Moody’s Investors Service (Moody’s) has affirmed the Government of Qatar’s long-term issuer and foreign-currency senior unsecured debt ratings at Aa3, while maintaining a Stable Outlook, according to a recent statement.  Moody’s has also affirmed the senior unsecured rating of SoQ Sukuk A Q.S.C., a special purpose vehicle wholly owned by the Government of Qatar at Aa3, as well as Qatar’s long-term local-currency and foreign-currency bond and deposit ceilings at Aa3. Meanwhile, Qatar’s short-term foreign currency bond and deposit ceilings wer...

Speakers at an international workshop titled “The Issuance and Management of Sukuk in Bangladesh”, have stated that the Bangladesh regulators must work on establishing a comprehensive regulatory and legislative framework for the effective management of Sukuk in the country.  Bangladesh is set to launch its first Sukuk by December 2020, having worked on the deal for the past year and a half, in consultation with Islamic bankers and Shariah experts. Chief Guest at the event, Finance Secretary, Abdur Rouf Talukder, stated that a delegation includin...

Fitch Solutions has estimated that Indonesia’s household spending could contract 1.8% year-on-year (YoY) in 2020, warning that it could take longer than expected to recover to pre-pandemic levels. According to Fitch Solutions, demand side risks will further hinder the recovery in Indonesia’s consumer spending, with retail sales likely to see further contractions over the next few months, leading to a longer recovery.  A survey conducted by Bank Indonesia indicated that retail sales in the country declined 12.3% YoY in July 2020, lower than the 17.1% contr...

S&P Global Ratings (S&P Global) has stated that the global Islamic finance industry is on track to recover in 2021, following weak performance anticipated for 2020. According to S&P Global Analyst, Mohamed Damak, the global Sukuk market was set to experience robust growth in 2020, however, the outlook has been completely altered on account of COVID-19-imposed lockdowns and lower oil prices, that have impacted core Islamic finance countries, causing greater complexity and lower investor appetite.  According to S&P Global, the Islamic finance industry i...

Malaysia’s inflation, as indicated by the Consumer Price Index (CPI), was reported to decline 1.4% year-on-year (YoY) in August 2020, compared to the same period a year earlier, according to a statement released by the Department of Statistics Malaysia (DoSM) recently.  DoSM’s Chief Statistician, Dato Sri Mohd Uzir Mahidin, stated that the overall decline in CPI was attributed to a decrease in transport (-9.9% YoY), housing, water, electricity, gas and other fuels (-3.0% YoY), clothing and footwear (-0.6% YoY) as well as furnishings, household equipment a...

Alizz Islamic Bank (AIB) has completed its integration process with Oman Arab Bank (OAB)’s Al Yusr Islamic banking window (Al Yusr). The integration includes the transfer of Al Yusr’s assets, liabilities, customers, employees, and services to AIB’s operating system. The merger combines several synergies present between the two banks, by way of complementary products, customer segments, technologies, and systems.  This is the first such merger in Oman’s banking sector, which has created a larger Islamic banking entity that can compete effective...

An Empirical Analysis of the U.S Monetary Policy Impact on the Saudi Stock Market

Performance Comparisons of Islamic and Conventional Banks in Bangladesh, Malaysia and PakistanIslamic banking, Riba, Credit Risk, Mark-Up, Reserves

RAM Ratings (RAM) has reaffirmed the ratings of five tranches under Telekom Malaysia (TM)-sponsored property securitisation vehicle Menara ABS’ MYR 1 billion Sukuk Ijarah Programme (2008/2023), all with a Stable Outlook.  Menara ABS is a trust-owned, special-purpose vehicle incorporated by TM to facilitate securitisation of four properties, including Menara TM, Menara Celcom, TM Taman Desa and TM Cyberjaya (the Portfolio) through a Sukuk Ijarah agreement, according to RAM.  Menara ABS’ Tranche A Sukuk Ijarah ratings were reaffirmed&n...

Malaysian property developer Mah Sing Group (Mah Sing) has announced that it will be issuing up to MYR 100 million in unrated redeemable convertible Sukuk Murabahah over a tenure of seven years, according to a bourse filing.  The Sukuk Murabahah issuance is part of Mah Sing’s MYR 1 billion Islamic Medium-Term Note (IMTN) programme, which allows multiple issuances of rated, unrated, secured and/or unsecured IMTNs. The first issuance of this programme was launched as a MYR 600 million Sukuk Murabahah in March 2020...