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Qatar Islamic Bank Records 14% Profit Growth in First Quarter of 2022

Qatar Islamic Bank (QIB) has announced its financial results for the three months period ended 31 March 2022, recording a net profit attributable to the shareholders of QAR 855 million (USD 234.8 million), a 14% growth over the same period in 2021.   Why it Matters? The bank saw growth in the net operating income after experiencing a reduction in the cost of funding as total income stood at QAR 2.1 billion (USD 581.4 million) with financing and investing activities income, registering a 5.6% growth to reach QAR 1.9 billion (USD 510 million) for the first quarter of 2022...

IM Insights | April 15, 2022

Qatar Islamic Bank Records 14% Profit Growth in First Quarter of 2022

Qatar Islamic Bank Records 14% Profit Growth in First Quarter of 2022

Qatar Islamic Bank (QIB) has announced its financial results for the three months period ended 31 March 2022, recording a net profit attributable to the shareholders of QAR 855 million (USD 234.8 million), a 14% growth over the same period in 2021.   Why it Matters? The bank saw growth in the net operating income after experiencing a reduction in the cost of funding as total income stood at QAR 2.1 billion (USD 581.4 million) with financing and investing activities income, registering a 5.6% growth to reach QAR 1.9 billion (USD 510 million) for the first quarter of 2022...

IM Insights | April 15, 2022

Credit Rating and Pricing

There are few ‘corporate empires’ in the emerging market which might not, at the end of the day, get the credit ratings that they deserve. This column argues that the stand-alone rating should be considered and factored in, rather than just focusing on the all-in credit rating. Nevertheless, we should, at the same time, respect the internal policy for coming up with a credit rating, as such methodology applies to all clients. Stand-Alone Credit RatingI could not find better than the words of Benjamin Manz, the founder and Chief Executive Officer of moneyland.ch., who man...

Mohammed KHNIFER | April 14, 2022

Credit Rating and Pricing

Credit Rating and Pricing

There are few ‘corporate empires’ in the emerging market which might not, at the end of the day, get the credit ratings that they deserve. This column argues that the stand-alone rating should be considered and factored in, rather than just focusing on the all-in credit rating. Nevertheless, we should, at the same time, respect the internal policy for coming up with a credit rating, as such methodology applies to all clients. Stand-Alone Credit RatingI could not find better than the words of Benjamin Manz, the founder and Chief Executive Officer of moneyland.ch., who man...

Mohammed KHNIFER | April 14, 2022

Dubai Launches Sukuk Al Waqf, Boosting the Role of Endowments in Social Development

Dubai-based Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) announced the launch of Sukuk Al Waqf, in partnership with the Awqaf and Minors Affairs Foundation (AMAF) and the National Bonds Corporation on the 13th of April 2022. Why it Matters? Sukuk Al Waqf is a Shariah-compliant charitable endowment initiative that enables individuals and companies to support humanitarian projects. The initiative is in line with Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision of enhancing the role of endow...

IM Insights | April 14, 2022

Dubai Launches Sukuk Al Waqf, Boosting the Role of Endowments in Social Development

Dubai Launches Sukuk Al Waqf, Boosting the Role of Endowments in Social Development

Dubai-based Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) announced the launch of Sukuk Al Waqf, in partnership with the Awqaf and Minors Affairs Foundation (AMAF) and the National Bonds Corporation on the 13th of April 2022. Why it Matters? Sukuk Al Waqf is a Shariah-compliant charitable endowment initiative that enables individuals and companies to support humanitarian projects. The initiative is in line with Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision of enhancing the role of endow...

IM Insights | April 14, 2022

Saudi Dar Al Arkan Real Estate Development Company Redeems USD 500 Million Islamic Sukuk

Saudi Arabia-based Dar Al Arkan Real Estate Development Company (DAAR) has announced that it has completely redeemed its USD 500 million Islamic Sukuk in a bourse statement made on the 11th of April 2022. Why it Matters?  The company said that it had used its internal resources to pay the Sukuk on the due date, revealing that the impact of this transaction will be reflected on its financial statements in the second quarter of 2022. Details  The Sukuk was issued on the 4th of April 2017 and on the redemption date, there were 500,000 Sukuk, and each was valued a...

IM Insights | April 13, 2022

Saudi Dar Al Arkan Real Estate Development Company Redeems USD 500 Million Islamic Sukuk

Saudi Dar Al Arkan Real Estate Development Company Redeems USD 500 Million Islamic Sukuk

Saudi Arabia-based Dar Al Arkan Real Estate Development Company (DAAR) has announced that it has completely redeemed its USD 500 million Islamic Sukuk in a bourse statement made on the 11th of April 2022. Why it Matters?  The company said that it had used its internal resources to pay the Sukuk on the due date, revealing that the impact of this transaction will be reflected on its financial statements in the second quarter of 2022. Details  The Sukuk was issued on the 4th of April 2017 and on the redemption date, there were 500,000 Sukuk, and each was valued a...

IM Insights | April 13, 2022

Zurich General Takaful Malaysia Welcomes New CEO

Zurich Malaysia has announced the appointment of Shamsul Azman Alias as the Chief Executive Officer (CEO) of Zurich General Takaful Malaysia Berhad (ZGTMB), one of its Shariah-compliant insurance businesses, on the 12th of April 2022. Why it Matters? ZGTMB offers Shariah-compliant Takaful products including motor, travel, property and financial risk coverage for individuals, small- to medium-sized enterprises (SMEs) and large companies. The appointment comes with immediate effect giving Shamsul the mandate to expand the general Takaful business, leveraging his 30 years of experie...

IM Insights | April 13, 2022

Zurich General Takaful Malaysia Welcomes New CEO

Zurich General Takaful Malaysia Welcomes New CEO

Zurich Malaysia has announced the appointment of Shamsul Azman Alias as the Chief Executive Officer (CEO) of Zurich General Takaful Malaysia Berhad (ZGTMB), one of its Shariah-compliant insurance businesses, on the 12th of April 2022. Why it Matters? ZGTMB offers Shariah-compliant Takaful products including motor, travel, property and financial risk coverage for individuals, small- to medium-sized enterprises (SMEs) and large companies. The appointment comes with immediate effect giving Shamsul the mandate to expand the general Takaful business, leveraging his 30 years of experie...

IM Insights | April 13, 2022

Meezan Bank and BSEPL Close USD 5.4 Million Syndicated Islamic Finance Facility for Solar Power Project in Pakistan

Pakistan’s Meezan Bank and Burj Solar Energy Private Limited (BSEPL) have announced the financial close of a PKR 1 billion (USD 5.4 million) syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in the country on the 11th of April 2022.  Why it Matters? The first tranche of PKR 580 million (USD 3.2 million) would be used to build a 7-megawatt (MW) solar power plant for Power Cement Limited on the Karachi-Hyderabad Motorway. Power Cement Limited will rent the solar power plant for a twenty-year period, and the sol...

IM Insights | April 12, 2022

Meezan Bank and BSEPL Close USD 5.4 Million Syndicated Islamic Finance Facility for Solar Power Project in Pakistan

Meezan Bank and BSEPL Close USD 5.4 Million Syndicated Islamic Finance Facility for Solar Power Project in Pakistan

Pakistan’s Meezan Bank and Burj Solar Energy Private Limited (BSEPL) have announced the financial close of a PKR 1 billion (USD 5.4 million) syndicated Islamic finance facility for BSEPL’s portfolio of renewable distributed power generation in the country on the 11th of April 2022.  Why it Matters? The first tranche of PKR 580 million (USD 3.2 million) would be used to build a 7-megawatt (MW) solar power plant for Power Cement Limited on the Karachi-Hyderabad Motorway. Power Cement Limited will rent the solar power plant for a twenty-year period, and the sol...

IM Insights | April 12, 2022

Global Islamic Fund for Refugees Set for Launch by UNHCR and IsDB’s Islamic Solidarity Fund for Development

The United Nations High Commissioner for Refugees (UNHCR) and the Islamic Solidarity Fund for Development (ISFD), Islamic Development Bank (IsDB)’s poverty alleviation arm, have signed an agreement to establish the Global Islamic Fund for Refugees (GIFR), a Shariah-compliant resource mobilisation tool poised to develop new Islamic philanthropy funding channels in favour of millions of forcibly displaced persons. Why it Matters?  The agreement comes at a time when forced displacement has reached unprecedented levels and has become a critical global humanitarian and deve...

IM Insights | April 12, 2022

Global Islamic Fund for Refugees Set for Launch by UNHCR and IsDB’s Islamic Solidarity Fund for Development

Global Islamic Fund for Refugees Set for Launch by UNHCR and IsDB’s Islamic Solidarity Fund for Development

The United Nations High Commissioner for Refugees (UNHCR) and the Islamic Solidarity Fund for Development (ISFD), Islamic Development Bank (IsDB)’s poverty alleviation arm, have signed an agreement to establish the Global Islamic Fund for Refugees (GIFR), a Shariah-compliant resource mobilisation tool poised to develop new Islamic philanthropy funding channels in favour of millions of forcibly displaced persons. Why it Matters?  The agreement comes at a time when forced displacement has reached unprecedented levels and has become a critical global humanitarian and deve...

IM Insights | April 12, 2022

QIC and QInvest LLC Collaborate to Create New National Islamic Asset Management Company

Qatar Insurance Company (QIC) and QInvest LLC have announced on the 10th of April 2022 that they are collaborating to create a Shariah-compliant national company in the Islamic asset management space. Why it Matters? The joint venture entity will be provided with asset management capabilities by QIC’s wholly-owned subsidiary, Epicure Investment Management LLC (EIM), while the needed infrastructure and market reach will leverage QInvest’s ability to raise capital and its track record in developing and structuring Islamic investment products. Details The new company will be r...

IM Insights | April 11, 2022

QIC and QInvest LLC Collaborate to Create New National Islamic Asset Management Company

QIC and QInvest LLC Collaborate to Create New National Islamic Asset Management Company

Qatar Insurance Company (QIC) and QInvest LLC have announced on the 10th of April 2022 that they are collaborating to create a Shariah-compliant national company in the Islamic asset management space. Why it Matters? The joint venture entity will be provided with asset management capabilities by QIC’s wholly-owned subsidiary, Epicure Investment Management LLC (EIM), while the needed infrastructure and market reach will leverage QInvest’s ability to raise capital and its track record in developing and structuring Islamic investment products. Details The new company will be r...

IM Insights | April 11, 2022

Indonesia’s Prudential Launches Standalone Shariah Life Insurance Business; Prudential Syariah

PT Prudential Life Assurance (Prudential Indonesia) has announced the launch of PT Prudential Sharia Life Assurance (Prudential Syariah), officiated by Mr Ma’ruf Amin, Vice President of the Republic of Indonesia at the launch ceremony held on the 5th of April 2022. Why it Matters? In 2021, total assets under the Shariah industry reached 17% in Indonesia. The setup of Prudential Syariah reflects Prudential’s commitment to supporting the Shariah economy’s growth and the country’s vision to become the global hub for Islamic financial solutions. Prudential Sya...

IM Insights | April 08, 2022

Indonesia’s Prudential Launches Standalone Shariah Life Insurance Business; Prudential Syariah

Indonesia’s Prudential Launches Standalone Shariah Life Insurance Business; Prudential Syariah

PT Prudential Life Assurance (Prudential Indonesia) has announced the launch of PT Prudential Sharia Life Assurance (Prudential Syariah), officiated by Mr Ma’ruf Amin, Vice President of the Republic of Indonesia at the launch ceremony held on the 5th of April 2022. Why it Matters? In 2021, total assets under the Shariah industry reached 17% in Indonesia. The setup of Prudential Syariah reflects Prudential’s commitment to supporting the Shariah economy’s growth and the country’s vision to become the global hub for Islamic financial solutions. Prudential Sya...

IM Insights | April 08, 2022

The Central Bank of the Philippines Supports Investment in Islamic Banking

The Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, is collaborating with the Bangsamoro administration and other government organisations as part of a government strategy to stimulate investment in Islamic banking. Why it Matters? According to BSP Governor Benjamin Diokno, speaking at a virtual briefing on the 7th of April 2022, a complete set of regulations has been established by the Monetary authorities to foster wider investor and consumer engagement in Islamic banking. The regulations include Circular No. 1069, discussing the licensing framework...

IM Insights | April 08, 2022

The Central Bank of the Philippines Supports Investment in Islamic Banking

The Central Bank of the Philippines Supports Investment in Islamic Banking

The Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, is collaborating with the Bangsamoro administration and other government organisations as part of a government strategy to stimulate investment in Islamic banking. Why it Matters? According to BSP Governor Benjamin Diokno, speaking at a virtual briefing on the 7th of April 2022, a complete set of regulations has been established by the Monetary authorities to foster wider investor and consumer engagement in Islamic banking. The regulations include Circular No. 1069, discussing the licensing framework...

IM Insights | April 08, 2022

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