Credit rating agency, AM Best, has amended the outlooks to positive from stable and affirmed the long term issuer credit rating of ‘bbb+’, as well as financial strength rating of ‘B+++’ (Good) of Qatar Islamic Insurance Group (QIIG).  This rating revision reflects QIIG’s balance sheet strength, its appropriate enterprise risk management, as well as the generation of strong operating returns over the short to medium term. Balance sheet strength of QIIG is supported by risk-adjusted capit...

Qatar Islamic Bank’s (QIB) issuer credit rating has been affirmed at A-/A-2, with a stable outlook by international credit rating agency Standard & Poor’s (S&P). This is three grades higher than QIB’s standalone credit rating, as S&P states that QIB can receive government support if required. S&P added that QIB’s funding profile is dominated by key customer deposits and the bank has been actively tapping into Sukuk markets in recent years for the generation of funds. The rating agency expects these deposits to be stable moving forwa...

The American Malaysian Chamber of Commerce (AmCham) has warned that the impact of the movement control order (MCO) on small and medium enterprises (SMEs) could cause multinational companies (MNC) that work closely with them to either scale-down or uproot their operations. AmCham added that MNCs and direct clients overseas were unable to access the required products made in Malaysia due to the on-going MCO. Further, AmCham stated that closure of these MNCs would impact the local supply chain, potentially risking the going-concern of Malaysian SME...

In an attempt to cushion the adverse impacts of the COVID-19 pandemic, the Islamic Affairs and Charitable Activities Department in Dubai (IACAD) has unveiled the ‘Social Solidarity Fund Against COVID-19’ (Fund) to support the fight against COVID-19 together with government entities, charities and members of society. The Director General of IACAD, Dr Hamad bin Sheikh Ahmed Al Shaibani, said that IACAD is keen to support preventive measures and contribute to efforts to stop the spread of the on-going pandemic. Sh...

The Securities Commission Malaysia (SCM) has granted full approval to Tokenize Malaysia (TM) to operate as a cryptocurrency exchange in the country, following a nine-month probationary period.  According to Malaysian law, following registration with the SCM, local cryptocurrency exchanges have nine months within which to achieve compliance with the SCM’s regulation standards. With this approval, TM will be authorized to operate a digital asset exchange (DAX) and accept clients.  With the introduction of “the Capital Markets and...

Following the collective AED 126 billion stimulus packages launched in March 2020, the United Arab Emirates (UAE) has unveiled an additional fund to increase its total stimulus to AED 256 billion. With the additional stimulus announced, the Central Bank of the UAE (CB) aims to ensure liquidity in UAE’s banking sector. Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, stated that the decision to allow more liquidity in the UAE’s banking sector would provide further stability in these uncertain situations while...

Malaysia’s Ministry of Finance (MOF) is expected to launch a special stimulus package for the country’s small and medium enterprises (SMEs), local media reported. In a statement given by Malaysia’s Finance Minister, Tengku Datuk Seri Zafrul Aziz, it was noted that the specially designed package for SMEs would be taken up for Cabinet discussion during the upcoming week. Zafrul Aziz added that the MOF will propose the stimulus package to the Cabinet and if the Cabinet approves, the Prime Minister will make the announcement next week. &n...

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