Wednesday, 10th June 2015
S&P 500 Shariah
Dow Jones Islamic World
FTSE Shariah All World
Russell - IdealRatings Islamic Global
1,822.93
2,935.37
2,061.77
1,909.54
▼ -0.14 (-0.01%)
▼ -0.88 ( -0.03%)
▼ -0.60 ( -0.03%)
▼ -14.64 ( -0.76%)
HIGHLIGHTS: Kuwait Airways expands fleet with Islamic financing facilities – Pakistan launches first Islamic REIT – ADIB loses out on Citibank’s Egyptian business – Islamic Bank of Thailand's stake up for sale
This week's poll question: Does a sovereign rating downgrade affect funding abilities of banks in the country?
IDB eyes wider yield curve; expands Sukuk program to US$25 billion
Daily Cover
GLOBAL: The IDB has more than doubled its US$10 billion Sukuk program to US$25 billion as the multilateral organization seeks to mobilize new lines of financing across member countries, including almost US$450 million in development funding approved recently.
Development projects aside, the higher Sukuk program ceiling will assist the bank in expanding its Sukuk yield curve and creating a benchmark in the supranational market while diversifying and growing its international investor base. Traditionally issued at a maturity of between five to seven years, the IDB is also keen to widen its secondary trading yield curve beyond the current five-year maturity horizon.
Having first tapped the Islamic capital markets in 2003, the financier has consistently returned to the market almost every year since 2009 while also raising funds via reverse Murabahah and Wakalah placements.
The reintroduction of its medium-term Sukuk is most welcomed by market players and demonstrates the strength of the Islamic bank in the international capital markets. Highly in demand due to its solid ‘AAA’ rating and zero-risk weighted status awarded by the Basel Committee and European Commission, IDB papers are also sought after due to its flexibility as a liquidity management instrument. They are eligible as liquidity buffer of banks under the Financial Conduct Authority, permitted as repo collateral by the Bank of England and accepted as marketable assets by the European Central Bank.
The IDB last issued Sukuk in March – a US$1 billion five-year Wakalah facility.
Private equity and venture capital: An IFN Correspondent Report
Mobile financial technology in Islamic finance
An enormous percentage of the world population is effectively outside of the world of finance. Approximately 35%, or about 2.5 billion people, have no access to financial services. They do not have a bank account or a credit card, let alone write checks, and are effectively invisible to modern commerce. Not surprisingly, the World Bank pegs most of these people to be in the developing world.
Case Study
Malaysia’s first global developed Shariah equities fund
RHB Islamic International Asset Management (RHBIIAM) last week launched Malaysia’s first Islamic retail fund targeting global developed markets. The RHB Islamic Global Developed Fund aims to provide investors with long-term capital growth by investing 70-98% of the net asset value in Shariah compliant equities issued by companies listed on the stock exchanges of developed markets. Speaking to Sharizad Juma’at, the acting principal officer of RHBIIAM, NABILAH ANNUAR has the exclusive.
Today's IFN Alerts
SAUDI ARABIA: Othaim Real Estate and Investment Company mandates banks for debut Sukuk
INDONESIA: Government to conduct regular Sukuk issuance on the 16th June
GLOBAL: Citibank picks Commercial International Bank over Abu Dhabi Islamic Bank as buyer of Egyptian retail business
PAKISTAN: Arif Habib Group launches Pakistan’s first Islamic real estate investment trust
THAILAND: Asian and Middle Eastern players eye stake in Islamic Bank of Thailand; bank to identify potential partners next year
KUWAIT: Kuwait Airways receives first Airbus aircraft under Ijarah deal with International Air Finance Corporation
GLOBAL: Tamweel Africa Holding looking at establishing Islamic banks in Mali, Chad and Benin
UAE: Dar Al Takaful receives mandate to provide health insurance coverage to low income categories
SAUDI ARABIA: Sovereign borrowing could spur corporate Sukuk in the country, says Fitch
SAUDI ARABIA: EFG Hermes introduces new Islamic equity fund
GLOBAL: IDB commits over US$400 million to infrastructure projects in member countries
BAHRAIN: Fitch downgrades Bahrain to 'BBB-'
MALAYSIA: RAM assigns ‘AAA(s)/stable’ final rating to Malaysia's first SRI Sukuk program
MALAYSIA: Toyota Capital Malaysia fully redeems RM1 billion (US$266.36 million) Islamic CP/MTN program
GLOBAL: IFN Asia Forum breaks 1,000-delegate mark yet again – dates for next year confirmed
SAUDI ARABIA: Islamic Corporation for the Development of the Private Sector chief to deliver keynote address at the IFN Saudi Arabia Forum
MALAYSIA: Industry leaders address Islamic finance investment opportunities at IFN Asia Investors Day Forum 2015
SAUDI ARABIA: Saudi British Bank supports IFN Saudi Forum 2015 as lead partner
IFN Issuers Forum 2015
13th September 2015 (Dubai)
IFN Kuwait Forum 2015
5th October 2015 (Kuwait City)
IFN Egypt Forum 2015
27th October 2015 (Cairo)
IFN Turkey Forum 2015
17th November 2015 (Istanbul)
IFN Saudi Arabia Forum 2015
30th November 2015 (Jeddah)
Funds Transfer Pricing
6th - 8th July 2015 (Hong Kong)
Managing Counterparty Credit Risk, Basel III and Recent Regulatory Issues
9th - 10th July 2015 (Hong Kong)
Understanding Islamic Contracts: Structuring & Legal Issues
17th - 19th August 2015 (Dubai)
Islamic Financial Services Act (IFSA) 2013 & Islamic Banking Products
18th & 25th August 2015 (Istanbul)
Shariah Audit & Governance for Islamic Banking
20th - 21st August 2015 (Kuala Lumpur)
Islamic Finance Qualification
23rd - 25th August 2015 (Dubai)
Advanced Sukuk & Islamic Securitization
24th - 26th August 2015 (Istanbul)
Undertaking Effective Litigation & Recovery in Islamic Finance Facilities
7th - 8th September 2015 (Kuala Lumpur)
Sharia’a Compliance & Audit for Islamic Banks
10th - 11th September 2015 (Dubai)
Islamic Finance Qualification
5th - 7th October 2015 (Kuala Lumpur)
Funds Transfer Pricing
5th - 7th October 2015 (Kuala Lumpur)
Trading Book Market Risk Management for Financial Institutions
8th - 9th October 2015 (Kuala Lumpur)
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