COVID-19: Dubai Introduces Fourth Stimulus Package for 2020 to Extend Support to the Private Sector

Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan Bin Mohammed Al Maktoum, announced an AED 500 million stimulus package aimed at the private sector, noting that the private sector was an integral part of Dubai’s economy. The new stimulus package, largely comprising fee reduction and rent extensions, offers support across a range of industries such as advertising, education, healthcare, and transportation. In addition, extensions were granted to some of the initiatives announced under previous stimulus packages, until the end of 2020.  A...

IM Insights | October 26, 2020

The Role of Credit Supply Channel in Transmission of Monetary Policy: An Empirical Investigation of Malaysian Banks on Basis of Size and Liquidity

Dr. Syed M. Abdur Rehman Shah | October 24, 2020

The Credit Supply Channel of Monetary Policy Transmission Mechanism: An Empirical Investigation of Islamic Banks in Pakistan Versus Malaysia

The Credit Supply Channel of Monetary Policy Transmission Mechanism: An Empirical Investigation of Islamic Banks in Pakistan Versus Malaysia Islamic banking, Shariah, Credit Risk

Dr. Syed M. Abdur Rehman Shah | October 24, 2020

Islamic Finance and Economic Growth Nexus: An Econometric Analysis

Islamic banking

Dr. Syed M. Abdur Rehman Shah | October 24, 2020

Factors Affecting Liquidity of Islamic Banks in Saudi Arabia

Factors Affecting Liquidity of Islamic Banks in Saudi ArabiaIslamic banking, Murabaha

Dr Diyaeldin A Abdelmagid | October 24, 2020

Etihad Airways Planning Sale of USD-Denominated Transition Sukuk

Etihad Airways (Etihad), which is wholly owned by the Abu Dhabi Government of the United Arab Emirates, is planning on selling USD-denominated ‘transition’ Sukuk, according to a document issued by one of the banks leading the deal.  The planned issuance of Sukuk, which will depend on market conditions, are set to mature in five years, and are part of a USD 3 billion Sukuk programme that is anticipated to be rated ‘A’ by Fitch Ratings, local media reported.  According to the document, a series of fixed income investor calls commenced on...

IM Insights | October 23, 2020

Public Sector Housing Financing Board Upsizes ICP/IMTN Sukuk Issuance to MYR 50 Billion

The Government of Malaysia’s Public Sector Housing Financing Board (Lembaga Pembiayaan Perumahan Sektor Awam; LPPSA) has issued MYR 50 billion worth of Sukuk under its Islamic Commercial Papers (ICP) and Islamic Medium-Term Notes (IMTN) programme, according to local media reports. LPPSA stated that the Sukuk size had been upsized to MYR 50 billion from MYR 25 billion.  The Sukuk facility is an upsized ICP and IMTN issuance programme, which combined with upsized conventional commercial papers (CP) and conventional medium-term notes (MTN)...

IM Insights | October 23, 2020

Qatar Islamic Bank Issues USD 750 Million in Five-Year Sukuk

Qatar Islamic Bank (QIB) has successfully closed the issuance of USD 750 million in Sukuk with a five-year maturity period at an annual profit rate of 1.95%, according to local media reports. The issuance was implemented under QIB’s USD 4 billion Trust Certificate Issuance Programme, which is listed on Euronext Dublin.  The bonds were sold at 155 basis points (bps) over mid-swaps, tightening 30 bps from when it began marketing on the 20th of October 2020. The profit rate was the lowest ever paid by QIB on their fixed rate Sukuk issuances, lo...

IM Insights | October 23, 2020

Bank Islam Issues Third Tranche of MYR 700 Million Subordinated Sukuk Murabahah

Bank Islam Malaysia Berhad (BIMB) issued its third tranche of subordinated Sukuk Murabahah amounting to MYR 700 million under its MYR 10 billion Sukuk Murabahah Programme on the 21st of October 2020, according to local media reports.  According to a statement issued by BIMB, the Sukuk qualifies as Tier 2 regulatory capital of the bank in compliance with Bank Negara Malaysia’s Capital Adequacy Framework for Islamic Banks, and will enhance the capital adequacy of BIMB in line with Basel III requirements. BIMB is the pr...

IM Insights | October 23, 2020

Bangladesh Government to Issue Sukuk by December 2020 to Finance Infrastructure Projects

 The Government of Bangladesh has announced plans to issue Sukuk from December 2020 onwards as part of efforts to smoothly implement infrastructure projects. According to local media reports, Bangladesh Bank (BB), which is the central bank of Bangladesh, will act as a special purpose vehicle (SPV) for the issuance of the upcoming Sukuk.  The Ministry of Finance issued guidelines titled ‘Bangladesh Government Investment Sukuk Guidelines 2020’ on the 8th of October 2020, with BB informing banks and non-bank financial institutions of the development in a circul...

IM Insights | October 23, 2020