DEALS

Indonesia conducts sovereign Sukuk auction; targeting to raise IDR4 trillion (US$298.4 million)
Maybank Indonesia’s IDR700 billion (US$52.22 million) three-year senior Sukuk Mudarabah oversubscribed two-fold
Iran finalizing issuance of IRR10 trillion (US$331.46 million) Islamic treasury bills
Mahan Air to float Sukuk Ijarah worth IRR5 trillion (US$165.73 million) to fund fleet expansion; strong demand for previous issuance
Saudi Arabia’s Ministry of Housing mulls Sukuk issuance in 2017 to fund Real Estate Development Fund
Malaysia’s Public Sector Home Financing Board expects to issue first tranche of RM25 billion (US$6.12 billion) Sukuk/bond programs in July
Malaysia’s GII Murabahah oversubscribed 2.3 times
Almarai Company looks to Sukuk to fund investments under its five-year plan
Turkey Finans receives approval to sell TRY125 million (US$42.57 million) Sukuk tranche to private investors

NEWS

Al Salam Bank-Bahrain acquires Seychelles bank; commences operations as offshore financial institution
Bank Syariah Bukopin targets 20% growth in consumer finance segment with home financing business
Bank Danamon Syariah targets 20-25% growth in financing this year
Otoritas Jasa Keuangan relaxes rules on investment in state Sukuk and bonds 
Bank Danamon Syariah launches new Ijarah product in an effort to grow up to 30% this year
Malaysia Building Society revises proceeds from rights issue to RM1.71 billion (US$418.4 million)
Islamic Banking Kashmir to highlight potential of Islamic finance through statewide survey 
Deputy premier calls on Islamic Bank of Thailand to support businesses in the southern border provinces
Bank Muamalat targets infrastructure financing to reach IDR2 trillion (US$149.6 million) this year to drive corporate credit expansion
GFH Financial Group eyes US$65 million US real estate portfolio
Al Rayan Bank launches mobile-friendly website for professional mortgage intermediaries
Islamic finance expert Stella Cox honored in Queen’s Birthday List

TAKAFUL

Life insurers and Family Takaful operators to present inflation-adjusted growth rate scenarios under revised directive
Egyptian Takaful companies represent 7.6% of total insurance compensations made in first quarter of 2016

RATINGS

RAM assigns final ratings of ‘AAA/Stable’ and ‘AA3/Stable’ to Al Dzahab Assets’s Sukuk
Fitch affirms Gulf Investment Corporation at ‘A-’ with a stable outlook
Fitch assigns ‘BBB-’ rating on Turkey’s US$1 billion global Sukuk
JCR-VIS assigns ‘AM2++’ rating on Al Meezan Investment Management with a stable outlook
Capital Intelligence lowers Saudi Investment Bank’s ratings while maintaining stable outlook
Fitch affirms Ivory Coast at ‘B+’
The UK maintains ‘AA+’ rating supported by credible macroeconomic policy framework and pound’s international reserve currency status
S&P affirms Bahrain and its Central Bank at ‘BB/B’ with a stable outlook
MARC withdraws rating on Malaysian Merchant Marine’s Islamic debt securities
RAM reaffirms Turkey’s global-scale rating of ‘gBBB3(pi)/Stable’ 

MOVES

Emirates REIT Management appoints Abdul Wahab Al Halabi as acting CFO
Mashreq’s head of asset management resigns
Halkbank’s deputy general manager appointed as deputy governor of Central Bank of Turkey
Bank Melli Iran appoints new CEO as Abdolnaser Hemmati takes the helm at Central Insurance of Iran
Bank Muscat names Najah Al Sulaiman as new CEO of Kuwaiti operation
Bank Sohar appoints acting CEO