Mohamed Maait, the Minister of Finance of Egypt states that the country is prepared to issue the first Islamic Sukuk issuance for the second half of the fiscal year of 2021/2022 (2H FY2022). The value of Sukuk that is expected to be issued amounts to USD 2 billion. Why it Matters? The issuance of Sukuk will provide the required funds for investment projects, which are a part of the economic and social development plan under the budget of the state for the fiscal year of 2021/2022. This will also assist in reaching the development goals by keeping in...

The Egyptian Islamic banking market reached EGP 390 billion in terms of volume in June 2021, amounting to 5.1% of the Egyptian banking market, according to the Egyptian Association for Islamic Finance, in a recent report.  Why it Matters? Many Islamic banking products have been developed by the Egyptian banking market aiming to meet the requirements of customers. More of such products and services are required in the form of Shariah-compliant products both for individuals and corporate customers.  Details ...

The Qatar Fintech Summit (Summit) that took place in Doha on the 24th of August 2021, hosted a gathering of C-suite executives, leading industry experts, policy makers and government officials from all over the world. The day-long event included product showcases, panel discussions, exhibitor virtual booths, as well as live webinars and forum discussions on Fintech.  Why it Matters? Qatar is the region’s Fintech hub and has been ranked among the top 10 countries in the Global Islamic Fintech Index. Its Islamic Fintech market is f...

The National Mortgage Corporation of Malaysia, known as Cagamas, has launched aggregate issuances worth MYR 755 million, according to a company statement released on the 23rd of August 2021. The issuances comprise of MYR 25 million one-year Islamic Medium-Term Notes (IMTNs), MYR 345 million Islamic Commercial Papers (ICPs) with a three-month tenure, MYR 200 million one-year Floating Rate Notes (FRNs), MYR 85 million one-year Conventional Medium Term Notes, as well as MYR 100 million three-month Conventional Commercial Papers.  Why it Matters? ...

Indonesia-based media company Global Mediacom will offer Sustainable Sukuk Ijarah II Phase II 2021 amounting to IDR 300 billion, as part of its Sustainable Sukuk Ijarah II, which has a target fund of IDR 600 billion, according to local media reports. In addition, Global Mediacom will be offering Sustainable Bonds II Phase II 2021 worth IDR 700 billion as part of the issuance. Why it Matters?  Around 99.32% of the funds obtained from the public offering of Sukuk after reducing issuance costs ...

In line with its commitment to promoting ethical insurance in the country, Nigeria-based Noor Takaful has announced the distribution of cashback (surplus) payments amounting to over NGN 36 million to policyholders who did not make any claims.  Why it Matters?  Aminu Tukur, Vice Chairman at Noor Takaful, noted that the distribution of surplus to policyholders has continued to boost interest surrounding the Takaful market, with the number of participants growing daily. Muhtar Bakare, Chairman, Board of Directors at Noor Takaful, described the cashback to policyh...

The Indonesian Government through the Directorate General of Financing and Risk Management at the Ministry of Finance, is offering state Shariah securities – the retail Sukuk SR015 series – with a fixed yield of 5.10% per annum. Why it Matters?                                                                                       ...

S&P Global Ratings (S&P) has brought down Malaysia’s growth forecast to 3.2% in 2021 from its previous forecast of 4.1% in light of the economic conditions of the country at present.  Why it Matters? The adverse impacts of the COVID-19 pandemic and the prolonged restrictions imposed to control it have affected the Malaysian economy more seriously than initially predicted. The services sector has been severely affected contributing to a rise in unemployment rates to 4.8% in June 2021 from 4.5% in May 2021. S&...

At the Cabinet’s regular meeting held on the 18th of August 2021, at the Amiri Diwan, a draft law proposing the increment of the percentage of non-Qatari ownership of Qatar National Bank (QNB), Qatar Islamic Bank, Commercial Bank and Masraf Al Rayan to reach 100%, was approved. Why it Matters? This approval was made in accordance with Article 7 of Law No 1 of 2019 with the objective of regulating the investment of non-Qatari capital in economic activity. This is the latest amongst Qatar&rsq...

Maruf Onike Abdul-Azeez, Chief Missioner of Nasrul-Lahi-il Fatih Society of Nigeria (NASFAT), has said that the country needs to embrace Sukuk as a crucial source of funding. He noted Sukuk has been used to finance projects in the past, which, in turn, have aided the country’s development.  Why it Matters?  According to Nigeria’s Minster of Finance, the country was in need of USD 3 trillion to bridge its infrastructure gap over 30 years. Nigeria’s population and the rate of persons moving from rural to urban...