Morocco sells first Islamic bonds

  Morocco started selling its first Islamic sovereign bonds worth $116mln with a five-year maturity By Zakia Abdennebi, Reuters News RABAT – Morocco started selling its first Islamic sovereign bonds worth 1.1 billion dirhams ($116 million) with a five-year maturity on Friday, the finance ministry said. The sukuk sale was an Ijara issue in local currency […]

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Singapore takes another shot at growing Islamic finance industry

New Shariah-compliant index launched to provide benchmark for Shariah-compliant funds looking to invest in Singapore SINGAPORE is taking another shot at the growing global Islamic banking and finance industry, with the launch of a new Shariah-compliant index that will serve as a benchmark for Shariah-compliant funds looking to invest in the city-state. It could carve […]

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Economic impact next stage for Islamic finance, says Zeti

KUALA LUMPUR: Islamic finance should provide a framework to assess the impact on the economy, well-being of the society and environment, says former Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz. She said on Thursday that greater interest in responsible financing emerged after the 2008 financial crisis, which was advantageous to Islamic banking as […]

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Islamic finance is gaining a foothold across Africa

Islamic finance is rapidly growing across Africa, with investors, governments, and financial institutions increasingly leveraging its potential for both financing and development. Since 2014, $2.3 billion in sukuk, or Sharia-compliant bonds, have been issued in the continent, notes a briefing from ratings and financial agency Moody’s. There has also been an increase in the number […]

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Abu Dhabi-based Aldar’s unit to issue USD-denominated sukuk

Abu Dhabi-based Aldar’s unit to issue USD-denominated sukuk Abu Dhabi: Aldar Investment Properties LLC, a 100% owned subsidiary of Aldar Properties, is planning to issue a five- to ten-year fixed rate US dollar denominated sukuk. The investment unit will begin the roadshow and meetings to issue “the New Aldar Investments Sukuk” in the Middle East, […]

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Bahraini lender eyes piece of Kenya’s Islamic banking

Bahrain’s third largest Islamic bank Al Baraka Banking Group says it is mulling over expanding operations into Kenya as it seeks to claim a piece of the fast-growing Shariah-compliant banking market in the region. The lender will be following in the footsteps of fellow Middle Eastern banker, Dubai Islamic Bank. The group will likely offer […]

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Islamic banking assets hit $1.69trn in Q1: IFSB

With the inclusion of new countries’ data, the total assets of the Islamic banking industry grew to $1,699 billion in the first quarter of 2018 (2018Q1) from $1,573 billion in 2017Q1, marking an increase of 8 per cent, said the Islamic Financial Services Board (IFSB). IFSB has announced the dissemination of country-level data on financial […]

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Saudi Arabia is said to start $2 billion Islamic bond sale

The kingdom set initial price guidance for the January 2029 notes in the area of 145 basis points over midswaps. Saudi Arabia started the sale of dollar-denominated Islamic bonds and is seeking to raise about $2 billion to complete the kingdom’s external funding requirements for the year. The world’s biggest oil exporter mandated BNP Paribas […]

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Global sukuk issuance may hit $100bln in end-2018

Despite 12% decline in first six months of year By Staff Writer, Mubasher The global sukuk issuance is expected to reach a range between $90 billion and $100 billion by the end of 2018, despite a 12% decline in the first six months of the year. The GCC issuers were responsible for that decline, with lower […]

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