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Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia-based Maharah Human Resources Company (Maharah) has obtained long-term Murabaha financings from Al Rajhi Bank and Saudi British Bank (SABB) amounting to SAR 362.5 Million (USD 96.52 million) to fund the company’s upcoming purchases, as per a statement by the stock exchange on the 21st of August 2022. Why it Matters? The obtained financings comprise of a long-term loan of SAR 181.5 million (USD 48.32 million) from Al Rajhi Bank and a loan of SAR 181 million (USD 48.19 million) from SABB, with a seven-year term that includes a two-year grace period. D...

IM Insights | August 22, 2022

Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia-based Maharah Human Resources Company (Maharah) has obtained long-term Murabaha financings from Al Rajhi Bank and Saudi British Bank (SABB) amounting to SAR 362.5 Million (USD 96.52 million) to fund the company’s upcoming purchases, as per a statement by the stock exchange on the 21st of August 2022. Why it Matters? The obtained financings comprise of a long-term loan of SAR 181.5 million (USD 48.32 million) from Al Rajhi Bank and a loan of SAR 181 million (USD 48.19 million) from SABB, with a seven-year term that includes a two-year grace period. D...

IM Insights | August 22, 2022

Saudi Arabia Sells USD 14.4 Billion Worth of Sukuk in 2022

Sukuk sales in the domestic market of the Kingdom of Saudi Arabia (Saudi Arabia) increased by 185% in 2022 compared to 2021, reaching USD 14.4 billion, or more than half of all domestic Sukuk sales worldwide, with the Saudi government alone selling more than 60% of it. Why it Matters? Saudi Arabia’s borrowing needs are still going strong despite the fact that it may record its first budget surplus in almost ten years as government revenues climb as a result of a surge in oil prices above USD 100. Project financing is protecting the Sukuk market from a worldwide recession th...

IM Insights | August 19, 2022

Saudi Arabia Sells USD 14.4 Billion Worth of Sukuk in 2022

Saudi Arabia Sells USD 14.4 Billion Worth of Sukuk in 2022

Sukuk sales in the domestic market of the Kingdom of Saudi Arabia (Saudi Arabia) increased by 185% in 2022 compared to 2021, reaching USD 14.4 billion, or more than half of all domestic Sukuk sales worldwide, with the Saudi government alone selling more than 60% of it. Why it Matters? Saudi Arabia’s borrowing needs are still going strong despite the fact that it may record its first budget surplus in almost ten years as government revenues climb as a result of a surge in oil prices above USD 100. Project financing is protecting the Sukuk market from a worldwide recession th...

IM Insights | August 19, 2022

Maxis Broadband Issues MYR 400 Million Worth of Sukuk under MYR 10 Billion Sukuk Programme in Two Series 

Malaysia-based Maxis Broadband Sdn Bhd (MBSB), the wholly-owned subsidiary of Maxis Berhad, has announced the issuance of two Sukuk series nominally valued at MYR 400 million (USD 89.5 million), under its MYR 10 billion (USD 2.2 billion) unrated Sukuk murabahah programme, as per a bourse filing on the 17th of August 2022. Why it Matters? Proceeds from the issuance will be used for working capital needs and capital expenditure of MBSB as well as to settle the purchase consideration relating to the acquisition of businesses and undertakings, inclusive of pertinent assets and liabil...

IM Insights | August 18, 2022

Maxis Broadband Issues MYR 400 Million Worth of Sukuk under MYR 10 Billion Sukuk Programme in Two Series 

Maxis Broadband Issues MYR 400 Million Worth of Sukuk under MYR 10 Billion Sukuk Programme in Two Series 

Malaysia-based Maxis Broadband Sdn Bhd (MBSB), the wholly-owned subsidiary of Maxis Berhad, has announced the issuance of two Sukuk series nominally valued at MYR 400 million (USD 89.5 million), under its MYR 10 billion (USD 2.2 billion) unrated Sukuk murabahah programme, as per a bourse filing on the 17th of August 2022. Why it Matters? Proceeds from the issuance will be used for working capital needs and capital expenditure of MBSB as well as to settle the purchase consideration relating to the acquisition of businesses and undertakings, inclusive of pertinent assets and liabil...

IM Insights | August 18, 2022

AAOIFI Set to Digitally Transform and Automate All its Operations Within 1 Year 

Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has taken the steps to fully digitalise and automate its internal and external operations and processes through employing several technologies, applications and services, to increase operational efficiency and make full use of its resources for a higher value proposition. Why it Matters? The project's goals include streamlining AAOIFI's standard-setting processes, enhancing the adoption rate and effectiveness of its standards’ implementation, and opening up new avenues for interac...

IM Insights | August 18, 2022

AAOIFI Set to Digitally Transform and Automate All its Operations Within 1 Year 

AAOIFI Set to Digitally Transform and Automate All its Operations Within 1 Year 

Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has taken the steps to fully digitalise and automate its internal and external operations and processes through employing several technologies, applications and services, to increase operational efficiency and make full use of its resources for a higher value proposition. Why it Matters? The project's goals include streamlining AAOIFI's standard-setting processes, enhancing the adoption rate and effectiveness of its standards’ implementation, and opening up new avenues for interac...

IM Insights | August 18, 2022

Nigeria's Jaiz Bank Receives Approval from Shareholders to Raise NGN 150 Billion Via Sukuk Issuance

Shareholders of Nigeria-based Jaiz Bank PLC (Jaiz Bank) have given unanimous approval to the bank’s Board of Directors to raise NGN 150 billion (USD 353.6 million) through the issuance of Sukuk or Equity from the Nigerian capital market, at the Bank’s 10th Annual General Meeting held in Abuja, Nigeria on the 16th of August 2022. Why it Matters? The Board of Directors, on the back of the shareholders’ endorsement, has been given the authority to take any and all actions necessary by the Central Bank of Nigeria, the Securities and Exchange Commission, th...

IM Insights | August 17, 2022

Nigeria's Jaiz Bank Receives Approval from Shareholders to Raise NGN 150 Billion Via Sukuk Issuance

Nigeria's Jaiz Bank Receives Approval from Shareholders to Raise NGN 150 Billion Via Sukuk Issuance

Shareholders of Nigeria-based Jaiz Bank PLC (Jaiz Bank) have given unanimous approval to the bank’s Board of Directors to raise NGN 150 billion (USD 353.6 million) through the issuance of Sukuk or Equity from the Nigerian capital market, at the Bank’s 10th Annual General Meeting held in Abuja, Nigeria on the 16th of August 2022. Why it Matters? The Board of Directors, on the back of the shareholders’ endorsement, has been given the authority to take any and all actions necessary by the Central Bank of Nigeria, the Securities and Exchange Commission, th...

IM Insights | August 17, 2022

ICD Extends USD 25 Million Line of Financing to Uzbekistan’s Agrobank to Support Private Sector Activities in the Country 

The Islamic Corporation for the Development of the Private Sector (ICD) and Uzbekistan-based Joint-Stock Commercial Bank (JSCB) Agrobank have announced the signing of a Shariah-compliant Line of Financing Agreement worth USD 25 Million, aimed at advancing Islamic finance, enhancing financial inclusion, and aiding the development of the private sector in the country. Why it Matters? The facility comes after three previous lines that were extended by the ICD to Agrobank in 2010, 2012, and 2018, totalling USD 21 million, which enabled the support of several...

IM Insights | August 16, 2022

ICD Extends USD 25 Million Line of Financing to Uzbekistan’s Agrobank to Support Private Sector Activities in the Country 

ICD Extends USD 25 Million Line of Financing to Uzbekistan’s Agrobank to Support Private Sector Activities in the Country 

The Islamic Corporation for the Development of the Private Sector (ICD) and Uzbekistan-based Joint-Stock Commercial Bank (JSCB) Agrobank have announced the signing of a Shariah-compliant Line of Financing Agreement worth USD 25 Million, aimed at advancing Islamic finance, enhancing financial inclusion, and aiding the development of the private sector in the country. Why it Matters? The facility comes after three previous lines that were extended by the ICD to Agrobank in 2010, 2012, and 2018, totalling USD 21 million, which enabled the support of several...

IM Insights | August 16, 2022

Pakistan Raises PKR 2 Trillion Via Government Ijara Sukuk to Date 

The government of Pakistan has raised PKR 2 trillion (USD 9.3 billion) to date through the issuance of Government Ijara Sukuk (GIS), since its first offering in 2008. Why it Matters? Pakistan has witnessed a shift towards the use of Sukuk instead of interest-based government bonds to raise funds as they were found to save billions for national coffers and significantly reduce government debt, while enabling the use of underlying assets repeatedly over time as needed. The country had raised up to PKR 936 billion (USD 4.3 billion) in funds through GIS issues from 2008 to 2017,...

IM Insights | August 15, 2022

Pakistan Raises PKR 2 Trillion Via Government Ijara Sukuk to Date 

Pakistan Raises PKR 2 Trillion Via Government Ijara Sukuk to Date 

The government of Pakistan has raised PKR 2 trillion (USD 9.3 billion) to date through the issuance of Government Ijara Sukuk (GIS), since its first offering in 2008. Why it Matters? Pakistan has witnessed a shift towards the use of Sukuk instead of interest-based government bonds to raise funds as they were found to save billions for national coffers and significantly reduce government debt, while enabling the use of underlying assets repeatedly over time as needed. The country had raised up to PKR 936 billion (USD 4.3 billion) in funds through GIS issues from 2008 to 2017,...

IM Insights | August 15, 2022

Indonesia’s Global Green Sukuk Issuance Reaches USD 5 Billion: Finance Minister 

The government of Indonesia has issued USD 5 billion worth of green Sukuk globally, as per a statement made by Sri Mulyani Indrawati, Indonesia’s Minister of Finance at the “LIKE IT: Sustain Habit in Investing, Invest in Sustainable Instruments” event held on the 12th of August 2022. Why it Matters? Indonesia is the largest issuer of green Sukuk and has been consistent in offering these instruments since 2018. The nation’s offerings amount to USD 5.5 billion in government issues and account for 54% of all green Sukuk offerings worldwide. These issuanc...

IM Insights | August 15, 2022

Indonesia’s Global Green Sukuk Issuance Reaches USD 5 Billion: Finance Minister 

Indonesia’s Global Green Sukuk Issuance Reaches USD 5 Billion: Finance Minister 

The government of Indonesia has issued USD 5 billion worth of green Sukuk globally, as per a statement made by Sri Mulyani Indrawati, Indonesia’s Minister of Finance at the “LIKE IT: Sustain Habit in Investing, Invest in Sustainable Instruments” event held on the 12th of August 2022. Why it Matters? Indonesia is the largest issuer of green Sukuk and has been consistent in offering these instruments since 2018. The nation’s offerings amount to USD 5.5 billion in government issues and account for 54% of all green Sukuk offerings worldwide. These issuanc...

IM Insights | August 15, 2022

Ethis Announces Launch of Super Angel Syndicate for Financing Islamic Startups 

Ethis Group (Ethis), Ethical and Islamic investment, and social finance platform operator, has announced the re-launch of its Ethis Super Angel (ESA), rebranded as the ESA Syndicate in 2022, as per a press release issued on the 10th of August 2022. Why it Matters? ESA Syndicate is a private group of global angel investors that makes investments in businesses that adhere to Shariah and have the potential to generate significant profits. It was first established as a network inside the Ethis community in 2020 and is by invitation only with over 50 angel investors activate...

IM Insights | August 12, 2022

Ethis Announces Launch of Super Angel Syndicate for Financing Islamic Startups 

Ethis Announces Launch of Super Angel Syndicate for Financing Islamic Startups 

Ethis Group (Ethis), Ethical and Islamic investment, and social finance platform operator, has announced the re-launch of its Ethis Super Angel (ESA), rebranded as the ESA Syndicate in 2022, as per a press release issued on the 10th of August 2022. Why it Matters? ESA Syndicate is a private group of global angel investors that makes investments in businesses that adhere to Shariah and have the potential to generate significant profits. It was first established as a network inside the Ethis community in 2020 and is by invitation only with over 50 angel investors activate...

IM Insights | August 12, 2022