DEALS

Indonesia targets to raise IDR3 trillion (US$230.1 million) via Sukuk auction
Iran considering international Sukuk sale; looking to South Korea for possible offering
Noteholder of PNSB Water’s Bai Bithaman Ajil securities approves proposed extension of maturity date and revision of terms
Ahli United Bank lists US$200 million Sukuk on NASDAQ Dubai 
Sunway Treasury Sukuk’s 150th and 151st Islamic commercial papers oversubscribed
Saudi Arabia considering issuing Sukuk to plug budget deficit
IDB to issue five-year Sukuk after US presidential elections; mandates nine banks
Maxis Broadband issues second tranche of unrated RM10 billion (US$2.4 billion) Sukuk Murabahah program

NEWS

Tunisian Solidarity Bank adopts Islamic banking system; finances 1,000 projects in a Shariah compliant manner
Jaiz Bank’s shareholders approve bid to list on Nigerian Stock Exchange 
Egypt’s Nasser Social Bank allocates EGP100 million (US$11.26 million) for tech upgrade
Al Baraka Bank Egypt to inject EGP500 million (US$56.16 million) into power and telecommunications projects; to launch new product for SMEs in December
Istanbul Sabahattin Zaim University to open International Research Center for Islamic Economics and Finance in partnership with participation banks
IDB reiterates commitment toward Kazakhstan in developing its Islamic finance industry

ASSET MANAGEMENT

Al Meezan Investment Management unveils new allocation plan under recently-launched Meezan Strategic Allocation Fund
Public Mutual declares distributions of more than RM218 million (US$51.85 million) for Islamic and conventional funds
IDB’s private sector arm to launch US$100 million Kazakh SME fund in collaboration with Dragon Capital Partners

TAKAFUL

Allianz Malaysia receives regulator’s nod to initiate talks for acquisition of HSBC Amanah Takaful 

RATINGS

Fitch maintains Malaysia’s sovereign rating at ‘A-’; notes that federal budget points to further stability
Capital Intelligence maintains Burgan Bank’s ratings at ‘BBB+’
Capital Intelligence affirms National Bank of Kuwait at ‘A+’
Bank of Tokyo-Mitsubishi UFJ maintains top ratings supported by parent holding company’s systemic importance
Islamic Corporation for the Development of the Private Sector sees rating outlook slip to negative
APM Automotive Holdings receives ratings for two proposed Sukuk programs
Pendidikan Industri YS maintains ‘AA1(s)/Stable’ rating on Islamic securities based on support from state government
Fitch assigns Kuveyt Turk’s US$500 million Sukuk a ‘BBB’ final rating
RAM reaffirms ‘AA1/Stable’ rating on Cendana Sejati’s Sukuk Murabahah
S&P affirms ratings on seven Malaysian banks with stable outlook
RAM reaffirms Bank of Tokyo-Mitsubishi UFJ Malaysia’s ‘AAA(bg)/Stable’ Sukuk rating

MOVES

Salama Cooperative Insurance Co appoints Saleh Malaikah as chairman
Bank Nizwa names Narasimhan Rangarajan as general manager of wholesale department
Wethaq Takaful Insurance Co names Mubarak Abdul Rahman Mubarak Al Qaoud as independent board member
Bank Alfalah renews CEO Atif Bajwa’s contract for another five years
Al Hilal Bank names Craig Bell as CFO
Amlak Finance’s CFO resigns
Saudi Arabia appoints Mohammed Al-Jadaan as new finance minister