SAUDI ARABIA: United Cooperative Assurance Company’s net profit before Zakat slips by 1.2% to SAR61.65 million (US$16.43 million)
PAKISTAN: Bank Alfalah’s net profit increases by 15.24% to PKR4.99 billion (US$47.03 million)
SAUDI ARABIA: SABB Takaful Company’s net profit before Zakat contracts by 40.82% to SAR3.9 million (US$1.04 million)
SAUDI ARABIA: Gulf Union Cooperative Insurance Company’s net profit before Zakat expands by 57.65% to SAR12.36 million (US$3.29 million)
MALAYSIA: CIMB Equities Research positive on potential Islamic shares issuance in Maybank
PAKISTAN: First Habib Modaraba’s net profit decreases by 1.27% to PKR294.52 million (US$2.77 million)
SAUDI ARABIA: AlJazira Mawten REIT Fund’s net profit since launch date reaches SAR3.12 million (US$831,520)
PALESTINE: Al Takaful Palestinian Insurance’s net profit jumps by 311.91% to US$1.3 million
PAKISTAN: Bank of Punjab’s consolidated profit after taxation tumbles for the first half of 2017
QATAR: Qatar encourages banks to tap international investors instead of relying on government funding
PAKISTAN: National Bank of Pakistan’s CEO pushes for Islamic finance in Balochistan to reduce unemployment
UAE: Union National Bank starts operations in Shanghai
PAKISTAN: Javed Iqbal resigns as director of Samba Bank
SINGAPORE: Bank of Tokyo-Mitsubishi UFJ appoints Sanjiv Vohra as co-head of corporate banking for Asia and Oceania
MALAYSIA: Sunway Treasury Sukuk to float RM150 million (US$34.89 million) Islamic commercial paper on the 21st August
GAMBIA: Central Bank of Gambia to issue weekly three, six and 12-month Sukuk Salam on the 23rd August
MALAYSIA: Permodalan Nasional to boost the country’s position as global Islamic banking hub
UAE: Abu Dhabi Global Market launches Foundations regime to enhance wealth preservation and management
MALAYSIA: Kimanis Power receives approval of Sukukholders for Sukuk issuance program of up to RM1.16 billion (US$269.78 million)
SAUDI ARABIA: Saudi British Bank declares distribution and payment of dividends for the first half of 2017
BAHRAIN: United Gulf Bank’s net profit jumps by 911.61% to US$7.84 million
SAUDI ARABIA: The Mediterranean and Gulf Insurance and Reinsurance Company’s net loss before Zakat deepens to SAR510.29 million (US$135.96 million)
BAHRAIN: GFH’s net profit expands by 264% to US$65.52 million
SAUDI ARABIA: CHUBB Arabia Cooperative Insurance Company’s net profit before Zakat expands by 35.24% to SAR18.92 million (US$5.04 million)
UAE: Abu Dhabi National Takaful marks 35% increase in combined net profit for the first half of 2017
MALAYSIA: MARC revises outlook on Kapar Energy Ventures’s Sukuk Ijarah worth RM2 billion (US$464.14 million) to stable; ‘AA+IS’ rating affirmed
UAE: Dana Gas’s board of directors to comply with English court’s order to discharge Sharjah injunction
SAUDI ARABIA: Saudi finance ministry to tap local Islamic capital market again under SAR Government Sukuk Program next week
MALAYSIA: Bank Negara Malaysia’s Money Market Tender Murabahah-MA facilities fully subscribed
MALAYSIA: Sunway Treasury Sukuk’s 240th Islamic commercial paper oversubscribed by US$35.35 million
MALAYSIA: Malaysia’s credit profile relatively resilient despite external vulnerabilities, says Moody’s
GLOBAL: IDB to increase partnership with the private sector in Africa; to support Cameroon’s agricultural projects
MALDIVES: Maldives Monetary Authority’s governor, Dr Azeema Adam, resigns
MALAYSIA: No immediate impact arising from Standard Life Aberdeen merger, says Aberdeen Islamic Asset Management CEO
MALAYSIA: Tenaga Nasional secures RM339 million (US$78.88 million) Islamic financing facility from Affin Islamic Bank
UAE: Noor Bank lays off several dozen employees to adjust to subdued growth levels
MALAYSIA: MARC affirms ratings on the IDB and on Tadamun Services’s Sukuk Wakalah program
NIGERIA: The IDB grants funds to the Transmission Company of Nigeria for transmission expansion projects
BAHRAIN: GFH Financial Group increases paid-up capital; acquires US$1.2 billion infrastructure portfolio in Africa and the Middle East
MALAYSIA: Permodalan Nasional plans to roll out i-shares by Maybank
SAUDI ARABIA: National Commercial Bank establishes SPV to invest in vehicle to acquire, lease and sell aircraft
MALAYSIA: Malaysian Takaful Association and other authorities reject claims that insurance and Takaful providers requested ‘cuts’ from hospitals for policyholders’ medical expenses
OMAN: Bank Sohar receives nod from shareholders for additional Tier 1 capital issuance of up to OMR100 million (US$258.9 million)
OMAN: Mansoor Hamood Al Amri resigns from Taageer Finance Company’s board
TURKEY: Turkey issues lease certificate amounting to TRY1.18 billion (US$333.96 million)
IVORY COAST: Cote d’Ivoire Treasury to pay half-yearly margin of its Sukuk in September
MALAYSIA: RHB Asset Management announces income distribution worth up to RM8.5 million (US$1.98 million) for 10 conventional and Islamic funds
MALAYSIA: Felda Global Ventures’s Sukuk facility deferred for another month pending the appointment of key officers
INDONESIA: New Sukuk issuance for Garuda
MALAYSIA: Matrix Concepts floats Islamic commercial papers and Islamic medium-term notes under its Sukuk Wakalah program
It was business as usual in the global Islamic finance landscape this week with several announcements in the Sukuk space and a slew of financial transactions occurring worldwide. Jordan is moving closer to its debut international Sukuk, the Standard Life Aberdeen merger was completed and a...
Dana Gas might be hitting the headlines for all the wrong reasons, but it is not the only corporate seeking to renegotiate its terms. This week, LAUREN MCAUGHTRY looks at the other side of the coin — and learns that when it comes to the crunch, a little courtesy...
With Dana Gas dominating the headlines, it is easy to overlook the string of other corporates seeking to restructure their own Sukuk offerings. But the relative shorter column inches dedicated to these corporates is probably good news – it’s not mired in controversies like Dana Gas is – and...
MALAYSIA: CIMB Equities Research is positive on Permodalan Nasional’s plan for Islamic shares (i-shares) in Maybank as it would unlock value for Maybank Islamic, The Star reported. CIMB Equities Research said that there would be an increase in demand...
QATAR: Qatar is telling its banks to raise financing by tapping international investors and is encouraging them to borrow internationally through bonds and loans instead of mainly relying on government funding, Bloomberg reported based on information from people familiar...
PAKISTAN: Saeed Ahmad, the president and CEO of the National Bank of Pakistan (NBP) which is the country’s central bank, has affirmed during a visit to Balochistan that “the introduction of financing for SMEs, Islamic banking and other products...
UAE: Union National Bank (UNB), which offers Shariah compliant solutions, has commenced operations from its new branch in Shanghai, China, according to a statement. The bank’s branch is located in the Shanghai World Financial Center. UNB is the first...
PAKISTAN: Javed Iqbal, a director of Samba Bank that offers Shariah compliant solutions, has resigned from his position, according to a bourse filing.
SINGAPORE: Bank of Tokyo-Mitsubishi UFJ, which offers Shariah compliant solutions, has appointed Sanjiv Vohra as the co-head of corporate banking for Asia and Oceania, The Asset reported. He will join the bank on 4th September 2017 and will be...
MALAYSIA: Permodalan Nasional (PNB)’s group chairman, Wahid Omar, said in a speech that the organization is planning to appoint Shariah experts and develop Maqasid Syariah or an investment security framework, among others, to enhance Malaysia’s position as a center...
UAE: Abu Dhabi Global Market (ADGM) has established the UAE’s first Foundations regime in support of more effective structures to boost its wealth preservation and management services, according to a press release. The regime offers a platform for financial...
SAUDI ARABIA: Saudi British Bank, which provides Islamic finance and banking solutions, will be paying dividends to shareholders for the first half of 2017, with effect from today. According to a bourse filing, the bank has allocated SAR1.07 billion...
MALAYSIA: MARC has revised the outlook on Kapar Energy Ventures (KEV)’s RM2 billion (US$464.14 million) Sukuk Ijarah from negative to stable and affirmed the rating at ‘AA+IS’. According to a press release, the outlook revision is on the back...
Earlier this month, Malaysia-based Public Islamic Bank (PIB) floated its subordinated Sukuk after a gap of over three years. The paper, which is the second tranche under its Sukuk...
It has been a rather exciting week in the sovereign Sukuk space with Indonesia leading the retail sector and Algeria potentially making its debut in the Sukuk universe. MARC...
2017 has so far been a year of promising material Islamic finance progress for Morocco, particularly in the banking sector. VINEETA TAN provides an overview. Regulatory environment Following the...
As Islamic finance is gaining traction in Africa, many countries are introducing new regulations to set up an exhaustive Shariah compliant ecosystem. Other sovereigns like Malaysia, Saudi Arabia and...
GLOBAL: Longer maturity Islamic papers continue to be the star of the global Sukuk market, outshining shorter-term Sukuk so far in the year. The Dow Jones Sukuk 7-10 Year...
Issam Al-Tawari, the founder and managing partner of Newbury Economic Consultancy and former CEO of Rasameel Structured Finance, discusses a wide range of issues including the current state of...
It has been an extremely busy week with two sovereigns considering issuing international Islamic papers while Niger is mulling an auction for 2018. Also noteworthy is that Gambia did...
Incorporated in 2014, Jaiz Takaful Insurance has been up and running since March in three Nigerian states. The company has great ambitions and plans to expand both in Nigeria...
With about six years until all banks in Indonesia are required to spin off their Islamic businesses into separate stand-alone entities, how are they coping? DURGAHYENI MOHGANA SELVAM finds...
In this second article of a two-part series, MARC ROUSSOT takes a look at Senegal (Kenya was the focus in the first part) where the government had recently taken...
Islamic banks have raised concerns over AAOIFI’s proposed standard on independent Shariah review, highlighting worries over the efficacy in implementing the audit rules and the proposed timeline to adopt...
The world’s most populous Muslim nation and an emerging Islamic finance market are turning to Islamic finance to boost their falling trade volume, VINEETA TAN learns. Indonesia and Jordan...
This week, the global Islamic finance space was teeming with activities, a clear indication of a healthy industry. Niger is making progress whereas Italy is shying away from their...
At a time when its European neighbors such as the UK and Luxembourg are warmly embracing the idea of Shariah compliant finance, Italy is giving it the cold shoulder....
The global Takaful industry is undergoing rapid growth, with Saudi Arabia, the UAE and Malaysia being the top three Takaful markets in the world; the UAE alone accounts for...
Islamic finance has been a steadfast component of the financial services industry, albeit niche in some countries but continues to remain a visible feature. This article explores the strength...
A never-ending debate has been going on between the Reserve Bank of India (RBI), the Ministry of Finance and other stakeholders about merits and demerits of Islamic finance being...
Islamic finance over a short time span has come a long way in establishing itself as a sustainable, socially responsible financial market not only in the Muslim world but...
For practitioners involved in the line of work of Islamic finance and enthusiasts awestruck by its ideas and ideals, having even a small part in the creeping global conquest...
By Laura Elder, a cultural anthropologist who teaches in the Department of Global Studies at Saint Mary’s College in Notre Dame. Her primary research interests are global political economy,...
Many countries like Malaysia, Singapore and those in Europe and the Americas are now looking into the context of green financing that involves some promising green initiatives and projects, both privately institutionalized or government aligned, particularly in the current niche position of green finance,...
Islam is the fastest-growing religion in the world. Statistics report that 5% of the UK population call themselves Muslims. These immigrants often have small businesses and lifestyles that require vehicles and loans for their businesses and homes. There’s a need for Shariah compliant leases...
The Philippine Stock Exchange (PSE) recently released an updated list of Shariah compliant securities through a memorandum to the investing public and all trading participants dated the 7th July 2017. This list is usually published by the PSE on its website (www.pse.com.ph) by the...
I was recently asked in a Q&A session what innovations there are in the Islamic real estate investment world at the moment and I confess that I had to admit that I wasn’t aware of any. The global financial crisis started 10 years ago...
By the 15th August 2017, the licenses granted to all of the eight players in the Islamic banking sector in Morocco should have already been published in the Official Journal of the Kingdom of Morocco. The contracts for opening a Shariah compliant current account...
On the 26th July 2017, the Indonesian government established the Hajj Fund Management Agency or Badan Pengelola Keuangan Haji (BPKH) in order to utilize the Indonesian Hajj fund by...
The UAE government, as well as the other Gulf countries, is embarking upon an ambitious tax program, which results in the implementation of a value-added tax (VAT) across the...
Islamic finance is primarily an equity-based system. It is thus fairer in risk and reward-sharing and hence the banking system under which a bank gives a guaranteed return is...
The latest game-changer in the finance world, financial technology or more commonly known as fintech, is gaining traction and warm response from the finance industry. The Islamic banking and...
Islamic finance was introduced in the Maldives in 2009 with the establishment of the first Islamic bank. During that time, Islamic finance was very new to Maldivians; however, a...
