Qatar International Islamic Bank (QIIB) has cross-listed its USD 500 million Sukuk on the Astana International Exchange (AIX) in Kazakhstan, with its primary listing held on the London Stock Exchange (LSE).  The initial listing on the LSE was made with a spread of 175 basis points over the five-year mid swaps, with a fixed coupon rate of 4.264% per year.  Chief Executive Officer of the AIX, Tim Bennett highlighted that this cross-listing would send positive signals to the market, and encourage the promotion of Islamic instruments in the region.  ...

The Central Bank of Bahrain (CBB) announced that its most recent issuance of Sukuk Al-Ijara for BHD 26 million was oversubscribed by more than four times (427%) to a total of BHD 110.9 million.  The Sukuk Al-Ijara was issued by the CBB on behalf of the Government of the Kingdom of Bahrain, marking the 175th issue in the Government’s short-term Sukuk Al-Ijara series.  The Sukuk which carries a maturity period of 182 days is set to begin on the 12th of March 2020, and will matu...

Following validation on the 6th of March, 2020, the Republic of Chad (Chad) announced its first ever Industrialization and Economic Diversification Masterplan, as reported by the United Nations Economic Commission for Africa (ECA).  The objective of this Masterplan is to boost the country’s economic growth rate to 8.0% by 2030 from 2.4% in 2019 (as stated by the African Development Bank Group).  Adama Coulibaly, Head of the Sub-Regional Initiatives Section of ECA’s Sub-Regional Office for Central Africa (SROCA), s...

WhatsHalal, a Halal food- based start-up in Singapore, has raised an undisclosed amount at a valuation of SGD 4.5 million. The company offers six services including a Halal food guide, a Halal restaurant listing, Halal food delivery, Halal takeaway, and Halal restaurant reservations, by using blockchain technology. It also offers a barcode scanner which helps users identify if packaged food items are Halal-certified. Azman Ivan Tan, the Founder of  WhatsHalal, believes that technology has a vital role to play in the development of the Halal ind...

Facility Value, Customer Pleasure and Devotion in Banking Sector of PakistanSales

Malaysian property developer, Exsim Group (EG) has issued an MYR 2 billion Islamic medium-term note (IMTN) and a MYR 1 billion Islamic commercial paper (ICP) to raise funds to refinance its existing borrowings and working capital requirements as well as to finance some land purchases. United Overseas Bank, Malaysia, will act as the principal adviser and lead manager of both facilities and insurers. Danajamin Nasional will also provide guarantees for the standby working capital and liquidity requirements of the first tranche of the programmes. ...

The Mashreq Al Islami Income Fund (the Fund), Mashreq Capital’s (the Company) flagship Shariah fund, is one of the oldest Shariah-compliant funds in the region, launched in 2009. The Fund, which mainly invests in Shariah-compliant, USD denominated fixed income securities, added an AED share class in 2019. The Company announced that the Fund’s Assets under Management (AUM) had surpassed USD 100 million, with the Head of Marketing, Issam El-Hourani stating that this was a testament to the Fund’s performance. This positive news comes almo...

Speaking about the current state of Nigeria’s non-interest finance market, Executive Director of Stanbic IBTC Group, Shuaib Audi highlighted that there is currently a major opportunity in Nigeria’s non-interest finance market, considering 51% of the country’s population is Muslim. He stated that the Central Bank of Nigeria has granted licenses to around 23 banks to operate in the non-interest banking space, a commendable feat for the country. He also noted that the main challenges facing the growth and development of the Islamic banking and finance sec...

Given the current sanctions targeting Iran’s oil sector, officials of the Institute of Standards and Industrial Research of Iran (ISIRI) propose the country should focus on elevating its rank within the global Halal industry.  Nayereh Pirouzbakht, Head of ISIRI, noted that currently, Iran holds only a very low share of the global export market for Halal products, which is valued at USD 700 billion per year. In 2019, Iran exported USD 4.2 billion worth of Halal products despite the sanctions, implying that there is potential for the country to perform better.&...

Fitch Ratings (Fitch) expects the new Islamic Banking Roadmap to contribute positively to Indonesia’s Islamic finance industry in the medium term. Fitch stated that any progress from the development plans set out in the Roadmap will take time, thereby limiting the short-term upside. While no specific targets have been stated, the Roadmap aims for a 20% market share for the Islamic finance industry by the end of 2024 (8.6% in 2018), which includes banking, insurance, and capital markets. The Roadmap addresses several aspects of Indonesia’s Islamic finance industry....