Through its Shariah business unit, Bank Maybank Indonesia (Maybank) has provided Bio Farma with a financing facility worth IDR 2.68 trillion (USD 185 million) for the procurement of COVID-19 vaccines. Bio Farma is a state-owned producer and distributor of pharmaceutical products in Indonesia. According to Maybank, the Shariah-based omnibus line facility was distributed through several terms and includes a Shariah proposition, Musharakah trade financing, as well as forward hedging.Ricky Antariksa, Maybank’s Director of Global Banking, state...

ICMA’s climate transition framework sets out the base-level guidance on transition strategies, disclosure and assurancesWithout sector-specific guidance and taxonomies linking specific types of transition strategies to science-based targets, the sector will remain opaqueFinancial institutions offering or receiving transition finance need clear strategies to avoid enabling greenwashing, which presents reputational risk as climate rises on the global agenda ICMA has released its “Climate Transition Framework Handbook” for issuers considering transition bond issuance. T...

RAM Ratings (RAM) has assigned Selangor State Development Corporation’s (Perbadanan Kemajuan Negeri Selangor; PKNS) proposed MYR 3 billion Islamic Medium-Term Notes (MTN) Programme and proposed MYR 1 billion Islamic Commercial Paper (ICP) Programme respective long- and short-term ratings of AA3/Stable and P1. In addition, RAM has reaffirmed the AA3/Stable rating of PKNS’s MYR 1.7 billion IMTN Programme (2013/2023). Meanwhile the P1 rating of PKNS’s previous MYR 300 million ICP Programme (2013/2020) has been withdrawn, following the expiry of...

Indonesian-based financial services provider Permodalan Nasional Madani (PNM) will conduct a limited offering of debt securities worth IDR 50 billion under its Sukuk Mudarabah III Year 2019 Series H (Sukuk), according to local media reports.   The Sukuk, which will be offered with a unit value of IDR 500 million and a transfer value of IDR 5 billion over a three-year tenure, have been registered with a floating profit sharing with a frequency of payment of three months, according to an announcement released from the Indonesian Central Securities Deposi...

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding (MoU), with the Export-Import Insurance Company of the Republic of Belarus's (Eximgarant), which is the Export Credit Agency (ECA) of the Republic of Belarus.  According to a statement released by ICIEC, the signed MoU will foster collaboration to support trade and investment between Belarus and ICIEC member countries, promoting joint export credit insurance provisions, as well as...

Egypt’s Ministry of Trade and Industry will commence the implementation of the Arab Africa Trade Bridges (AATB) programme in December 2020, in cooperation with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, according to media reports.  According to Nevine Gamea, Minister of Trade and Industry, the AATB programme, which was launched by the ITFC, aims to enhance the capacity of Egyptian exporters and will encourage exports to new markets in Africa. The programme is expected to continue...

The Asian Development Bank (ADB) has approved a policy-based loan worth USD 500 million to the Government of Indonesia to support its ‘Promoting Innovative Financial Inclusion Programme’, stated a media report. This initiative aims to expand financial access across micro, small and medium enterprises, as well as target underserved groups such as women and youth.  According to the media report, the programme will improve the payments infrastructure in Indonesia and create a more robust regulatory framework for data p...

Oman’s Capital Market Authority (CMA) has replaced Article 44 pertaining to the transfer of Repurchases Agreements (Repos) by amending specified provisions of the Clearance and Settlement Regulation, local media reported.  According to the media report, the transfer of title to government bonds, treasury notes, Sukuk, or any other products accepted by the Central Bank of Oman (CBO) is limited to and from the accounts of commercial banks and their respective Islamic banks, or Islamic windows with the account of the CBO that is involved in the Repo transaction.&n...

RAM Ratings (RAM) has reaffirmed Digi Telecommunications (Digi)’s respective ratings of its MYR 5 billion Islamic Medium-Term Notes (IMTN) Programme (2017/2032) at AAA/Stable and MYR 1 billion Islamic Commercial Papers (ICP) Programme (2017/2024) at P1, which are subject to a combined limit of MYR 5 billion.  The ratings reflect Digi’s established position in the mobile services industry in Malaysia, as well as strong profitability and robust cash flow. The ratings also factor in Digi’s relationship with its ultimate shareholder Telenor AS...

Moody’s Investor Service (Moody’s) has announced the completion of periodic reviews of ratings of the Islamic Development Bank (IsDB), as well as two of IsDB’s members including the International Islamic Trade Finance Corporation (ITFC)  and the Islamic Corporation for the Development of the Private Sector (ICD), according to recent statements.  According to Moody’s, the credit profile of IsDB, which is rated Aaa, is supported by its ‘a3’ capital adequacy based on low levels of non-performing...