UAE developer Binghatti Holding set to launch US dollar sukuk

Debut US dollar sukuk issuance, anticipated to be of benchmark size, is intended to have a three-year maturity Staff Writer, ZAWYA February 2024 Binghatti Holding, a UAE property development company, will debut its US dollar sukuk in the “coming days,” subject to market conditions. The debut US dollar sukuk issuance, anticipated to be of benchmark size, […]

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Outstanding ESG sukuk surges to $36.1bln amid sustainability drive

ESG sukuk market to cross 7.5% of global outstanding sukuk in coming years – Fitch Staff Writer, ZAWYA February, 2024 Outstanding ESG sukuk grew significantly last year, as governments rolled out sustainability initiatives and issuers sought to diversify funding. Outstanding ESG sukuk surged to $36.1 billion as of the end of 2023, Fitch Ratings said on […]

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Emirates Strategic Investments hires banks for 5-year sukuk – document

The firm has picked Emirates NBD Capital, First Abu Dhabi Bank and Standard Chartered Bank as joint global coordinators Mohammad Edrees, Reuters News Emirates Strategic Investments Company has hired banks to arrange investor meetings for a 5-year Islamic bond, or sukuk, an arranging bank document said on Wednesday. The firm has picked Emirates NBD Capital, First […]

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Saudi Electricity starts selling dual-tranche sukuk – IFR

The initial price guidance for its 5-year sukuk has been placed at around 130 basis points over U.S. Treasuries while its its 10-year sukuk has been placed at 145 bps over the same benchmark Reuters, Reuters News February , 2024 Saudi Electricity Company, the kingdom’s electric transmission monopoly, has given initial price guidance for its dual […]

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Qatar Islamic Bank returns to global debt market; $500mln sukuk oversubscribed 6.6 times

The bank’s five-year sukuk carries a profit rate of 5.581% Staff Writer, Gulf Times, November 19, 2023 Qatar Islamic Bank (QIB), the largest Islamic lender in Qatar, has returned to global capital markets with a $500mn sukuk, which was oversubscribed 6.6 times, indicating high demand from investors in Europe, Asia and the Middle East. The bank’s five-year sukuk, which carries […]

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Islamic banking in Egypt grows by 27% in 2023: EIFA

According to a report by the EIFA, 14 banks in Egypt have a license from the Central Bank of Egypt (CBE) to offer Islamic products Hossam Mounir, Daily News Egypt, November, 2023 The Egyptian Islamic Finance Association (EIFA) reported that the volume of Islamic banking business in Egypt reached EGP 562bn in September 2023, representing 5% of the […]

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Saudi Arabia to lead GCC’s growth of Islamic finance in next 12-24 months – S&P

Islamic finance assets reached almost $3trln in 2022 Staff Writer, ZAWYA, November, 2023. The GCC countries, led by Saudi Arabia, will remain supportive of the growth in the Islamic finance industry in the next 12-24 months, according to S&P Global Ratings. The growth in the kingdom will be partly driven by the implementation of Vision 2030, which will […]

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Assets of Islamic banks and windows rise 13% to OMR7bn

Muscat: The total assets of Islamic banks and windows stood at OMR7 billion at the end of September 2023, up by 13 percent on an annual basis. This was stated by Tahir Salim Al Amri, CBO Executive President, while addressing a session of the Omani Islamic banking conference which began on Wednesday. The event was held […]

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Omantel postpones Sukuk issuance, obtains bridge loan

BY GULAM ALI KHAN Muscat – Oman Telecommunications Company (Omantel) had initially announced a series of meetings with qualified fixed income investors on October 3, 2023, to discuss an anticipated benchmark seven-year Sukuk offering in US dollars. However, Omantel announced on Tuesday that it is postponing the Sukuk issuance to a later date. The purpose of the Sukuk […]

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Adhi Karya to issue sukuk ijarah of IDR 499.1 billion

JAKARTA. PT Adhi Karya (Persero) Tbk (ADHI), one of state-owned construction company, has issued Long-Term Sukuk Ijarah Without Public Offering Year 2023. These securities have been registered in Indonesia Central Securities Depository (KSEI) under code ISIN IDJ000028501. This sukuk ijarah has a principal of IDR 499.1 billion and a fixed ijarah yield rate, which will […]

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ESG Sukuk Cross USD33bn Globally, Set to Grow Further

Fitch Ratings-Dubai-October 2023: Outstanding ESG sukuk rose by 66% yoy to reach USD33.3 billion globally as of end-3Q23, and Fitch Ratings expects further growth over the medium term. The segment’s growth is driven primarily by governments’ sustainability initiatives and issuers’ funding diversification goals towards both the sharia and ESG-sensitive investors. ESG sukuk is expected to […]

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