The Government of Indonesia’s Retail Green Sukuk – Savings Sukuk ST008 series, which was offered from the 1st – 17th of November 2021, has received high investor interest, enabling the series to achieve its target of IDR 5 trillion (USD 350.5 million) before the offer period officially closed. According to a statement issued by the Directorate General of Financing and Risk Management, Ministry of Finance, despite being in the midst of a pandemic, a total of 14,337 investors purchased orders, with...

Datuk Seri Ismail Sabri Yaakob, Malaysia’s Prime Minister said mechanisms to ensure safety and quality of Halal meat products and also to give a guarantee for Halal meats imported into the country will soon be in place. Why it Matters? The proposed mechanisms include the requirement for animal-based products stored in warehouses to have the Malaysian Halal certification, Halal certified transportation chains to be utilised for imported animal-based products and the introduction of a compulsory procedure for re-packaging processes, ensuring obtaining Halal certification unde...

On the 22nd of November 2021, Abdullah Salim al Salmi, Executive President at the Capital Market Authority (CMA) in Oman, noted that new rules governing the operation of crowdfunding platforms in the country are now in effect, opening the way for interested platform operators to begin their operations. Why it Matters?  A statement issued by CMA states that the regulations, available on its website, provide a lot of flexibility when it comes to delivering crowdfunding services. Al Salmi reiterated that providing such funding platforms for entrepreneurs an...

Sber Asset Management, part of Russia-based SberBank, has unveiled an Islamic Exchange-Traded Fund (ETF), known as Halal investments, according to a statement issued by the bank on the 19th of November 2021.  Why it Matters?  The Shariah-compliant ETF fund is benchmarked against the MOEX Shariah Total Return Index, which is one of two new indices launched by Sberbank in October 2021 in collaboration with the Moscow Exchange. The Islamic ETF, which adds to Sber&n...

On the 21st of November 2021, Saudi Arabia-based Bank AlJazira started the offering of a SAR-denominated Tier-2 Sukuk worth SAR 2 billion (USD 533.1 million) via a private placement in Saudi Arabia. This was in a statement by the bank to Tadawul, the stock exchange in the country.  Why it Matters?  The end date of the offer would be the 31st of December 2021, and the targeted class of the issuance is sophisticated investors, in line with Article 9 of the Rules for the Offer of Securities and Continuing Obl...

Emirates Islamic, an Islamic financial institution in the United Arab Emirates (UAE), has revealed the most recent edition of its Islamic Banking Index, a survey about the progress, penetration and perception of the Shariah-compliant banking sector in the UAE. This also includes the future intentions of the country’s banking customers. Why it Matters?  One of the key findings is that Islamic banking has gained popularity in the UAE, rising from 47% in 2015 to 60% in 2021, whereas the popularity of conventional banking has fallen from 70% to 61% over the same period. 48% of...

In cooperation with the Malaysian Halal Development Corporation, Standard Chartered's international Islamic banking network Saadiq has established a USD 100 million Islamic financial programme to serve small and medium-sized enterprises (SMEs), corporates and multinationals. Why it Matters? The programme’s intention is to spread the Halal ecosystem across Asia, Africa and the Middle East, with a focus on key Halal markets such as the United Arab Emirates (UAE), Saudi Arabia, Malaysia, Bahrain, Bangladesh and Pakistan. Khurram Hil...

Saudi Arabia-based Islamic finance company Nayifat Finance is to begin listing and trading its shares on the main market of the Saudi stock exchange on Monday, the 22nd of November 2021. Why it Matters?  The company recently completed the book-building process for its initial public offering (IPO), which was 136x oversubscribed. The final offer price was at SAR 34 (USD 9) per share. The company had previously stated its intention of selling 35 million of its shares to institutional and private investors. Details   T...

According to an official from the Algerian Union of Insurance and Reinsurance Companies (UAR), the first Takaful outlets in Algeria are planned to be opened in the first quarter of 2022 (1Q 2022). Why it Matters?  The Algerian government approved a draft executive decree in February 2021, which lays out the requirements, regulations and procedures for conducting Takaful business in the country. Mahfoud Ziane Bouziane, Head of the Personal and Professional Risks Department of the state-owned National Insurance Company (SAA) and UAR official, noted that the...

Turkish sector officials said Turkey should do more to increase its share in the global Halal market currently valued at USD 7 trillion. Why it Matters? According to Yunus Ete, Chairperson of the World Halal Summit Council and Discover Events, Turkey currently has a share of just over USD 100 billion in the world Halal market as the country receives a reduced portion from related sectors such as Halal food, Islamic finance, Halal tourism, conservative fashion and Halal cosmetics. Ete added that Halal fairs are organised every year...