In the first quarter of 2021 (1Q 2021), Saudi Arabia has issued 478 new foreign investor licences; the highest number in a single quarter since its records started in 2005, according to the Ministry of Investment of Saudi Arabia (MISA). This is a 2.6% quarter-on-quarter growth and represents a 36% year-on-year growth, from the first quarter of 2020. Why it Matters? MISA states that many of the investor licenses have transformed into investments for Saudi Arabia. Irrespective of the challenging global environment, Saudi A...

United Arab Emirates (UAE)-based Ajman Bank has reported AED 61.9 million in consolidated net profit for the first half of the year 2021, reflecting a 44% year-on-year increase. This followed on from a 19% year-on-year increase in Ajman Bank’s net operating income which came in at AED 331.9 million for the first half of 2021. Why it Matters? Mohamed Amiri, Chief Executive Officer of Ajman Bank, noted solid performance in the second quarter of 2021, with net revenues showing improvement following...

In an effort to uplift the rural and peri-urban livelihoods in Gambia, its Ministry of Agriculture has signed a USD 3 million worth contractual agreement with two Micro Finance Institutions (MFIs). The two MFIs are Supersonicz Financial Limited and Gambia Teacher’s Union Islamic Cooperative Credit Union (GTU-ICCU).  Why it Matters? The contract seeks to uplift the productivity and resilience of productions systems, encourage entrepreneurship in small ruminant production/businesses and to help farmers with monies through ...

The Islamic Development Bank Institute (IsDBI) has called for nominations for the Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics for the year 2022 focusing on the category of knowledge contribution.  Why it Matters? The Prize aims to acknowledge, reward and encourage important contributors to Islamic economics that can potentially solve some of the significant development challenges of member countries of the IsDB. The first place winner will be awarded USD 50,000, USD 30,000 for the seco...

The Government of Indonesia has raised IDR 11 trillion from its biweekly auction of State Shariah Securities (SBSN), also known as State Sukuk, held on the 10th of August 2021, according to a statement issued by the Directorate General of Budget Financing and Risk Management (DJPPR), Ministry of Finance. The amount raised was slightly below the indicative target of IDR 12 trillion, and lower than the IDR 13.15 trillion raised in the previous auction held on the 27th of July 2021. Total incoming bids of the latest auction amounted to IDR 51.66 trillion, which...

Indonesia’s Ministry of Finance (MoF) has announced plans to issue retail green Sukuk in the domestic market in the fourth quarter of 2021 (4Q 2021), according to local media reports. This follows a favourable response from global market investors for the Government of Indonesia’s Global Green Sukuk issuance in June 2021.   Why it Matters?  According to Luky Alfirman, Director General of Budget Financing and Risk Management at the MoF, green Sukuk are a combination of investment instruments that promote green-based projects and...

For the first semester of 2021, Bank Syariah Indonesia (BSI) has distributed financing for micro, small and medium-sized enterprises (MSMEs) amounting to IDR 36.8 trillion. Why it Matters?  In order to increase the volume of finance distribution in the MSME sector, BSI joined hands with Shariah Savings and Loans Cooperative (KSPPS) BMT-UGT Nusantara. By collaborating with KSPPS BMT-UGT Nusantara, amongst the largest Shariah cooperatives in Indonesia, BSI supports the national Halal industry ecosystem. According to Kokok Alun Akbar, Directo...

H.E. Dr Muhammad Sulaiman Al Jasser has assumed office as the new President of Saudi Arabia-based Islamic Development Bank (IsDB) and Group Chairman on the 9th of August 2021, according to a statement issued by the IsDB. Al Jasser took over the role from H.E. Dr Bandar Hajjar, who completed his five-year term in office and handed over the responsibility during a farewell ceremony at the IsDB Group headquarters in Jeddah, Saudi Arabia, on the 8th of August 2021.  Why it Matters?  Speaking on his first day in office to IsDB Group staff, Al Jasser highl...

The General Authority for Competition (Competition Authority) in Saudi Arabia has expressed that it has no objection to the merger of the Arab Shield Cooperative Insurance Company (Arab Shield) with Al-Ahly Takaful Company (Al Ahly Takaful).  Why it Matters? Arab Shield has signed a binding merger agreement with the promise of buying all the shares of Al-Ahly Takaful’s shareholders through a share exchange offer, without cash consideration. To implement this, the Al-Daraa Insurance Company will ...

The International Islamic Financial Market (IIFM) launching the 10th anniversary edition of its Annual Sukuk Report in 2021, stated that the global Sukuk issuance of 2020 amounted to a record high of USD 174.6 billion and Malaysia had a market share of 45.1% of global Sukuk outstanding. Why it Matters? The domestic Sukuk market in Malaysia forms a strong platform for the Government of Malaysia and corporate entities to raise funds to finance diverse economic, business and infrastructure developments. According to Khalid Hamad Al H...