Speaking at The Annual Conference of the Capital Market Correspondents Association of Nigeria, Acting Director General (ADG) of Nigeria’s Securities and Exchange Commission (SEC), Mary Uduk, highlighted the need for private sector investments in infrastructure projects. She pointed out that the vast scale of the country’s infrastructure gap makes it nearly impossible for the government to be the sole promoter of such projects. She further stated that the establishment of an infrastructure fund via the capital market could be effective...

The Department of Zakat Fund at the Ministry of Endowments (Awqaf) and Islamic Affairs, in Qatar, has already started to receive company budgets for the Zakat calculation, for the previous fiscal year. The Zakat Fund (the Fund) is the official Zakat institution in the country, comprising of professionals in legal and accounting fields.  Each year, more than 150 budgets are sent to the Fund by companies who wish to have their Zakat computed. The service is provided free of charge.  The calculation is completed within two to three days, and subsequently a...

The newly appointed Prime Minister (PM), Tan Sri Muhyiddin Yassin stated that the Government of Malaysia has agreed to review and revise the USD 4.8 billion 2020 Economic Stimulus Package (ESP), that was launched by Malaysia’s previous Government in February 2020. The ESP was initially introduced to launch three strategies: manage the impact of COVID-19, promote quality investment in the country, and drive a people-focused economic growth.  The new PM stated that the reviewed ESP is expected to be presented within two weeks, aiming to restore investor co...

Broiler farmers in Kenya’s Nakuru region turned to the County Government for support in boosting the region’s broiler chicken market, which is suffering from poor demand. Customers were showing preference towards indigenous chicken amidst the perception that broiler consumption contributes to weight gain and various non-communicable diseases, including high blood pressure and diabetes. The Chairman of poultry farmers in the County, Michael Wachira stated that broilers are grouped under white meat, which is generally co...

Data published in The State of Global Islamic Economic Report revealed that global Muslim fashion consumption is expected to reach USD 373 billion by the end of 2020 from USD 270 billion in 2019, indicating strong potential for the industry to compete internationally.  Gati Wibawaningsih, Director General of Indonesia’s Small, Medium and Various Industries, of the Industry Ministry, stated that Muslim fashion products have been a significant contributor to the country’s economy. Indonesia&rs...

Riyad Bank’s USD 1,500 million subordinated Tier 2 Sukuk, which has been issued under its trust certificate issuance programme housed under Riyad Sukuk Limited (RSL), was assigned a long-term rating of BBB-.  The Tier 2 certificates have been rated two grades below Riyad Bank’s BBB+ Long-Term Issuer Default Rating (LT IDR), reflecting their subordinated ranking and also the likelihood of poor recoveries in the event of default.  Riyad Bank’s (the Bank’s) LT IDR is led by the Bank’s financial strength (meas...

The Chief Executive Officer (CEO) of the Qatar International Islamic Bank (QIIB), Dr. Abdulbasit Ahmed al Shaibei, stated the bank is unlikely to make Sukuk issuances in 2020, given that it was in a “comfortable position” for 2020, with strong liquidity and a high capital adequacy ratio.  The CEO also highlighted that the bank would not consider going to market with a Sukuk issuance, even if the market was ‘very attractive’ with low returns. He further stated that the on-going...

PT Bank CIMB Niaga (CIMB) will issue an IDR 1 trillion Shelf Registration Sukuk Mudarabah 1 Phase III/2020, between the 19th to 23rd March 2020. The planned Sukuk carries the highest idAAA(sy) rating, assigned by PT Pefindo, Indonesia’s first and oldest local rating agency. The Sukuk will be offered in three series (A, B, and C) to investors. Series A has a total value of IDR 322 billion and a holder ratio of 14.50% and Series B has a total value worth IDR 287 billion with a holder ratio of 17.50%. Series C rounds up th...

As at the end of January 2020, outstanding Sukuk and conventional bonds in Malaysia’s power sector totalled MYR 65 billion, according to RAM Ratings. This accounted for 9% of Malaysia’s total outstanding corporate bonds.  With the five-year annual issuance averaging around MYR 8.4 billion between 2015-2019, Malaysia’s power sector is one of the most active sectors in the domestic bond market. RAM Ratings stated that innovative financing structures have facilitated access to the Sukuk market, resulting in power Sukuk dominating...

In October 2020, Osun State, an inland state in the South-western region of Nigeria, will pay off the final tranche of its seven-year NGN 10 billion Sukuk Ijara. The issuance which took place in October 2013, by the Osun State was the country’s first Shariah-compliant bond to be issued.  According to the IslamicMarkets Sukuk Monitor, the issue was targeted at local pension funds and international investors, with the proceeds going towards the construction of schools in the country. At the time of the issue, Os...