Indonesia’s Halal Product Assurance Agency (BPJPH), a government agency under the Ministry of Religious Affairs, is targeting Halal certification of 15,000 micro and small enterprises (MSEs) in 2021 via its free Halal certification program, which was launched online on the 8th of September 2021.  Why it Matters? According to Mastuki, Interim Head of BPJPH, who was officiating the launch, as of the 7th of September 2021, a total of 10,205 enterprises with 139,998 products had Halal certificates issued from the agency. The free Halal certification program...

Malaysian exporters have so far made deals worth MYR 694 million (USD 116.4 million) at the International Sourcing Programme (INSP) for the 17th edition of the Malaysia International Halal Exhibition (MIHAS) 2021, according to a statement by MIHAS.   Why it Matters?  These exports represent a 12.96% year-on-year increase in sales when compared with INSP MIHAS 2019. Sales generated from INSP MIHAS 2021 are separate from expected sales that will be generated from the 549 exhibitors participating in MIHAS 202...

According to Datuk Seri Ismail Sabri Yaakob, Prime Minister of Malaysia, the country's Halal industry plays a critical part in the National Recovery Plan (NRP), as the industry’s recovery is critical to the resilience of the overall Muslim-majority nation’s economy.  Why it Matters?  The NRP, comprising four progressive phases, aims to fully resume economic activities in Malaysia by the end of 2021. The plan is focused on immediate solutions to problems that people and small- and medium-sized enterprises are facing.  Its medium-to lo...

Moody’s Investors Service states that Qatar was the only country within the Gulf Cooperation Council (GCC) to have not issued Sukuk during the first half of 2021, due to lower funding needs.  Why it Matters? Strong liquidity in the interbank market encouraged banks and corporates to raise finance from private and syndication markets while higher oil prices decreased the need for sovereign funding requirements within the GCC. Accordingly, Sukuk issuance in the GCC fell by 19% in 1H2021 and amount...

RAM Group has launched a new platform that offers insights into companies’ credit and sustainability risks. The platform, RAM Analytics, is said to give users access to an array of credit and sustainability risk rating services. Why it Matters?  Chris Lee, RAM’s Group Chief Executive Officer, remarked that this launch of ‘RAM Analytics’ is timely because digitalisation and data analytics are steering the way the world consumes information and does business. He elaborated that RAM Group wished to drive democratisation of data in the...

TheCityUK, on the 8th of September 2021, published a new international strategy for the United Kingdom (UK)-based financial and related professional services industry. The report suggests that the UK should focus on future growth opportunities such as data and technology, Islamic finance, sustainability, global investments and risk management. Why it Matters?  Amid a raging pandemic and slump in trade with the UK's biggest trading partner - the European Union - the strategy outlines how the country can address a number of issues, from regulatory coh...

RAM Rating Services (RAM) has assigned a preliminary AA1/Stable rating to Malaysian-based Widad Concession’s proposed MYR 310 million Sukuk Wakalah Facility (Proposed Sukuk). Widad Concession, which is wholly owned by Widad Group Berhad (WGB), was established to finance the acquisition cost of the project held by YBK Usahasama (YBKU), which holds a 23-year concession to develop and maintain the Universiti Teknologi MARA (UiTM) campus in Melaka.  Why it Matters?  Proceeds from the Proposed Sukuk will be used to...

The Government of Indonesia has raised and met its indicative target of IDR 10 trillion from its biweekly auction of State Shariah Securities (SBSN), known as State Sukuk, held on the 7th of September 2021, according to a statement issued by the Directorate General of Budget Financing and Risk Management (DJPPR), Ministry of Finance. Total incoming bids amounted to IDR 56.61 trillion, which was higher than that awarded from the previous auction held on the 24th of August 2021, which raised IDR 52.47 trillion in bids with a total amount of IDR 9 trillion&...

Mohamed Maait, Finance Minister of Egypt, has said that the country would join the sovereign Sukuk market in 2022, noting that investor demand for the first offering of green international bonds indicates confidence in the country’s economy.  Why it Matters?  The Egyptian economy has been ranked second in the world in the Economist Index for the return to normalcy prior to COVID-19, demonstrating the government's success in implementing an intensive economic reform programme that allowed the economy to recover from COVID-19’s adverse effects....

According to a report by Moody’s Investors Services (Moody’s), following record issuance in 2020, high oil prices have pushed down demand in the Sukuk market. Why it Matters?  Moody’s elaborated that Gulf Cooperation Council governments no longer need to depend on Sukuk to raise cash, as the oil market is now strong. However, it noted that Sukuk activity had been “solid” in the first half of 2021 (1H 2021). Details   In 1H 2021, around USD 102 billion worth of Sukuk was issued.  Sukuk issuance are expect...