For YTD May 2015 sukuk issuance by value declined 46% y-o-y to USD7.0bn, mainly driven by a sharp decline in sovereign issuances (-40% y-o-y), corporate (-48%y-o y) and quasi sovereign issuances (-55%y-o-y). Corporates comprised 47% of the total issuance value for YTD May 2015, followed by sovereign at 39% and quasi-sovereign issuances at 14%. »
Mr Mutallab called on the Central Bank of Nigeria to support the operation of the non interest banking segment of the banking sector through the provision of shariah complaint financial instruments. »
Key points of EY Report 2014-2015, Focus on market penetration of Islamic Banks. »
At a recent conference held in Riyadh, delegates focused on the potential to build an international market for Saudi sukuk, as more global groups look for alternative sources of longer term funding. »
The new 10y INDOIS 25 4.325% issued this month was oversubscribed 3.4 times (x) vs. 10y INDOIS 24 4.35% was at 6.82x. Another example is the Hong Kong sukuk that was issued this week (5y GBHK 20 1.84%) had a bid-to-cover (BTC) of 2x compared to its inaugural sukuk was oversubscribed at 4.7x »
An overview of investment filters as used by Central Shariah Committee of HSBC Amanah. »
US Dollars Issuances by Dubai Islamic Bank, and the Hong Kong government as well as the Saudi Riyal issuance by Saudi British Bank have been added to the Sukuk.com database. »
Global gross takaful contributions are estimated to have amounted to USD26bln as at end-2014. Saudi Arabia and Malaysia are the largest takaful markets by gross contributions. Saudi Arabia generated an estimated USD7.2bln in gross takaful contributions in 2014, while Malaysia gathered about USD2.7bln. »
Kuwait Finance 5.8% profit rate seems high when compared to recent HSBC Amanah MYR sukuk which was priced at 4.24%. »
The Islamic insurance industry has developed remarkably over the last four years. Indeed, the number of Islamic insurance companies grew by nearly 73% between 2008 and 2010 (i.e. from 113 to 195), with these being based in more than 30 countries. Their number is expected to increase further in the near future, as the industry’s growth gathers momentum. »
