The World Economy and Islamic Economics in the Time of COVID-19: Few Remarks & Observations

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Islamic Banking In India: A MythGharar, Halal, Islam, Islamic banking, Riba, Takaful, Zakat, Participation

Malaysian Rating Corporation Berhad (MARC) has assigned final ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad's (George Kent) proposed Islamic Commercial Papers (ICP) Programme worth MYR 100 million and Islamic Medium-Term Notes (IMTN) Programme worth MYR 500 million (Sukuk Wakalah Programmes), subject to a combined limit of MYR 500 million. The ratings outlook is Stable. On the 13th of January 2021, MARC assigned preliminary ratings to the Sukuk Wakalah Programmes, with MARC affirmin...

Indonesian palm oil and palm kernel producer, Sampoerna Agro (SGRO) has announced plans to issue securities worth IDR 569.5 billion on the 17th of March 2021, comprising of Phase II Sustainable Sukuk Ijarah I Year 2021 (Sukuk) amounting to IDR 394.89 billion and Sustainable Bond I Phase II Year 2021 (Sustainable Bonds) valued at IDR 174.62 billion, according to local media reports.  Why it matters?  The Sukuk is part of SGRO’s Sustainable Sukuk Ijarah I with a target fund of IDR 1 trillion, which is rated ‘idA-(sy)’ by Pemering...

The President of Indonesia, Joko Widodo (Jokowi) announced that several international organisations, including the International Monetary Fund (IMF), World Bank and Organisation for Economic Cooperation and Development (OECD), have forecast a growth of 4.5% for Indonesia’s economy in 2021. Why it matters? At the Consumer News and Business Channel (CNBC) Indonesia Economy Outlook forum held on the 25th of February 2021, Jokowi emphasised that Indonesia had the tools and resources in place to achieve this target...

International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank (IsDB) Group, has signed a USD 1.1 billion Annual Financing Plan 2021 with the Government of Pakistan. The trade financing agreement was signed by Noor Ahmed, Secretary, Economic Affairs Division of Pakistan and Hani Salem Sonbol, Chief Executive Officer of ITFC.  Why it matters? The financing provided through the facility will be utilised by Pakistan State Oil (PSO), Pak-Arab Refinery (PARCO) and Pakistan LNG (PLL) for the import of crude oil, refined petroleum produc...

Indonesia’s Ministry of Finance, via the Directorate General of Financing and Risk Management (DJPPR) will be offering Government Retail Sukuk Series SR-014 between the 26th of February 2021 and the 17th of March 2021. The SR-014 will be sold to individual investors online at a fixed annual yield of 5.47%.  Why it matters?  Proceeds of SR-014 will be used to support the Government of Indonesia’s 2021 State Budget (APBN), and finance the development of infrastructure projects, as well as expand the domestic investor base. The sale of SR-014, which i...

Moody’s Investors Service (Moody’s) has reported that the global Islamic finance industry (which includes Islamic banking, Sukuk, and Takaful) is expected to continue to grow into 2021. Having increased 14% year-on-year in 2019 to USD 2.88 trillion, as reported by the Islamic Finance Development Report 2020, Moody’s expects the global Islamic finance industry to reach USD 3.69 trillion by 2024 in terms of assets. Key factors contributing to this growth include robust demand, government support as well as the likelihood of increased mergers within the&nbs...

Alpha Circle’s Senior Sukuk Musharakah of AIS and Junior Sukuk Musharakah of BBBIS is now on MARCWatch Negative, according to the Malaysian Rating Corporation (MARC). Previously, on the 11th of February 2021, MARC downgraded Alpha Circle’s MYR 160 million Senior Sukuk Musharakah to AIS from AA-IS, whilst the MYR 55 million Junior Sukuk Musharakah was lowered to BBBIS from AIS. The ratings outlook is Negative.  Alpha Circle is a funding vehicle for NERS. NERS receives its payments based on the number of foreign workers permits issued or renewed (under a 12...