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Islamic Banking in Oman Anticipated to Continue its Positive Trajectory

The Sultanate of Oman’s (Oman) Islamic banking sector’s positive trajectory is expected to continue in the short-to-medium term, despite structural challenges, according to Fitch Ratings (Fitch).Why it Matters?Oman’s Islamic banking sector remains in its infancy and accordingly faces a number of persisting key challenges including gaps in the distribution channels, limited product offerings, a regulatory framework that is still developing, a small capital base, limited options for Sukuk investment and insufficient Islamic liquidity management products. The projected growt...

IM Insights | March 28, 2022

Islamic Banking in Oman Anticipated to Continue its Positive Trajectory

Islamic Banking in Oman Anticipated to Continue its Positive Trajectory

The Sultanate of Oman’s (Oman) Islamic banking sector’s positive trajectory is expected to continue in the short-to-medium term, despite structural challenges, according to Fitch Ratings (Fitch).Why it Matters?Oman’s Islamic banking sector remains in its infancy and accordingly faces a number of persisting key challenges including gaps in the distribution channels, limited product offerings, a regulatory framework that is still developing, a small capital base, limited options for Sukuk investment and insufficient Islamic liquidity management products. The projected growt...

IM Insights | March 28, 2022

Malaysian Ministry Recommends Adoption of Cryptocurrencies as Legal Tender

The Malaysian legislature was called on for the legalisation of transfer on bitcoin and other cryptocurrencies by Zahidi Zainul Abidin, Malaysia’s deputy minister of The Ministry of Communications and Multimedia (KKMM), in efforts to prompt youth participation in cryptocurrencies. Why it Matters? The legalisation of cryptocurrencies transfers has the potential to expand the participation of young people in the assets, according to Zahidi. The regulatory approval is under the responsibility of the Malaysian Central Bank, Bank Negara Malaysia and the Securities Commissio...

IM Insights | March 23, 2022

Malaysian Ministry Recommends Adoption of Cryptocurrencies as Legal Tender

Malaysian Ministry Recommends Adoption of Cryptocurrencies as Legal Tender

The Malaysian legislature was called on for the legalisation of transfer on bitcoin and other cryptocurrencies by Zahidi Zainul Abidin, Malaysia’s deputy minister of The Ministry of Communications and Multimedia (KKMM), in efforts to prompt youth participation in cryptocurrencies. Why it Matters? The legalisation of cryptocurrencies transfers has the potential to expand the participation of young people in the assets, according to Zahidi. The regulatory approval is under the responsibility of the Malaysian Central Bank, Bank Negara Malaysia and the Securities Commissio...

IM Insights | March 23, 2022

Next Phase of Islamic Finance Involves Building an Alliance of Goodness: Iqbal Khan

As we live through challenging and uncertain times, the importance of values is reiterated and reinforced, particularly in finance. There is a need to spread goodness and economic progress, share resources, and build an equitable world through faith and courage in convictions for a life of grace and dignity.Why it Matters:Mr. Iqbal Khan, Chief Executive Officer, Fajr Capital, spoke during a session in the first day of the Global Connect Forum hosted by Maybank Islamic Berhad, the Islamic banking arm of Maybank Group, and IslamicMarkets.com, under the theme ‘Driving Sustainable I...

IM Insights | March 22, 2022

Next Phase of Islamic Finance Involves Building an Alliance of Goodness: Iqbal Khan

Next Phase of Islamic Finance Involves Building an Alliance of Goodness: Iqbal Khan

As we live through challenging and uncertain times, the importance of values is reiterated and reinforced, particularly in finance. There is a need to spread goodness and economic progress, share resources, and build an equitable world through faith and courage in convictions for a life of grace and dignity.Why it Matters:Mr. Iqbal Khan, Chief Executive Officer, Fajr Capital, spoke during a session in the first day of the Global Connect Forum hosted by Maybank Islamic Berhad, the Islamic banking arm of Maybank Group, and IslamicMarkets.com, under the theme ‘Driving Sustainable I...

IM Insights | March 22, 2022

Oman’s Capital Market Authority Developing the Country’s Green Financing

The Sultanate of Oman’s (Oman) Capital Market Authority (CMA) aims to display the country’s experience in channelling environmental, Social and Governance (ESG) principles towards regulating sustainable green financing and funding broadly in a seminar held at the Oman Chamber of Commerce and Industry (OCCI) on the 21st of March 2022.  Why it Matters?  The seminar reflects the CMA’s plans towards authorising and regulating financial products that are in line with the Oman Vision 2040, supporting the country’s future green economic growth. Through...

IM Insights | March 21, 2022

Oman’s Capital Market Authority Developing the Country’s Green Financing

Oman’s Capital Market Authority Developing the Country’s Green Financing

The Sultanate of Oman’s (Oman) Capital Market Authority (CMA) aims to display the country’s experience in channelling environmental, Social and Governance (ESG) principles towards regulating sustainable green financing and funding broadly in a seminar held at the Oman Chamber of Commerce and Industry (OCCI) on the 21st of March 2022.  Why it Matters?  The seminar reflects the CMA’s plans towards authorising and regulating financial products that are in line with the Oman Vision 2040, supporting the country’s future green economic growth. Through...

IM Insights | March 21, 2022

Deconstructing ESG Scores May Unlock Value, and May Impact Shariah-Compliant Investments Differently

A working paper from the Bank for International Settlements (BIS) finds value in separating E, S and G compared with an aggregate Environmental, Social, and Governance (ESG) score for investors trying to minimise performance deviation from a benchmarkSeparating ESG into E, S and G allows investors increase their investments' relevant ESG score without incurring a financial cost to their returnsA simple analysis of RFI Foundation’s research on ESG and Shariah screening suggests the Islamic funds should consider how they apply deconstructed ESG data within a Shari...

Blake Goud | March 19, 2022

Deconstructing ESG Scores May Unlock Value, and May Impact Shariah-Compliant Investments Differently

Deconstructing ESG Scores May Unlock Value, and May Impact Shariah-Compliant Investments Differently

A working paper from the Bank for International Settlements (BIS) finds value in separating E, S and G compared with an aggregate Environmental, Social, and Governance (ESG) score for investors trying to minimise performance deviation from a benchmarkSeparating ESG into E, S and G allows investors increase their investments' relevant ESG score without incurring a financial cost to their returnsA simple analysis of RFI Foundation’s research on ESG and Shariah screening suggests the Islamic funds should consider how they apply deconstructed ESG data within a Shari...

Blake Goud | March 19, 2022

Khazanah's Cenviro Issues Sukuk Worth USD 13 Million in First Sustainability-Linked Offering

Khazanah Nasional Bhd’s wholly-owned investee, Cenviro Sdn Bhd, has announced the issuance of its first sustainability-linked Sukuk worth MYR 54.6 million (USD 13 million) in two tranches under its MYR 500 million (USD 119 million) Sukuk Wakalah Programme. The maturity dates for Tranche 1 and Tranche 2 have been set at eight years and 12 years, respectively. Why it Matters? The Sukuk aligns with the International Capital Market Association’s (ICMA) prescribed principles as well as the company's efforts to reduce greenhouse gas emissions intensity and support the susta...

IM Insights | March 18, 2022

Khazanah's Cenviro Issues Sukuk Worth USD 13 Million in First Sustainability-Linked Offering

Khazanah's Cenviro Issues Sukuk Worth USD 13 Million in First Sustainability-Linked Offering

Khazanah Nasional Bhd’s wholly-owned investee, Cenviro Sdn Bhd, has announced the issuance of its first sustainability-linked Sukuk worth MYR 54.6 million (USD 13 million) in two tranches under its MYR 500 million (USD 119 million) Sukuk Wakalah Programme. The maturity dates for Tranche 1 and Tranche 2 have been set at eight years and 12 years, respectively. Why it Matters? The Sukuk aligns with the International Capital Market Association’s (ICMA) prescribed principles as well as the company's efforts to reduce greenhouse gas emissions intensity and support the susta...

IM Insights | March 18, 2022

Palm Hills’ USD 206.9 Million Sukuk Sale Approved by Shareholders

Egypt’s Palm Hills Developments (Palm Hills) has received approval for the issuance of Sukuk worth EGP 3.25 billion (USD 206.9 million) from its shareholders that voted at the extraordinary general meeting (EGM), in cooperation with Tharwa Securitization Company, on the 13th of March 2022. Why it Matters? Managed by the Sukuk arm of Contact Financial Holdings (previously Sarwa Capital Holding), the issuance is expected to finance Palm Hills’ integrated Badia project in West Cairo, that offers apartment buildings, standalone units along with co...

IM Insights | March 16, 2022

Palm Hills’ USD 206.9 Million Sukuk Sale Approved by Shareholders

Palm Hills’ USD 206.9 Million Sukuk Sale Approved by Shareholders

Egypt’s Palm Hills Developments (Palm Hills) has received approval for the issuance of Sukuk worth EGP 3.25 billion (USD 206.9 million) from its shareholders that voted at the extraordinary general meeting (EGM), in cooperation with Tharwa Securitization Company, on the 13th of March 2022. Why it Matters? Managed by the Sukuk arm of Contact Financial Holdings (previously Sarwa Capital Holding), the issuance is expected to finance Palm Hills’ integrated Badia project in West Cairo, that offers apartment buildings, standalone units along with co...

IM Insights | March 16, 2022

Malaysia’s Government Sees Nearing Obligations of 1MDB Debt

The Malaysian government’s 1Malaysia Development Bhd (1MDB) debt still obliges the country to repay a remaining MYR 17 billion (USD 4 billion) by 2023, as the public funds continue to bear the debt through direct assistance or through 1MDB’s Assets Recovery Trust Fund, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz on the 14th of March 2022. Why it Matters? As of the 28th of February 2022, 1MDB’s debt commitment balance that includes the principal payments and the interest of three bonds and one Sukuk has reached MYR 38.8 billion (...

IM Insights | March 16, 2022

Malaysia’s Government Sees Nearing Obligations of 1MDB Debt

Malaysia’s Government Sees Nearing Obligations of 1MDB Debt

The Malaysian government’s 1Malaysia Development Bhd (1MDB) debt still obliges the country to repay a remaining MYR 17 billion (USD 4 billion) by 2023, as the public funds continue to bear the debt through direct assistance or through 1MDB’s Assets Recovery Trust Fund, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz on the 14th of March 2022. Why it Matters? As of the 28th of February 2022, 1MDB’s debt commitment balance that includes the principal payments and the interest of three bonds and one Sukuk has reached MYR 38.8 billion (...

IM Insights | March 16, 2022

Saudi Real Estate Refinance Company to Delay Debut Dollar-Denominated Islamic Bonds Sale

The Saudi Real Estate Refinance Company (SRC) has announced that it will delay plans for its debut Dollar-Denominated Islamic bonds to the second quarter of 2022 (2Q 2022), from previous expectations for it to take place in (1Q 2022).   Why it Matters? The delay comes on the back of the existing volatility experienced in the local debt markets over impending interest rate hikes intensified by Russia's invasion of Ukraine, with several Gulf issuers now halting for a return to stability after having mandated banks for deals. In 2022, the SRC expects to see the launch...

IM Insights | March 16, 2022

Saudi Real Estate Refinance Company to Delay Debut Dollar-Denominated Islamic Bonds Sale

Saudi Real Estate Refinance Company to Delay Debut Dollar-Denominated Islamic Bonds Sale

The Saudi Real Estate Refinance Company (SRC) has announced that it will delay plans for its debut Dollar-Denominated Islamic bonds to the second quarter of 2022 (2Q 2022), from previous expectations for it to take place in (1Q 2022).   Why it Matters? The delay comes on the back of the existing volatility experienced in the local debt markets over impending interest rate hikes intensified by Russia's invasion of Ukraine, with several Gulf issuers now halting for a return to stability after having mandated banks for deals. In 2022, the SRC expects to see the launch...

IM Insights | March 16, 2022

Initial Public Offering of Alkhabeer Growth and Income Traded Fund Kickstarts on Tadawul: Alkhabeer Capital

Saudi-based Alkhabeer Capital announced the start of the initial public offering (IPO) of its closed-ended traded Shariah-compliant investment fund named “Alkhabeer Growth and Income Traded Fund” on the Saudi Stock Exchange (Tadawul) on the 13th of March 2022. Why it Matters? The Fund's investment objective is to increase the its net asset value over time by the performance of its investments, as well as to provide investors with periodic income by distributing all annual returns received from companies and up to 50% of capital gains resulting from increases in the va...

IM Insights | March 15, 2022

Initial Public Offering of Alkhabeer Growth and Income Traded Fund Kickstarts on Tadawul: Alkhabeer Capital

Initial Public Offering of Alkhabeer Growth and Income Traded Fund Kickstarts on Tadawul: Alkhabeer Capital

Saudi-based Alkhabeer Capital announced the start of the initial public offering (IPO) of its closed-ended traded Shariah-compliant investment fund named “Alkhabeer Growth and Income Traded Fund” on the Saudi Stock Exchange (Tadawul) on the 13th of March 2022. Why it Matters? The Fund's investment objective is to increase the its net asset value over time by the performance of its investments, as well as to provide investors with periodic income by distributing all annual returns received from companies and up to 50% of capital gains resulting from increases in the va...

IM Insights | March 15, 2022

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