Islamic financing for housing loans in Morocco was recorded at MAD 16.1 billion (USD 1.6 billion) at the end of January 2022, from MAD 11.6 billion (USD 1.1 billion) in January 2021, displaying a 39.6% increase and making the sector the fastest growing banking service across the spectrum, according to Bank Al-Maghrib (BAM), Morocco’s Central Bank.  Why it Matters?  Morrocco's Islamic financing sector, despite being relatively young as it debuted in late 2018, currently comprises five Islamic banks which are Bank Assafa, Umnia Bank, Al Akhdar Bank, Bank Al Yousr, a...

The Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijan’s TuranBank Open Joint-Stock Company (TuranBank) have inked a Shariah-compliant Line of Financing (LoF) facility agreement worth USD 10 million. The agreement was signed by Mr. Ayman Sejiny, Chief Executive Officer (CEO) of ICD, and Mr. Fazail Musayev, Chairman of the Board of TuranBank, virtually on the 23rd of February 2022. Why it Matters? The funds will be used to further develop long-term and affordable financing opportunities for Small and medium-sized enterprises (SMEs) by diversif...

An agreement was reached for a potential merger between Abu Dhabi-based National Takaful Company (Watania) and Dubai-based insurance company, Dar Al Takaful, as announced in a joint statement from the entities on the 3rd of March 2022 to the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX). Why it Matters? The merger hopes to assist the companies in consolidating their market shares in the country’s takaful market and build scale for the new entity through the extension of its geographical reach, products diversification of the existing businesses, a...

Both Islamic Finance and Halal economy are forecast to grow strongly in 2022 Growth in the industry could be further boosted if it was able to offer Shariah and ESG compliant funds globally This research was conducted among leading Islamic Finance professionals working across sectors during February 2022, before the launch of the inaugural Global Connect Forum  Islamic Finance and the wider Halal economy are predicted to witness strong growth in the future boosted by the increase in their adoption of ESG and sustainability, as found in a recent study.  In th...

The Kingdom of Saudi Arabia’s (KSA) total value of exports of dates witnessed a 31% increase from 2020 to reach SAR 1.215 billion (USD 324 million) in 2021, accessing 113 countries, where Saudi dates accounted for 77% of the total exports while other dates made up 23%. Why it Matters?  KSA has displayed international support to the palms and dates sector, coordinating with United Nations (UN) organisations, through preparing and implementing initiatives, workshops and permanent programmes planned by the Ministry of Environment, Water and Agriculture (MEWA) and National...

A National Long-Term Rating of 'A-(idn)' has been assigned by Fitch Ratings Indonesia to PT Aneka Gas Industri Tbk's (Aneka Gas) proposed Rupiah-Denominated Sukuk of an intended IDR 396 billion (USD 27.6 million) under its IDR 1 trillion (USD 69.6 million) Sukuk Programme on the 1st of March 2022.  Why it Matters? Aneka Gas had acquired significant assets from industrial and medical gas provider, Samator Group in March 2021, leading to expectations of the stabilisation of its capital expenditures (CapEx), faster revenue growth and improved profitability as its market-leading...

‘Delay means death’ warns United Nations (UN) Secretary-General at release of new report outlining the urgency of quick and large-scale climate-related investments for mitigation and adaptationDespite rapid growth, Association of Southeast Asian Nations (ASEAN) labeled green and sustainable bonds remain concentrated in a few sectors such as energy, and need more issuer diversity to address all climate-related needsFinancial institutions will be key issuers of labeled bonds to finance the physical and social infrastructure needed for a Just transition and to reduce inequi...

Pakistan’s Islamic finance industry has displayed rapid growth in 2021 as Islamic banks recorded their highest growth since 2015, expanding at a 30% annual rate with Islamic banking assets expected to have reached PKR 5.5 trillion (USD 31 billion) by the end of 2021. Why it Matters? Pakistan’s decade-old Islamic banking industry has maintained steady growth, comprising today of five full-fledged Islamic banks, including Al Baraka Bank Pakistan, Bank Islami Pakistan, Dubai Islamic Bank Pakistan, MCB Islamic Bank and Meezan Bank, and 17 conventional banks with Islamic b...

KPJ Healthcare Berhad (KPJ Healthcare) has announced the issuance of its maiden Wakalah Sukuk offering of MYR 650 million (USD 155 million) under its MYR 3 billion (USD 715.6 million) Sukuk Wakalah Programme on the 28th of February 2022. Why it Matters?  The issuance represents the first local offering by a healthcare industry player and marks KPJ Healthcare’s return to the local Sukuk market after a decade. The negotiation process for the offering began on the 23rd of February 2022, receiving overwhelming demand from various capital market investors. The Sukuk was thu...

20 Turkish fintech firms and 3 participation banks met with Qatari investors in a webinar convened by the Finance Office of the Presidency of Turkey and Qatar Financial Centre (QFC) on the 23rd to 24th of February 2022. Why it Matters? Significant growth has been felt in Turkey’s fintech sector in recent years as annual fintech investment increased to USD 64 million in 2021. The country is home to over 400 fintech start-ups, most of which are focused on payment systems. The event touched on the cooperation opportunities between Qatar and Turkey, highlighting the creative an...