DEALS

Indonesia auctions sovereign Sukuk worth IDR6 trillion (US$449.4 million)
Egypt plans to issue dollar Sukuk after conventional bond this year
Jabal Omar looking to tap into Sukuk market in 2017
Investment Corporation of Dubai set to launch Sukuk
Bahrain Bourse lists short-term Sukuk Ijarah and treasury bills worth BHD201 million (US$529.34 million) collectively
Qatar Central Bank announces yield results of Sukuk issued on the 16th January 2016
Maxis Broadband’s Sukuk Murabahah program of up to RM10 billion (US$2.24 billion) is now tradable and transferable
Brunei issues 141st Sukuk Ijarah securities worth BN$100 million (US$69.77 million)
National Savings Organization considering retail Sukuk Ijarah to capture individual investors
Malaysia to issue RM4 billion (US$898.98 million)-worth of GII Murabahah

NEWS

IDB’s Islamic microfinance project in Senegal to create 25,000 jobs; provides US$32 million in financing to eradicate malaria
Azerbaijan signs grant agreement with IDB to assist in drafting Islamic financing legislative base
JPMorgan Chase & Co reverses assessment of Indonesia’s equities to neutral
Suriname looking to benefit from the IDB’s reverse linkage synergy
Sukuk issuance to maintain growth momentum; market share to increase as sovereigns increasingly look to dual facilities
Banking Reform Bill to be reviewed in Iranian parliament’s spring session after 33 years
Qatar Central Securities Depository increases Islamic Holding Group’s foreign ownership limit to 49% of capital

RESULTS

Alinma Bank’s fourth quarter net profit rises 1.04% to SAR390 million (US$103.91 million)
Qatar Islamic Bank’s net profit increases 10.3% in 2016 to reach QAR2.16 billion (US$592.75 million)
Al Rajhi Bank’s net profit for 2016 rises 13.97% to reach SAR8.13 billion (US$2.17 billion)
Aljazira Takaful Taawuni Company’s net profit before Zakat in 2016 increases 46.76% to reach SAR25.92 million (US$6.91 million)
National Commercial Bank’s net income in 2016 rises 2.5% to reach SAR9.32 billion (US$2.48 billion)

ASSET MANAGEMENT

Securities & Investment Company enters into strategic partnership with Trucial Investment Partners for US$50 million Shariah compliant US real estate fund
Emirates Real Estate Fund procures US$190.6 million Mudarabah facility to restructure balance sheet and fund future purchases
Bahrain’s first Islamic REIT IPO achieves 95% subscription
Alkhabeer Capital launches Shariah compliant Saudi Real Estate Income Fund I

TAKAFUL

Tawuniya scores deal to provide insurance to employees of Saudi Arabian Airlines
Favorable structural demand augurs well for Indonesia’s Takaful segment, says Fitch; life Takaful continues to command lion’s share of industry

RATINGS

MARC affirms Cagamas’s bonds and Sukuk at ‘AAA/MARC-1’ and ‘AAAIS/MARC-1IS’ respectively
Capital Intelligence affirms Kuveyt Turk Katilim Bankasi’s ratings with a stable outlook
Solidarity General Takaful’s ratings under review with positive implications following group’s acquisition of Al Ahlia Insurance Company 
Purple Boulevard maintains ratings on Sukuk Ijarah based on net property income of underlying asset

MOVES

BBK appoints Dr Adel Salem as assistant general manager of the Retail Banking Division
Deutsche Bank appoints heads of wealth management for the Gulf region and the Kingdom