Two landmark Sukuk issuances were completed this week — a corporate Sukuk facility from Egypt’s private sector and a sustainability Sukuk paper from a Malaysian bank — while a new Islamic digital bank from the US has announced its intentions to start operations before the end of the year.
Read more in this week’s IFN market round-up.
Landmark Sukuk issuances
Egypt saw the fourth Sukuk issuance come out of its private sector this week with Contact Financial Holding’s sophomore Islamic facility worth EGP2.5 billion (US$159 million).
Small Medium Enterprise Development Bank Malaysia issued its first sustainability Sukuk at RM500 million (US$118.22 million), which received an orderbook of RM1.78 billion (US$420.85 million).
New Islamic neobank from US
US-based Shariah compliant digital bank Fardows has announced its plans to start operations, offering checking accounts and robo-advisory by the end of 2021.
Pakistan secures Islamic facility
The Pakistani government secured an Islamic syndicated financing facility worth US$350 million led by two UAE banks. The funds will go to Pakistan’s infrastructure development initiatives.
Palestine looks to Jordan
Palestinian regulators paid a visit to Jordan to study the way the country has developed its fintech sector as Palestine readies to launch its financial inclusion initiatives.
New liquidity fund
US-based Liquidity Capital and the UAE’s YAS Investment partnered up to launch the Yas Liquidity Fund, which offers Shariah compliant growth financing to MENA tech start-ups.
Egypt’s Islamic mortgage financiers
Egypt amended the Mortgage Finance Law to protect the interests of Islamic real estate financiers, as the country implements a government initiative facilitating homeownership among locals.
Company moves
Islamic investment bank QInvest appointed Hussain Abdulla and Hussein Fakhreddine as its new co-CEOs taking over from Tamim Al Kuwari, who has resigned from the post.
Alif Bank looks at UK
Tajikistan’s Shariah compliant Alif Bank plans to expand into the UK as well as raise funds to grow its buy-now-pay-later business.
Qatari Islamic banks to grow
Fitch Ratings predicts the Qatari Islamic banking sector to grow further in 2021 following its strong performance in 2020 with a growth of 24.2%, surpassing that of its conventional counterpart.