SapuraKencana Petroleum, Malaysia's leading oil and gas company, announced it had issued $200 million worth of sukuk on Tuesday to refinance some of its debt. The issuance, the first tranche of a multicurrency, medium-term notes program, is being offered through wholly owned subsidiary SapuraKencana TMC. The deal was priced at 4.85% with a seven year maturity and marked a rate foreign currency suk... »
Spreads on 10 year Malaysian sukuk over conventional have more than halved since being added to the Barclays Capital Aggregate Bond Index. Malaysia's Shariah-compliant government investment issues were included in the Barclays Global Aggregate Index on March 31, with a weighting of 0.18 percent. At the time of the announcement it was estimated the move would attract at least $2.5 billion to $3 bil... »
Sukuk gained marginally c.0.04%; yield rose to 2.353%. The Bloomberg Malaysia Sukuk Ex-MYR Total Return (BMSXMTR) ended flat (+0.04% WoW) at 101.63 (week prior: -0.22% to 101.59), with weighted average yield widening 1.0bps to 2.353% (week prior: +5.9bps to 2.343%). »
In an interview with the African Leadership Network, Lamin Manjang, CEO Standard Chartered Kenya stated the Kenyan government has previously stated it wishes to go down the route of a sovereign sukuk issuance, and that Standard Chartered Kenya is leveraging off the banks international experience in issuing sukuk to assist the Ministry of Finance. »
Whilst the proposed Indonesian or Turkish banks will be hugely overshadowed by Gulf Islamic Banks in terms of assets and capital, they will have access to much bigger markets. Both Indonesia and Turkey being Muslim majority countries with combined populations of around 325 million offer greater growth prospects in engaging unbanked populations of their societies, as well as eating into the market ... »
IILM issued two sukuk, a three month $490 million issuance with a 3 month maturity was sold at a profit rate of 0.633%, and a longer six month issuance for $500 million was sold at a profit rate of 0.929%. The IILM is an international institution established by central banks, monetary agencies and multilateral organisations to introduce and facilitate effective cross-border Shari’ah-compliant liqu... »
Crescent Wealth, an Australian Islamic investment firm, announced it had exceeded $100 million in funds under management following a 245% growth in funds under management during the first half of this year. After launching the world's first Islamic Pension fund in 2013, the company has witnessed rapid growth with total member numbers growing close to ten-fold between FY14 and FY15. »
UK Trade & Investment today released a brochure which contains Sharia compliant UK regeneration investment opportunities in the UK. »
Rating agency Standard and Poor's says regulation and fiscal incentives could speed Sharia compliant finance development in Africa. The report further noted that African sovereigns have issued only about $1 billion of Sukuk instruments, compared with global Sukuk issuance of an average $100 billion per year over the past five years. »
The Sukuk market is likely to receive a much-needed boost as Iran, home to the world’s biggest Islamic banking sector, with assets estimated at $482 billion, and the fourth largest crude oil reserves returns to the world capital markets. »
