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Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022

The Islamic banking volume in Egypt has witnessed an EGP 52.8 billion (USD 2.8 billion) increase to reach EGP 443 billion (USD 23.38 billon) by the end of June 2022, recording a 13.5% growth rate from June 2021 and representing about 5% of the country’s banking market size as a whole, according to the President of the Egyptian Association for Islamic Finance, Mohamed Al-Beltagy.  Why it Matters? The Egyptian banking sector consists of 14 banks that are licenced by the Central Bank of Egypt (CBE) to offer Islamic banking products. This includes 11 banks with Islamic bra...

IM Insights | August 26, 2022

Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022

Egypt’s Islamic Banking Volume Reaches EGP 443 Billion by the End of June 2022

The Islamic banking volume in Egypt has witnessed an EGP 52.8 billion (USD 2.8 billion) increase to reach EGP 443 billion (USD 23.38 billon) by the end of June 2022, recording a 13.5% growth rate from June 2021 and representing about 5% of the country’s banking market size as a whole, according to the President of the Egyptian Association for Islamic Finance, Mohamed Al-Beltagy.  Why it Matters? The Egyptian banking sector consists of 14 banks that are licenced by the Central Bank of Egypt (CBE) to offer Islamic banking products. This includes 11 banks with Islamic bra...

IM Insights | August 26, 2022

Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Bank Islam Malaysia Berhad (Bank Islam) has announced the issuance of its maiden MYR 500 million (USD 111.8 million) Additional Tier-1 Capital Sukuk Wakalah, under a MYR 5 billion (USD 1.1 billion) nominally-valued Sukuk Wakalah programme, and based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 24th of August 2022. Why it Matters? The offering has a perpetual tenure that is non-callable for five years and is set to qualify as Bank Islam’s Tier 1 regulatory capital, in accordance with the Capital Adequacy Framework for Islamic Banks set by Bank Negar...

IM Insights | August 26, 2022

Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Malaysia's Bank Islam Issues MYR 500 Million Sukuk Wakalah in Maiden Offering

Bank Islam Malaysia Berhad (Bank Islam) has announced the issuance of its maiden MYR 500 million (USD 111.8 million) Additional Tier-1 Capital Sukuk Wakalah, under a MYR 5 billion (USD 1.1 billion) nominally-valued Sukuk Wakalah programme, and based on Wakalah Bi Al-Istithmar, as per a filing with Bursa Malaysia on the 24th of August 2022. Why it Matters? The offering has a perpetual tenure that is non-callable for five years and is set to qualify as Bank Islam’s Tier 1 regulatory capital, in accordance with the Capital Adequacy Framework for Islamic Banks set by Bank Negar...

IM Insights | August 26, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 3.09 Billion SAR-denominated Sukuk Issuance in Three Tranches    

Saudi Arabia’s National Debt Management Center (NDMC) has announced the closure of a SAR 3.09 billion (USD 824 million) SAR-denominated Sukuk issuance, under the Saudi Arabian Government SAR-denominated Sukuk Programme on the 23rd of August 2022. Why it Matters? The Sukuk received total bids of about SAR 5.08 billion (USD 1.4 billion). Three tranches made up the offering; the first tranche, worth SAR 1.69 billion (USD 450 million), with maturity expected in 2027, the second, worth SAR 1.3 billion (USD 346 million), maturing in 2030, and the third tranche, wor...

IM Insights | August 25, 2022

Saudi Arabia’s National Debt Management Center Closes SAR 3.09 Billion SAR-denominated Sukuk Issuance in Three Tranches    

Saudi Arabia’s National Debt Management Center Closes SAR 3.09 Billion SAR-denominated Sukuk Issuance in Three Tranches    

Saudi Arabia’s National Debt Management Center (NDMC) has announced the closure of a SAR 3.09 billion (USD 824 million) SAR-denominated Sukuk issuance, under the Saudi Arabian Government SAR-denominated Sukuk Programme on the 23rd of August 2022. Why it Matters? The Sukuk received total bids of about SAR 5.08 billion (USD 1.4 billion). Three tranches made up the offering; the first tranche, worth SAR 1.69 billion (USD 450 million), with maturity expected in 2027, the second, worth SAR 1.3 billion (USD 346 million), maturing in 2030, and the third tranche, wor...

IM Insights | August 25, 2022

Indonesia’s XL Axiata Offers IDR 1.5 Trillion Sukuk Ijarah III Phase I 2022 in Four Series 

Indonesia-based PT XL Axiata Tbk (XL Axiata) has announced the issuance of IDR 1.5 trillion (USD 334 billion) Sustainability Sukuk Ijarah III Phase I 2022 in four series, namely Series A, Series B, Series C, and Series D, with tenors of three, five, seven and ten years for each series, as per a statement to the Indonesia Stock Exchange (IDX) on the 23rd of August 2022,  Why it Matters? Proceeds from the Sukuk will be used by XL Axiata to fund its capital expenditures for network expansion, capacity development, and service quality enhancement. The Sukuk are set to be issued...

IM Insights | August 24, 2022

Indonesia’s XL Axiata Offers IDR 1.5 Trillion Sukuk Ijarah III Phase I 2022 in Four Series 

Indonesia’s XL Axiata Offers IDR 1.5 Trillion Sukuk Ijarah III Phase I 2022 in Four Series 

Indonesia-based PT XL Axiata Tbk (XL Axiata) has announced the issuance of IDR 1.5 trillion (USD 334 billion) Sustainability Sukuk Ijarah III Phase I 2022 in four series, namely Series A, Series B, Series C, and Series D, with tenors of three, five, seven and ten years for each series, as per a statement to the Indonesia Stock Exchange (IDX) on the 23rd of August 2022,  Why it Matters? Proceeds from the Sukuk will be used by XL Axiata to fund its capital expenditures for network expansion, capacity development, and service quality enhancement. The Sukuk are set to be issued...

IM Insights | August 24, 2022

Securities Commission Malaysia Expands its SRI Sukuk and Bond Grant Scheme to Drive Sustainable Finance

The Securities Commission Malaysia (SC) has announced that it has expanded its Sustainable and Responsible Investment (SRI) Sukuk and Bond Grant Scheme (established in 2018 and formerly known as Green SRI Sukuk Grant Scheme) to assist businesses in raising Sukuk to satisfy their needs for sustainable financing, as per a press release issued on the 23rd of August 2022. Why it Matters? Through the expansion, the grant is now applicable to SRI-linked Sukuk issued under the SRI-linked Sukuk Framework established by the SC in June 2022.  This expansion fits into the Capital...

IM Insights | August 24, 2022

Securities Commission Malaysia Expands its SRI Sukuk and Bond Grant Scheme to Drive Sustainable Finance

Securities Commission Malaysia Expands its SRI Sukuk and Bond Grant Scheme to Drive Sustainable Finance

The Securities Commission Malaysia (SC) has announced that it has expanded its Sustainable and Responsible Investment (SRI) Sukuk and Bond Grant Scheme (established in 2018 and formerly known as Green SRI Sukuk Grant Scheme) to assist businesses in raising Sukuk to satisfy their needs for sustainable financing, as per a press release issued on the 23rd of August 2022. Why it Matters? Through the expansion, the grant is now applicable to SRI-linked Sukuk issued under the SRI-linked Sukuk Framework established by the SC in June 2022.  This expansion fits into the Capital...

IM Insights | August 24, 2022

The Sultan of Perak, Malaysia Proposes the Establishment of ASEAN Islamic Finance Institution to Facilitate Foreign Investment in the Region 

Sultan Nazrin Muizzuddin Shah, the Sultan of Perak, Malaysia, has proposed the notion of establishing an Association of Southeast Asian Nations (ASEAN) institution of Islamic finance to encourage incoming foreign investment for regional infrastructure and other projects as he spoke at the 17th Kuala Lumpur Islamic Finance Forum (KLIFF) that took place on the 16th of August 2022. Why it Matters? As the global economy continues to shift eastward, the Islamic finance industry can boost additional expansion throughout ASEAN by driving investment and creating social value. Given the e...

IM Insights | August 23, 2022

The Sultan of Perak, Malaysia Proposes the Establishment of ASEAN Islamic Finance Institution to Facilitate Foreign Investment in the Region 

The Sultan of Perak, Malaysia Proposes the Establishment of ASEAN Islamic Finance Institution to Facilitate Foreign Investment in the Region 

Sultan Nazrin Muizzuddin Shah, the Sultan of Perak, Malaysia, has proposed the notion of establishing an Association of Southeast Asian Nations (ASEAN) institution of Islamic finance to encourage incoming foreign investment for regional infrastructure and other projects as he spoke at the 17th Kuala Lumpur Islamic Finance Forum (KLIFF) that took place on the 16th of August 2022. Why it Matters? As the global economy continues to shift eastward, the Islamic finance industry can boost additional expansion throughout ASEAN by driving investment and creating social value. Given the e...

IM Insights | August 23, 2022

Financial Institutions Lagging Behind Investor Expectations on Climate Risk and Net Zero Alignment

Banks and other financial institutions are facing growing pressure from investors and regulators to offer details behind their Net Zero commitments. However, for many, there are analytical, data and other challenges that remain obstacles to demonstrating the short-, medium- and long-term paths to meeting their commitments. Investor focus on climate risks to the financial sector is moving beyond the existence of a long-term Net Zero targetFinancial institutions are not yet equipped with sufficient methodologies to show that their alignments to Net Zero trajectories aren’t just reflec...

Blake Goud | August 22, 2022

Financial Institutions Lagging Behind Investor Expectations on Climate Risk and Net Zero Alignment

Financial Institutions Lagging Behind Investor Expectations on Climate Risk and Net Zero Alignment

Banks and other financial institutions are facing growing pressure from investors and regulators to offer details behind their Net Zero commitments. However, for many, there are analytical, data and other challenges that remain obstacles to demonstrating the short-, medium- and long-term paths to meeting their commitments. Investor focus on climate risks to the financial sector is moving beyond the existence of a long-term Net Zero targetFinancial institutions are not yet equipped with sufficient methodologies to show that their alignments to Net Zero trajectories aren’t just reflec...

Blake Goud | August 22, 2022

Indonesia’s Intiland Development to Offer IDR 250 Billion Sukuk Ijarah I Phase II

Indonesia-based property developer PT Intiland Development Tbk (Intiland Development) is set to issue Sustainable Sukuk Ijarah I Phase II worth IDR 250 billion (USD 16.83 million) under its IDR 750 billion (USD 50.49 million) Sukuk Ijarah programme, as per a statement made on the 19th of August 2022. Why it Matters? The issuance succeeds a previous offering of IDR 250 billion (USD 16.83 million) Sukuk Ijarah I Phase I made by Intiland Development in 2021. The recent offering, which has a term of 3 years, will see the use of its proceeds in the repayment of the remainder of the 2021 f...

IM Insights | August 22, 2022

Indonesia’s Intiland Development to Offer IDR 250 Billion Sukuk Ijarah I Phase II

Indonesia’s Intiland Development to Offer IDR 250 Billion Sukuk Ijarah I Phase II

Indonesia-based property developer PT Intiland Development Tbk (Intiland Development) is set to issue Sustainable Sukuk Ijarah I Phase II worth IDR 250 billion (USD 16.83 million) under its IDR 750 billion (USD 50.49 million) Sukuk Ijarah programme, as per a statement made on the 19th of August 2022. Why it Matters? The issuance succeeds a previous offering of IDR 250 billion (USD 16.83 million) Sukuk Ijarah I Phase I made by Intiland Development in 2021. The recent offering, which has a term of 3 years, will see the use of its proceeds in the repayment of the remainder of the 2021 f...

IM Insights | August 22, 2022

Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia-based Maharah Human Resources Company (Maharah) has obtained long-term Murabaha financings from Al Rajhi Bank and Saudi British Bank (SABB) amounting to SAR 362.5 Million (USD 96.52 million) to fund the company’s upcoming purchases, as per a statement by the stock exchange on the 21st of August 2022. Why it Matters? The obtained financings comprise of a long-term loan of SAR 181.5 million (USD 48.32 million) from Al Rajhi Bank and a loan of SAR 181 million (USD 48.19 million) from SABB, with a seven-year term that includes a two-year grace period. D...

IM Insights | August 22, 2022

Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia’s Maharah Obtains USD 362.5 Million Long-term Murabaha Financings from Al Rajhi Bank and Saudi British Bank

Saudi Arabia-based Maharah Human Resources Company (Maharah) has obtained long-term Murabaha financings from Al Rajhi Bank and Saudi British Bank (SABB) amounting to SAR 362.5 Million (USD 96.52 million) to fund the company’s upcoming purchases, as per a statement by the stock exchange on the 21st of August 2022. Why it Matters? The obtained financings comprise of a long-term loan of SAR 181.5 million (USD 48.32 million) from Al Rajhi Bank and a loan of SAR 181 million (USD 48.19 million) from SABB, with a seven-year term that includes a two-year grace period. D...

IM Insights | August 22, 2022

Saudi Arabia Sells USD 14.4 Billion Worth of Sukuk in 2022

Sukuk sales in the domestic market of the Kingdom of Saudi Arabia (Saudi Arabia) increased by 185% in 2022 compared to 2021, reaching USD 14.4 billion, or more than half of all domestic Sukuk sales worldwide, with the Saudi government alone selling more than 60% of it. Why it Matters? Saudi Arabia’s borrowing needs are still going strong despite the fact that it may record its first budget surplus in almost ten years as government revenues climb as a result of a surge in oil prices above USD 100. Project financing is protecting the Sukuk market from a worldwide recession th...

IM Insights | August 19, 2022

Saudi Arabia Sells USD 14.4 Billion Worth of Sukuk in 2022

Saudi Arabia Sells USD 14.4 Billion Worth of Sukuk in 2022

Sukuk sales in the domestic market of the Kingdom of Saudi Arabia (Saudi Arabia) increased by 185% in 2022 compared to 2021, reaching USD 14.4 billion, or more than half of all domestic Sukuk sales worldwide, with the Saudi government alone selling more than 60% of it. Why it Matters? Saudi Arabia’s borrowing needs are still going strong despite the fact that it may record its first budget surplus in almost ten years as government revenues climb as a result of a surge in oil prices above USD 100. Project financing is protecting the Sukuk market from a worldwide recession th...

IM Insights | August 19, 2022

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