Malaysian Rating Corporation (MARC) has affirmed the rating of BEWG (M)’s (BEWG) MYR 400.0 million Sukuk Wakalah at AAIS, with a Stable Outlook.  BEWG, a wholly-owned subsidiary of Hong Kong-based Beijing Enterprises Water Group Limited (BEWGL), is a water treatment company located in Malaysia that was awarded a contract by the Terengganu State Government to restore and upgrade the Kemaman Water Project. After completion of the project, BEWG will be paid a total of MYR 686.9 million as a deferred payment over a five-year perio...

The Government of Indonesia has only disbursed around IDR 237 trillion (USD 15.92 billion) or just 34.1% of the funds allocated for economic stimulus during the COVID-19 pandemic in the past six months of the crisis, according to local media reports. The Government has allocated IDR 695.2 trillion for stimulus programs, tackling health care, economic recovery and social safety net programs. According to Coordinating Economic Affairs Minister, Airlangga Hartarto, the Government will be expanding its aid programs until December 2020 and was tak...

Brunei Darussalam (Brunei) is attempting to reduce the country’s unemployment rate down to 4.0% or lower in 2020, from 6.8% in 2019, according to Minister at the Prime Minister’s Office and Second Minister of Finance and Economy, Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah.  According to a recent interview at the opening of the Julangan Titah Graduan Bersepadu, which is an initiative aimed to provide job experience and entrepreneurship opportunities to local graduates, Dr Awang Haji stated that the unemployment rate was gradually decreasing over...

The President of Pakistan, Dr Arif Alvi, stated that Islamic banking and financial principles offered a broad-based platform to elevate the underprivileged and prevent the concentration of wealth, charging that the prevailing financial mechanisms were exploitative and against the spirit of Islam. Speaking at the 10th Global Islamic Finance Awards, Dr Alvi spoke on the principles of Islamic finance, constituted by "fairness, equality, transparency and the pursuit of social harmony". Dr Alvi particularly stressed the need to raise public awareness on Islamic...

Qatar has attracted foreign direct investments (FDI) worth USD 4.5 billion in the past five years, according to the Qatar Chamber of Commerce & Industry (Qatar Chamber)’s August 2020 economic newsletter, based on quarterly information from the Arab Investment and Export Credit Guarantee Corporation.  The newsletter, which highlights Qatari economic trends, private sector trade and foreign trade statistics, also discussed the impact of the COVID-19 pandemic on the country. In addition, the report emphasised Qatar’s digital transformation...

Four potential economic sectors have been identified for the development of Indonesia's Halal industry, according to the country's central bank, Bank Indonesia (BI), including agriculture (integrated farming), food and fashion industry, renewable energy, and Halal tourism. Deputy Governor of BI, Sugeng, in his remarks at the recent virtually-conducted opening of the Sumatra Regional Shariah Economic Festival (FESyar) in Padang, West Sumatra, revealed that the potential sectors are to be developed through a Halal value chain approach, empowering and developing an...

RHB Bank has lodged a Sukuk Murabahah Programme of up to MYR 10 billion in nominal value with the Securities Commission Malaysia, according to local media reports, citing a filing with Bursa Malaysia.  The Sukuk Programme, based on Murabahah through Tawarruq management, will allow RHB Bank to issue senior Sukuk Murabahah as medium-term notes in multi-currencies including MYR from time to time, subject to the outstanding nominal amount not exceeding MYR 10 billion.  According to the filing, proceeds of the Sukuk Murabahah Programme will be utiliz...

Dialog Group Berhad (Dialog), a Malaysian-based technical service provider in the oil, gas and petrochemical industries, has lodged a perpetual Sukuk programme of up to MYR 3 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar, with the Securities Commission Malaysia, according to a bourse filing.   The Sukuk programme enables Dialog the flexibility to issue Senior Islamic medium-term notes (MTN) (Senior Sukuk) and/or Subordinated Perpetual Islamic Notes (Subordinated Sukuk), under a combined limit of MYR 3...

Kuwait Finance House-Bahrain (KFH-Bahrain) issued a statement regarding the launch of an Islamic securitisation programme, whereby government-owned entities and financial institutions can issue a Series of Mudarabah Sukuk, under a trust structure.  The statement explained that a series of Mudarabah Sukuk will be issued against a select pool of financing portfolio under the securitisation programme, allowing the Sukuk holders to become the ultimate beneficiaries of the financing portfolio.  The programme has been des...

Moody’s Investors Service (Moody’s) has downgraded the Government of Turkey’s issuer and senior unsecured debt ratings to B2 from B1, and senior unsecured shelf rating to (P)B2 from (P)B1, while maintaining a Negative Outlook on the country, according to a recent statement. Moody’s has also downgraded the senior unsecured backed debt rating of Hazine Mustesarligi Varlik Kiralama Anonim Sirketi, a special purpose vehicle wholly owned by Turkey which issues Sukuk certificates on behalf of the Treasury, to B2 from B1, while also maintaining...