In an effort to enable policymakers build best-practice legislations and harness the economic and social benefits of data-reliant technologies such as Artificial Intelligence and Blockchain, the World Economic Forum (WEF) and the Bahrain Economic Development Board (BEDB) have come together to unveil a new Roadmap for Cross-Border Data Flows to help drive global tech-based collaboration. This framework is intended to help countries adopt the Fourth Industrial Revolution at a time when there are constraints on the flow of data, posing significant challenges to the global digital econ...

Marking the first public benchmark Sukuk from a regional financial institution following the COVID-19 driven market disruption, Dubai Islamic Bank (DIB) has closed a USD 1 billion five-year Sukuk, with an annual profit rate of 2.95%, the equivalent to 245 basis points (bps) over the equivalent tenor Mid Swap Rate. According to local media, the Sukuk attracted over 170 high-quality investors, with the order book rising to over USD 4.5 billion and almost 50% coming from outside the Middle East and North Africa region. Dr Adnan Chilwan, the Group Chief Executive Offic...

The International Islamic Trade Finance Corporation (ITFC) has entered into a USD 15 million trade finance program with The City Bank (TCB), Bangladesh’s very first privately owned commercial bank, to launch a USD 15 million trade finance deal focussing on Bangladesh’s private sector. According to a statement by TCB, under this program, entrepreneurs can avail financing from a dedicated fund under its Islamic banking window to import raw materials from international markets. Sheikh Mohammad Maroof, the Additional Managing Director of TCB...

Malaysia-based conglomerate, Tropicana Corporation (Tropicana) has issued a MYR 200 million, seven-year Islamic Medium-Term Notes (IMTN). According to the IslamicMarkets Sukuk Monitor this issuance comes as the first tranche of Tropicana's A+ rated MYR 1.5 billion Senior Sukuk Wakalah programme. According to Tropicana, it will use the funds raised from the MYR 1.5 billion Senior Sukuk Wakalah programme to repay borrowings to unencumber secured properties, for investments, for capital expenditure, as well as to me...

Malaysia’s International Islamic Liquidity Management Corporation (IILM) has issued two short-term one-month and three-month Sukuk for a total amount of USD 600 million. The total value of each Sukuk is USD 300 million. According to IILM, the auction attracted over USD 1.19 billion in demand, with an average bid-to-cover ratio of 198% for both series. The allocation was dominated by GCC-based Islamic primary dealers across the board. According to media reports, the one-month Sukuk was issued at a profit rate of 0.27% whilst the three-month...

In line with its efforts to improve ease of doing business in Abu Dhabi, the Abu Dhabi Department of Economic Development (ADDED) has introduced an e-contract and e-signature system with the aim of improving the mechanism of granting economic licenses for one-person firms and limited liability companies. The move aims to speed up the licensing of applicants by receiving a Qualified Memorandum of Association (MoA) through the Abu Dhabi Business Center website of ADDED by using the UAE Pass (the national digital identity), thereby removing the need for a...

A syndicate of four banks, namely International Finance Corporation, the European Bank of Reconstruction and Development, the Finnish Fund for Industrial Cooperation, and OPEC Fund for International Development will provide USD 125 million to revive healthcare services in Morocco and Egypt.  For some of the above-mentioned financiers, this facility marks the first time Islamic finance is being provided to customers.                         The funds will be use...

Bahrain based Islamic bank GFH Financial Group (GFH) has announced that it has issued the remaining amount of USD 200 million of its USD 500 million Sukuk program, to complete the benchmark-sized Sukuk issuance.  According to GFH, proceeds from the Sukuk issuance will be utilized to further strengthen GFH’s financial position and to diversify its revenue channels. This follows the GFH’s earlier Sukuk issuance of USD 300 million on the 28th of January 2020, according to the IslamicMarkets Sukuk Monitor. Local media reported that the i...

Al Hilal Bank, the fully owned subsidiary of Abu Dhabi Commercial Bank (ADCB), has sold its subsidiary Al Hilal Takaful (AHT) to Siraj Holding. Earlier in January 2020, Al Hilal Bank agreed to sell its subsidiary AHT to Siraj Holding, and the transaction was expected to be completed within Q1-2020, subject to the required regulatory approvals.  ADCB stated earlier that the decision to divest AHT is driven by Al Hilal Bank's decision to give priority to its focus on providing high-quality retail banking ser...

The Saudi Arabian Monetary Authority (SAMA) has announced its adoption of Blockchain technology to place liquid funds into local banks and administer its liquidity into Saudi Arabia’s economy. These funds have been placed with local banks as a part of SAMA’s measures to improve its ability to further be able to provide credit facilities. However, the exact amount of funding was not specified. According to an official statement of SAMA, the use of Blockchain technology is aimed at exploring and experimenting emerging technologies and to keep in par with global trends of central b...