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IFN Oman Forum 2021

Volume 14 Issue 05

Date of Issue: Wednesday, 01 Feb 2017


Issue:

v14i05

Rapids:

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Eurekahedge:

v14i05-eureka

REDmoney Indexes:

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REDmoney Events:

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DEALS

Indonesia issues IDR6.31 trillion (US$471.36 million)-worth of sovereign Sukuk; oversubscribed by 3.77 times
Sunway Treasury Sukuk issues 179th Islamic commercial papers worth RM100 million (US$22.52 million)
Malaysia’s RM4 billion (US$901.47 million) government investment issue Murabahah oversubscribed by RM9.65 billion (US$2.17 billion)
Investment Corp of Dubai sets final spread of 265bps for US$1 billion Sukuk issuance
Warba Bank secures regulatory approval to raise up to US$250 million via Sukuk
Tunisia plans US$500 million Sukuk to cover external financing deficit

NEWS

IDB affirms commitment toward supporting Gambia’s development
MCB Islamic Bank adapts Diebold Nixdorf’s biometric systems and software for new branches
Mindanao Islamic Chamber of Commerce and Industry wants Shariah aspects to be included in Halal Export Development and Promotion Act
AlHuda CIBE launches French version of Islamic finance postgraduate diploma program
Indonesian government considering establishing special Islamic economic zone in Jakarta
International Finance Corporation inks advisory agreement with Meezan Bank to drive Shariah compliant SME financing
Responsible Finance & Investment Forum 2017 to convene in Zurich from the 3rd-4th May
Demand for Al Rayan Bank’s Islamic home financing facilities reaches record high
International Islamic Trade Finance Corporation signs tripartite agreement with Canada and Senegal to facilitate cross-border trade

RESULTS

Syarikat Takaful Malaysia’s fourth quarter net profit rises 7.9% to RM39.26 million (US$8.84 million)
Dubai Islamic Bank’s 2016 net profit rises 6% to AED4.05 billion (US$1.1 billion)
Kuwait International Bank’s 2016 net profit increases 14% to reach KWD18.2 million (US$59.55 million)
Qatar International Islamic Bank posts QAR785 million (US$215.4 million) in net profit for the full year of 2016
Bank Dhofar proposes cash dividend and bonus share of 13.5% and 7.5% respectively

ASSET MANAGEMENT

KAMCO Investment Company launches Shariah compliant equity fund

TAKAFUL

Takaful Al Rajhi Company for Cooperative Insurance allocates SAR150 million (US$39.98 million) from rights issue proceeds to meet solvency margin requirements
First Takaful Insurance plans board meeting to discuss merger proposal
Malath Cooperative Insurance and Reinsurance suspends reinsurance business to improve solvency and investment returns

RATINGS

RAM reaffirms ‘AAA/Stable’ rating of Cagamas MBS’s RM2.05 billion (US$461.75 million) Sukuk Musharakah residential mortgage-backed securities
RAM lifts negative rating watch on Mudajaya Corporation’s Islamic commercial papers/medium-term notes; revises long-term rating outlook to negative
RAM reaffirms ‘AA3/Stable’ rating on Jimah Energy Ventures’s RM4.85 billion (US$1.09 billion) Sukuk facility
Special Power Vehicle’s RM800 million (US$180.29 million) Class A Islamic medium-term notes maintain ‘A1/Stable’ rating
AM Best affirms Qatar General Insurance & Reinsurance Company’s ratings; operator’s profile enhanced by Takaful subsidiary 

MOVES

Warba Bank appoints new chief retail banking officer
90 North welcomes John Yeend as new senior investment specialist
Al Hilal Bank CEO to step down; CFO to step up as acting CEO until replacement is found
Kenanga Investment Bank’s executive director and chairman step down
Resat Karabiyik leaves Bizim Menkul Degerler
Syarikat Takaful Malaysia promotes Jazimin Izzat Wan Zookifli to CFO