Fitch Ratings (Fitch) has assigned 'A+(EXP)'/'F1(EXP)' ratings to Kuwait International Bank’s (KIB) trust certificate issuance programme worth up to USD 2 billion, under KIB Sukuk Limited (KSL). The expected ratings, which apply only to senior unsecured certificates, are consistent with KIB’s Long-and Short-Term Foreign Currency Issuer Default Ratings (IDRs) of ‘A+’ and ‘F1’ respectively.   KSL is KIB’s special purpose vehicle set up to issue Sukuk under the programme, whose ratings are driven entirely by KIB’s IDR...

The Istanbul Chamber of Commerce (Chamber) revealed that soft loans and consumer demand have resulted in a V-shaped recovery for the Turkish economy during the first half of 2020. The “Pandameter” report indicated that the V-shaped recovery was reflected on both the production and consumption sides of the economy.  Despite the impacts of COVID-19, which saw the Turkish economy in lock-down from mid-March 2020 until the end of May 2020, economic data reflects improvements in several areas of the economy, according to the Chamber’s report.  For example,...

A recent report by the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) showed Saudi Arabia as the top nation amongst the Gulf Cooperation Council (GCC) for foreign direct investments (FDIs), during the first quarter of 2020 (1Q 2020). According to the report, new FDI projects launched by GCC nations into other countries declined 8% year-over-year (YoY) during 1Q 2020 to reach 70 projects valued at USD 4.9 billion. Amongst the GCC nations, Saudi Arabia was the top investor with a 49% share, followed by the United Arab Emirates (38%) and Bahrain with 10%.&n...

Speaking to local media on the 5th of August 2020, Malaysia’s Finance Deputy Minister, Mohamed Shahar Abdullah, advised individual borrowers saddled with unpaid instalments due to COVID-19 to negotiate with their respective banks regarding extensions for their loan moratoriums without further delay.  Reminding borrowers that their applications needed to be submitted, given that the moratorium process is no longer automated, Abdullah guided them to start contacting their finance providers by the 7th of August 2020.&nb...

Mohamed Maait, Egypt’s Minister of Finance has confirmed that the Ministry of Finance (MoF) is on target with regards to the complete integration of all its electronic systems, aiming for completion of this project by July 2021 in line with Egypt’s national digital transformation plan. Maait added that the move towards electronic integration is expected to strengthen governance measures within the MoF, in addition to establishing financial discipline, increasing the efficiency of public spending, as well as modernising and automating the customs and tax admini...

Statistics Indonesia (BPS) reported  Indonesia’s second quarter 2020 (2Q 2020) gross domestic product (GDP) contraction at 5.32% year-over-year (YoY), sharper than the Government of Indonesia’s estimate of 4.3% YoY, and the worst recorded since the 1998 Asian Financial Crisis.  Speaking at a press briefing, BPS Head, Suhariyanto commented on the GDP performance stating that COVID-19 has had a devastating impact on social and economic conditions in Indonesia, as well as health care. Large-scale social restrictions imposed during March and April 2020 r...

UniTapah’s MYR 600 million Sukuk Murabahah (2014/2035) has had its AA1/Stable rating reaffirmed by RAM Ratings (RAM). UniTapah is the concessionaire for the development and maintenance of University Teknologi MARA (UiTM)’s campus in Perak, with a 23-year concession agreement between the Government of Malaysia and UniTapah.  According to RAM, the ratings reaffirmation is based on UniTapah’s robust and anticipated cash flow debt-service coverage, supported by prompt monthly receipts of A...

Data released by Dubai Investment Development Agency (DIDA) showed that Dubai, in the United Arab Emirates (UAE) attracted AED 12 billion in foreign direct investments (FDIs) during the first half of 2020, these investments being split across 190 projects.  The DIDA noted that these investments came into crucial sectors of the economy namely e-commerce, technology, and pharmaceuticals.  According to the DIDA, the FDIs earned during the first six months of 2020 were less than the USD 46.6 billion earned in the same period of 2019. Despite this, Sheikh Hamdan...

Data from the Export Promotion Bureau showed Bangladesh having recorded USD 3.91 billion in exports for July 2020, up 0.59% from USD 3.88 billion in July 2019. This growth was led by an increased shipment of readymade garment products with global buyers reinstating their orders in light of economic improvements amidst the COVID-19 pandemic.This positive growth in export earnings was welcome following six months of negative growth, since January 2020. Media reports indicated that of this, the last three months of fiscal period FY19-20 (from April 2020 to June 2020) we...