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Masraf Al Rayan Receives Shareholders’ Approval to Double Sukuk Issuance Programme to USD 4 Billion

Qatar-based Masraf Al Rayan (MAR) has received shareholders’ approval to double its Sukuk issuance programme size to a maximum of USD 4 billion from its current size of USD 2 billion on the 1st of March 2021, according to local media reports.  Why it matters?  The decision was based on the Board of Director’s recommendation to the General Assembly and the Central Bank of Qatar dated 14th of February 2021, which approved the increase size of the Sukuk issuance programme, provided that total issuances do not exceed 100% of the bank’s...

IM Insights | March 05, 2021

Masraf Al Rayan Receives Shareholders’ Approval to Double Sukuk Issuance Programme to USD 4 Billion

Masraf Al Rayan Receives Shareholders’ Approval to Double Sukuk Issuance Programme to USD 4 Billion

Qatar-based Masraf Al Rayan (MAR) has received shareholders’ approval to double its Sukuk issuance programme size to a maximum of USD 4 billion from its current size of USD 2 billion on the 1st of March 2021, according to local media reports.  Why it matters?  The decision was based on the Board of Director’s recommendation to the General Assembly and the Central Bank of Qatar dated 14th of February 2021, which approved the increase size of the Sukuk issuance programme, provided that total issuances do not exceed 100% of the bank’s...

IM Insights | March 05, 2021

Indonesian President Pushes for Collective Efforts with Trade Ministry to Achieve Economic Growth Target in 2021

Indonesian President Joko Widodo (Jokowi) is pushing for the country to achieve its economic growth target of 5% in 2021, compared to the 2.07% contraction seen in 2020. Jokowi added that although achievement of this target was not going to be easy, it was important to maintain optimism, with Jokowi urging the Ministry of Trade to step up efforts and set aside ‘normative ways of working’.  Why it matters? The President stated that the Ministry of Trade should issue creative and innovative new policies th...

IM Insights | March 05, 2021

Indonesian President Pushes for Collective Efforts with Trade Ministry to Achieve Economic Growth Target in 2021

Indonesian President Pushes for Collective Efforts with Trade Ministry to Achieve Economic Growth Target in 2021

Indonesian President Joko Widodo (Jokowi) is pushing for the country to achieve its economic growth target of 5% in 2021, compared to the 2.07% contraction seen in 2020. Jokowi added that although achievement of this target was not going to be easy, it was important to maintain optimism, with Jokowi urging the Ministry of Trade to step up efforts and set aside ‘normative ways of working’.  Why it matters? The President stated that the Ministry of Trade should issue creative and innovative new policies th...

IM Insights | March 05, 2021

RFI releases new report to help investors and financial institutions in Islamic markets navigate their financed emissions risks

The report identifies and quantifies the degree of financed emissions in different sectors of Indonesia’s financial systemFinanced emissions represent an unpriced cost for investees that will increasingly become a financial cost for companies, banks and investors alikeFinancial institutions, especially in Islamic markets, will have to manage their risk without undercutting economic and social objectives The RFI Foundation has released a new report highlighting the concentrations and broad interconnection of climate-related risks across Indonesia’s financial system. The rep...

Blake Goud | March 05, 2021

RFI releases new report to help investors and financial institutions in Islamic markets navigate their financed emissions risks

RFI releases new report to help investors and financial institutions in Islamic markets navigate their financed emissions risks

The report identifies and quantifies the degree of financed emissions in different sectors of Indonesia’s financial systemFinanced emissions represent an unpriced cost for investees that will increasingly become a financial cost for companies, banks and investors alikeFinancial institutions, especially in Islamic markets, will have to manage their risk without undercutting economic and social objectives The RFI Foundation has released a new report highlighting the concentrations and broad interconnection of climate-related risks across Indonesia’s financial system. The rep...

Blake Goud | March 05, 2021

Malaysia’s climate disclosure priorities signal an increasing responsibility for the financial sector on climate risk

Malaysia’s joint committee on climate change focuses on improving climate risk management and stress testing capacityThe use of a principles-based taxonomy is like to become more common to develop regionally a relevant climate risk responseGlobal efforts to define a ‘common ground’ taxonomy will be the basis for an explosion of taxonomies for which financial institutions will need to be prepared Malaysia’s Joint Committee on Climate Change (JC3) has set out its priorities for the year, which show significant strengthening of ambition to address some of the...

Blake Goud | March 05, 2021

Malaysia’s climate disclosure priorities signal an increasing responsibility for the financial sector on climate risk

Malaysia’s climate disclosure priorities signal an increasing responsibility for the financial sector on climate risk

Malaysia’s joint committee on climate change focuses on improving climate risk management and stress testing capacityThe use of a principles-based taxonomy is like to become more common to develop regionally a relevant climate risk responseGlobal efforts to define a ‘common ground’ taxonomy will be the basis for an explosion of taxonomies for which financial institutions will need to be prepared Malaysia’s Joint Committee on Climate Change (JC3) has set out its priorities for the year, which show significant strengthening of ambition to address some of the...

Blake Goud | March 05, 2021

Indonesia’s Halal Industry Eyeing Middle-Class Muslims; Stakeholders Asked to Boost Productivity: Vice President

Indonesia’s Halal industry is looking to tap into the vast market of middle-class Muslims with high awareness of the Halal issue, according to Ma’ruf Amin, Vice President of Indonesia. In addition, Amin appealed to all stakeholders in the Halal industry to boost productivity.  Why it matters?  Middle-class Muslims with high Halal awareness are important for the growth of the Halal industry, which includes Halal food, Halal fashion, Halal healthcare, Halal travel and more. Indonesia is a potential market for Shariah Economy and Finance, however, the...

IM Insights | March 05, 2021

Indonesia’s Halal Industry Eyeing Middle-Class Muslims; Stakeholders Asked to Boost Productivity: Vice President

Indonesia’s Halal Industry Eyeing Middle-Class Muslims; Stakeholders Asked to Boost Productivity: Vice President

Indonesia’s Halal industry is looking to tap into the vast market of middle-class Muslims with high awareness of the Halal issue, according to Ma’ruf Amin, Vice President of Indonesia. In addition, Amin appealed to all stakeholders in the Halal industry to boost productivity.  Why it matters?  Middle-class Muslims with high Halal awareness are important for the growth of the Halal industry, which includes Halal food, Halal fashion, Halal healthcare, Halal travel and more. Indonesia is a potential market for Shariah Economy and Finance, however, the...

IM Insights | March 05, 2021

Bank Negara Malaysia Maintains Overnight Policy Rate at 1.75% As Anticipated to Support Economic Growth

Bank Negara Malaysia (BNM) reported in a statement that it has maintained the overnight policy rate for Malaysia at 1.75%, adding that it expects an improvement in Malaysia’s economic growth. BNM highlighted that the current monetary policy was accommodative and appropriate and that it was committed towards using its policy mechanisms to create ‘enabling conditions for a sustainable economic recovery’. Why it matters? Latest economic indicators out of Malaysia suggest on-going consumer spending and improvements in external demand. This growth will fuel incr...

IM Insights | March 05, 2021

Bank Negara Malaysia Maintains Overnight Policy Rate at 1.75% As Anticipated to Support Economic Growth

Bank Negara Malaysia Maintains Overnight Policy Rate at 1.75% As Anticipated to Support Economic Growth

Bank Negara Malaysia (BNM) reported in a statement that it has maintained the overnight policy rate for Malaysia at 1.75%, adding that it expects an improvement in Malaysia’s economic growth. BNM highlighted that the current monetary policy was accommodative and appropriate and that it was committed towards using its policy mechanisms to create ‘enabling conditions for a sustainable economic recovery’. Why it matters? Latest economic indicators out of Malaysia suggest on-going consumer spending and improvements in external demand. This growth will fuel incr...

IM Insights | March 05, 2021

Gulf Islamic Investments Expands European Portfolio with USD 300 Million Acquisition in Paris

United Arab Emirates-based Gulf Islamic Investments (GII), a Shariah-compliant global financial services firm, announced its nearly USD 300 million acquisition of Altaïs Towers, a fully restructured commercial property in east of Paris, France.   Why it matters? This is GII’s largest real-estate acquisition and marks its first acquisition in Paris. This acquisition brings the total value of GII’s investments in Europe (including the United Kingdom) to nearly USD 800 million. M...

IM Insights | March 04, 2021

Gulf Islamic Investments Expands European Portfolio with USD 300 Million Acquisition in Paris

Gulf Islamic Investments Expands European Portfolio with USD 300 Million Acquisition in Paris

United Arab Emirates-based Gulf Islamic Investments (GII), a Shariah-compliant global financial services firm, announced its nearly USD 300 million acquisition of Altaïs Towers, a fully restructured commercial property in east of Paris, France.   Why it matters? This is GII’s largest real-estate acquisition and marks its first acquisition in Paris. This acquisition brings the total value of GII’s investments in Europe (including the United Kingdom) to nearly USD 800 million. M...

IM Insights | March 04, 2021

Bangladesh to See Its First and Largest Private Sector Asset-Backed Sukuk Istisna Issuance

Bangladesh is set to witness its largest ever issuance of Shariah-compliant asset backed Sukuk in the private sector. To be issued by the Bangladesh Export Import Company (Beximco), a multinational conglomerate, the BDT 30 billion Sukuk Istisna is subject to approval from the Bangladesh Securities and Exchange Commission (BSEC), according to a company filing with the Dhaka Stock Exchange (DSE) on 3rd of March 2021.  Why it matters? The funds from the issuance will go towards the construction of the solar projects of Tees...

IM Insights | March 04, 2021

Bangladesh to See Its First and Largest Private Sector Asset-Backed Sukuk Istisna Issuance

Bangladesh to See Its First and Largest Private Sector Asset-Backed Sukuk Istisna Issuance

Bangladesh is set to witness its largest ever issuance of Shariah-compliant asset backed Sukuk in the private sector. To be issued by the Bangladesh Export Import Company (Beximco), a multinational conglomerate, the BDT 30 billion Sukuk Istisna is subject to approval from the Bangladesh Securities and Exchange Commission (BSEC), according to a company filing with the Dhaka Stock Exchange (DSE) on 3rd of March 2021.  Why it matters? The funds from the issuance will go towards the construction of the solar projects of Tees...

IM Insights | March 04, 2021

Significant Improvements Underway in Four Areas of Indonesia’s Islamic Economics and Finance Sector: Vice President

Based on Presidential Decree Number 28 of 2020 concerning the National Islamic Finance Committee (KNEKS), the Vice President of Indonesia, Ma'ruf Amin, announced significant improvements in the country’s Islamic economics and finance sector. The key areas targeted for improvement are, the Halal product industry, the Islamic financial industry, Islamic social funds and the development as well as the growth of Shariah businesses.  Why it matters? Under the decree, Halal industrial e...

IM Insights | March 04, 2021

Significant Improvements Underway in Four Areas of Indonesia’s Islamic Economics and Finance Sector: Vice President

Significant Improvements Underway in Four Areas of Indonesia’s Islamic Economics and Finance Sector: Vice President

Based on Presidential Decree Number 28 of 2020 concerning the National Islamic Finance Committee (KNEKS), the Vice President of Indonesia, Ma'ruf Amin, announced significant improvements in the country’s Islamic economics and finance sector. The key areas targeted for improvement are, the Halal product industry, the Islamic financial industry, Islamic social funds and the development as well as the growth of Shariah businesses.  Why it matters? Under the decree, Halal industrial e...

IM Insights | March 04, 2021

Malaysia’s Fund Management Industry Gets New Investment Dimension Via BIMB’s Waqf Unit Trust Fund

BIMB Investment Management (BIMB Investment) launched the Makmur myWakaf Fund (MWF) on the 3rd of March 2021 as a tool for investors to direct a part of their investment returns towards Waqf purposes, in support of underprivileged communities in Malaysia. The fund generates income through a diversified portfolio of Shariah-compliant investments that are dispersed across different asset classes both locally and globally. All securities will go through sustainability as well as environmental,...

IM Insights | March 04, 2021

Malaysia’s Fund Management Industry Gets New Investment Dimension Via BIMB’s Waqf Unit Trust Fund

Malaysia’s Fund Management Industry Gets New Investment Dimension Via BIMB’s Waqf Unit Trust Fund

BIMB Investment Management (BIMB Investment) launched the Makmur myWakaf Fund (MWF) on the 3rd of March 2021 as a tool for investors to direct a part of their investment returns towards Waqf purposes, in support of underprivileged communities in Malaysia. The fund generates income through a diversified portfolio of Shariah-compliant investments that are dispersed across different asset classes both locally and globally. All securities will go through sustainability as well as environmental,...

IM Insights | March 04, 2021