In a statement issued along with the 22nd report by Economic Stimulus Implementation and Coordination Unit Between National Agencies (LAKSANA) on the implementation of the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) and National Economic Recovery Plan (PENJANA), Malaysia’s Finance Minister, Tengku Zafrul highlighted some key projects that are anticipated to support Malaysia’s economic recovery.  According to Zafrul, COVID-19-related economic recovery efforts will be enhanced through various Budget 2021 engagements, with the Budget 2021&...

Ethis Group has launched Malaysia’s first fully Shariah-compliant equity crowdfunding platform, according to information shared by the company. Having received approval from the Securities Commission Malaysia, Ethis Malaysia will serve as a digital Stock Exchange, allowing Malaysian companies to raise funds via share issuances, whilst allowing investors to trade these shares on the platform, subsequently.  In a statement issued during the launch, the Chief Executive Officer of Ethis Malaysia, Mohamed Shehzad Islam, noted that Ethis Malaysia served to prioritise...

RAM Sustainability has assigned Environmental Benefit (EB) ratings to Cagamas Berhad’s (Cagamas) Proposed ASEAN Sustainability Bonds/Sustainable & Responsible Investment (SRI) Sukuk, to be issued under its MYR 60 billion Medium Term Notes (MTN) and Islamic MTN Programme (rated AAA/Stable by RAM Ratings).  Five green solutions under Cagamas’ Sustainability Bonds/SRI Sukuk Framework (the Framework) including renewable energy, energy efficiency, low-carbon transportation, green buildings as well as sustainable water and wastewater management have be...

Islamic banks and investors have expressed interest to invest in Halal food production in the Philippines once the Philippine Economic Zone Authority (PEZA) establishes specialised economic zones, according to PEZA Director General, Charito B. Plaza.  Speaking at a recent signing of a Memorandum of Understanding with Southern Philippines Development Authority (SPDA), Plaza revealed that several investor groups had expressed interest in the Halal sector and had requested the prioritization of Halal hubs and production zones, particularly in Mindanao, which has the greatest ...

Indonesian telecommunication services company, Mora Telematika Indonesia (Moratelindo), has announced the planned issuance of IDR 723 billion in its Sustainable Sukuk Ijarah I Phase III of 2020 (Sukuk Ijarah), which is part of the company’s IDR 3 trillion Sustainable Sukuk Ijarah I.  According to a prospectus issued on the 21st of September 2020, the Sukuk Ijarah will be offered in two series; Series A valued at IDR 208.25 billion carries a three-year tenure with instalment benefits of IDR 21.86 billion per year, whilst S...

The Government of Indonesia is hoping to boost exports of Halal products to members of the Organization of Islamic Cooperation (OIC), according to Finance Minister Sri Mulyani Indrawati.  Speaking at the Shariah Economy and Finance Research Forum (FREKS) of the Association of Indonesian Islamic Economy Experts held recently, Indrawati revealed that Indonesia can boost Halal product exports by taking advantage of its position as being a member of the OIC. According to local media reports, Indonesia’s Halal exports to OIC countries stood at USD 45 billion in 2018, making u...

Gross domestic product (GDP) for Brunei Darussalam (Brunei) at constant prices continued on its growth trajectory in 2020, with the second quarter of 2020 (2Q 2020) recording a 2.8% year-on-year (YoY) increase in GDP, according to data from Brunei’s Department of Economic Planning and Statistics (DEPS). This follows GDP growth of 2.4% YoY in the first quarter of 2020. The DEPS data showed an 8.1% YoY increase in the Non-Oil and Gas sector, a key contributor to Brunei’s GDP (53.2% of GDP in 2Q 2020), driven prim...

Shariah

TNB Northern Energy (TNB Northern) has received a ratings affirmation on its MYR 1.415 billion Sukuk at AAA-IS, from Malaysian Rating Corporation (MARC). The ratings have a Stable Outlook. TNB Northern is a funding vehicle of TNB Prai, which owns and operates a 1,071.43 megawatt gas turbine power plant in Penang, under a twenty-one-year power purchase agreement with Tenaga Nasional Berhad (TNB), serving as the off-taker. TNB Prai is a wholly-owned subsidiary of TNB.  The rating affirmation is equal to TNB’s AAA/stable corporate credit r...

Bank Rakyat has signed an agreement for a 30-year Sukuk Wakalah Programme (Sukuk) with a nominal value of MYR 10 billion on the 18th of September 2020, according to local media reports. The Sukuk, which is structured on the Shariah principles of Wakalah Bi Al-Istithmar, will be conducted through special-purpose company Imtiaz Sukuk II, with Maybank Investment Bank acting as principal advisor and lead arranger.  According to Datuk Rosman Mohamed, Chief Executive Officer at Bank Rakyat, the first issuance of the Sukuk will take place in the near future with an issue si...