According to a press release from the Directorate General of Financing and Risk Management (DJPPR), Ministry of Finance, the Government of Indonesia is set to auction off State Sukuk to raise a minimum of IDR 7 trillion on the 7th of July 2020. The Sukuk will be launched via two series, the State Treasury-Syariah (SPN-S) and the Project Based Sukuk (PBS) series, with the aim of meeting financing targets for 2020, according to the DJPPR).  The maturity dates of the Sukuk range from the 8th of January 2021 through the 15th of October 2046. According to the press...

Datuk Seri Mustapa Mohamed, the Minister in the Prime Minister’s Department (Economy) of Malaysia, has predicted that Malaysia’s economy which is facing a contraction following the COVID-19 pandemic, will fully recover in 2021. The Minister added that the Government of Malaysia is focusing on measures to improve economic development and restore the nation to pre-pandemic levels. Addressing local media reporters at the Chuping Valley Industrial Area, Mustapa Mohamed stated that almost all sectors in Malaysia have resumed operations with the retai...

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Indonesia-based Adira Dinamika Multi Finance (Adira Finance) is planning to raise finances by issuing securities totalling to IDR 1.5 trillion, which will consist of a Sukuk Mudarabah with a total value of IDR 200 billion with the remainder being conventional securities. The issuance of securities will form part of a continuous public offering (PUB) with an overall funding target of IDR 9 trillion, according to local media reports. Adira Finance's Shelf Registration Sukuk Mudarabah IV phase I/2020 valued at IDR 200 billion is expected to be offered with a t...

Eximbank Indonesia (Eximbank) is planning to raise finances by issuing securities totalling IDR 148 billion, which will consist of Sukuk Mudarabah with a total value of IDR 100 billion and the remainder being conventional securities. According to Eximbank, the issuance of securities will form part of a continuous public offering (PUB) with an overall funding target of IDR 22 trillion. The plan to issue Sukuk Mudarabah is a part of PUB II Sukuk Mudarabah with a target fund of IDR 2 trillion, under which IDR 100 billion with a tenure...

Kuwait International Bank (KIB) has received preliminary approval from the Central Bank of Kuwait on the 30th of June 2020, for a potential Sukuk Issuance. According to a filing with Boursa Kuwait, KIB stated that the Sukuk program will be for a value up to USD 2 billion. It also stated that the first Sukuk issuance under this program will be up to USD 750 million or equivalent in other currencies. However, KIB did not indicate an expected date for the issuance of the first Sukuk. KIB revealed that the final approval for the Sukuk wil...

Fitch Ratings has assigned a National Long-Term Rating of A-(in) to Aneka Gas’ IDR 1 trillion Sukuk programme, as well as to the IDR 190 billion first phase issuance under the aforementioned Sukuk programme. The Sukuk rating is the same as Aneka Gas’ National Long-Term Rating, as Fitch expects the risk of default to reflect the default risk of Aneka Gas. The ratings also account for the Sukuk’s structure and documentation.  With regards to the Sukuk structure, 50% of the principle of the amount is secured by assets of Aneka...

With several measures initiated by the Government of Saudi Arabia set to expire in July 2020, King Salman bin Abdulaziz Al Saud, Ruler of Saudi Arabia, has released a Royal Decree extending a range of policy measures for a longer period. This will aid in better benefitting from the initiatives that have been implemented since the beginning of the COVID-19 pandemic. According to local media reports, these initiatives concentrate on helping Saudi employees, suspending fines and deferring payment of other government service charges. Deferring the payment of Value Added&...

According to the World Bank’s most recent country classifications by income level, published on the 1st of July 2020, Indonesia has now surpassed the threshold to be classified as an upper middle-income country. This classification is based on its Gross National Income (GNI), where Indonesia’s GNI per capita rose to USD 4,050 in 2019 from USD 3,840 in 2018. In a statement on the 2nd of July 2020, Indonesia’s Ministry of Finance noted that the upgrade from the World Bank reiterates Indonesia resilience and stability in economic growth over the l...