Oman’s Bank Nizwa will continue to contribute to the development of Oman’s economy through its 2025 Strategic Roadmap. In 2020, Bank Nizwa was a key contributor to the 14.5% share of Shariah-compliant banking assets to total assets in Oman.  Why it Matters? According to the Chairman of Bank Nizwa, Sheikh Khalid Abdullah Ali Al Khalil, Bank Nizwa’s strategies for 2021 are in line with the targets set for Oman’s banking sector. Bank Nizwa has a track record of successfully adapting to volatile market scenarios and...

Novel COVID-19 variants in Indonesia, including sub-variants of B.1.617 (the Indian variant), are anticipated to weigh down on the country’s economic recovery in 2021; this may cause the Government of Indonesia to miss its economic growth target of between 4.5 to 5.3%.  Why it Matters?According to Faisal Rachman, Economist at Bank Mandiri, the emergence of these new variants in Indonesia could lead to the Government tightening or extending m...

The Brunei Institute of Leadership and Islamic Finance (BILIF) announced in a statement that the issues and challenges facing the development of the Islamic capital markets in Brunei Darussalam would be the key focal points at the second Brunei Darussalam Islamic Capital Market Conference (BICAM). This is expected to take place over the 2nd and 3rd of June 2021. Why it Matters? An understanding of issues and challenges facing Brunei Darussalam will promote strategies advocating for resiliency, sustainability an...

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) has pledged support for customers who are affected by the COVID-19 pandemic and facing difficulties in repaying financing, according to a statement issued on the 12th of May 2021.  Why it Matters?  According to AIBIM, as of 26th of March 2021 under the Targeted Loan Repayment Assistance, banks had collectively approved over 95% of the 1.6 million applications received, which include applications for financing moratorium and reduction in monthly payments. Ratna Sh...

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Sabah Development (SD) has received a final rating of AAA/Stable on its proposed Islamic Medium-Term Notes (IMTN) Programme of up to MYR 10 billion, from RAM Ratings (RAM). According to RAM, a review of the relevant final transaction documents is in line with RAM’s expectations at the time of assigning its preliminary rating, which was published on the 16th of November 2020.Ratings RationaleSD, which was set up in 2015, is a direct, wholly-owned entity of the Government of the State of Sabah (the Government). The rating is driven by SD’s important and strategic role to the Gove...

Maybank Islamic, a fully-owned subsidiary of Malayan Banking (Maybank) has bought back MYR 1.5 billion in Islamic bonds on the 11th of May 2021 through a private treaty. The buyback comes under Maybank Islamic’s  Islamic commercial papers and medium-term notes programme worth up to MYR 10 billion.Why it Matters?Pacific Trustees, the trustee for Maybank Islamic’s MYR 10 billion bond programme stated that Maybank Islamic would buy back the outstanding amount of the three Islamic commercial papers of MYE 500 million each, that were issued on the 9th of November 2020. The stoc...

Acwa Power, Saudi Arabia-based utilities developer and investor, has launched a maiden Islamic Sukuk only in Saudi Arabia. According to local media reports, the aggregate nominal value of the Sukuk will not exceed SAR 5 billion, subject to an increase in accordance with the programme agreement.Acwa Power, Saudi Arabia-based utilities developer and investor, has launched a maiden Islamic Sukuk only in Saudi Arabia. According to local media reports, the aggregate nominal value of the Sukuk will not exceed SAR 5 billion, subject to an increase in accordance with the programme agreement.Why it M...