Malaysia’s Finance Minister Tengku Zafrul Abdul Aziz has stated that Malaysia has in hand the right tools to put the country on the road to recovery, with regards to both the economy, as well as public health.  Delving into the key areas supporting the recovery, Tengku Zafrul cited a combination of recent decisions, including the Overnight Policy Rate (OPR) and Statutory Reserve Ratios (SRR), the Malaysian Economic and Rakyat’s Protection (PERMAI) stimulus package (which includes the COVID-19 vaccine...

Saudi Arabia-based Alkhabeer Capital has announced the listing of the units of its Alkhabeer Diversified Income Traded Fund (ADITF) on the Saudi Stock Exchange (Tadawul), with trading commencing on the 19th of January 2021.  The listing marks the first income fund in the region on Tadawul as a closed-ended (non-real estate) traded fund, which provides a diversified portfolio of income-generating assets including Sukuk, Murabahah transactions, trade financing, leasing, and income funds for investors, according to media reports.  The lis...

Malaysia’s Green Sustainable and Responsible Investments (SRI) Sukuk Grant Scheme has been expanded and renamed to SRI Sukuk and Bond Grant Scheme, according to the Securities Commission (SC). The Scheme, which was established in 2018 assists by covering up to 90% of external review costs for the issuances of green SRI Sukuk.  The Grant is now available for all Sukuk issued under SC’s Sustainable and Responsible Investment (SRI) Sukuk Framework or bonds issued under the A...

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, has approved a Murabahah Financing Facility with Bangladesh-based Eastern Bank Limited (EBL). The Murabahah Financing Facility will help providing financial support to EBL’s private sector business, particularly that of small and medium-sized enterprises that import raw materials, according to an ITFC statement.  The IsDB recently approved a USD 47 million credit line to support Bangladesh’s SMEs, to be extended to the country...

Saudi Arabia’s National Debt Management Center, under the Ministry of Finance (MoF) has announced the closure of the January 2021 Sukuk issuance worth SAR 2.955 billion under the Saudi Arabian Government SAR-denominated Sukuk programme, according to a statement released on the 20th of January 2021.   The latest Sukuk issuance was divided into two fixed profit rate tranches, according to the MoF statement. The first tranche of the January 2021 issuance was sized at SAR 2.075 billion over a seven-year tenure with a final profit rate and final yield of 1...

Shariah-compliant financial technology (Shariah fintech) is expected to transform Indonesia into a Halal producers’ global hub by 2024, in alignment with the National Committee for Shariah Economy and Finance’s vision and mission, according to Lutfi Adhiansyah, Chief Executive Officer (CEO) of Ammana Fintek Syariah, which is a Financial Services Authority (OJK)-registered Shariah-compliant Fintech in Indonesia.  Speaking at a discussion held by the Indonesian Journalists Association on the 20th of January 2021, Adhi...

Indonesia’s Finance Ministry has announced plans to issue USD 1.96 billion (IDR 27.58 trillion) in 2021, to finance the country’s infrastructure development and boost economic growth. Speaking at a Cabinet meeting on the 21st of January 2021, the Finance Ministry’s Financial Risk Management Director General, Luky Alfirman explained that the proceeds would be used to finance 870 development projects under 11 Ministries.  This includes the Transportation Ministry, the Defence Ministry, and the Public Works and Housing Ministry (PUPR). I...

Dubai Islamic Bank (DIB), based out of the United Arab Emirates has signed an agreement with Pakistan-based EMAAR Karachi (EMAAR) to promote the use of Home Financing for all on-going and upcoming projects. Under this initiative, DIB aims to offer financing facilities to clients for investment in fully built, as well as ready-to-move-into apartments. The specific real estate projects coming under this agreement include EMAAR’s Coral, Pearl and Reef Towers which are located at EMAAR’s Crescent Bay in Karachi. According to DIB, off-plan financin...

Saudi lender National Commercial Bank (NCB, also known as AlAhli Bank) has commenced the issuance of USD-denominated Additional Tier 1 Sukuk, according to a Tadawul filing dated 20th of January 2021.  The Tier 1 Sukuk issuance has a perpetual maturity and will be offered from the 20th of January 2021 to the 26th of January 2021. Targeting sophisticated investors, the number and value of any Sukuk offered will be determined according to market conditions. The offer price and returns are subject to market conditions, with both minimum subscript...

Saudi-based Riyad Bank has commenced the offer of SAR-denominated Tier 2 capital-eligible Sukuk (Tier 2 Sukuk), according to a Tadawul statement. The Tier 2 Sukuk is part of Riyad Bank’s domestic SAR-denominated Sukuk issuance programme (Sukuk programme) of up to SAR 10 billion, which was announced by the bank on the 19th of January 2021 in another bourse statement.  According to the Tadawul statement dated 20th of January 2021, the offer period of the Tier 2 Sukuk issuance is between the 20th of January 20...