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IFN Oman Forum 2021

Volume 14 Issue 09

Date of Issue: Wednesday, 01 Mar 2017


Issue:

v14i09

Rapids:

Eurekahedge:

v14i09-eureka

REDmoney Indexes:

v14i09-REDindexes

REDmoney Events:

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DEALS

Hong Kong issues US$1 billion 10-year Sukuk 
Qatar Islamic Bank receives approval to upsize Sukuk facility 
Saudi Arabia seeking banks to arrange debut US dollar Sukuk 
Indonesia raises IDR6.02 trillion (US$450.3 million) from Sukuk sale 
Ministry of Finance evaluating Sukuk plan by Malaysia Debt Ventures 
SapuraKencana Petroleum to issue Sukuk as part of US$1.5 billion multicurrency refinancing package 
Kuveyt Turk receives approval for domestic Sukuk; to shut down Dubai office 
Dana Gas may restructure US$700 million Sukuk and extend maturity 
Africa Finance Corporation carries out US$150 million Sukuk transaction on NASDAQ Dubai Murabahah platform 
ABHC Sukuk extends tenor on RM1 billion (US$225.1 million) Sukuk Wakalah and increases profit rate 
Dubai Islamic Bank receives approval for US$5 billion Sukuk 
Sunway Treasury Sukuk to issue 189th Islamic commercial papers worth RM100 million (US$22.51 million) 

NEWS

Popular Credit of Algeria Bank to launch Shariah compliant financing from 2018 
Global Islamic Financial Services awards Shariah audit certificate to Lendcor 
Bank of Maldives expands Islamic product suite to include home financing product 
AFFIN Holdings’s reorganization exercise will not affect ratings, RAM Ratings says 
Securities and Exchange Commission of Pakistan approves prospectuses of two new Modarabas 
Islamic Finance Center disburses PKR14 million (US$131,074) in the first two months 
Filipino central bank working on Sukuk regulation among others 

RESULTS

Qatar Islamic Bank realizes 10% increase in total assets for 2016 
Alliance Financial Group realizes RM129.7 million (US$29.07 million) net profit for the third quarter of the 2017 financial year 
Emirates REIT records 22.8% increase in rental income for 2016 
Al Baraka Banking Group’s net income in 2016 decreases 6% to US$268 million 
Riyad REIT achieves SAR9.89 million (US$2.64 million) net profit for 2016 
Takaful International back in the black with BHD631,000 (US$1.66 million) total profit in 2016 
Malaysia Building Society’s profit after tax in 2016 declines 21.8% to RM201.41 million (US$45.14 million) 
Alinma Tokio Marine realizes net loss of SAR17.44 million (US$4.65 million) for 2016 

TAKAFUL

Bahrain Kuwait Insurance Company to buy Bahrain Islamic Bank’s stake in Takaful International Co 
Al Rajhi Company for Cooperative Insurance to provide employees of Ministry of Education with voluntary health insurance services 
Malath Cooperative Insurance and Reinsurance Company gains regulatory approval to slash capital by more than half 
Zurich Takaful Malaysia launches Family Takaful solution for senior citizens 

RATINGS

Moody’s affirms ratings of 14 Russian financial institutions; changed outlooks from negative to stable 
Fitch affirms long-term issuer default ratings on five UAE banks with a stable outlook 
Moody’s upgrades Morocco’s ratings from stable to positive 
RAM downgrades Oman’s rating to ‘gBBB2(pi)/Stable’ 
RAM reaffirms Samalaju Industrial Port’s Sukuk at ‘AA1(s)/Stable’ 
RAM assigns ‘AAA/Stable/P1’ ratings to Maybank Islamic’s proposed RM10 billion (US$2.24 billion) Islamic program  

MOVES

Qatar Islamic Bank appoints board members 
Malath Cooperative Insurance and Reinsurance Company’s board member resigns