United Arab Emirates (UAE)-based Dubai Islamic Bank (DIB) has successfully closed a USD 1 billion perpetual non-callable additional tier 1 (AT1) Sukuk, according to a statement issued by the bank.  With a 5.5-year maturity and a profit rate of 4.625% per annum, the transaction was reported to carry the lowest ever yield achieved by any global bank on an AT1 Sukuk issuance, and is the only AT1 Sukuk to be issued from the Gulf Cooperation Council in 2020, according to media reports.  The Sukuk received substantial interest with the orderbook...

Cash Flows and Earnings for Share in Islamic Banks: Jordanian Evidence

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RAM Ratings (RAM) has reaffirmed the ratings of AEON Credit Service Malaysia Berhad’s (AEON Credit) Senior and Subordinated Sukuk Wakalah Programme at AA3/Stable and A1/Stable respectively. In addition, RAM has reaffirmed the P1 rating of AEON Credit’s MYR 1 billion Islamic Commercial Papers Programme.  The reaffirmation of the ratings is based on RAM’s expectation of extraordinary support from AEON Credit’s ultimate parent, AEON Co., which is a Japan-based retail and financial services group in Asia Pacific, as well as an immediate holding company, AEO...

The Securities Commission Malaysia (SC) has launched a new framework, namely the Waqf-Featured Fund Framework, to facilitate the offering of Islamic funds with waqf features to boost the growth of Islamic social finance in Malaysia.  According to a statement released by the SC, waqf development has been identified as an area with significant potential for social development, wealth distribution and great outcome for the public as stated in SC’s Islamic Fund and Wealth Management Blueprint which was launched in 2017.  The Waqf-Featured Fund Fram...

The Government of Indonesia has raised IDR 10 trillion from a biweekly auction of State Shariah Securities (SBSN), also referred to as State Sukuk. The auction was conducted via Bank Indonesia on the 10th of November 2020 and raised the targeted amount of IDR 10 trillion.  According to a statement issued by the Directorate General of Budget Financing and Risk Management, Ministry of Finance, the total incoming bids received from the State Sukuk auction was IDR 22.63 trillion, which was higher than that received from the previous auction&...

Oman’s Ministry of Finance (MoF) has announced the successful completion of Series 4 of its OMR Sovereign Sukuk Programme, by issuing over OMR 200 million worth of sovereign Sukuk, according to local media reports.  The latest issuance, which was offered from the 4th to 10th of November 2020, received strong demand from local investors with an oversubscribed order book of around OMR 220 million, exceeding the target of OMR 175 million, local media reported.  The MoF has also announced the launch of a public offering of...