Terrific Sukuk developments this week: with COP26 in full swing, a high-level working group on green Sukuk was formed; Nigeria confirms its plans to tap the sovereign Sukuk market this year; and Malaysia is priming itself up to issue sustainability Sukuk. All these and more in this week’s round-up.
IFN Best Law Firm of the Year 2021 revealed
IFN was honored to reveal the IFN Best Law Firm of the Year 2021. Our five finalists were repeat winners King & Spalding and Clifford Chance; global contender Mayer Brown International; and regional champions Khoshaim & Associates of Saudi Arabia and Rahmat Lim & Partners of Malaysia. Each firm brought remarkable wins across various categories and contended in multiple categories. The cases for each to emerge as the Best Law Firm of 2021 were strong.
High Level Working Group on Green Sukuk formed
To ensure green Sukuk gain international visibility at COP26, a group of high-profile international and national players have come together to form the High Level Working Group on Green Sukuk to direct investments into reducing greenhouse gas emissions.
Six entities have committed to becoming founding partners of HLWG: Her Majesty’s Treasury, Indonesia’s Ministry of Finance, the IsDB, the Islamic Finance Council UK, the London Stock Exchange Group and the Global Ethical Finance Initiative.
Nigeria to issue Sukuk
Nigeria’s Debt Management Office is set to issue the country’s fourth sovereign Sukuk worth between NGN200 billion (US$485.51 million) and NGN250 billion (US$606.88 million) this year to finance road projects across the country.
Malaysia to issue sustainability Sukuk
The government of Malaysia will issue a sustainability Sukuk facility of up to RM10 billion (US$2.41 billion) in 2022, said Finance Minister Tengku Zafrul Aziz in the tabling of Budget 2022 on the 29th October 2021.
Malaysia proposes stamp duty exemption
The government of Malaysia has proposed stamp duty exemption for the Perlindungan Tenang product as well as other insurance or Takaful products with a premium or contribution value not exceeding RM150 (US$36.19) for individuals and RM250 (US$60.31) for MSMEs, said Finance Minister Tengku Zafrul Aziz in the tabling of Budget 2022 on the 29th October 2021.
Trellis Housing Finance raises funds
Fintech company Trellis Housing Finance, which offers Islamic solutions, has secured an investment round for an undisclosed amount to fund the expansion of its operations across Pakistan.
Warba Bank to raise Sukuk
Warba Bank has secured the Kuwaiti Capital Markets Authority‘s approval on its private offering prospectus for the issuance of a Tier 1 Sukuk facility not exceeding US$250 million (or its equivalent).
QCB approves MAR–Al Khaliji merger
The Qatar Central Bank (QCB) has issued its final approval on the merger between Masraf Al Rayan (MAR) and Al Khalij Commercial Bank (Al Khaliji). The merger is currently being finalized to ensure all other legal formalities are completed, a statement said.
Bahrain upholds ruling against Iranian banks
The Bahrain High Court of Appeal has reportedly upheld the ruling convicting Future Bank and six of its officials, the Central Bank of Iran, Bank Melli Iran and Bank Saderat Iran for money laundering and violation of laws. Five of the Future Bank officials were sentenced to 10-year imprisonment while the sixth defendant received a five-year prison sentence, and all convicts including all banks involved were fined BHD1 million (US$2.64 million).