Indonesian-based financing company, PT Bussan Auto Finance (BAF) has listed its Sustainable Sukuk Mudharabah I Bussan Auto Finance Phase II Year 2020 (Sukuk) with a nominal value of IDR 485 billion on the Indonesia Stock Exchange (IDX) on the 23rd of October 2020.  According to an IDX statement, the Sukuk issuance, which was rated AAA(idn) by Fitch Ratings Indonesia, is made up of two series.  The first is a Sustainable Sukuk Series A (SMBAFI01ACN2) with a nominal value of IDR 373 billion over a tenure of 367 d...

Saudi Arabia’s Ministry of Finance (MoF) has announced the closure of the October 2020 issuance worth SAR 270 million under the Saudi Arabian Government SAR-denominated Sukuk programme, according to a statement released on the 25th of October 2020.  The Sukuk issuances were divided into two fixed profit rate tranches according to the MoF. The first tranche of the Sukuk issuance was sized at SAR 235 million over a seven-year tenure with a final profit rate of 1.73% and final yield of 1.87%, with a total tranche size of SAR 782....

Data from the Turkish Statistical Institute revealed that Turkey’s services confidence index witnessed its highest increase in October 2020, up 6.4% over the previous month to 79.7 points. This performance was fuelled by improvements in demand turnover and the overall business situation over the past three months, along with an improvement in the demand turnover expectation over the next three months.   Turkey’s retail trade sector index also grew by 1.7% month-on-month (MoM) to reach 95 points in October 2020 led b...

Brunei’s overall Consumer Price Index (CPI) increased 2.1% year-on-year (YoY) in August 2020, and reached 100.7. Key sector contributors to this increase included Miscellaneous Goods and Services (accounted for 41.3% of the total overall YoY CPI increase), Food and Non-alcoholic Beverages (22.6%) and Transport (13.7%). These sectors grew 11.4%, 2.5%, and 1.6% YoY, respectively in August 2020. Key sectors that witnessed declines in the CPI for August 2020 include Restaurants and Hotels, down 1.0% YoY, Recreation and Culture, down 0.1% YoY, with Housing...

The Islamic Development Bank (IsDB) has approved USD 262 million in financing for a new healthcare project in Indonesia, to boost availability, accessibility, delivery and quality of health services in the country, according to local media reports. The project involves upgrading national referral hospitals in five provinces in Indonesia, including the National Cancer Centre and Dharmais and Persahabatan hospitals in Jakarta; Dr Hasan Sadikin Hospital in Bandung; Sanglah Hospital in Denpasar; Dr Sardjito Hospital in Yogyakarta; and Dr Wahidin Sudirohusodo Hospita...

Fitch Ratings (Fitch) has assigned a long-term rating of ‘A-(EXP)’ to Kuwait International Bank’s (KIB) subordinated Tier 2 Sukuk which is part of its trust certificate issuance programme, which comes under KIB Sukuk Limited (KSL).  KSL is KIB’s special purpose vehicle set up to issue Sukuk under the programme. According to Fitch, the Tier 2 Sukuk rank pari passu with all other subordinated obligations of KIB. The expected rating, which applies only to subordinated unsecured certificates, are two notches below KIB’s ‘A+&r...

Egypt-based companies Sarwa Capital and Amer Group will be issuing Sukuk before the end of 2020, according to sources, as reported by local media.  Sarwa Capital’s Sukuk offering will be valued at EGP 2.5 billion, and is likely to be implemented by November 2020, while Amer Group has not yet determined the final value of its offering due to the ongoing outlook of a second wave of the COVID-19 pandemic, local media reported. This is expected to result in fall in interest rates, which raises concerns. However, Amer Group’s offering is scheduled to take plac...

The National Mortgage Corporation of Malaysia, also known as Cagamas, has priced a combined issuance of its inaugural ASEAN Sustainability SRI Sukuk (SRI Sukuk) and Islamic Medium-Term Notes (IMTN) valued at MYR 450 million, according to a statement released by the company recently.  Issued under Cagamas’ existing MYR 60 billion IMTN programme, the offering comprises of a three-year MYR 100 million SRI Sukuk and MYR 350 million IMTN based on the Islamic principle of Murabahah. Proceeds of the SRI Sukuk will be used to fund Islamic financing...

Malaysian energy company Petronas Gas’ (PetGas) 65% owned subsidiary, Pengerang LNG (Two) Sdn Bhd (PLNG2) has successfully concluded a Sukuk Murabahah issuance amounting to MYR 1.7 billion under its Islamic Medium-Term Notes Programme. The Sukuk Murabahah, which was issued in 20 tranches with tenures ranging between one and 20 years, will be used by PLNG2 for Shariah-compliant purposes, primarily to repay the company’s outstanding USD-denominated shareholders’ loans in full, according to local media reports.  The Sukuk Murabahah was oversu...

Addressing a national meeting, Indonesian President, Joko Widodo (Jokowi) urged the country’s regional leaders and Ministers to focus on maintaining a balanced inflation level in order to ensure price stability whilst businesses continue to operate. Jokowi noted that keeping inflation under control though the balancing of supply and demand was necessary to avoid pricing pressure once the economy recovers and purchasing power normalises. The President added that these measures would allow for increased consumption and provide a boost to the m...