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Organisation of Islamic Cooperation Member Countries See USD 63 Billion Halal Products Trade Deficit: Report  

The Organisation of Islamic Cooperation (OIC) member states recorded halal exports equalling USD 275 billion and imports totalling USD 338 billion in 2021, experiencing a trade deficit of USD 63 billion for halal economy products, covering food, fashion, pharmaceuticals and cosmetics, as per the 2022 Annual OIC Halal Economy Report commissioned by the Islamic Centre for Development of Trade (ICDT) and produced by DinarStandard. Why it Matters? Efforts have been made for the facilitation of trade and investments across OIC countries for nearly four decades by the ICDT through the...

IM Insights | December 01, 2022

Organisation of Islamic Cooperation Member Countries See USD 63 Billion Halal Products Trade Deficit: Report  

Organisation of Islamic Cooperation Member Countries See USD 63 Billion Halal Products Trade Deficit: Report  

The Organisation of Islamic Cooperation (OIC) member states recorded halal exports equalling USD 275 billion and imports totalling USD 338 billion in 2021, experiencing a trade deficit of USD 63 billion for halal economy products, covering food, fashion, pharmaceuticals and cosmetics, as per the 2022 Annual OIC Halal Economy Report commissioned by the Islamic Centre for Development of Trade (ICDT) and produced by DinarStandard. Why it Matters? Efforts have been made for the facilitation of trade and investments across OIC countries for nearly four decades by the ICDT through the...

IM Insights | December 01, 2022

Pomegranate Nigeria Raises NGN 2.25 Billion Through Ijarah Sukuk Offering

Pomegranate Nigeria Limited (PNL) has announced the successful issuance of Ijarah Sukuk worth NGN 2.25 billion (USD 5 million) for a 3-year tenure via private placement and through WealthBridge Capital Partners Limited, as disclosed during the contract signing event in Lagos. Why it Matters? The offering was intended to acquire money for the acquisition of 40 new logistical vehicles needed to fulfil previously finalised contracts with companies such FrieslandCampina WAMCO Nigeria, Suntory Beverage and Foods Ltd, and Seven-Up Bottling Company. According to PNL’s Chief Execut...

IM Insights | November 29, 2022

Pomegranate Nigeria Raises NGN 2.25 Billion Through Ijarah Sukuk Offering

Pomegranate Nigeria Raises NGN 2.25 Billion Through Ijarah Sukuk Offering

Pomegranate Nigeria Limited (PNL) has announced the successful issuance of Ijarah Sukuk worth NGN 2.25 billion (USD 5 million) for a 3-year tenure via private placement and through WealthBridge Capital Partners Limited, as disclosed during the contract signing event in Lagos. Why it Matters? The offering was intended to acquire money for the acquisition of 40 new logistical vehicles needed to fulfil previously finalised contracts with companies such FrieslandCampina WAMCO Nigeria, Suntory Beverage and Foods Ltd, and Seven-Up Bottling Company. According to PNL’s Chief Execut...

IM Insights | November 29, 2022

Global Islamic Finance Industry's Total Assets Near USD 4 Trillion in 2021: ICD-Refinitiv  

The global Islamic finance industry has witnessed a 17% growth in total assets to reach almost USD 4 trillion in 2021 from 2020 and is anticipated to grow to USD 5.9 trillion by 2026, driven by Islamic banks and Sukuk, according to the Islamic Finance Development Report 2022: Embracing Change by Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv. Why it Matters?  The Islamic finance sector has improved as economies began to open up more and the pandemic's severity decreased as a result of widespread vaccination. Moving into the fourth...

IM Insights | November 29, 2022

Global Islamic Finance Industry's Total Assets Near USD 4 Trillion in 2021: ICD-Refinitiv  

Global Islamic Finance Industry's Total Assets Near USD 4 Trillion in 2021: ICD-Refinitiv  

The global Islamic finance industry has witnessed a 17% growth in total assets to reach almost USD 4 trillion in 2021 from 2020 and is anticipated to grow to USD 5.9 trillion by 2026, driven by Islamic banks and Sukuk, according to the Islamic Finance Development Report 2022: Embracing Change by Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv. Why it Matters?  The Islamic finance sector has improved as economies began to open up more and the pandemic's severity decreased as a result of widespread vaccination. Moving into the fourth...

IM Insights | November 29, 2022

Improving Scenario Analysis Doesn’t Mean Forcing Global Consistency When Risks Remain Diverse

Scenario analysis is complex and cannot use a shared set of inputs and scenarios for every use. Instead of seeing that as a weakness that undermines comparability, this should be seen as an important part of the process of becoming better prepared to deal with uncertainty as physical impacts and impacts of the climate transition become more visible. Regulators and standard setters have made increasing use of scenario analysis as part of stress testing and climate disclosureScenario analysis for climate-related financial risks remains a new area, with considerable uncertainty driven by the...

Blake Goud | November 29, 2022

Improving Scenario Analysis Doesn’t Mean Forcing Global Consistency When Risks Remain Diverse

Improving Scenario Analysis Doesn’t Mean Forcing Global Consistency When Risks Remain Diverse

Scenario analysis is complex and cannot use a shared set of inputs and scenarios for every use. Instead of seeing that as a weakness that undermines comparability, this should be seen as an important part of the process of becoming better prepared to deal with uncertainty as physical impacts and impacts of the climate transition become more visible. Regulators and standard setters have made increasing use of scenario analysis as part of stress testing and climate disclosureScenario analysis for climate-related financial risks remains a new area, with considerable uncertainty driven by the...

Blake Goud | November 29, 2022

Bangladesh’s Islamic Finance Industry to Continue to Grow Despite Challenges: Fitch  

The Islamic finance industry in Bangladesh is anticipated to continue developing over the medium term, supported by rising public demand, new branch openings, and supporting government policies, according to Fitch Ratings on the 23rd of November 2022.Why it Matters? Bangladesh's financial industry remains underdeveloped as asset quality, capitalisation, governance, and regulatory quality in the banking industry are poor, particularly for public-sector banks. Banking adoption is still quite low and in 2021, over 47% of Bangladesh's adult population lacked a bank account. Despite t...

IM Insights | November 24, 2022

Bangladesh’s Islamic Finance Industry to Continue to Grow Despite Challenges: Fitch  

Bangladesh’s Islamic Finance Industry to Continue to Grow Despite Challenges: Fitch  

The Islamic finance industry in Bangladesh is anticipated to continue developing over the medium term, supported by rising public demand, new branch openings, and supporting government policies, according to Fitch Ratings on the 23rd of November 2022.Why it Matters? Bangladesh's financial industry remains underdeveloped as asset quality, capitalisation, governance, and regulatory quality in the banking industry are poor, particularly for public-sector banks. Banking adoption is still quite low and in 2021, over 47% of Bangladesh's adult population lacked a bank account. Despite t...

IM Insights | November 24, 2022

Dubai Islamic Bank Makes Debut Sustainable Sukuk Issuance Worth USD 750 Million with Five-year Tenure 

The Dubai Islamic Bank (DIB) has announced the sale of its debut Sustainable Sukuk valued at USD 750 million for a five-year tenure, as per a bank document on the 22nd of November 2022.  Why it Matters? International bond sales in the Gulf Cooperation Council (GCC) have dropped in 2022 due to persistent volatility and rising rates. The transaction occurs as Gulf issuers seize windows of opportunity to issue debt in shaky markets. Demand for the offering exceeded USD 1.6 billion and the Sukuk, which sold at 155 basis points (bps) over U.S. Treasuries (UST), tightened from ini...

IM Insights | November 23, 2022

Dubai Islamic Bank Makes Debut Sustainable Sukuk Issuance Worth USD 750 Million with Five-year Tenure 

Dubai Islamic Bank Makes Debut Sustainable Sukuk Issuance Worth USD 750 Million with Five-year Tenure 

The Dubai Islamic Bank (DIB) has announced the sale of its debut Sustainable Sukuk valued at USD 750 million for a five-year tenure, as per a bank document on the 22nd of November 2022.  Why it Matters? International bond sales in the Gulf Cooperation Council (GCC) have dropped in 2022 due to persistent volatility and rising rates. The transaction occurs as Gulf issuers seize windows of opportunity to issue debt in shaky markets. Demand for the offering exceeded USD 1.6 billion and the Sukuk, which sold at 155 basis points (bps) over U.S. Treasuries (UST), tightened from ini...

IM Insights | November 23, 2022

Nigeria to Offer Sovereign Sukuk Ijarah Worth NGN 100 Billion for Ten-year Tenure  

The Nigerian Debt Management Office (DMO) has announced, on behalf of the Federal Government of Nigeria, plans to raise NGN 100 billion (USD 226.6 million) through the issuance of Sovereign Sukuk Ijarah with a ten-year term in order to fund more road improvements across the nation, on the 21st of November 2022.  Why it Matters? Ijarah Sukuk, which was first issued in Nigeria in 2017, is a domestic component of government borrowings and has given the Federal Government NGN 612,557 billion (USD 1388) to fund 71 roads and six bridges totaling 1,881 kilometres across the co...

IM Insights | November 22, 2022

Nigeria to Offer Sovereign Sukuk Ijarah Worth NGN 100 Billion for Ten-year Tenure  

Nigeria to Offer Sovereign Sukuk Ijarah Worth NGN 100 Billion for Ten-year Tenure  

The Nigerian Debt Management Office (DMO) has announced, on behalf of the Federal Government of Nigeria, plans to raise NGN 100 billion (USD 226.6 million) through the issuance of Sovereign Sukuk Ijarah with a ten-year term in order to fund more road improvements across the nation, on the 21st of November 2022.  Why it Matters? Ijarah Sukuk, which was first issued in Nigeria in 2017, is a domestic component of government borrowings and has given the Federal Government NGN 612,557 billion (USD 1388) to fund 71 roads and six bridges totaling 1,881 kilometres across the co...

IM Insights | November 22, 2022

Financial Institutions Can Reduce their Climate-driven Uncertainty

Financial institutions face expectations for robust, data-driven action in the short-term but in many cases these can be seen as being in conflict. The faster the risks evolve, and the more uncertainty there is about future economic, social and environmental conditions, accelerated action becomes still more important.  A high-level expert group convened by the United Nations (UN) Secretary-General has produced 10 recommendations to reduce greenwashing in Net Zero commitmentsThe recommendations push ‘non-state actors’ such as financial institutions to take more immediate a...

Blake Goud | November 22, 2022

Financial Institutions Can Reduce their Climate-driven Uncertainty

Financial Institutions Can Reduce their Climate-driven Uncertainty

Financial institutions face expectations for robust, data-driven action in the short-term but in many cases these can be seen as being in conflict. The faster the risks evolve, and the more uncertainty there is about future economic, social and environmental conditions, accelerated action becomes still more important.  A high-level expert group convened by the United Nations (UN) Secretary-General has produced 10 recommendations to reduce greenwashing in Net Zero commitmentsThe recommendations push ‘non-state actors’ such as financial institutions to take more immediate a...

Blake Goud | November 22, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 6.608 Billion SAR-denominated Sukuk Issuance for November 2022 

The Kingdom of Saudi Arabia's (Saudi Arabia) National Debt Management Center (NDMC) has closed its Sukuk issuance November 2022 worth SAR 6.608 billion (USD 1.75 billion) under the Saudi Arabian Government SAR-denominated Sukuk Programme, as announced on the 15th of November 2022. Why it Matters? The local Sukuk Programme is one of Saudi Arabia's financing vehicles, under which, the Ministry of Finance issues regional securities that the NDMC then organises and divides into monthly tranches for investors. In accordance with the approved Annual Borrowing Plan, the NDMC will c...

IM Insights | November 17, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 6.608 Billion SAR-denominated Sukuk Issuance for November 2022 

Saudi Arabia’s National Debt Management Center Closes SAR 6.608 Billion SAR-denominated Sukuk Issuance for November 2022 

The Kingdom of Saudi Arabia's (Saudi Arabia) National Debt Management Center (NDMC) has closed its Sukuk issuance November 2022 worth SAR 6.608 billion (USD 1.75 billion) under the Saudi Arabian Government SAR-denominated Sukuk Programme, as announced on the 15th of November 2022. Why it Matters? The local Sukuk Programme is one of Saudi Arabia's financing vehicles, under which, the Ministry of Finance issues regional securities that the NDMC then organises and divides into monthly tranches for investors. In accordance with the approved Annual Borrowing Plan, the NDMC will c...

IM Insights | November 17, 2022

Malaysia Building Society Berhad and Malaysian Industrial Development Finance Berhad Merger to be Finalised by the First Quarter of 2023 

The planned acquisition of Malaysian Industrial Development Finance Berhad (MIDF) by Malaysia Building Society Berhad (MBSB) is scheduled to be finished by the first quarter of 2023 (1Q 2023) and is expected as early as February 2023. Why it Matters? The application seeking clearance for the purchase of MIDF from Permodalan Nasional Berhad (PNB) was submitted to Bank Negara Malaysia, the Central Bank of Malaysia, by MBSB on the 21st of October 2021 in order to create a global Islamic banking group. The parties anticipate obtaining Bank Negara Malaysi...

IM Insights | November 15, 2022

Malaysia Building Society Berhad and Malaysian Industrial Development Finance Berhad Merger to be Finalised by the First Quarter of 2023 

Malaysia Building Society Berhad and Malaysian Industrial Development Finance Berhad Merger to be Finalised by the First Quarter of 2023 

The planned acquisition of Malaysian Industrial Development Finance Berhad (MIDF) by Malaysia Building Society Berhad (MBSB) is scheduled to be finished by the first quarter of 2023 (1Q 2023) and is expected as early as February 2023. Why it Matters? The application seeking clearance for the purchase of MIDF from Permodalan Nasional Berhad (PNB) was submitted to Bank Negara Malaysia, the Central Bank of Malaysia, by MBSB on the 21st of October 2021 in order to create a global Islamic banking group. The parties anticipate obtaining Bank Negara Malaysi...

IM Insights | November 15, 2022

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