Malaysia’s Purchasing Manager’s Index (PMI) for December 2020 was 49.1, an increase compared to the 48.4 recorded in November 2020, data from IHS Markit showed. The December reading also marked the highest PMI reading since 49.3 recorded in August 2020. The statement revealed that this development indicated a further improvement of health within the manufacturing sector.  According to IHS Markit, employment levels were largely stable in December 2020 for the first time since May 2020, although production v...

Shariah-compliant Kuwait Finance House (KFH) announced a further extension to the suspension period pertaining to its acquisition of Ahli United Bank (AUB), citing the Board’s decision to assign an advisor to reassess the feasibility and time frame of the deal, as well as to postpone the start of this reassessment. This announcement was made by KFH on the 30th of December 2020. KFH had made public its offer to acquire AUB in September 2019, in a proposed all-share deal worth USD 9.2 billion. Media reports state that the deal would result in a combined...

Oman’s Ministry of Economy has issued details on the country’s tenth five-year plan 2021-2026, with this plan also expected to be the base budget for the National Vision 2040. The five-year plan has given prominence to certain sectors within Oman’s economy, such as Education and Transport whilst sectors such as Tourism have seen less focus. Oman’s education segment is witnessing a paradigm shift in terms of the methodologies behind the types of education offered. The higher education segment is also...

Bangladesh-based NRB Global Bank (NRB) has been renamed as Global Islami Bank and has switched to full-fledged Shariah-based Islamic banking operations at the start of 2021, according to local media reports.  The Islamic banking service commenced operations on the 3rd of January 2021, given that the first two days of the new year were government holidays.  Prior to this, the fourth-generation bank provided Islamic banking services along with conventional banking services through the launch of Islamic Banking windows among existing branches. ...

Saudi Arabia-based Alkhabeer Capital has successfully completed its initial public offering (IPO) of Alkhabeer Diversified Income Traded Fund (ADITF) units on the 24th of December 2020. Authorised by the Capital Market Authority, Alkhabeer Capital specialises in asset management, investment services, as well as alternative investments.  Attracting over 89,000 individual and institutional investors, the issuance earned a net subscription value of SAR 472.8 million, with coverage exceeding 157% of th...

The total Zakat collection received by Malaysia’s Zakat Collection Centre of the Federal Territory Islamic Religious Council (PPZ-MAIWP) increased by 11% year-on-year (YoY) to MYR 756 million in 2020 compared to MYR 682 million collected in 2019, according to local media reports.  Datuk Dr Zulkifli Mohamad Al-Bakri, Minister in the Prime Minister’s Department (Religious Affairs) stated that the 2020 cumulative collection was the highest record received ever since PPZ-MAIWP was established 30 years ago.  According to Al-Bakri, the increase of the co...

The Indonesian Government, through the Ministry of Finance, is scheduled to issue Retail Government Securities (SBN) at least six times in 2021, with a target value of up to IDR 80 trillion. The Retail SBN will comprise of Retail Government Bonds (ORI), Retail State Sukuk, Retail Savings Bonds (SBR), as well as Savings Sukuk, according to local media reports.  According to Luky Alfirman, Director General of Financing and Risk Management (DJPPR) of the Ministry of Finance, investor interest in Retail SBN is anticipated to be hig...

Bank Negara Malaysia (BNM) issued a statement on the 31st of December 2020, stating the issuance of a policy document with the licensing framework for digital banks in Malaysia. BNM noted that the framework aims to encourage the innovative use of digital banking to improve the financial well-being of businesses and individuals. This includes promoting the use of and expanding access to suitable financial solutions, targeted at underserved and unserved segments of society. The framework seeks to balance the admission of new digital banks with strong value pr...

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