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UAE Sukuk Issuance Sees a 76% Increase in the First Quarter of 2022 Despite Rise in Oil Prices

Sukuk issuances in the United Arab Emirates (UAE) witnessed a 76% increase to USD 1.25 billion globally at the end of the first quarter of 2022 (1Q 2022), compared to USD 710 million at the end of the first quarter of 2021 (1Q 2021), according to Bashar Al-Natoor, Global Head of Islamic Finance at Fitch Ratings. Why it Matters?  The rise in oil prices has led to a decline in new financing needs. However, governments and institutions continue to issue Sukuk, despite the abundance of liquidity, to diversify financing sources and maintain activity in the market. Despite the ris...

IM Insights | May 09, 2022

UAE Sukuk Issuance Sees a 76% Increase in the First Quarter of 2022 Despite Rise in Oil Prices

UAE Sukuk Issuance Sees a 76% Increase in the First Quarter of 2022 Despite Rise in Oil Prices

Sukuk issuances in the United Arab Emirates (UAE) witnessed a 76% increase to USD 1.25 billion globally at the end of the first quarter of 2022 (1Q 2022), compared to USD 710 million at the end of the first quarter of 2021 (1Q 2021), according to Bashar Al-Natoor, Global Head of Islamic Finance at Fitch Ratings. Why it Matters?  The rise in oil prices has led to a decline in new financing needs. However, governments and institutions continue to issue Sukuk, despite the abundance of liquidity, to diversify financing sources and maintain activity in the market. Despite the ris...

IM Insights | May 09, 2022

Abu Dhabi Islamic Bank to Establish Asset Management-Focused Entity 

Abu Dhabi Islamic Bank (ADIB) announced plans to set up a company that will be predominantly focused on asset management and is looking for partners as it intends to soon introduce it to the market, according to ADIB’s Group Chief Financial Officer, Mohamed Abdel Bary, on the 28th of April 2022.  Why it Matters?  The announcement comes as ADIB continues to look for organic and inorganic ways to expand its banking business beyond the traditional mergers and acquisitions (M&A). Due to the congested market and restricted expansion in the United Arab Emirates...

IM Insights | May 06, 2022

Abu Dhabi Islamic Bank to Establish Asset Management-Focused Entity 

Abu Dhabi Islamic Bank to Establish Asset Management-Focused Entity 

Abu Dhabi Islamic Bank (ADIB) announced plans to set up a company that will be predominantly focused on asset management and is looking for partners as it intends to soon introduce it to the market, according to ADIB’s Group Chief Financial Officer, Mohamed Abdel Bary, on the 28th of April 2022.  Why it Matters?  The announcement comes as ADIB continues to look for organic and inorganic ways to expand its banking business beyond the traditional mergers and acquisitions (M&A). Due to the congested market and restricted expansion in the United Arab Emirates...

IM Insights | May 06, 2022

Islamic Development Bank Issues USD 1.6 Billion 5-Year Sukuk, First Offering of 2022

The Islamic Development Bank (IsDB) has announced the sale of USD 1.6 billion 5-year Sukuk under its USD 25 billion Trust Certificate Issuance Programme on the 21st of April 2022. Why it Matters? The issuance marks IsDB’s first public Sukuk issuance of 2022 as well as its first public Sukuk issuance based on the Secured Overnight Financing Rate (SOFR) Mid-Swap benchmark. The Sukuk proceeds will be used to fund initiatives in IsDB member countries that address poverty alleviation, human development, sustainable agriculture, transportation, education, health and water infrast...

IM Insights | May 05, 2022

Islamic Development Bank Issues USD 1.6 Billion 5-Year Sukuk, First Offering of 2022

Islamic Development Bank Issues USD 1.6 Billion 5-Year Sukuk, First Offering of 2022

The Islamic Development Bank (IsDB) has announced the sale of USD 1.6 billion 5-year Sukuk under its USD 25 billion Trust Certificate Issuance Programme on the 21st of April 2022. Why it Matters? The issuance marks IsDB’s first public Sukuk issuance of 2022 as well as its first public Sukuk issuance based on the Secured Overnight Financing Rate (SOFR) Mid-Swap benchmark. The Sukuk proceeds will be used to fund initiatives in IsDB member countries that address poverty alleviation, human development, sustainable agriculture, transportation, education, health and water infrast...

IM Insights | May 05, 2022

Saudi’s Alinma Bank Announces its Financial Results for the First Quarter of 2022, Recording a 29% Net Profit Increase 

Saudi-based Alinma Bank has reported a 29% increase in net profit for the first quarter of 2022 (1Q 2022) from SAR 641.8 million (171.1 million) in the first quarter of 2021 (1Q 2021) to SAR 824.7 million (USD 219.86 million), coupled with a 33.2% quarterly growth from SAR 619.13 million (USD 165.06 million) in the fourth quarter of 2021 (4Q 2021). Why it Matters? The positive results witnessed by the bank are attributed to total operating income rising 12.5%, as a decrease in fee income triggered an increase in net financing and investment income, FVIS investment income, exchang...

IM Insights | April 29, 2022

Saudi’s Alinma Bank Announces its Financial Results for the First Quarter of 2022, Recording a 29% Net Profit Increase 

Saudi’s Alinma Bank Announces its Financial Results for the First Quarter of 2022, Recording a 29% Net Profit Increase 

Saudi-based Alinma Bank has reported a 29% increase in net profit for the first quarter of 2022 (1Q 2022) from SAR 641.8 million (171.1 million) in the first quarter of 2021 (1Q 2021) to SAR 824.7 million (USD 219.86 million), coupled with a 33.2% quarterly growth from SAR 619.13 million (USD 165.06 million) in the fourth quarter of 2021 (4Q 2021). Why it Matters? The positive results witnessed by the bank are attributed to total operating income rising 12.5%, as a decrease in fee income triggered an increase in net financing and investment income, FVIS investment income, exchang...

IM Insights | April 29, 2022

Qatar First Bank Records Net Profit of QAR 21 Million in the First Quarter of 2022 

Qatar First Bank (QFB) has announced its financial results for the first quarter of 2022 (1Q 2022), recording QAR 21 million (USD 5.8 million) in net profit attributable to shareholders, which represents a 2.3% rise from QAR 20.6 million (USD 5.6 million) in the first quarter of 2021 (1Q 2021), as stated by the bank on the 27th of April 2022. Why it Matters? Through an investment strategy that is strong and more sustainable and via Shariah-compliant investments, QFB continues to expand its global reach, allowing local investors better access to the United States (US) real estate...

IM Insights | April 29, 2022

Qatar First Bank Records Net Profit of QAR 21 Million in the First Quarter of 2022 

Qatar First Bank Records Net Profit of QAR 21 Million in the First Quarter of 2022 

Qatar First Bank (QFB) has announced its financial results for the first quarter of 2022 (1Q 2022), recording QAR 21 million (USD 5.8 million) in net profit attributable to shareholders, which represents a 2.3% rise from QAR 20.6 million (USD 5.6 million) in the first quarter of 2021 (1Q 2021), as stated by the bank on the 27th of April 2022. Why it Matters? Through an investment strategy that is strong and more sustainable and via Shariah-compliant investments, QFB continues to expand its global reach, allowing local investors better access to the United States (US) real estate...

IM Insights | April 29, 2022

Dubai Islamic Bank Sees 58% Increase in Net Profit Year-on-Year in the First Quarter of 2022

Dubai Islamic Bank (DIB) has announced its financial results for the first quarter of 2022 (1Q 2022), recording a 58% increase in net profit year-on-year (YoY) from AED 853 million (USD 232.2 million) in 2021 to AED 1.34 billion (USD 364.8 million), in a statement made by the lender on the 27th of April to the Dubai Financial Market. Why it Matters? The positive results come from lower impairments and stronger top-line growth. Impairment losses decreased 44% YoY to AED 417 million (USD 113.5 million) compared to AED 751 million (USD 204.4 million) in the previous year, displaying...

IM Insights | April 28, 2022

Dubai Islamic Bank Sees 58% Increase in Net Profit Year-on-Year in the First Quarter of 2022

Dubai Islamic Bank Sees 58% Increase in Net Profit Year-on-Year in the First Quarter of 2022

Dubai Islamic Bank (DIB) has announced its financial results for the first quarter of 2022 (1Q 2022), recording a 58% increase in net profit year-on-year (YoY) from AED 853 million (USD 232.2 million) in 2021 to AED 1.34 billion (USD 364.8 million), in a statement made by the lender on the 27th of April to the Dubai Financial Market. Why it Matters? The positive results come from lower impairments and stronger top-line growth. Impairment losses decreased 44% YoY to AED 417 million (USD 113.5 million) compared to AED 751 million (USD 204.4 million) in the previous year, displaying...

IM Insights | April 28, 2022

Malaysia Airports Holdings Offers MYR 800 Million Senior Sukuk Wakalah, Second Issuance under its Sukuk Wakalah Programme

Malaysia Airports Holdings Bhd (MAHB) has announced the second issuance under its MYR 5 billion (USD 1.1 billion) Sukuk Wakalah Programme, offering Senior Sukuk Wakalah of MYR 800 million (USD 183.5 million) in two tranches, a three-year MYR 500 million (USD 114.6 million) offering with a 3.79% yearly distribution rate and a five-year MYR 300 million (USD 68.8 million) offering at a 3.98% rate, as per a filing made with Bursa Malaysia on the 27th of April 2022. Why it Matters?  The Sukuk received adequate demand, seeing a final bid-to-cover ratio of more than 3.5 times the final...

IM Insights | April 28, 2022

Malaysia Airports Holdings Offers MYR 800 Million Senior Sukuk Wakalah, Second Issuance under its Sukuk Wakalah Programme

Malaysia Airports Holdings Offers MYR 800 Million Senior Sukuk Wakalah, Second Issuance under its Sukuk Wakalah Programme

Malaysia Airports Holdings Bhd (MAHB) has announced the second issuance under its MYR 5 billion (USD 1.1 billion) Sukuk Wakalah Programme, offering Senior Sukuk Wakalah of MYR 800 million (USD 183.5 million) in two tranches, a three-year MYR 500 million (USD 114.6 million) offering with a 3.79% yearly distribution rate and a five-year MYR 300 million (USD 68.8 million) offering at a 3.98% rate, as per a filing made with Bursa Malaysia on the 27th of April 2022. Why it Matters?  The Sukuk received adequate demand, seeing a final bid-to-cover ratio of more than 3.5 times the final...

IM Insights | April 28, 2022

Abu Dhabi Islamic Bank Records 18% Increase in Net Income Due to Revenue Climb and Lower Impairment Charges

Abu Dhabi Islamic Bank recorded profits of AED 715 million (USD 194.8 million) in the first quarter of 2022 (1Q 2022), an 18% increase year-on-year (YoY) from AED 608 million (USD 165.5 million) in 2021, as per a statement made to the Abu Dhabi Securities Exchange on the 27th of April 2022. Why it Matters? The recorded growth is attributed to cost controls that resulted in a climb in revenue coupled with lower provisions for loan losses driven by economic recovery in the United Arab Emirates (UAE). Despite global geopolitical headwinds and pandemic-related uncertainty, the UAE’s econ...

IM Insights | April 28, 2022

Abu Dhabi Islamic Bank Records 18% Increase in Net Income Due to Revenue Climb and Lower Impairment Charges

Abu Dhabi Islamic Bank Records 18% Increase in Net Income Due to Revenue Climb and Lower Impairment Charges

Abu Dhabi Islamic Bank recorded profits of AED 715 million (USD 194.8 million) in the first quarter of 2022 (1Q 2022), an 18% increase year-on-year (YoY) from AED 608 million (USD 165.5 million) in 2021, as per a statement made to the Abu Dhabi Securities Exchange on the 27th of April 2022. Why it Matters? The recorded growth is attributed to cost controls that resulted in a climb in revenue coupled with lower provisions for loan losses driven by economic recovery in the United Arab Emirates (UAE). Despite global geopolitical headwinds and pandemic-related uncertainty, the UAE’s econ...

IM Insights | April 28, 2022

Saudi’s Bank AlJazira Sees 17% Rise in Net Profit in First Quarter of 2022

Riyadh-based Bank Aljazira recorded net profits of SAR 374.9 million (USD 99.9 million) in the first quarter of 2022 (1Q 2022), seeing a 17% increase year-on-year (YoY) compared to SAR 321.9 million (USD 85.8 million) in the first quarter of 2021 (1Q 2021) and a 64% quarterly rise from SAR 229 million (USD 61 million) in the fourth quarter of 2021 (4Q 2021), according to a bourse filing on the 26th of April 2022.  Why it Matters? The positive performance is attributed to net impairment charges for financing and other financial assets falling by 38% and operating income witne...

IM Insights | April 27, 2022

Saudi’s Bank AlJazira Sees 17% Rise in Net Profit in First Quarter of 2022

Saudi’s Bank AlJazira Sees 17% Rise in Net Profit in First Quarter of 2022

Riyadh-based Bank Aljazira recorded net profits of SAR 374.9 million (USD 99.9 million) in the first quarter of 2022 (1Q 2022), seeing a 17% increase year-on-year (YoY) compared to SAR 321.9 million (USD 85.8 million) in the first quarter of 2021 (1Q 2021) and a 64% quarterly rise from SAR 229 million (USD 61 million) in the fourth quarter of 2021 (4Q 2021), according to a bourse filing on the 26th of April 2022.  Why it Matters? The positive performance is attributed to net impairment charges for financing and other financial assets falling by 38% and operating income witne...

IM Insights | April 27, 2022

Saudi Islamic Finance Assets Approximate USD 800 Billion: Saudi Central Bank

The Kingdom of Saudi Arabia’s (KSA) Islamic financial industry currently has total assets of nearly SAR 3 trillion (USD 799.8 billion), representing 28% of the total global Islamic financial assets, according to the Deputy Governor for Research and International Affairs at the Saudi Central Bank (SAMA), Fahad Abdullah Al-Dossari, in a seminar on the 25th of April 2022. Why it Matters?  The global Islamic finance industry has expanded today, seeing its assets approximating USD 2.7 trillion and achieving annual growth of more than 10%. The Islamic banking sector makes up...

IM Insights | April 27, 2022

Saudi Islamic Finance Assets Approximate USD 800 Billion: Saudi Central Bank

Saudi Islamic Finance Assets Approximate USD 800 Billion: Saudi Central Bank

The Kingdom of Saudi Arabia’s (KSA) Islamic financial industry currently has total assets of nearly SAR 3 trillion (USD 799.8 billion), representing 28% of the total global Islamic financial assets, according to the Deputy Governor for Research and International Affairs at the Saudi Central Bank (SAMA), Fahad Abdullah Al-Dossari, in a seminar on the 25th of April 2022. Why it Matters?  The global Islamic finance industry has expanded today, seeing its assets approximating USD 2.7 trillion and achieving annual growth of more than 10%. The Islamic banking sector makes up...

IM Insights | April 27, 2022

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