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Malaysia Fully Redeems its First Digital Sukuk: Finance Minister 

The Malaysian government has announced that its two-year Sukuk Prihatin has matured and was fully redeemed on the 22nd of September 2022, according to Finance Minister, Tengku Dato' Sri Zafrul Tengku Abdul Aziz on the 24th of September 2022. Why it Matters? The Sukuk blends digital, retail, and charity features and was created in response to numerous requests from businesses and individuals to support the nation's recovery efforts following the Covid-19 outbreak. Proceeds from the issuance were used for the Covid-19 Fund to finance public healthcare costs related to the pandemic, e-C...

IM Insights | September 27, 2022

Malaysia Fully Redeems its First Digital Sukuk: Finance Minister 

Malaysia Fully Redeems its First Digital Sukuk: Finance Minister 

The Malaysian government has announced that its two-year Sukuk Prihatin has matured and was fully redeemed on the 22nd of September 2022, according to Finance Minister, Tengku Dato' Sri Zafrul Tengku Abdul Aziz on the 24th of September 2022. Why it Matters? The Sukuk blends digital, retail, and charity features and was created in response to numerous requests from businesses and individuals to support the nation's recovery efforts following the Covid-19 outbreak. Proceeds from the issuance were used for the Covid-19 Fund to finance public healthcare costs related to the pandemic, e-C...

IM Insights | September 27, 2022

Egypt’s Financial Regulatory Authority Approves Issuance of EGP 2 Billion Mudarabah Sukuk 

Sarwa Sukuk Company, a subsidiary of Contact Financial Holding (previously Sarwa Capital Holding), has received approval from the Financial Regulatory Authority (FRA) of Egypt to issue Mudarabah Sukuk worth EGP 2 billion (USD 103 million) for an 84-month term beginning on the day after the Sukuk's subscription deadline.  Why it Matters?  According to Chairman of the FRA, Mohamed Farid, the issuance supports the authority's efforts to promote the capital market by assisting the creation and development of various economic entities through various tools, including Sukuk, which...

IM Insights | September 22, 2022

Egypt’s Financial Regulatory Authority Approves Issuance of EGP 2 Billion Mudarabah Sukuk 

Egypt’s Financial Regulatory Authority Approves Issuance of EGP 2 Billion Mudarabah Sukuk 

Sarwa Sukuk Company, a subsidiary of Contact Financial Holding (previously Sarwa Capital Holding), has received approval from the Financial Regulatory Authority (FRA) of Egypt to issue Mudarabah Sukuk worth EGP 2 billion (USD 103 million) for an 84-month term beginning on the day after the Sukuk's subscription deadline.  Why it Matters?  According to Chairman of the FRA, Mohamed Farid, the issuance supports the authority's efforts to promote the capital market by assisting the creation and development of various economic entities through various tools, including Sukuk, which...

IM Insights | September 22, 2022

Malaysia’s VS Industry Issues Sukuk Wakalah Worth MYR 500 Million Via Subsidiary

Malaysia-based VS Capital Management Sdn Bhd (VSCM), the wholly-owned subsidiary of V.S. Industry Berhad (VS), has issued an MYR 500 million (USD 114 million) nominally valued Islamic Medium-Term Notes (Sukuk Wakalah), based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 21st of September 2022. Why it Matters? The proceeds from the Sukuk offering will be used for group’s working capital needs and expenditures, general business objectives, and refinancing of current financings or borrowings. It will also be used to cover costs and expenses a...

IM Insights | September 22, 2022

Malaysia’s VS Industry Issues Sukuk Wakalah Worth MYR 500 Million Via Subsidiary

Malaysia’s VS Industry Issues Sukuk Wakalah Worth MYR 500 Million Via Subsidiary

Malaysia-based VS Capital Management Sdn Bhd (VSCM), the wholly-owned subsidiary of V.S. Industry Berhad (VS), has issued an MYR 500 million (USD 114 million) nominally valued Islamic Medium-Term Notes (Sukuk Wakalah), based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 21st of September 2022. Why it Matters? The proceeds from the Sukuk offering will be used for group’s working capital needs and expenditures, general business objectives, and refinancing of current financings or borrowings. It will also be used to cover costs and expenses a...

IM Insights | September 22, 2022

ICD Inks USD 15 Million Murabaha Facility with Uzbek Leasing International to Support Private Sector Activities  

The Islamic Corporation for the Development of the Private Sector (ICD) has announced the signing of a Murabaha Facility Agreement worth USD 15 Million with Joint-Stock Company Joint Venture Uzbek Leasing International for the company to finance private sector businesses, particularly Small and Medium Enterprises (SMEs) in Uzbekistan, as per a release issued on the 15th of September 2022. Why it Matters? The line of financing represents the fourth Murabaha financing facility extended by ICD to Uzbek Leasing International. Three lines of funding worth a combined USD 13 million wer...

IM Insights | September 21, 2022

ICD Inks USD 15 Million Murabaha Facility with Uzbek Leasing International to Support Private Sector Activities  

ICD Inks USD 15 Million Murabaha Facility with Uzbek Leasing International to Support Private Sector Activities  

The Islamic Corporation for the Development of the Private Sector (ICD) has announced the signing of a Murabaha Facility Agreement worth USD 15 Million with Joint-Stock Company Joint Venture Uzbek Leasing International for the company to finance private sector businesses, particularly Small and Medium Enterprises (SMEs) in Uzbekistan, as per a release issued on the 15th of September 2022. Why it Matters? The line of financing represents the fourth Murabaha financing facility extended by ICD to Uzbek Leasing International. Three lines of funding worth a combined USD 13 million wer...

IM Insights | September 21, 2022

TAJ Bank Begins Issuance of its 15% Series 1 Sukuk Worth NGN 10 Billion 

Nigeria-based TAJ Bank has announced the start of an NGN 10 billion (USD 23 million) 15% Series 1 Sukuk issuance programme, as per a bank statement on the 20th of September 2022. Why it Matters?  Proceeds from the Sukuk will be utilised to increase Taj Bank's Tier 1 Capital. The offer has a minimum order quantity of 100 units, with each unit priced at NGN 1,000 (USD 2.31), and increments of 50 units moving forward. The Sukuk carry a perpetual tenor, however, the certificates are callable after a minimum of 5 Years.  Details  The offer runs from the 20th o...

IM Insights | September 21, 2022

TAJ Bank Begins Issuance of its 15% Series 1 Sukuk Worth NGN 10 Billion 

TAJ Bank Begins Issuance of its 15% Series 1 Sukuk Worth NGN 10 Billion 

Nigeria-based TAJ Bank has announced the start of an NGN 10 billion (USD 23 million) 15% Series 1 Sukuk issuance programme, as per a bank statement on the 20th of September 2022. Why it Matters?  Proceeds from the Sukuk will be utilised to increase Taj Bank's Tier 1 Capital. The offer has a minimum order quantity of 100 units, with each unit priced at NGN 1,000 (USD 2.31), and increments of 50 units moving forward. The Sukuk carry a perpetual tenor, however, the certificates are callable after a minimum of 5 Years.  Details  The offer runs from the 20th o...

IM Insights | September 21, 2022

Malaysia’s UEM Sunrise Concludes MYR 295 Million Sukuk Issuance Under Islamic Medium Term Notes Programme 

Malaysia-based property developer, UEM Sunrise Berhad (UEM Sunrise) announced that it has concluded the issuance of Islamic Medium-term Notes (IMTNs) with a nominal value of MYR 295 million (USD 65 million), under its IMTNs programme, as per a filing with Bursa Malaysia on the 19th of September 2022, Why it Matters?  The IMTNs' proceeds will be used for UEM Sunrise's and its subsidiaries' general corporate purposes which comply with Shariah, including the purchase of land and businesses as well as investments. The funds will also be put aside for capital expenditures, genera...

IM Insights | September 20, 2022

Malaysia’s UEM Sunrise Concludes MYR 295 Million Sukuk Issuance Under Islamic Medium Term Notes Programme 

Malaysia’s UEM Sunrise Concludes MYR 295 Million Sukuk Issuance Under Islamic Medium Term Notes Programme 

Malaysia-based property developer, UEM Sunrise Berhad (UEM Sunrise) announced that it has concluded the issuance of Islamic Medium-term Notes (IMTNs) with a nominal value of MYR 295 million (USD 65 million), under its IMTNs programme, as per a filing with Bursa Malaysia on the 19th of September 2022, Why it Matters?  The IMTNs' proceeds will be used for UEM Sunrise's and its subsidiaries' general corporate purposes which comply with Shariah, including the purchase of land and businesses as well as investments. The funds will also be put aside for capital expenditures, genera...

IM Insights | September 20, 2022

Islamic Finance Sector Sees Growth Opportunities in Crypto and the Metaverse: IslamicMarkets Research

Increasing interest in the Metaverse and acceptance of cryptocurrencies and digital assets. Improvements in regulation are starting to convince the sceptics in the Islamic finance sector. This research was conducted among 346 leading Islamic finance professionals working across sectors by IslamicMarkets.com during August 2022.  There is growing acceptance of crypto and digital assets and rising interest in the Metaverse, according to a recent study. The research, undertaken by IslamicMarkets.com to support the Global Islamic Finance Forum 2022 (GIFF2022) set to t...

IM Insights | September 20, 2022

Islamic Finance Sector Sees Growth Opportunities in Crypto and the Metaverse: IslamicMarkets Research

Islamic Finance Sector Sees Growth Opportunities in Crypto and the Metaverse: IslamicMarkets Research

Increasing interest in the Metaverse and acceptance of cryptocurrencies and digital assets. Improvements in regulation are starting to convince the sceptics in the Islamic finance sector. This research was conducted among 346 leading Islamic finance professionals working across sectors by IslamicMarkets.com during August 2022.  There is growing acceptance of crypto and digital assets and rising interest in the Metaverse, according to a recent study. The research, undertaken by IslamicMarkets.com to support the Global Islamic Finance Forum 2022 (GIFF2022) set to t...

IM Insights | September 20, 2022

Saudi National Bank Completes SAR 3.3 Billion SAR-denominated Sukuk Issuance 

Saudi National Bank (SNB) has announced that it has completed the issuance of SAR 3.3 billion (USD 878 million) additional Tier 1 Perpetual Sukuk denominated in Saudi riyals, in an effort to improve its capital base, as per a bourse filing on the of 15th of September 2022.  Why it Matters? The offer, which had a par value of SAR 1 million (USD 266,120), began in late August 2022 and comprised a total of 3,300 bonds. The Sukuk are priced at 5%, and if they are not redeemed or purchased by the 15th of September 2027, or earlier, the rate of return will be reset on that date an...

IM Insights | September 19, 2022

Saudi National Bank Completes SAR 3.3 Billion SAR-denominated Sukuk Issuance 

Saudi National Bank Completes SAR 3.3 Billion SAR-denominated Sukuk Issuance 

Saudi National Bank (SNB) has announced that it has completed the issuance of SAR 3.3 billion (USD 878 million) additional Tier 1 Perpetual Sukuk denominated in Saudi riyals, in an effort to improve its capital base, as per a bourse filing on the of 15th of September 2022.  Why it Matters? The offer, which had a par value of SAR 1 million (USD 266,120), began in late August 2022 and comprised a total of 3,300 bonds. The Sukuk are priced at 5%, and if they are not redeemed or purchased by the 15th of September 2027, or earlier, the rate of return will be reset on that date an...

IM Insights | September 19, 2022

Sukuk Issuance Volume Reaches USD 188 Billion in 2021 

Sukuk issuances totalled USD 188 billion in 2021 compared to USD 175 billion in 2020, with a quarter of the issued Sukuk being international offerings and domestic issuances accounting for the remainder, according to the 11th Edition of International Islamic Financial Market’s (IIFM) Annual Sukuk Report. Why it Matters? The Sukuk market is still highly concentrated, with four top nations accounting for 88.5% of all issuances, despite the constant emergence of new jurisdictions. 12,778 Sukuk worth USD 1.6 trillion were issued internationally over the past 20 years, with Malaysia issui...

IM Insights | September 19, 2022

Sukuk Issuance Volume Reaches USD 188 Billion in 2021 

Sukuk Issuance Volume Reaches USD 188 Billion in 2021 

Sukuk issuances totalled USD 188 billion in 2021 compared to USD 175 billion in 2020, with a quarter of the issued Sukuk being international offerings and domestic issuances accounting for the remainder, according to the 11th Edition of International Islamic Financial Market’s (IIFM) Annual Sukuk Report. Why it Matters? The Sukuk market is still highly concentrated, with four top nations accounting for 88.5% of all issuances, despite the constant emergence of new jurisdictions. 12,778 Sukuk worth USD 1.6 trillion were issued internationally over the past 20 years, with Malaysia issui...

IM Insights | September 19, 2022

Islamic Finance: Move Towards Open Banking Set To Accelerate

Adoption of open banking by financial institutions, Governments, fintechs and other stakeholders is expected to increase by 2025 Open banking will enable the offering of more innovative products and lead to greater use of fintech solutions.  This research was conducted among 346 leading Islamic finance professionals working across sectors by IslamicMarkets.com during August 2022.  The Islamic finance sector is expected to move rapidly towards greater use of open banking over the next three years, according to a recent study.  The research undertaken by...

IM Insights | September 15, 2022

Islamic Finance: Move Towards Open Banking Set To Accelerate

Islamic Finance: Move Towards Open Banking Set To Accelerate

Adoption of open banking by financial institutions, Governments, fintechs and other stakeholders is expected to increase by 2025 Open banking will enable the offering of more innovative products and lead to greater use of fintech solutions.  This research was conducted among 346 leading Islamic finance professionals working across sectors by IslamicMarkets.com during August 2022.  The Islamic finance sector is expected to move rapidly towards greater use of open banking over the next three years, according to a recent study.  The research undertaken by...

IM Insights | September 15, 2022

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Indonesia: Additional Sovereign Sharia Securities Auction Result (Greenshoe Option) on Wednesday, October 5, 2022

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