Malaysia continues to lead in the innovation of Islamic financial products with the recent launch of an Investment Account Platform (IAP) which is envisaged to become a cross border multi-currency channel linking into regional and global economies. »
Khazanah hits the road to market its dollar sukuk and analysts expect the state investment fund will need to offer premium yields to entice investors. »
Presenting at an Islamic Finance seminar organised by the Manchester Chamber of Commerce in association with the British Muslim Heritage Centre, Maisam Fazal of Al Rayan Bank, a fully fledged UK bank run in accordance with the principles of Sharia provided an overview of common Islamic finance transaction structures as well as outlining the banks growth plans into Europe. »
In 3Q 2015, total global Islamic assets under management (AuM) stood at USD60.2 billion. The sector is conservatively projected to grow by 5.05% per annum for the next five years to reach USD77 billion in value by 2019. This is substantiated by a number of facts, such as the average growth rate of Islamic funds at 9.55% per annum over the past five years. »
An overview of the issuance of Sukuk from design, structuring and implementation as well as commercial considerations , documentation formats, Reg S /144A and Reg S Only key characteristics. Presentation by Muhammad Noman Ansari. »
After opening its first office in Paris, NoorAssur announced it had plans to open around 20 other branches in France in 2016. Launched in 2012, NoorAssur had been offering Shariah-compliant products online. In the UK Gatehouse Bank and Cobalt Underwriting remain busy closing Sharia compliant deals. »
Al Baraka Bank Pakistan, a subsidiary banking unit of Al Baraka Banking Group B.S.C. (ABG), announced that it had achieved a growth of 19% in its net profit in the first nine months of 2015 compared to the same period of 2014. »
Islamic banks claim that they operate as Mudaribs and manage funds of ‘Sahib-ul Maal’ or depositors. Whereas, in reality, they function just like conventional banks. »
Albaraka Turk has issued a tier 2 Sukuk for the value of USD$250 million. The sukuk has been admitted for listing on the Irish Stock Exchange. The Reg S fixed rate resettable tier 2 sukuk is due 2025 and is backed by the credit of Albaraka Turk as obligor, was issued by Albaraka Sukuk Ltd. »
The Ivory Coast is to become the latest state to issue a Sovereign Sukuk as it today launched its debut five year 150 billion CFA issuance sukuk priced at a profit rate of 5.75%. »
