Saudi Arabia-based Dar Al Arkan Real Estate Development Company (DAAR) has announced that it has completely redeemed its USD 500 million Islamic Sukuk in a bourse statement made on the 11th of April 2022. Why it Matters?  The company said that it had used its internal resources to pay the Sukuk on the due date, revealing that the impact of this transaction will be reflected on its financial statements in the second quarter of 2022. Details  The Sukuk was issued on the 4th of April 2017 and on the redemption date, there were 500,000 Sukuk, and each was valued a...

Zurich Malaysia has announced the appointment of Shamsul Azman Alias as the Chief Executive Officer (CEO) of Zurich General Takaful Malaysia Berhad (ZGTMB), one of its Shariah-compliant insurance businesses, on the 12th of April 2022. Why it Matters? ZGTMB offers Shariah-compliant Takaful products including motor, travel, property and financial risk coverage for individuals, small- to medium-sized enterprises (SMEs) and large companies. The appointment comes with immediate effect giving Shamsul the mandate to expand the general Takaful business, leveraging his 30 years of experie...

Pakistan’s Meezan Bank and Burj Solar Energy Private Limited (BSEPL) have announced the financial close of a PKR 1 billion (USD 5.4 million) syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in the country on the 11th of April 2022.  Why it Matters? The first tranche of PKR 580 million (USD 3.2 million) would be used to build a 7-megawatt (MW) solar power plant for Power Cement Limited on the Karachi-Hyderabad Motorway. Power Cement Limited will rent the solar power plant for a twenty-year period, and the sol...

The United Nations High Commissioner for Refugees (UNHCR) and the Islamic Solidarity Fund for Development (ISFD), Islamic Development Bank (IsDB)’s poverty alleviation arm, have signed an agreement to establish the Global Islamic Fund for Refugees (GIFR), a Shariah-compliant resource mobilisation tool poised to develop new Islamic philanthropy funding channels in favour of millions of forcibly displaced persons. Why it Matters?  The agreement comes at a time when forced displacement has reached unprecedented levels and has become a critical global humanitarian and deve...

Qatar Insurance Company (QIC) and QInvest LLC have announced on the 10th of April 2022 that they are collaborating to create a Shariah-compliant national company in the Islamic asset management space. Why it Matters? The joint venture entity will be provided with asset management capabilities by QIC’s wholly-owned subsidiary, Epicure Investment Management LLC (EIM), while the needed infrastructure and market reach will leverage QInvest’s ability to raise capital and its track record in developing and structuring Islamic investment products. Details The new company will be r...

PT Prudential Life Assurance (Prudential Indonesia) has announced the launch of PT Prudential Sharia Life Assurance (Prudential Syariah), officiated by Mr Ma’ruf Amin, Vice President of the Republic of Indonesia at the launch ceremony held on the 5th of April 2022. Why it Matters? In 2021, total assets under the Shariah industry reached 17% in Indonesia. The setup of Prudential Syariah reflects Prudential’s commitment to supporting the Shariah economy’s growth and the country’s vision to become the global hub for Islamic financial solutions. Prudential Sya...

The Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, is collaborating with the Bangsamoro administration and other government organisations as part of a government strategy to stimulate investment in Islamic banking. Why it Matters? According to BSP Governor Benjamin Diokno, speaking at a virtual briefing on the 7th of April 2022, a complete set of regulations has been established by the Monetary authorities to foster wider investor and consumer engagement in Islamic banking. The regulations include Circular No. 1069, discussing the licensing framework...

The ISSB has released draft sustainability- and climate-related disclosure guidelines that will provide a global ‘baseline’ for future requirementsIndustry-specific requirements largely follow SASB, although the financial sector has seen expectations rise for its financed and facilitated emissions reporting, which is reflected in the draft standard going beyond the SASB standard last updated in 2018Improving disclosures, particularly relating to financial institution financed emissions, need to be concise and contextualised, and be able to scale up collection and assurance of...

Qatar Development Bank (QDB) has announced new updates to the Al Dhameen programme for the first time to encourage partner banks to fund projects in order to attract bright start-ups and small and medium-sized enterprises (SMEs) looking for funding to expand. Why it Matters?  The updates made to the decade-old programme result from reviews that considered best international practices for growth in the interests of entrepreneurs and partner banks, aligning processes and improving guarantees terms. The programmes’ new updates will contribute to the development of the national busi...

TNB Power Generation Sdn Bhd (TPGSB), also known as TNB Genco, the wholly-owned subsidiary of Tenaga Nasional Bhd’s (TNB), has announced its lodgement of a Sukuk Wakalah Programme of up to MYR 10 billion (USD 2.4 billion) with the Securities Commission (SC) Malaysia in a filing made with Bursa Malaysia on the 5th of April 2022. Why it Matters? The programme will allow TPGSB to flexibly time its fund-raising activities with varied nominal value and tenures in order to achieve the best asset-liability matching as well as provide it with access to a diverse pool of investors i...