Latest News

Qatari Takaful Firms Record QAR 2.33 Billion in Assets in 2021 

Assets of Takaful companies in Qatar reached QAR 2.33 billion (USD 640 million) in 2021, compared to QAR 2.23 billion (USD 612 million) in 2020, recording a 4.4% growth year-on-year (YoY), according to the 5th Annual Report on Islamic Finance in Qatar by Bait Al Mashura Finance Consultations. Why it Matters? The Qatar Central Bank (QCB) oversees a number of insurance companies, including five independent Takaful firms, namely: Qatar Islamic Insurance Company, Alkhaleej Takaful Insurance Company, Damaan Islamic Insurance (Beema), General Takaful Company of the General Insurance an...

IM Insights | September 01, 2022

Qatari Takaful Firms Record QAR 2.33 Billion in Assets in 2021 

Qatari Takaful Firms Record QAR 2.33 Billion in Assets in 2021 

Assets of Takaful companies in Qatar reached QAR 2.33 billion (USD 640 million) in 2021, compared to QAR 2.23 billion (USD 612 million) in 2020, recording a 4.4% growth year-on-year (YoY), according to the 5th Annual Report on Islamic Finance in Qatar by Bait Al Mashura Finance Consultations. Why it Matters? The Qatar Central Bank (QCB) oversees a number of insurance companies, including five independent Takaful firms, namely: Qatar Islamic Insurance Company, Alkhaleej Takaful Insurance Company, Damaan Islamic Insurance (Beema), General Takaful Company of the General Insurance an...

IM Insights | September 01, 2022

Adapting ESG-linked Issuance for Emerging Market Sovereigns’ Net Zero Ambitions

Middle- and high-income emerging markets are unlikely to receive climate investment grants or debt-for-climate swaps, but still have an important role in climate mitigation. Issuance structures such as Environmental, Social, and Governance (ESG) -linked bonds could be adapted to suit the situation of these markets, especially those that need more than just ‘green’ investment to achieve Net Zero targets. An International Monetary Fund (IMF) report casts doubt on the prospects of significant ‘scale-up’ of debt-for-climate swaps compared to other forms of climate invest...

Blake Goud | August 30, 2022

Adapting ESG-linked Issuance for Emerging Market Sovereigns’ Net Zero Ambitions

Adapting ESG-linked Issuance for Emerging Market Sovereigns’ Net Zero Ambitions

Middle- and high-income emerging markets are unlikely to receive climate investment grants or debt-for-climate swaps, but still have an important role in climate mitigation. Issuance structures such as Environmental, Social, and Governance (ESG) -linked bonds could be adapted to suit the situation of these markets, especially those that need more than just ‘green’ investment to achieve Net Zero targets. An International Monetary Fund (IMF) report casts doubt on the prospects of significant ‘scale-up’ of debt-for-climate swaps compared to other forms of climate invest...

Blake Goud | August 30, 2022

United Kingdom’s Al Rayan Closes its Last Retail Banking Location in the Country

Al Rayan, the largest and oldest fully-fledged Islamic bank in the United Kingdom (UK), has closed its last retail banking branch in the country located at Edgware Road on the 3rd of August 2022, and now only operates one branch for customers with high and ultra-high net worths, according to a report in Salaam Gateway.Why it Matters? This branch's closing comes following the steady closure of other retail branches of Al Rayan over the previous few years. The decision was reached by the bank as the demand for branch services and client numbers in the UK continued to fall, while custome...

IM Insights | August 30, 2022

United Kingdom’s Al Rayan Closes its Last Retail Banking Location in the Country

United Kingdom’s Al Rayan Closes its Last Retail Banking Location in the Country

Al Rayan, the largest and oldest fully-fledged Islamic bank in the United Kingdom (UK), has closed its last retail banking branch in the country located at Edgware Road on the 3rd of August 2022, and now only operates one branch for customers with high and ultra-high net worths, according to a report in Salaam Gateway.Why it Matters? This branch's closing comes following the steady closure of other retail branches of Al Rayan over the previous few years. The decision was reached by the bank as the demand for branch services and client numbers in the UK continued to fall, while custome...

IM Insights | August 30, 2022

Saudi National Bank Offers Additional SAR-denominated Tier 1 Sukuk 

Saudi National Bank (SNB) has commenced the issuance of its Additional Tier 1 Sukuk, denominated in Saudi riyals on the 28th of August 2022, as per as a stock exchange filing, in efforts to increase its capital base. Why it Matters? Earlier in August 2022, SNB had announced its intention to offer the Sukuk to qualified investors in Saudi Arabia. The size and offer price of the Sukuk are yet to be determined based on the conditions of the market and the offering is anticipated to end on the 31st of December 2022. A minimum of SAR 1 million (USD 266,000) will be subscribed to...

IM Insights | August 29, 2022

Saudi National Bank Offers Additional SAR-denominated Tier 1 Sukuk 

Saudi National Bank Offers Additional SAR-denominated Tier 1 Sukuk 

Saudi National Bank (SNB) has commenced the issuance of its Additional Tier 1 Sukuk, denominated in Saudi riyals on the 28th of August 2022, as per as a stock exchange filing, in efforts to increase its capital base. Why it Matters? Earlier in August 2022, SNB had announced its intention to offer the Sukuk to qualified investors in Saudi Arabia. The size and offer price of the Sukuk are yet to be determined based on the conditions of the market and the offering is anticipated to end on the 31st of December 2022. A minimum of SAR 1 million (USD 266,000) will be subscribed to...

IM Insights | August 29, 2022

Nigeria’s TAJBank Kick-starts Country’s First Private Sector Sukuk Offering Worth NGN 100 Billion 

Nigeria-based TAJBank Limited (TAJBank) has commenced the issuance of NGN 100 billion (USD 236 million) worth of Sukuk, the country’s first private sector Sukuk offering, after the signing of the transaction documents which took place at the bank’s headquarters, in Abuja on the 25th of August 2022.  Why it Matters?   All necessary regulatory approvals have been acquired by TAJBank to launch the offering to the general public and the Sukuk will be listed on the Nigerian Stock Exchange (NSE). According to the bank’s Managing Director and Chief...

IM Insights | August 29, 2022

Nigeria’s TAJBank Kick-starts Country’s First Private Sector Sukuk Offering Worth NGN 100 Billion 

Nigeria’s TAJBank Kick-starts Country’s First Private Sector Sukuk Offering Worth NGN 100 Billion 

Nigeria-based TAJBank Limited (TAJBank) has commenced the issuance of NGN 100 billion (USD 236 million) worth of Sukuk, the country’s first private sector Sukuk offering, after the signing of the transaction documents which took place at the bank’s headquarters, in Abuja on the 25th of August 2022.  Why it Matters?   All necessary regulatory approvals have been acquired by TAJBank to launch the offering to the general public and the Sukuk will be listed on the Nigerian Stock Exchange (NSE). According to the bank’s Managing Director and Chief...

IM Insights | August 29, 2022

Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022

The Islamic banking volume in Egypt has witnessed an EGP 52.8 billion (USD 2.8 billion) increase to reach EGP 443 billion (USD 23.38 billon) by the end of June 2022, recording a 13.5% growth rate from June 2021 and representing about 5% of the country’s banking market size as a whole, according to the President of the Egyptian Association for Islamic Finance, Mohamed Al-Beltagy.  Why it Matters? The Egyptian banking sector consists of 14 banks that are licenced by the Central Bank of Egypt (CBE) to offer Islamic banking products. This includes 11 banks with Islamic bra...

IM Insights | August 26, 2022

Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022

Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022

The Islamic banking volume in Egypt has witnessed an EGP 52.8 billion (USD 2.8 billion) increase to reach EGP 443 billion (USD 23.38 billon) by the end of June 2022, recording a 13.5% growth rate from June 2021 and representing about 5% of the country’s banking market size as a whole, according to the President of the Egyptian Association for Islamic Finance, Mohamed Al-Beltagy.  Why it Matters? The Egyptian banking sector consists of 14 banks that are licenced by the Central Bank of Egypt (CBE) to offer Islamic banking products. This includes 11 banks with Islamic bra...

IM Insights | August 26, 2022

Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Bank Islam Malaysia Berhad (Bank Islam) has announced the issuance of its maiden MYR 500 million (USD 111.8 million) Additional Tier-1 Capital Sukuk Wakalah, under a MYR 5 billion (USD 1.1 billion) nominally-valued Sukuk Wakalah programme, and based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 24th of August 2022. Why it Matters? The offering has a perpetual tenure that is non-callable for five years and is set to qualify as Bank Islam’s Tier 1 regulatory capital, in accordance with the Capital Adequacy Framework for Islamic Banks set by Bank Negar...

IM Insights | August 26, 2022

Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Bank Islam Malaysia Berhad (Bank Islam) has announced the issuance of its maiden MYR 500 million (USD 111.8 million) Additional Tier-1 Capital Sukuk Wakalah, under a MYR 5 billion (USD 1.1 billion) nominally-valued Sukuk Wakalah programme, and based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 24th of August 2022. Why it Matters? The offering has a perpetual tenure that is non-callable for five years and is set to qualify as Bank Islam’s Tier 1 regulatory capital, in accordance with the Capital Adequacy Framework for Islamic Banks set by Bank Negar...

IM Insights | August 26, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 3.09 Billion SAR-denominated Sukuk Issuance in Three Tranches    

Saudi Arabia’s National Debt Management Center (NDMC) has announced the closure of a SAR 3.09 billion (USD 824 million) SAR-denominated Sukuk issuance, under the Saudi Arabian Government SAR-denominated Sukuk Programme on the 23rd of August 2022. Why it Matters? The Sukuk received total bids of about SAR 5.08 billion (USD 1.4 billion). Three tranches made up the offering; the first tranche, worth SAR 1.69 billion (USD 450 million), with maturity expected in 2027, the second, worth SAR 1.3 billion (USD 346 million), maturing in 2030, and the third tranche, wor...

IM Insights | August 25, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 3.09 Billion SAR-denominated Sukuk Issuance in Three Tranches    

Saudi Arabia’s National Debt Management Center Closes SAR 3.09 Billion SAR-denominated Sukuk Issuance in Three Tranches    

Saudi Arabia’s National Debt Management Center (NDMC) has announced the closure of a SAR 3.09 billion (USD 824 million) SAR-denominated Sukuk issuance, under the Saudi Arabian Government SAR-denominated Sukuk Programme on the 23rd of August 2022. Why it Matters? The Sukuk received total bids of about SAR 5.08 billion (USD 1.4 billion). Three tranches made up the offering; the first tranche, worth SAR 1.69 billion (USD 450 million), with maturity expected in 2027, the second, worth SAR 1.3 billion (USD 346 million), maturing in 2030, and the third tranche, wor...

IM Insights | August 25, 2022

Indonesia’s XL Axiata Offers IDR 1.5 Trillion Sukuk Ijarah III Phase I 2022 in Four Series 

Indonesia-based PT XL Axiata Tbk (XL Axiata) has announced the issuance of IDR 1.5 trillion (USD 334 billion) Sustainability Sukuk Ijarah III Phase I 2022 in four series, namely Series A, Series B, Series C, and Series D, with tenors of three, five, seven and ten years for each series, as per a statement to the Indonesia Stock Exchange (IDX) on the 23rd of August 2022,  Why it Matters? Proceeds from the Sukuk will be used by XL Axiata to fund its capital expenditures for network expansion, capacity development, and service quality enhancement. The Sukuk are set to be issued...

IM Insights | August 24, 2022

Indonesia’s XL Axiata Offers IDR 1.5 Trillion Sukuk Ijarah III Phase I 2022 in Four Series 

Indonesia’s XL Axiata Offers IDR 1.5 Trillion Sukuk Ijarah III Phase I 2022 in Four Series 

Indonesia-based PT XL Axiata Tbk (XL Axiata) has announced the issuance of IDR 1.5 trillion (USD 334 billion) Sustainability Sukuk Ijarah III Phase I 2022 in four series, namely Series A, Series B, Series C, and Series D, with tenors of three, five, seven and ten years for each series, as per a statement to the Indonesia Stock Exchange (IDX) on the 23rd of August 2022,  Why it Matters? Proceeds from the Sukuk will be used by XL Axiata to fund its capital expenditures for network expansion, capacity development, and service quality enhancement. The Sukuk are set to be issued...

IM Insights | August 24, 2022

Securities Commission Malaysia Expands its SRI Sukuk and Bond Grant Scheme to Drive Sustainable Finance

The Securities Commission Malaysia (SC) has announced that it has expanded its Sustainable and Responsible Investment (SRI) Sukuk and Bond Grant Scheme (established in 2018 and formerly known as Green SRI Sukuk Grant Scheme) to assist businesses in raising Sukuk to satisfy their needs for sustainable financing, as per a press release issued on the 23rd of August 2022. Why it Matters? Through the expansion, the grant is now applicable to SRI-linked Sukuk issued under the SRI-linked Sukuk Framework established by the SC in June 2022.  This expansion fits into the Capital...

IM Insights | August 24, 2022

Securities Commission Malaysia Expands its SRI Sukuk and Bond Grant Scheme to Drive Sustainable Finance

Securities Commission Malaysia Expands its SRI Sukuk and Bond Grant Scheme to Drive Sustainable Finance

The Securities Commission Malaysia (SC) has announced that it has expanded its Sustainable and Responsible Investment (SRI) Sukuk and Bond Grant Scheme (established in 2018 and formerly known as Green SRI Sukuk Grant Scheme) to assist businesses in raising Sukuk to satisfy their needs for sustainable financing, as per a press release issued on the 23rd of August 2022. Why it Matters? Through the expansion, the grant is now applicable to SRI-linked Sukuk issued under the SRI-linked Sukuk Framework established by the SC in June 2022.  This expansion fits into the Capital...

IM Insights | August 24, 2022