Bank AlJazira (BAJ) has provided the Saudi Real Estate Co (Alakaria) a SAR 400 million (USD 106.6 million) shariah-compliant bridge loan for a land purchase in eastern Riyadh, Saudi Arabia.Why it Matters?Alakaria aims to contribute, through its activities, to realising the strategy of the city of Riyadh in raising the city’s population to between 15 and 20 million over the next decade, as well as invest in other major cities in the country.  The company had stated earlier that it planned to buy land in the East of Riyadh valued at SAR 727.09 million (USD 193.86 Million). The loa...

The President of the Islamic Republic of Pakistan, Dr Arif Alvi, has called for a blockchain strategy to be developed for the country following a meeting held on the 17th of January 2022 in Islamabad with a delegation of experts from the Bitcoin Satoshi Vision (BSV) ecosystem. During the meeting, industry representatives offered training and assistance in transitioning several of Pakistan’s government functions to blockchain. Why it Matters?Blockchain could be the solution to reduce corruption and enhance transparency in business and government entities as well as address concer...

The Saudi government has commenced the year with the issuance of Riyal-Denominated Sukuk worth SAR 2.83 billion (USD755 million) as part of its Riyal-Denominated Sukuk programme, according to an announcement by the National Debt Management Centre (NDMC) on the 18th of January 2022. The issuance comes in two tranches, the first tranche, maturing in 2030, is valued at SAR 1.25 billion, while the second tranche, maturing in 2034, is valued at SAR 1.59 billion.Why it Matters? The Sukuk programme was established by the Finance Ministry through the NDMC in July 2017. In 2021, Saudi Arabia h...

On the 19th of January, the International Islamic Trade Finance Corporation (ITFC) in a meeting with the country's Ministry of Trade and Industry approved a financing amount of USD 2.6 billion to fund developmental projects in Egypt. The meeting was attended by Egypt's Minister of Trade and Industry Nevine Gamea and Chief Executive Officer (CEO) of ITFC, Hani Salem Sonbol discussing the corporation's work plan in Egypt in 2022.Why it Matters?The long-standing partnership between the Egyptian government and the ITFC results in various projects contributing to supporting the sector...

Bahrain-based Infracorp; a newly established spin-off from GFH Financial Group (GFH), is in the works to establish around USD 800 million perpetual green Sukuk in the first quarter of 2022.Why it Matters? Infracorp was spun out from GFH with the purpose of focusing on infrastructure assets, particularly investments relating to accelerating the growth and development of sustainable infrastructure assets and environments across the Gulf and global markets. Profits generated from the issuance will be used to fund environmental, social, and governance (ESG) goals. The green Sukuk combined with...

The International Islamic Liquidity Management Corporation (IILM) has announced that it has completed its first auction of 2022 for the reissuance of its aggregate USD 1 billion Short-Term Notes, across three different tenors. The Sukuk were part of IILM’s short-term issuance programme and were priced as follows: i) 0.22% for USD 350 million for the one-month tenor, ii) 0.33% for USD 450 million for the three-month tenor, and iii) 0.5% for USD 200 million for the six-month tenor.Why it Matters?The auction received a considerable amount of demand from primary dealers as well as i...

On the 13th of January 2022, a Halal Centre situated in Trunojoyo Madura University (Trunojoyo University) in the Bengkalan District, East Java was inaugurated by Indonesia’s Vice President Ma’ruf Amin.Why it Matters? Amin voiced hope that the halal product industry will continue to develop and flourish owing to the fact that Islamic values have long been embedded in East Java and are highly regarded by the residents of Madura. Amin also pointed out that sectors such as food and beverage, agriculture, tourism, fisheries and other sectors hold great potential to grow further, no...

Egypt has completed a USD 3 billion 3-year loan jointly arranged by a group of Gulf banks. The funds are to be distributed equally for green and Islamic financing in the country, with USD 1.5 billion directed at ESG projects and USD 1.5 billion allocated for Shariah-compliant investments.Why it Matters? The new loan marks the second financing given out by Gulf Banks to the Egyptian government. In 2020, Egypt secured a loan amounting to USD 2 billion, arranged by First Abu Dhabi Bank (FAB) and Emirates NBD Bank (Emirates NBD) to cover budget shortfalls and prop the economy through the pande...

A loan of USD 170 million was approved by the Board of Directors of the African Development Bank (AfDB) for Nigeria’s Digital and Creative Enterprises Programme (i-DICE).Why it Matters?The launch of i-DICE was among the latest initiatives aimed at job creation in Nigeria through enabling investment in entrepreneurship and innovation in digital technology and creative industries and with the expectation to solidify the country’s role as Africa’s top destination for start-up investments and youth entrepreneurship. This investment will thus give aspiring leaders access to en...

A memorandum of understanding (MoU) was signed between Saudi Arabia and Tunisia for the development of renewable energy, energy efficiency and rationalisation of consumption. Prince Abdulaziz bin Salman, Saudi Minister of Energy and Naila Nouira El-Kenji, Tunisian Minister of Industry, Energy and Mines signed the MoU during a session at the International Mining Conference in Riyadh on the 12th of January 2022.Why it Matters?The MoU is aimed at developing cooperation and the exchange of information and expertise between Saudi Arabia and Tunisia through research and studies related to this t...