Saudi Arabia

Saudi Arabia Crackdown on Corruption Impacts Defaulted Sukuk

Sukuk Default – Saad Group Head Arrested in Saudi Arabia Maan Al Sanea was arrested by Saudi authorities in October on charges of evading justice and owing large sums of money to creditors. He is also accused in the English courts of a $650m (£495m) fraud that has triggered a battle between hedge funds and the French bank BNP Paribas. The Telegraph reported Mr Maan’s $22bn Saad Group, collap... »

8th November 2017
Saudi Arabia Bank Deposits Turn Negative

Commentary by RHB Global Sukuk Markets Research, Kuala Lumpur, Malaysia Saudi Banking Sector Gets SAR20bn Injection The Saudi Arabian Monetary Agency (SAMA) injected SAR20bn (USD5.3bn) into the banking system via time deposits, and also introduced 7 day and 28 day repurchase agreements in support of more monetary policy tools to support the economy. This comes after the 3 month Saudi Interbank Off... »

3rd October 2016
Global Takaful Insights 2014 by EY

Global Takaful Insights 2014 by EY Highlights Growth and profitability prospects for takaful operators vary significantly by markets and sectors, depending on the market’s economic maturity, industry and regulatory structure. Despite volatility in financial markets, there appears to be growth momentum in three key markets: Saudi Arabia, United Arab Emirates (UAE) and Malaysia. Acquisition of  mark... »

9th May 2016
Riyadh - Alan Light Flickr

No details as to whether the loans will be Sharia compliant has been released. Three major Japanese lenders form part of the loan syndicate. »

25th April 2016
Islamic Development Bank Presentation Highlights Co-Financing

The AAA rated supranational institution, Islamic Development Bank (IsDB) in a recent investors presentation highlighted projects it has co-financed. »

24th April 2016
Saudi Corporates Favouring Sharia Compliant Loans over Sukuk

The use of Sharia compliant loans is making in-roads with the private sector in Saudi Arabia which is favouring such products over sukuk issuances. »

16th March 2016
Saudi IPO Drive May Push Global Islamic Finance Assets Past $12 Trillion

Current estimates of the size of the global Islamic finance industry range from $1.66 trillion to $2.1 trillion. Recent announcements from Saudi Aramco may be about to give these numbers a supersized boost with a potential valuation and part IPO of up to $10 trillion. »

11th January 2016
Bahrain Faith Mosque

Sukuk issuances in October 2015 stood at USD2.6bn, increasing from USD0.5mn registered in the earlier year during the same period. For YTD October 2015 sukuk issuance by value declined 22%y-o-y to USD16.2bn, mainly driven by a sharp decline in sovereign issuances (-21% y-o-y, worthUSD4.8bn) and quasi-sovereign (-82%y-o-y,USD1.0bn). »

22nd November 2015
Sign of Times as Almarai Sukuk Fails to Meet Subscription Target

Saudi dairy and poultry producer Almarai settled for a 1.6 billion Riyal sukuk issuance after previously stating it was looking for a 2 billion issuance depending on "market conditions", which it seems were not present to allow it to achieve its target issuance amount. Sukuk tend to be heavily oversubscribed and the fact that Almarai was not only able to hit its desired issuance amount, let alone ... »

20th September 2015
ACWA Power closes Two Syndicated Commodity Murabaha-based Transactions

International law firm Clifford Chance advised International Company for Water & Power Projects (ACWA Power) on two syndicated commodity murabaha-based transactions to add another SAR1.109 billion (US$295 million) to its revolving shari'a compliant working capital facilities. »

12th September 2015
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