Malaysian Rating Corporation (MARC) has affirmed the A+is rating of Quantum Solar Park (Semenanjung) Sdn Bhd's (QSP Semenanjung) Green Sustainable and Responsible Investment (SRI) Sukuk of up to MYR 1.0 billion, while revising the Outlook to Positive from Stable.In affirming the rating, MARC has considered the reduction of demand risk through the 21-year Power Purchase Agreement (PPA) entered into with Tenaga Nasional Berhad (TNB) by the three project firms, each of which owns a 50MW solar photovoltaic plant. Under these PPAs, TNB is expected to purchase the energy generated by these plants at...

Bahrain based Al Baraka Banking Group (ABB) is exploring bank acquisition options in Asia including in China, India and Indonesia in an attempt to expand its global presence. Further, with the impacts of the COVID-19 pandemic pushing valuations down, ABB’s Chief Executive Officer, Adnan Yousif, stated that ABB would not want to miss out on potential opportunities.Yousif added that the banks around the world are facing the risk of lower profitability as financing rates remain at record lows while lenders are creating more provisions in expectation of a rise in bad debts. He also mentioned that...

According to the Deputy Minister of Indonesia’s Ministry of State-Owned Enterprises, Kartika Wirjoatmodjo, Indonesia’s National Airline, Garuda Indonesia (Garuda), is seeking the restructure of its USD 500 million Sukuk. According to the Islamic Markets Sukuk Monitor, the Sukuk is expected to mature on the 3rd of June 2020.Meanwhile, Garuda had also appointed USA-based investment bank, PJT Partners, as advisors to communicate and negotiate with the Sukuk-holders regarding the repayment of the Sukuk maturing in June 2020.According to Garuda, the COVID-19 pandemic has developed a...

United Arab Emirates (UAE)-based Sustain Exchange (Sustain) has unveiled the first Shariah-compliant cryptocurrency exchange in the country and is currently attracting investment through a security token offering (STO). Sustain is also expected to establish a Shariah Advisory Board (SAB) within its structure, an autonomous body appointed by globally recognised Shariah scholars, to provide guidance on Shariah issues in order to ensure that Sustain conforms with Shariah principles at all times.  By conforming to the strong ethical standards laid out by the Shariah community, Sustain ai...

US-based credit rating firm, Standard & Poor's (S&P), has affirmed Turkey's long-term foreign currency sovereign credit rating at B+ and long-term local currency sovereign credit rating at BB-. It also confirmed the country's short-term foreign and local currency sovereign credit ratings at B and the agency said that the Outlook is Stable.According to S&P, the COVID-19 pandemic is expected to drive the Turkish economy into an economic recession and will widen the fiscal deficit to about 5% of the Gross Domestic Product (GDP). However, S&P expects the net general government de...

According to DJ Pandian, Vice President of the Asian Infrastructure Investment Bank (AIIB), a total of USD 1 billion has been allocated by AIIB to assist Indonesia in its fight against COVID-19. As part of a co-financing program with the World Bank (WB) and the Islamic Development Bank (IsDB), the first disbursement of the loan will amount to USD 250 million.The remaining USD 750 million will be offered as part of AIIB’s co-financing program with the Asian Development Bank (ADB), and will go towards funding Indonesia’s economic relief and social safety net programs.With Indones...

The Government of Malaysia has increased the fund allotment for the Employment Retention Program (ERP) to MYR 240 billion from MYR 120 billion, whilst allocating an MYR 100 billion under the Technology Start-up Funding Relief Facility (TSFRF) to support technology start-up entities affected by the COVID-19 pandemic.The ERP delivers financial assistance of MYR 600 per month for staff on unpaid leave for a period of six months and was launched as part of the extended Prihatin relief package to help companies deal with their financial losses due to the COVID-19 pandemic and the movement control...

Bank Indonesia (BI) has been given the approval to purchase up to IDR 42,000 billion (USD 166.33 billion) worth of government bonds on the primary market in 2020, according to Indonesia’s Finance Minister Sri Mulyani Indrawati. Sri Mulyani Indrawati informed the House of Representatives Commission XI, which supervises financial affairs that BI could buy up to 25% of government bonds issued in 2020.The Government of Indonesia had stated that it would increase bond issuances in efforts to finance the country’s 2020 budget deficit. Indonesia has widened its budget deficit to an all-...

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