DEALS

Indonesia to raise IDR4 trillion (US$301.2 million) via sovereign Sukuk auction
RCE Capital establishes Sukuk Murabahah program of up to RM900 million (US$222.86 million) 
State-backed Iranian mining company to issue IRR4 trillion (US$132.63 million)-worth of Sukuk Musharakah for mining development
DP World to distribute Sukuk profit on 5th July for US$1.5 billion trust certificates due 2017 
Sarawak Hidro to issue RM5.5 billion (US$1.34 billion) Sukuk facility; expected in July
Sarawak Power Generation makes Sukuk payment
Pakistani Islamic banking industry invests PKR155 billion (US$1.45 billion) in government securities in first quarter of 2016
Hijrah Pertama to make periodic distribution for Class B Sukuk
Chellam Plantations (Sabah) issues first tranche of RM300 million (US$73.2 million) Danajamin-guaranteed Sukuk Murabahah
Proposed novation for Konsortium ProHAWK’s Sukuk Murabahah
Saratoga Investama Sedaya studying possibility of issuing Sukuk

NEWS

Banque Misr secures US$105 million Murabahah financing from UAE banks to boost foreign currency resources
Egyptian court voids nine-year term limit decree for bank CEOs
Tunisia aims for more sustainable growth, but reforms will be key, says Moody’s
Kenyan Islamic financial institutions join hands to set up Shariah finance lobby group 
Allied Bank’s Islamic unit and International Islamic University Islamabad sign MoU to promote Islamic finance and banking knowledge
Neelum Jhelum Hydropower Company to issue PKR100 billion (US$947.02 million) 10-year Sukuk; inks financing agreement with local banks led by National Bank of Pakistan
Faysal Bank opens 76th Islamic banking branch
Securities and Exchange Commission proposes amendment to Modaraba rules including making appointment of Shariah advisors mandatory
Islamic banking assets capture 11.4% market share of overall Pakistani banking industry in the first quarter 
Indonesia weighs setting up offshore financial center

ASSET MANAGEMENT

NBAD Sukuk Income Fund distributes semi-annual 2.57% dividend
UBL Funds launches Al-Ameen Islamic Active Allocation Plan-V

TAKAFUL

Amana Takaful Life announces IPO worth LKR75 million (US$502,816) RATINGS
Banque Saudi Fransi ratings affirmed at ‘A+’
United Gulf Bank’s ratings revised from stable to negative
RAM assesses rating impact of NBAD-FGB merger
Fitch affirms IDB’s ‘AAA’ rating with a stable outlook
RAM reaffirms ‘AA1/Stable/P1’ ratings on Sabah Credit Corporation’s outstanding Sukuk
Dubai Islamic Bank’s rights issue credit positive, says Moody’s
Moody’s changes outlook on UK’s sovereign ratings to negative from stable
AEON Credit Service’s Islamic commercial paper program maintains ‘P1’ rating
Adira Dinamika’s IDR500 billion (US$37.05 million) Sukuk Mudarabah rated ‘idAAA(sy)’
Capital Intelligence affirms Saudi Arabia’s ‘AA-’ and ‘A1+’ ratings

MOVES

Dr Jamil El Jaroudi to step down as CEO of Bank Nizwa; Khalid Al Kayed appointed as acting CEO 
RHB Banking Group to build on the potential of Singapore with key leadership appointments
Prime Minister Najib Razak reshuffles cabinet; appoints new finance ministers among others 
Maldivian government names Ahmed Munawwar as minister of finance and treasury 
National Bank of Fujairah appoints new board member