KUWAIT: Mezzan Holding Company signs market maker agreement on shares with KFH Capital Investment Company
GLOBAL: IsDB and The World Academy of Sciences collaborate to offer joint research and technology transfer grant to qualified women researchers
UK: Offa completes Shariah compliant rebridging facility worth GBP826,000 (US$1.15 million) for London properties
SAUDI ARABIA: Saudi Arabia’s insurance sector witnesses 2.3% growth as total written premiums reach SAR38.78 billion (US$10.34 billion) in 2020
KUWAIT: Kuwait International Bank partners with Mobiquity to design bank’s digital transformation
GLOBAL: IsDB and South Center release policy paper on strategies for South–South and triangular cooperation
INDONESIA: Five conventional banks to exit Aceh as province implements fully Islamic financial system
UZBEKISTAN: Trustbank signs agreement with ICS Financial Systems for Islamic banking software solution
SAUDI ARABIA: Arabian Shield Cooperative Insurance Company receives approval from Capital Market Authority for capital increase
PAKISTAN: Faysal Bank signs agreement with Emaar Properties to provide Islamic home financing facilities
PAKISTAN: Summit Bank welcomes Salman Zafar Siddiqi as new CFO
MALAYSIA: HSBC Malaysia launches online investment platform EZInvest offering Islamic and conventional investment funds
UAE: Codebase Technologies launches peer-to-peer payment and fund transfer solution SocialPay
MALAYSIA: Bank Negara Malaysia maintains overnight policy rate at 1.75%
MALAYSIA: Bank Muamalat signs MoU with Malaysia Automotive, Robotics and IoT Institute to develop Automotive Vendor Financing Programme
NIGERIA: Nigerian Exchange Group supports IFN Nigeria OnAir Forum 2021
MALAYSIA: Permodalan Nasional’s chief investment officer, Rizal Rickman Ramli, joins Sime Darby Property as new chairman
MALAYSIA: Permodalan Nasional appoints former chief justice Arifin Zakaria as group chairman
MALAYSIA: Sunway Treasury Sukuk prints RM50 million (US$12.12 million) Islamic commercial paper
MALAYSIA: Bank Negara Malaysia sells three Shariah papers
AUSTRALIA: Hejaz Financial Services to launch Islamic financial advisors network of up to 200 authorized representatives
KAZAKHSTAN: Tayyab engages Shariyah Review Bureau as advisor for newly launched debit cards
LIBYA: Libya to reopen stock market with two Islamic banks’ IPOs and three investment Sukuk issuances
GLOBAL: AAOIFI issues updated version of Auditing Standard for Islamic Financial Institutions 6
INDONESIA: National Zakat Agency signs MoU with Bank Negara Indonesia for Zakat management
EGYPT: First Abu Dhabi Bank commences integration process of Bank Audi Egypt and First Abu Dhabi Bank Egypt
PAKISTAN: Former governor of State Bank of Pakistan Dr Shamshad Akhtar joins Pakistan Stock Exchange as new chairperson
BANGLADESH: Golam Awlia joins NRB Commercial Bank as CEO and managing director
MALAYSIA: Sovereign wealth fund Khazanah Nasional prices dual-tranche US dollar-denominated Sukuk
BANGLADESH: Bangladesh Export Import Company seeks Bangladesh Securities and Exchange Commission’s approval for Sukuk issuance
MALAYSIA: Maybank Islamic to fully purchase outstanding Islamic commercial papers totaling RM1.5 billion (US$364.08 million)
MALAYSIA: Al Aqar Capital redeems three-tranche Islamic medium-term notes totaling RM575 million (US$139.56 million)
TURKEY: TF Varlik Kiralama sells TRY500 million (US$59.96 million) domestic lease certificates to qualified investors
MALAYSIA: Putrajaya Holdings prints RM50 million (US$12.14 million) Islamic medium-term note with a profit rate of 3.6%
MALAYSIA: Bank Negara Malaysia issues two short-term Islamic papers
TURKEY: Albaraka Turk Katilim Bankasi auctions TRY50 million (US$6 million) lease certificates
TURKEY: Fitch affirms Ziraat Bankasi’s long-term rating at ‘B+’ with a negative outlook
OMAN: Alizz Islamic Bank to offer home financing solutions to clients of Zain Property Development
GLOBAL: AAOIFI releases Arabic version of accounting standard for Waqf institutions
GLOBAL: Securities Commission Malaysia collaborates with UK’s Oxford Centre for Islamic Studies to offer fellowship in Islamic finance
PAKISTAN: Meezan Bank and Export-Import Bank of Pakistan partner up to provide Islamic finance consulting for corporates and SMEs
SAUDI ARABIA: Walaa Cooperative Insurance Company renews license for another year
SAUDI ARABIA: SABB Takaful Company enters into bancaTakaful deal with Saudi British Bank
SRI LANKA: LOLC Al-Falaah supports IFN OnAir Roadshow Sri Lanka 2021
BANGLADESH: Gazi Golam Ashria joins Jamuna Bank as new chairman
MALAYSIA: S P Setia seeks Securities Commission Malaysia’s approval to establish RM3 billion (US$727.98 million) Sukuk Wakalah program
INDONESIA: Mora Telematika Indonesia lists two-tranche Sukuk Ijarah on Indonesia Stock Exchange
CANADA: Wealthsimple raises US$750 million, bringing valuation to US$5 billion
MALAYSIA: Tanjung Pinang Development auctions three unrated Islamic medium-term notes
INDONESIA: Indonesia raises IDR10 trillion (US$691.76 million) from Sukuk auction
The Islamic dollar is big business – but how can Halal firms make sure that their financing is as ethical as their output? IFN Halal Finance is a comprehensive resource providing Halal firms with the information they need on the Islamic financial markets and the choices therein.
IFN Halal Finance provides a direct channel of communication to corporates worldwide. From January 2020 IFN Halal Finance takes over from IFN Corporate
Case Study
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Arab Company’s Sukuk Ijarah facility displays depth and breadth of Islamic market
Arab Company for Projects and Urban Development, a wholly-owned construction and real estate subsidiary of Egyptian holdings company Talaat Moustafa Group, on the 8th April issued a Sukuk facility worth EGP2 billion (US$126.78 million). The...
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Halal manufacturer leads the way with low-yield Sukuk
Malaysia’s Top Glove Corporation, through its fully-owned subsidiary TG Excellence, in February made market history with the issuance of a RM1.3 billion (US$310.4 million) perpetual Sukuk that achieved the lowest yield ever for a corporate...
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Top ratings for green Sukuk highlight SRI advantage in the capital market
Halpro Engineering, a special purpose company set up by Malaysian contractor Majulia and German alternative energy firm Greencells to develop solar plants, was in October awarded the highest possible rating for its proposed RM195 million...
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Hotel developer capitalizes on tourism growth with Islamic issuance
In August 2019 Dubai-based The First Group (TFG), one of the largest privately-owned real estate developers in the emirate, issued a US$135 million secured amortizing Sukuk, listed on the London Stock Exchange (LSE)’s International Securities...
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Malaysian utilities firm demonstrates commercial advantage of Islamic capital raising
Malaysia’s national water company, Pengurusan Aset Air Berhad (PAAB), at the start of July placed an Islamic paper totalling RM1.1 billion (US$266.06 million), made up of three tranches. The issuance, the latest in a long...
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Indonesian gas giant funds expansion through Islamic issuance
Indonesia’s Aneka Gas, one of the country’s biggest industrial gas companies, in March launched a public offering for Shelf-Registered Bonds I Phase III 2019 amounting to IDR180 billion (US$12.8 million) and Shelf-Registered Sukuk I Phase...
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Saudi dairy firm milks the market for a major splash
In February 2019, Almarai Company, one of Saudi Arabia’s largest conglomerates and the world’s biggest vertically integrated dairy company, launched its debut international Islamic offering to immense demand — with an orderbook oversubscribed 11 times,...
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Malaysian conglomerate debuts Islamic notes
In late December 2018 yet another Malaysian corporate joined the thriving domestic Sukuk market with the debut issuance of RM165 million (US$40.5 million) in Islamic medium-term notes, under a RM300 million (US$73.6 million) program. Facilities...
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Malaysian corporate becomes first to monetize unbilled sales
Malaysian property developer Exsim Development made history in November, becoming the first company in Malaysia to monetize unbilled sales from multiple development projects to finance a RM290 million (US$69.6 million) Sukuk, the first tranche to...
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Sophomore issuance demonstrates Sukuk success as tool for overseas expansion
The second Sukuk issuance from environmentally-friendly property developer EcoWorld demonstrates the growing appeal of the Islamic debt capital market for companies seeking to raise finance for overseas expansion on a socially responsibly basis – without...