UAE: First Abu Dhabi Bank launches new sustainable current account enabling corporate clients to contribute to sustainable development
UAE: Zaheer Iqbal resigns from position as CFO of Islamic Arab Insurance Company due to personal reasons effective the 23rd May 2022
UAE: Dubai Properties Group and TECOM Investments FZ transfer entire respective holdings in Emirates REIT to DH 6
PAKISTAN: Islamic assets in Pakistan grow by average of 24% per annum over past decade, says Moody’s
MALAYSIA: Microfinancier Hijrah Selangor acquires Shariah compliant status
UAE: Property developer Arada Developments hires banks for dollar Sukuk issuance
TURKEY: Kuveyt Turk completes first international Islamic transaction within FCI; launches open account export product
AZERBAIJAN: Islamic Corporation for the Development of the Private Sector and Alat Free Economic Zone Authority of Azerbaijan sign MoU
MALAYSIA: Bank Muamalat Malaysia launches EasiGold investment platform
EGYPT: International Islamic Trade Finance Corporation extends additional US$3 billion in funding to Egypt due to increase in wheat prices
SAUDI ARABIA: Saudi Ministry of Finance’s National Debt Management Center closes May 2022 Sukuk offering worth SAR14.95 billion (US$3.98 billion)
INDONESIA: Fitch assigns ‘BBB’ rating to Indonesian government’s proposed US dollar-denominated sovereign Sukuk
GLOBAL: International Islamic Liquidity Management Corporation reissues US$600 million-worth of short-term ‘A-1’-rated Sukuk
KUWAIT: Central Bank of Kuwait issues KWD240 million (US$782.72 million)-worth of bonds and related Tawarruq papers
TURKEY: Ministry of Treasury and Finance of Turkey collects gold for lease certificates
GAMBIA: Central Bank of Gambia’s Sukuk Salam papers oversubscribed
SAUDI ARABIA: Salama Cooperative Insurance Co receives letter of approval from Saudi Central Bank to reduce capital by SAR150 million (US$39.94 million)
SAUDI ARABIA: Gulf Union Al Ahlia Cooperative Insurance Co receives Saudi Central Bank’s approval to launch new product
SAUDI ARABIA: Capital Market Authority of Saudi Arabia approves Amana Cooperative Insurance Company’s request to increase capital via rights issue
UAE: Trading of GFH Financial Group’s shares on Abu Dhabi Securities Exchange to be activated on the 31st May 2022
MALAYSIA: FWD Takaful launches several value-based intermediation for Takaful initiatives including partnership with Malaysian Takaful Association
SAUDI ARABIA: More than six million new shares of Gulf Union Al Ahlia Cooperative Insurance Company subscribed in rights issue trading and new shares subscription
SAUDI ARABIA: Trade Development Fund and Foreign Trade Training Center to organize training program to support SMEs accessing global markets
UAE: Postpay receives Shariah compliance certification from Shariyah Review Bureau
PAKISTAN: PACRA assigns ‘AAA’ preliminary rating to Water and Power Development Authority of Pakistan’s third tranche of i-e Series C Sukuk worth PKR6.35 billion (US$31.5 million)
MALAYSIA: Cagamas sells one-year Islamic medium-term note worth RM100 million (US$22.77 million)
MALAYSIA: Bank Negara Malaysia issues four Islamic liquidity management papers
BANGLADESH: Bangladesh Bank auctions one Bangladesh Government Islami Investment Bond
GLOBAL: Islamic Corporation for the Insurance of Investment and Export Credit and International Federation of Islamic Takaful and Insurance Companies sign MoU to boost Takaful sector
SAUDI ARABIA: Mediterranean and Gulf Insurance and Reinsurance Co reports net loss before Zakat of SAR55.4 million (US$14.75 million) for first quarter of 2022
UAE: Dubai Islamic Bank makes AED1 million (US$272,230) donation to Dubai’s Rental Disputes Center to assist those affected by judicial rulings due to inability to pay rent
EGYPT: Al Baraka Bank Egypt to inject US$6 million to expand digital services
SAUDI ARABIA: Saudi Enaya Insurance Company to increase capital via rights issue worth SAR300 million (US$79.89 million)
QATAR: Masraf Al Rayan completes operational integration upon acquisition of Al Khaliji Bank; consolidates operations to single platform
GLOBAL: Astana International Financial Centre signs MoU with Qatar Financial Centre to foster joint projects stimulating activity on both financial platforms
NIGERIA: IsDB approves US$49,000 grant for University of Health Sciences to train hospital staff in Nigeria
SAUDI ARABIA: Abdulmohsen Abdulrahman Musaed Al Sowailem resigns as CEO and managing director of Nayifat Finance Company
UAE: Aafaq Islamic Finance appoints Darrel D Souza as senior vice-president of credit and collection
SAUDI ARABIA: Saudi Home Loans Co reports net profit before Zakat and income tax of SAR35.85 million (US$9.55 million) for first quarter of 2022
MALAYSIA: Amanat Lebuhraya Rakyat proposes landmark sustainable Sukuk program worth RM5.5 billion (US$1.25 billion); receives preliminary ratings from MARC and RAM
MALAYSIA: Tanjung Bin Energy sells eight Islamic medium-term notes totaling RM710 million (US$161.58 million)
INDONESIA: Indonesia Stock Exchange delists Medco Power Indonesia’s Sukuk Wakalah worth IDR832.7 billion (US$58.29 million)
BRUNEI: Brunei Darussalam Central Bank prices 73rd issuance of BDCB Islamic Bills at BN$27 million (US$19.56 million) with a profit rate of 0.35%
MALAYSIA: Bank Negara Malaysia issues four Shariah papers
SAUDI ARABIA: United Cooperative Assurance Co reports net loss before Zakat of SAR19.86 million (US$5.3 million) for first quarter of 2022
SAUDI ARABIA: Gulf Union Alahlia Cooperative Insurance Co records net loss before Zakat of SAR20.39 million (US$5.43 million) for first quarter of 2022
SAUDI ARABIA: Gulf General Cooperative Insurance Co reports net loss before Zakat of SAR18.07 million (US$4.81 million) for first quarter of 2022
SAUDI ARABIA: CHUBB Arabia Cooperative Insurance Co sees net profit before Zakat decline by 16.19% on year-on-year basis to SAR2.03 million (US$541,634) for first quarter of 2022
SAUDI ARABIA: Allianz Saudi Fransi Cooperative Insurance Co reports net profit before Zakat of SAR3.19 million (US$850,669) for first quarter of 2022
IFN Reports
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Sovereign Securities: Regular issuers keep up momentum
Indonesia is planning to issue a project-based Sukuk facility while regular issuers sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Brunei Brunei Darussalam Central Bank (BDCB) priced the 206th issuance...
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Fund Focus: Premium Alziraea Fund
Private debt investment specialist Prestige Funds has rolled out the Premium Alziraea Fund — an Islamic real assets and project financing fund targeted at the renewables and agricultural sectors in the UK. JEVITHA MUTHUSAMY has...
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State-owned Russian bank maintains Islamic finance prospects; plans to launch new products
Russia's Sberbank, also widely known as Sber, is actively looking into new opportunities and prospects worldwide, Islamic finance-related or otherwise, despite the difficulties it is facing with the recent sanctions imposed on the country by...
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Alif Capital Holdings eyes digital banking license to expand into Pakistan
The State Bank of Pakistan (SBP) in January this year released the licensing and regulatory framework for digital banks which set the stage for the dawn of a new era for banking in Pakistan. Following...
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New Malaysian Islamic neobank names CEO designate ahead of launch in IFN exclusive
Rafiza Ghazali, who has announced her departure from Malaysian tech start-up funding agency Cradle Fund as its group CEO, has confirmed with IFN her next venture: leading one of the first Islamic digital banks in...
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Pakistani regulator plans to revolutionize Takaful sector; spur growth of Sukuk market
The Securities and Exchange Commission of Pakistan (SECP), which oversees the non-bank Islamic financial services industry in the country, has reaffirmed its commitment to improving the Shariah finance industry through new tech solutions and frameworks...
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IFN Weekly Round-up: 14th – 20th May 2022
Following an instruction in August 2021 from the Afghan central bank that requires all banks to become Shariah compliant, a commercial bank in the country has started its conversion into a fully-fledged Islamic bank. In...
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UAE advisory firm grows mezzanine debt platform with latest Shariah compliant transaction
Dubai-based Arzan Wealth, an advisory firm regulated by the Dubai Financial Services Authority, has advised on a Shariah compliant mezzanine lending transaction in the US, the second of its kind that the company has closed...
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Saudi dental sector attracts Islamic investment from the UAE
In line with its strategy of aggressively pursuing opportunities in the GCC region, the UAE-based private investment group Gulf Islamic Investments (GII) has set its sights on the Saudi healthcare industry — particularly the dental...
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Sovereign Securities: Algeria mulls Sukuk issuance
Algeria could issue Sukuk while regular issuers from Turkey, Gambia and Malaysia sustained momentum. JEVITHA MUTHUSAMY rounds up Shariah sovereign securities developments over the week. Algeria Yazid Benmouhoub, the managing director of the Algerian Stock...