The Islamic Corporation for the Development of the Private Sector (ICD), a unit of the Islamic Development Bank (IsDB), has entered into an agreement with Coris Bank International (CBI) - Burkina Faso, which is a member of the Coris Bank Group, to provide a line of financing for EUR 15 million (USD 18 million).  The line of financing facility, which is under the commodity Murabahah financing structure, will be provided to the Islamic window of CBI - Burkina Faso and will be used to support the economic activities of eligible private sector bu...

Following an anticipated economic contraction of around 6.0% for 2020, Standard and Poor’s Global Ratings (S&P Global) expects the Gulf Cooperation Council (GCC) countries to see real gross domestic product (GDP) growth of 2.5% over 2021-2023, as cited in a report.   Commenting on the GDP contraction forecast for 2020, S&P Global stated that this is evenly distributed between the oil and gas (hydrocarbon) and non-hydrocarbon sectors, resulting from the Organization of the Petroleum Exporting Countries’ (OPEC) production cu...

Dubai Islamic Bank’s (DIB) long-term Issuer Default Rating (IDR) has received affirmation at ‘A’ by Fitch Ratings (Fitch), with a Stable Outlook.   The rating affirmation is driven by the high probability of support from the United Arab Emirates (UAE) authorities (AA-/Stable) to the bank if needed, which is reflected by the sovereign’s robust capacity to support the domestic banking system due to its solid external asset position, robust fiscal metrics, and hydrocarbon revenues. In addition, the UAE authorities have close associations wit...

The State of FinTech in Brunei Darussalam Report (Year 2020) white paper issued in early December 2020 shines light on initiatives taken by the Government of Brunei Darussalam (Brunei) to capitalise on the global trends in FinTech and nurture the country’s own FinTech industry.According to the report, the Autoriti Monetari Brunei Darussalam (AMBD) has set a target of raising Brunei’s Financial Services sector’s contribution to gross domestic product (GDP) to 8.0% by 2035, from 5.4% reported in 2019. Crucial to achieving this objective is the development...

RAM Ratings (RAM) has reaffirmed the ratings of Konsortium ProHAWK’s (ProHAWK) MYR 900 million Islamic Medium-Term Notes Programme (IMTN) (2013/2033) at AA2/Stable.  ProHAWK is a Malaysian-based construction company that is engaged in the design, construction, commission and maintenance of hospital buildings and related facilities and infrastructure. It currently holds the concession for the Women and Children Hospital (WACH) in Kuala Lumpur. ProHAWK is a 65:35 joint venture between UEM Group and Najcom, and stands to benefit from robust shareholder suppor...

Public Mutual, a wholly-owned subsidiary of Malaysia-based Public Bank, has announced the launch of its Public e-Sukuk Fund (PeSukuk), for investors seeking to invest in a Shariah-compliant fund that provides a steady income stream.  According to a prospectus issued on the 9th of December 2020, the Public Mutual will invest 75% to 98% in Sukuk, with up to 25% in Shariah-compliant foreign assets. The minimum investment is MYR 100, with an initial issue price of MYR 1 per unit during the offer period from the 9th to the 29th of December 2020, with a sales charge of up...

The International Islamic Liquidity Management Corporation (IILM) has announced the successful completion of its final reissuance of 2020, with the auction of A1-rated short-term Sukuk worth USD 900 million.   According to a statement issued by IILM on the 8th of December 2020, the Sukuk was issued in two series made up of a USD 400 million issuance with a one-month tenure and a profit rate of 0.35%, and a USD 500 million issuance with a three-month tenure carrying a profit rate of 0.42%. The Sukuk was oversubscribed by 1.6 times, with a combined order book in e...

Egypt’s Minister of Finance Mohamed Maait has stated that the country’s economy is recovering, and production is being restored, as evidenced by the Purchasing Managers’ Index (PMI), which measures the performance of the 400 largest private sector companies.  According to media reports, Egypt’s PMI scored 50.9 points in November 2020, remaining above the neutral level of 50 points, which marks the difference between growth and contraction. This is the third consecutive month that Egypt’s PMI has remained above neutral, following 51.4 poi...

Moody’s Investors Service (Moody’s) has rated the United Arab Emirates (UAE) Aa2 for creditworthiness, the highest sovereign rating in the region, with a Stable Outlook for the economy.  The UAE’s credit strength is buoyed by the country’s internal stability, solid and diverse international relations, as well as the high gross domestic product (GDP) per capita, Moody’s noted. The rating was also driven by the UAE’s robust institutional effectiveness led by diversification of the country’s revenue base...

Bahrain’s Finance Minister, Sheikh Salman bin Khalifa al Khalifa, has stated that the Government of Bahrain will do everything in its power to ensure that the projected recovery for 2021 takes effect, before it decides to look at revenue generating strategies. Apart from implementing value added tax in 2019, Bahrain has not looked into any other revenue-generating options for its economy.  Despite support from its Gulf Cooperation Council (GCC) neighbors in 2018, comprising of a USD 10 billion bailout package (to be implemented in phase...