The Indonesia Stock Exchange (IDX) has reported that Islamic shares dominated with 63% of total shares listed on the Indonesian capital market in August 2020, according to Inarno Djajadi, President Director of IDX, in a recent press statement released after virtually accepting the 2020 Best Islamic Capital Market Award from Global Islamic Finance Awards.  Djajadi noted that the IDX had obtained several achievements in the Islamic capital market industry, successfully recording growth amid the uncertainty brought about by the COVID-19 pandemic. According to Djajadi, c...

The Government of Pakistan has raised PKR 74.89 billion via the auction of Ijarah Sukuk with five-year variable and fixed rental rates through the State Bank of Pakistan (SBP), according to local media reports.  The five-year Government Ijarah Sukuk (GIS) received PKR 93.31 billion worth of bids for the Variable Rental Rate, out of which PKR 69.03 billion was accepted under competitive GIS, and PKR 97.00 million as non-competitive bids, resulting in a total of PKR 69.128 billion, local media reported.  In addition, local media stated that t...

Malaysia's Sukuk Prihatin, which was launched on the 18th of August 2020 as part of the Government of Malaysia’s National Economic Recovery Plan (Penjana), has been oversubscribed with a total subscription of more than MYR 666 million, upon closing of the subscription period on the 17th of September 2020, according to local media reports.  The subscription had surpassed the initial target issuance size of MYR 500 million, according to Tengku Datuk Seri Zafrul Abdul Aziz, Minister of Finance, who added that the Government had decided to...

Data from Qatar’s Planning and Statistics Authority revealed that the Consumer Price Index (CPI) for August 2020 came in at 96.19 points, which was 0.48% higher than the index in July 2020. However, the index was down 4.05% year-on-year (YoY). The month-on-month (MoM) increase in August 2020 was led by five main categories, recreation and culture (up 2.29% MoM), miscellaneous goods and services (up 2.02% MoM), food and beverages (up 1.93% MoM), education (up 1.58% MoM), as well as furniture and ho...

The  Malaysia Digital Economy Corporation (MDEC) is challenging the Fourth Industrial Revolution, by prioritising the digital economy. The focus is on empowering Malaysian’s with digital skills, facilitating digital-powered businesses, as well as driving digital investments, in what MDEC has termed as Malaysia 5.0. With 98.5% of all businesses (around 1 million) in Malaysia being Small, Medium Enterprises (SMEs) and two-thirds of these falling under the Micro-SME category, there is tremendous opportuni...

A recent report commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW) on the outlook for the Middle East, indicates that economies in the region could decline as much as 7.6% year-on-year (YoY) in 2020, much steeper than the ICAEW’s April 2020 estimate of 3.9% YoY.  According to the ICAEW, the outlook for non-oil economies across the Gulf Cooperation Council (GCC), that are highly dependent on tourism, remains challenging, given that travel restrictions are likely to be in effect for a while. Meanwhile, oil producing countries are deali...

Managing Liquidity and Profitability in Islamic Banks in Iraq - Case Study of the National Islamic Bank for the period 2010-2017Islamic banking, Mudaraba, Murabaha

Green Sukuk: Financing The Future to Sustainable EnvironmentMurabahah, Shariah, Sukuk, Wakalah, Zakat, Masih, Participation, Green Sukuk

Saudi Electric Company (SEC)’s Green Sukuk certificates have been assigned a final rating of A- by Fitch Ratings (Fitch). The final ratings are applicable to SEC’s USD 650 million Sukuk due 2025, as well as SEC’s USD 650 million Sukuk due 2030. Fitch notes that the rating is in line with SEC’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating of A-. The final rating also remains the same as SEC’s expected rating assigned by Fitch on the 9th of September 2020.  According to SEC’s Green Sukuk...

Emirates Islamic Bank (EIB) has sold USD 500 Million in Sukuk on the 16th of September 2020, according to a document released from one of the banks arranging the deal to media.  The Sukuk deal, which has a tenure of five years, received approximately USD 1.1 billion in orders and was priced at 150 basis points (bps) over mid-swaps, around 20 bps tighter than its initial marketing price, according to the document.  Media reported that Emirates NBD Capital, HSBC, the Islamic Corporation for the Development of the Private Sector, and Standard Chartered arra...