At a virtual ceremony held on the 20th of December 2021, the Islamic Development Bank (IsDB), the Government of Morocco and the Office National des Hydrocarbures et des Mines (ONHYM) signed financing agreements for the Nigeria-Morocco Gas Pipeline project's Front-End Engineering Design (FEED) study. Dr Mansur Muhtar, Vice President at IsDB, Nadia Fettah, Minister of Economy and Finance for Morocco and Amina Benkhadra, General Director at ONHYM were the respective signatures.  Why it Matters?  The ...

Malaysia-based Greenpro Capital announced on the 21st of December 2021 that it had entered into an Engagement Agreement with the International Shariah Research Academy (ISRA) for the development of Islamic finance with the setting up of a Digital Asset Exchange and non-fungible token (NFT) marketplace in the Association of Southeast Asian Nations (ASEAN) region. ISRA will play a key role in assisting Greenpro Capital's clients in the Asia-Pacific region in adhering to international Shariah-compliant stand...

The Ministry of Industry in Indonesia, citing information from the State of the Global Islamic Economy Report 2020/21, stated that the country's Muslim fashion industry was ranked third globally, demonstrating that Indonesia’s Halal industry is growing and contributing positively to the national economy. Why it Matters? Dody Widodo, Secretary General at the Ministry of Industry, stated that his administration was committed to further expanding the national Halal industry so that it could compete...

Malaysian Rating Corporation (MARC) has affirmed Malaysia-based Projek Lebuhraya Usahasama Berhad's (PLUS) MYR 23.35 billion (USD 5.5 billion) Sukuk Musharakah Programme with a Stable Outlook. The outstanding stands at MYR 17.9 billion (USD 4.3 billion).  Ratings Rationale  The rating benefits from a two-notch increase to PLUS’ standalone rating to reflect MARC’s view of robust government linkages shown in the interdependence between default events for the rated Sukuk and the MYR 11.0 bil...

According to Nguyen Quoc Dung, Deputy Minister of Foreign Affairs in Vietnam, given Vietnam’s location in the Southeast Asia-South Asia-South Pacific region, which is home to 860 million Muslims or 66% of the world's Muslim population, the country should seek to harness the potential of the Halal market.  Why it Matters?  Dung noted that the demand for Halal products is expanding even in the local market, as the number of Muslims entering Vietnam to travel, work and study continues to climb. The Muslim populat...

Arsalaan (Oz) Ahmed, Chief Executive Officer of Al Rajhi Banking and Investment Corporation (Malaysia), also known as Al Rajhi Bank Malaysia or ARBM, has stated that he foresees the growth of Islamic banking to outperform that of conventional banking in Malaysia. Speaking during a virtual media briefing regarding ARBM’s digitalisation plans recently, Arsalaan opined that Islamic banking will dominate Malaysia’s banking within the next decade.  Why it Matters? Arsalaan&n...

Malaysian Rating Corporation (MARC) has affirmed its AA-IS rating on Malaysia-based Cerah Sama’s MYR 420.0 million (USD 99.7 million) Sukuk with a Stable outlook, with the outstanding currently standing at MYR 360.0 million (USD 85.5 million).  Ratings Rationale The affirmation reflects Cerah Sama’s strong cash flows backed by steady traffic volumes on the 22-year old Cheras-Kajang Highway. Robust cash reserves and an accommodative Sukuk repayment structure further bols...

Fitch Ratings (Fitch) has withdrawn all of Qatar-based Al Khalij Commercial Bank’s (Al Khaliji) ratings including its ‘A’/Rating Watch Negative (RWN) Issuer Default Rating (IDR) and ‘bb’ Viability Rating (VR). This follows the completion of the bank’s legal merger with Masraf Al Rayan (Masraf) which took place on the 30th of November 2021.  Why it Matters? Fitch has withdrawn all Al Khaliji’s ratings, including the Support Rating and Support Rating Floor as the bank has ceased to...

RAM Rating Services (RAM Ratings) has reaffirmed the AA3/Stable rating of Malaysia-based Press Metal Aluminium Holdings’ (Press Metal or the Group) MYR 5 billion (USD 1.2 billion) Islamic Medium-Term Notes (IMTN) Programme (2019/2049).  Ratings Rationale According to RAM Ratings, the rating reflects Press Metal’s position as Southeast Asia’s largest primary aluminium producer, superior cost structure, as well as strong cash flow and debt servicing ability. However, the Group’s large debt load and unpredictability of the alumin...

Malaysia-based Bay Group Holdings, which operates as CapBay, a multi-bank supply chain finance and peer-to-peer (P2P) financing platform, has secured a USD 7.1 million investment from Kenanga Capital Islamic (KCI), in a boost for small and medium-sized enterprises (SMEs) seeking Shariah-compliant financing. The funding is a step towards expanding CapBay's Shariah-compliant supply chain finance entity, CapBay Islamic, which has been authorised by the Securities Commission Malaysia (SC) for Shariah-complian...