Sukuk Issuance in Africa: A Prospect for Further Growth

Article originally published in IIFM Sukuk Report, 6th Edition. Written by Islamic Corporation for Private Sector Development (ICD) Realising Africa’s Sukuk Potential Africa is on the brink of a major transformation. The continent possesses immense potential in becoming the new powerhouse of the world, underpinned by strong macroeconomic growth, a growing consumer base, strong retail markets... »

19th February 2018
Sharia compliant finance for Development

Islamic Finance for Development Victoria Kwakwa – World Bank Vice President for the East Asia and Pacific. Income growth is not the sole aim of economic development. To many, an equally important, albeit less quantifiable, outcome is a sense of progress for the entire community, and a confidence that prosperity is shared equitably – and sustainably – across society for the long term. Inclusi... »

14th January 2018
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
Room for Growth in Indonesian Domestic Corporate Sukuk Issuance

Second Largest Sukuk Market Indonesia has ample room for growth, as the second-largest sukuk market in the world in 2016, Fitch Ratings says in a new report on Indonesian domestic corporate sukuk issuance. Indonesia’s domestic corporate sukuk market continues to lag far behind that of Malaysia, the largest sukuk market in the world. In the report, Fitch provides an overview of Indonesian dom... »

21st August 2017
Dana Gas Sukuk is Toxic for UAE Islamic Finance

“Using Shariah non-compliance as a rationale for restructuring” The actions of Dana Gas can derail UAE and Dubai’s Islamic Finance ambitions as investors question credibility of UAE based Sharia compliance assurances. UAE based Dana Gas made a surprise announcement on 13 June, stating “due to the evolution and continual development of Islamic financial instruments and their interpretation, the Com... »

17th June 2017
Boeing Looks to Islamic Finance and Sukuk for Funding

Boeing Exporing Islamic Finance Opportunities Boeing Capital is exploring opportunities for Islamic finance in the aviation sector and the possibility of including aircraft finance in the Islamic sukuk market, in which an aircraft finance portfolio would be secured by an instrument known as the Enhanced Equipment Trust Certificate. Boeing Capital in the Middle East As a wholly owned Boeing subsidi... »

29th April 2017
Russian Bank Helps Arrange USD Dollar Sukuk

VTB Capital has helped arrange a $500 million sukuk for UAE based property developer Damac (NR/BB/NR). The sukuk issued in the name of Alpha Star Holding III Limited drew demand of around $1 billion and was priced at a profit rate of 6.25%. The issuance came in tighter than its initial price guidance of 6.5% and will be used to repay Damac’s USD650m sukuk due in 2019. Primary Sukuk Market The prim... »

22nd April 2017
IDB adds Goldman Sachs, Drops JP Morgan as Sukuk Arranger

Goldman Sachs helps arrange Islamic Development Bank Sukuk The triple A rated Islamic Development Bank in its regular Sukuk issuance dropped JP Morgan as an arranger, instead selecting Goldman Sachs to assist it in its $1.25 billion offering. JP Morgan had previously been an arranger in IDB’s two issuances the previous year when the Islamic supranational last issued a $1.25 billion offering achiev... »

16th April 2017
Sukuk Issuances Expected to Pick Up in 2017 to Meet Financing Needs

Sovereigns, Banks and Corporates in the Gulf will Boost Sukuk Sales in 2017 Sukuk issuances are expected to be flat at around $70 billion for 2016, but are expected to pick up in 2017 as issuers ranging from sovereigns, banks and corporates in the Gulf look to issue to meet their financing needs. $40bn of sukuk was issued in the first half of the year with the marketing slowing in the summer and t... »

7th October 2016
Sukuk Index Inclusion Leads to Increased Client Queries

Aberdeen Islamic – More Client Queries The decision by JPMorgan to include Sukuk in its indexes will draw more global investors to the Sukuk market and boost trading of the financial instrument. Barclays made a similar decision last year in a move which at the time was stated would boost international demand by attracting more non-Islamic investors to Malaysian sukuk. Barclays Global Aggrega... »

5th October 2016
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