PT Mora Telematics Indonesia (Moratelindo) has announced the planned issuance of IDR 500 billion in its Sustainable Sukuk Ijara I Phase IV 2021 (Sukuk Ijarah). According to an official prospectus from Moratelindo management released on the 16th of April 2021, the Sukuk Ijarah will be offered in two series; Series A valued at IDR 469.1 billion carries a three-year tenure with IDR 48.1 billion in returns per year, whilst Series B, which matures in five years, has a total value of IDR 30.9 billion, with IDR 3.4 billion in returns per year.   Why it Matter...

The financial institution and Sukuk ratings of Bank Islam Malaysia (Bank Islam) will not be impacted by BIMB Holdings’ (BIMB) plan to reorganize its financial holding company structure, according to RAM Ratings (RAM). Current Sukuk ratings of Bank Islam include A1/Stable rating on the MYR 1 billion Subordinated Sukuk Murabahah Programme (2015/2045), as well as AA3/Stable rating on the Senior Sukuk Murabahah and A1/Stable rating on the Subordinated Sukuk Murabahah of Bank Islam’s MYR 10 billion Sukuk Murabahah Programme (2018/-). These ratings...

London and Kuala Lumpur, 19 April 2021: IslamicMarkets Limited (“IslamicMarkets”) has announced today that HSBC Amanah Malaysia Berhad (“HSBC Amanah”) has inked an agreement to subscribe to IslamicMarkets Enterprise, as part of the bank’s capacity building efforts and culture of continuous learning.IslamicMarkets, the world's fastest growing platform for the $5 trillion global Islamic economy, offers a suite of solutions, leveraging on three core tools: IslamicMarkets IQ; IslamicMarkets Learning; and IM Messenger. These state-of-the-art applications provide unri...

Gulf Islamic Investments (GII), based in Dubai in the United Arab Emirates, has signed a deal that expands its United Kingdom (UK) real estate portfolio. The deal is valued at GBP 60 million, and the transaction, which is the third one by GII in the UK, raises the value of GII’s UK holdings by 46% to a figure of about GBP 250 million.  Why it Matters?  GII stated that this action is in line with its strategy to acquire high-quality real estate assets in developed markets. Chief Executive&nb...

According to a filing on the Saudi Stock Exchange (Tadawul), on the 15th of April 2021, Saudi Arabia-based Bank Albilad has completed a Sukuk issuance amounting to SAR 3 billion via private placement. The 3,000 Sukuk were offered at a value of SAR 1 million each and were domesticated SAR-denominated Tier-2 Sukuk. This Sukuk pay out a three-month SAIBOR return of 165 basis points. Why it Matters? The proceeds of this Sukuk issuance are to be used to expand Bank Albilad’s capital base and to expand its banking and finance activities.  Deta...

Four Islamic banking institutions, including Maybank Islamic, CIMB Islamic, RHB Islamic Bank and MBSB Bank, are involved in the Skim Cakna pilot project, which is a financing facility for companies obtaining Government contracts for the procurement of supplies and services from the 1st of March, 2021 to the 28th of February, 2022 in Malaysia.  Why it Matters? Speaking at a webinar organized by the Islamic Banking and Finance Institute Malaysia on the 16th of April 2021, Zakaria Osman, Business Development Manag...

The Government of Uganda has committed to establish an Islamic Bank in partnership with the Islamic Corporation for the Development of the Private Sector (ICD) and the Private Sector in Uganda. The announcement was affirmed by Matia Kasaija, Finance Minister of Uganda, who was addressing the inaugural meeting on the formation of the Islamic Bank in Uganda and the partnership offered by ICD, according to recent local media reports.  Why it Matters? The presence of an Islamic Bank in Uganda would contribute to enhancing financial inclusion, increase access of the Pri...

Effective the 16th of April 2021, Oman has introduced a 5% Value-Added Tax (VAT), making it the fourth Gulf Cooperation Council member country to implement this consumption tax. The UAE, Saudi Arabia and Bahrain preceded Oman.  Why it Matters?  Oman seeks to narrow its widening fiscal deficit using VAT income, as it expects to raise OMR 400 million (USD 1.04 billion) in 2021, which is equal to 1.5% of the country’s gross domestic product. A period of six months was given for Omanis to prepare for the implementation of VAT. It is possi...

VIS Reaffirms IFS Rating of Pak Qatar Family Takaful LimitedTakaful

The Relevance of the National Movement of Cash Waqf for Advancing the Sharia Economy in Modern Times in Indonesia: A Review StudyHadith, Halal, Islam, Islamic banking, Shariah, Ummah, Waqf, Zakat, Waqif