Malaysian Rating Corporation has assigned preliminary MARC-1IS/AAIS ratings to Cellco Capital’s (Cellco) proposed MYR 520 million issuance under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme), with a combined limit of up to MYR 1 billion. MARC has assigned the ratings with a Stable Outlook.  Cellco is a special-purpose entity that has been set up to undertake the Sukuk Ijarah Programme for its parent Stealth Solutions (Stealth), Malaysia-based independent telecommunication (telco) infrastructu...

Saudi lender National Commercial Bank (NCB, also known as AlAhli Bank) has announced its intention of issuing USD-denominated Additional Tier 1 Sukuk, according to a filing with the Saudi Stock Exchange (Tadawul) on the 17th of January 2021.  The Tier 1 Sukuk will be issued through NCB Tier 1 Sukuk Limited, which is an exempted company with limited liability in the Cayman Islands. The number and value of the Sukuk to be offered will be determined according to market conditions, the filing said.  NCB, which is majority owned by the Governmen...

The Islamic Development Bank (IsDB) has approved USD 47 million (approximately BDT 3.98 billion) credit line to support Bangladesh’s small and medium enterprises (SMEs) that have been hard hit by the pandemic, according to local media reports.  The instalment sale financing will be used as a line of finance to support the SMEs in need. The financing facility, which will be extended to the country’s Ministry of Finance as sovereign financing and implemented by Bangladesh Bank (BB), will directly add to the stimulus packages launched by the Government of Ba...

Wijaya Karya Sukuk Tahap I Seri A, B dan C - Announcement of ISIN CodeSukuk

Data from the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the inflation rate in Egypt declined to 5.1% year-on-year (YoY) in 2020, as against 8.5% YoY recorded in 2019. For the month of December 2020, annual inflation stood at 6.0% YoY compared to 6.8% YoY in December 2019. Meanwhile, Egypt’s consumer price index touched 110.6 points in December 2020, down 0.5% month-on-month.  CAPMAS noted that the decline was due to declines in the prices of vegetables (down 10.1% YoY), fish and seafood (-0.6% YoY)...

Following the reinstatement of diplomatic ties between Qatar and its neighbouring Gulf Cooperation Council (GCC) nations, Qatar Financial Centre (QFC)’s Chief Executive Officer, Yousuf Al-Jaida, stated that the country is aiming for USD 25 billion in foreign direct investments (FDI) by 2022. According to Al-Jaida, the reconciliation is anticipated to have a positive impact on trade between the GCC countries, with Doha competing to gain the position of the financial hub within the GCC. In this rega...

Malaysian Finance Minister, Datuk Seri Tengku Zafrul Abdul Aziz, highlighted that Malaysia had retained the commitment of domestic and international business communities over the years, largely due to the country’s potential and strength.  According to Tengku Zafrul, many international and multinational corporations have commenced the establishment of vendor development programmes as well as supply chain management initiatives with local suppliers and companies in Malaysia, despite COVID-19. Over time, these domestic suppliers have go...

Malaysia’s insurance industry is in on-going discussions with government authorities to identify financial solutions for patients required to be treated at private hospitals, for COVID-19, by possibly easing some expenses.  A joint statement issued on the 17th of January 2021 by the Life Insurance Association of Malaysia, General Insurance Association of Malaysia and Malaysian Takaful Association, stated that these institutions would adhere to the Government of Malaysia’s decision regarding private and public p...

Perception and Implementation of Sustainability in Islamic Firms: A Survey on Institutional Customers of Islamic Banks in Turkey Dinar, Participation

Intellectual Property Right (IPR) as an Object of Waqf According to Law No. 41 Year 2004 on WaqfIslam, Shariah, Waqf