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IFN Investor

Volume 13 Issue 01

Date of Issue: Wednesday, 06 Jan 2016


Issue:

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Rapids:

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Eurekahedge:

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REDmoney Indexes:

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REDmoney Events:

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DEALS

Bahraini government receives full subscription for latest Sukuk offering
Tenaga Nasional to revitalize global Sukuk market with planned US$3 billion issuance program
State Bank of Pakistan announces first rental coupon rate for sovereign Sukuk Ijarah
National Commercial Bank completes issuance of SAR2.7 billion (US$719.38 million) perpetual Tier 1 Sukuk via private placement
Saudi Stock Exchange delists first issue of Saudi Orix Leasing Company’s Sukuk
Jebel Ali Free Zone repays Islamic facility in full ahead of maturity
Bank Islam issues RM400 million (US$92.5 million) Tier 2 Sukuk to fund working capital requirements among others
AEON Credit Service makes Sukuk periodic payment
Binariang GSM to pay periodic and cumulated distributions on the 28th June 2016
Vallianz Holdings’s subsidiary to refinance debts via Sukuk issuance
DP World Sukuk to pay Sukuk periodic distribution at 6.25% profit rate

NEWS

Societe Arabe Internationale de Banque to secure maiden Shariah compliant deal to fund small projects
OCBC Al Amin expands branch network to East Malaysia 
Bank Indonesia and IDB prioritize Zakat and Waqf in drive to enhance social finance
SapuraKencana Petroleum’s subsidiary inks six-year Murabahah facility agreement of US$2.1 billion 
Federal Board of Revenue urged to clarify Islamic banking taxation issues
MCB Bank finalizes sales of its Islamic banking operations to MCB Islamic Bank; demerges and segregates operations, assets and liabilities
Otoritas Jasa Keuangan to revise new tax incentive for REIT to attract more local issuances 
Shariah compliant Rayani Air launches operations; considering IPO to support its expansion plan 
Islamic banks to fund Pakistani mining and power plant project

ASSET MANAGEMENT

Al Rayan Bank and Pointon York launch the UK’s debut Shariah compliant pension fund
Maybank Islamic Custody Services grows AUM size to RM9 billion (US$2.08 billion) in less than a year since inception
PMB Investment lowers AUM target to RM1.6 billion (US$369.69 million) in 2016; declares income distributions for three Shariah funds
Rasmala to launch series of alternative funds in first half of 2016
Sabana REIT proposes divestment of property located along Pandan Loop 

TAKAFUL

Kuwait Qatar Insurance Company launches online retail platform
Misr Emirates Takaful Life Insurance commences operations in Egypt; to launch eight products in the Egyptian market
House of Representatives approves PIDM (Amendment) Bill 2015 enhancing Malaysia Deposit Insurance Corporation’s resolution powers
MCIS Insurance keen on entering Takaful market

RATINGS

Fitch affirms the UK at ‘AA+’; outlook stable
Capital Intelligence assigns stable outlook to Jordan Islamic Bank’s ratings
Malaysia maintains ‘gA2’ and ‘seaAAA’ ratings despite weakening external resilience parameters, according to RAM
S&P affirms Wethaq Takaful Insurance Co at ‘BB’

MOVES

Gulf Finance Corporation Saudi Arabia names Thamer A Jan as chairman 
Ismee Ismail no longer chairman of Syarikat Takaful Malaysia
Saeed Mohammed A Alghamdi assumes chairmanship of Tukiye Finans’s board of directors
Simon Cooper to head corporate and institutional banking of Standard Chartered as CEO
Khazanah Nasional renews managing director’s contract