamic banking in Africa

Low levels of savings, limited awareness are constraints in growth, says Moody’s By Staff Writer, ZAWYA Despite being home to a large Muslim population, Islamic banking has made little headway in Africa. However, the continent’s need for development finance could lead to more sovereign sukuks being issued, Moody’s Investor Service said in a new report. Africa […]

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IIFM launches practical Shari’ah-Compliant solutions for new benchmark Risk-Free Rate

The global benchmark rate reform is a significant regulatory driven development that also has consequences for Islamic financial transactions Press Release Manama, Kingdom of Bahrain:  Islamic finance industry’s leading standard-setting body, the International Islamic Financial Market (IIFM), today announced the approval of its Shari’ah Board’s RFR implementation related Compliant Standard Structuring Solutions for Murabahah and […]

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Bangladesh waives value added tax for sukuk

The waiver has been offered in a bid to make the local bond market vibrant. The Value Added Tax (VAT) wing of the board has waived taxes on sale and purchase of assets between originator and Special Purpose Vehicle (SPV) of Sukuk. VAT applicable to rent of assets or leasing of assets between them has […]

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GCC asset managers expect stronger inflows, demand for ESG and Islamic investing

Moody’s survey shows half of respondents expect sales of Islamic products to grow By Staff Writer, ZAWYA Asset managers in Gulf Cooperation Council (GCC) countries expect increased inflows over the next 12 months amid growing demand for Islamic and environmental, social and governance (ESG)-compliant investments, according to Moody’s 2021 survey of chief investment officers (CIOs) from […]

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Focus on retail finance to help GCC Islamic banks weather pandemic

Demand for Islamic finance growing faster than conventional banking, says Moody’s By Staff Writer, ZAWYA Islamic banks in the Gulf Cooperation Council (GCC) region are weathering the coronavirus pandemic due to their focus on low-risk retail finance, Moody’s Investors Service said on Monday. Banks across the region have had a challenging period since the health outbreak […]

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Qatar’s Dukhan Bank gets $500 million AT1 Islamic bonds

DUBAI, July (Reuters) – Qatar’s Dukhan Bank sold $500 million in Additional Tier 1 (AT1) sukuk, or Islamic bonds, at 3.95% on Wednesday after it received more than $2.25 billion in orders, a document showed. The perpetual sukuk were tightened from initial price guidance of around 4.375%. AT1 bonds, the riskiest debt instruments banks can […]

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Indonesia universities to use standardized government-produced textbooks for Islamic economy

Indonesia universities to use standardized government-produced textbooks for Islamic economy BY YOSI WINOSA SALAAM GATEWAY JAKARTA – Indonesia will integrate, over the next three years, Islamic economy pedagogy in textbooks to be used by at least 100 state universities. The goal is to better link and match, as well as produce, more talent for the […]

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Dubai Islamic Bank sells $1 billion in 5-year sukuk

DUBAI, June  (Reuters) – Dubai Islamic Bank (DISB.DU), the United Arab Emirates’ largest Islamic lender, sold $1 billion in five-year sukuk on Tuesday after receiving more than $2.8 billion in orders for the Islamic bonds, a document showed. It sold the sukuk at 110 basis points (bps) over mid-swaps, tightened from initial guidance of around […]

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