MALAYSIA: Employees Provident Fund rolls out US$600 million Islamic private equity separate managed account fund
MALAYSIA: Maybank reports 20.9% drop in 2020 net profit to RM6.48 billion (US$1.6 billion)
MALAYSIA: Skim Simpanan Pendidikan Nasional declares 4% dividend for 2020
MALAYSIA: Syarikat Takaful Malaysia Keluarga records decrease in operating revenue to RM2.96 billion (US$732.27 million) for 2020
MALAYSIA: UiTM Solar 2 secures ‘AA-IS’ rating for green Sukuk of up to RM100 million (US$24.74 million)
BAHRAIN: Al Baraka Banking Group records decrease of 8% in total net income for 2020 financial year
MALAYSIA: Cendana Sejati receives ‘D’ rating on senior Sukuk Murabahah program following failure to make timely redemption
UAE: AM Best removes Noor Takaful General and Noor Takaful Family from negative rating watch
MALAYSIA: MARC places ratings on Alpha Circle’s Sukuk on MARCWatch Negative following failure of meeting payment obligations
MALAYSIA: George Kent (Malaysia) closer to tapping Islamic capital market; receives final ratings for Sukuk programs
PAKISTAN: International Islamic Trade Finance Corporation to mobilize US$1.1 billion in trade finance support for Pakistan’s energy sector
NIGERIA: Non-Interest Financial Institutions Association of Nigeria appoints Hassan Usman as president
GLOBAL: Global Sukuk offerings to moderate in 2021 as economies improve, financing needs narrow and COVID-19 expenditures shrink, predicts Moody’s
INDONESIA: Indonesia’s Financial Services Authority unveils 2020–25 Shariah Banking Development Roadmap
UAE: Dar Al Takaful repays AED100 million (US$27.22 million) in acquisition financing to Emirates NBD Bank
KUWAIT: Kuwait Real Estate Company signs KWD8.5 million (US$28.03 million) Islamic credit facility agreement with undisclosed bank
CANADA: Beneficent and Manzil collaborate to offer interest-free prepaid credit cards with cashback rewards
KUWAIT: Kuwait Finance House announces retirement of Waleed Khaled Mandani as group chief retail and private banking officer
MALAYSIA: Setia Fontaines issues RM8 million (US$1.98 million) Islamic medium-term note
MALAYSIA: Bank Negara Malaysia auctions two Islamic liquidity management papers
SRI LANKA: Amana Bank registers 167% quarter-on-quarter growth in net profit during final quarter of 2020
GLOBAL: Islamic finance market share in South and Southeast Asia to grow driven by favorable demographics, strong capitalization and government push, says Moody’s
PAKISTAN: Lahore Development Authority and Bank of Punjab sign PKR10 billion (US$62.72 million) agreement to develop apartment; banks to provide loans under Takaful
PAKISTAN: Securities and Exchange Commission of Pakistan issues draft amendments proposing reduction of turnaround time for payment of cash dividends
UAE: Emirates Islamic greenlights new Islamic funding programs of up to US$2.5 billion in addition to existing Sukuk program
UAE: Dubai Islamic Bank supports IFN Kenya Forum 2021 as lead partner
MALAYSIA: Sedania As Salam Capital rolls out GoHalal Financing Program
BANGLADESH: Mercantile Bank launches Islamic banking window TAQWA in 20 branches
TURKEY: Vakif Katilim Bankasi sells TRY164.7 million (US$23.02 million) domestic lease certificates
SOUTH AFRICA: National Treasury of South Africa to issue US$3 billion Sukuk this year
INDONESIA: Indonesia to offer retail Sukuk series SR014 with a minimum purchase value of IDR1 million (US$71.06)
SAUDI ARABIA: Creditors’ objection period for Solidarity Saudi Takaful–AlJazira Takaful Taawuni merger to end tomorrow; merger to be effective immediately in absence of objections
IRAN: Tehran Stock Exchange welcomes IPO of Opal Kani Pars Mineral Processing Company
BRUNEI: Autoriti Monetari Brunei Darussalam prices 16th issuance of AMBD Islamic Bills at BN$30 million (US$22.73 million) with a profit rate of 0.07%
IRAN: Tejarat Bank to provide banking services to Society of Iranian Petroleum Industry Equipment Manufacturers under MoU
MALAYSIA: Malaysia issues RM3.5 billion (US$865.5 million) Government Investment Issue Murabahah paper with a profit rate of 3.42%
GLOBAL: Open banking platform Tarabut Gateway secures US$13 million seed round following expansion to MENA
MALAYSIA: Bursa Malaysia amends Main Market and ACE Market listing requirements to accept a lower public spread
GLOBAL: UAE central bank and Hong Kong Monetary Authority sign MoU to boost fintech cooperation
OMAN: Dr Abdulrahman Khalil Tolefat resigns from board of directors of Al Mashaar REIT Fund
IRAN: Iranian Ministry of Economic Affairs and Finance concludes 39th bond auction
GLOBAL: GFH Financial Group partners with Silver Creek Commercial Development to acquire distribution facility in Chicago for over US$135 million
NIGERIA: Nigerian financial services group Norrenberger debuts Islamic fund
BAHRAIN: Investcorp portfolio company Ageras secures US$73 million in capital to support expansion
QATAR: Dukhan Bank expands corporate digital banking service suite
OMAN: Bank Nizwa to finance the construction of Shifa Hospital
INDONESIA: Indonesia raises IDR5 trillion (US$354.38 million) from Sukuk auction
GAMBIA: Central Bank of Gambia’s auction featuring two Sukuk Salam papers undersubscribed
MALAYSIA: DanaInfra Nasional places four Murabahah-based Islamic medium-term notes
SAUDI ARABIA: Saudi court upholds Burj Al Hayat Hotel’s lease termination; SEDCO Capital REIT Fund submits objections to Supreme Court
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...