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Saudi Real Estate Refinance Company and Saudi National Bank Sign USD 266 Million Refinancing Deal to Boost Home Finance Market

The Saudi Real Estate Refinance Company (SRC) and Saudi National Bank (SNB) have inked an agreement worth 1 billion Saudi riyals (USD 266 million) in what is considered the largest bank refinancing deal in the Kingdom of Saudi Arabia (KSA) to date, according to the SRC in a statement on the 13th of March 2022. Why it Matters? The deal seeks to refinance the real estate portfolio of SRC to provide long-term liquidity to the home finance market in the country through expanding partnerships with originators. According to Majed Al Ghamdi, Chief Executive Officer, Retail of SNB, throu...

IM Insights | March 14, 2022

Saudi Real Estate Refinance Company and Saudi National Bank Sign USD 266 Million Refinancing Deal to Boost Home Finance Market

Saudi Real Estate Refinance Company and Saudi National Bank Sign USD 266 Million Refinancing Deal to Boost Home Finance Market

The Saudi Real Estate Refinance Company (SRC) and Saudi National Bank (SNB) have inked an agreement worth 1 billion Saudi riyals (USD 266 million) in what is considered the largest bank refinancing deal in the Kingdom of Saudi Arabia (KSA) to date, according to the SRC in a statement on the 13th of March 2022. Why it Matters? The deal seeks to refinance the real estate portfolio of SRC to provide long-term liquidity to the home finance market in the country through expanding partnerships with originators. According to Majed Al Ghamdi, Chief Executive Officer, Retail of SNB, throu...

IM Insights | March 14, 2022

Oman’s Raysut Cement to Raise USD 600 Million Through Secured Rated Debt Instrument Issuance

Oman-based Raysut Cement Company (Raysut Cement), the country’s largest cement manufacturer, announced that it has received approval from its board of directors to raise OMR 231 million (USD 600 million) via the issuance of a secured rated debt instrument in the form of bond/ Sukuk in two tranches under a new debt programme, as highlighted in a filing to the Capital Market Authority (CMA). Why it Matters? The company’s wholly owned subsidiary, RCC Holdings PTE, Singapore will issue the proposed bond/ Sukuk in Singapore. The announcement represents the company’s...

IM Insights | March 14, 2022

Oman’s Raysut Cement to Raise USD 600 Million Through Secured Rated Debt Instrument Issuance

Oman’s Raysut Cement to Raise USD 600 Million Through Secured Rated Debt Instrument Issuance

Oman-based Raysut Cement Company (Raysut Cement), the country’s largest cement manufacturer, announced that it has received approval from its board of directors to raise OMR 231 million (USD 600 million) via the issuance of a secured rated debt instrument in the form of bond/ Sukuk in two tranches under a new debt programme, as highlighted in a filing to the Capital Market Authority (CMA). Why it Matters? The company’s wholly owned subsidiary, RCC Holdings PTE, Singapore will issue the proposed bond/ Sukuk in Singapore. The announcement represents the company’s...

IM Insights | March 14, 2022

New Data Add Perspectives on Climate-Related Financial Risks in Malaysia, and How Financial Institutions Should React

The 2° Investing Initiative (2DII) and WWF-Malaysia release the results of a pilot study by 8 Malaysian banks to evaluate their alignment with climate scenariosThe misalignment of financial institutions’ portfolios on climate transition raises the importance of taking a holistic perspective on direct & indirect transition risks as well as physical risksIt is important to remember when selecting climate scenarios that each one represents an ethical choice that weights present and future generations differently Financial institutions in Islamic markets are increasingl...

Blake Goud | March 11, 2022

New Data Add Perspectives on Climate-Related Financial Risks in Malaysia, and How Financial Institutions Should React

New Data Add Perspectives on Climate-Related Financial Risks in Malaysia, and How Financial Institutions Should React

The 2° Investing Initiative (2DII) and WWF-Malaysia release the results of a pilot study by 8 Malaysian banks to evaluate their alignment with climate scenariosThe misalignment of financial institutions’ portfolios on climate transition raises the importance of taking a holistic perspective on direct & indirect transition risks as well as physical risksIt is important to remember when selecting climate scenarios that each one represents an ethical choice that weights present and future generations differently Financial institutions in Islamic markets are increasingl...

Blake Goud | March 11, 2022

Egypt’s Sustainable and Green Investments Market Signals Momentum: Ministry of Finance

Sustainable investment has played a strong role in Egypt’s economic growth, seeing green investments reach around 30% of the 2022 budget, as highlighted by the country’s Minister of Finance (MoF), Mohamed Maait at the Egypt Petroleum Show (EGYPS 2022) held from the 14th to 16th of February 2023.  Why it Matters? The MoF, in line with its goals to diversify its resources, issued its first green loan from a number of international and commercial banks, valued at USD 1.5 billion, receiving strong demand. Further, the first annual allocation and environmental impact...

IM Insights | March 11, 2022

Egypt’s Sustainable and Green Investments Market Signals Momentum: Ministry of Finance

Egypt’s Sustainable and Green Investments Market Signals Momentum: Ministry of Finance

Sustainable investment has played a strong role in Egypt’s economic growth, seeing green investments reach around 30% of the 2022 budget, as highlighted by the country’s Minister of Finance (MoF), Mohamed Maait at the Egypt Petroleum Show (EGYPS 2022) held from the 14th to 16th of February 2023.  Why it Matters? The MoF, in line with its goals to diversify its resources, issued its first green loan from a number of international and commercial banks, valued at USD 1.5 billion, receiving strong demand. Further, the first annual allocation and environmental impact...

IM Insights | March 11, 2022

Saudi Capital Market Authority Approves Al Rajhi Bank for USD 11 Billion Capital Raise

Saudi Arabia-based Al Rajhi Bank has received approval from the Capital Market Authority to raise SAR 40 billion (USD 11 billion) in alignment with the country's Vision 2030.Why it Matters? Through the transaction, the bank aims to increase its capital from SAR 25 billion (USD 6.7 billion) by 60% to support the bank’s operations, which is anticipated to contribute to generating good future growth ratios. The expected increase will take place via the capitalisation of SAR 15 billion from the retained earnings. Through the issuance of three bonus shares for every five existin...

IM Insights | March 11, 2022

Saudi Capital Market Authority Approves Al Rajhi Bank for USD 11 Billion Capital Raise

Saudi Capital Market Authority Approves Al Rajhi Bank for USD 11 Billion Capital Raise

Saudi Arabia-based Al Rajhi Bank has received approval from the Capital Market Authority to raise SAR 40 billion (USD 11 billion) in alignment with the country's Vision 2030.Why it Matters? Through the transaction, the bank aims to increase its capital from SAR 25 billion (USD 6.7 billion) by 60% to support the bank’s operations, which is anticipated to contribute to generating good future growth ratios. The expected increase will take place via the capitalisation of SAR 15 billion from the retained earnings. Through the issuance of three bonus shares for every five existin...

IM Insights | March 11, 2022

Growth in Local Services Suggests Their Potential to Drive Maldives’ Islamic Finance Sector

The Republic of Maldives’ (Maldives) Islamic finance sector is seeing development effort, despite an apparent need for legislation and local turnover in order to develop an offshore hub through attracting sufficient international players. Why it Matters? The Maldives, with a Muslim population of 540000 and a general interest to embrace Islamic finance, is seeing a need to make Islamic finance services more abundant and enhance savings and lending rates in Islamic banking to compete with its conventional peers. With the aim to drive the country’s efforts to become a hu...

IM Insights | March 11, 2022

Growth in Local Services Suggests Their Potential to Drive Maldives’ Islamic Finance Sector

Growth in Local Services Suggests Their Potential to Drive Maldives’ Islamic Finance Sector

The Republic of Maldives’ (Maldives) Islamic finance sector is seeing development effort, despite an apparent need for legislation and local turnover in order to develop an offshore hub through attracting sufficient international players. Why it Matters? The Maldives, with a Muslim population of 540000 and a general interest to embrace Islamic finance, is seeing a need to make Islamic finance services more abundant and enhance savings and lending rates in Islamic banking to compete with its conventional peers. With the aim to drive the country’s efforts to become a hu...

IM Insights | March 11, 2022

Lowering the Cost of Funding for Sukuk Issuers in 2022

Potential Sukuk issuers have a genuine concern. The movements of United States (US) Treasury yields and US dollar midswap rates are expected to impact their cost of funding in 2022. Issuers should be conscious of issuance sizes and whether they prefer to get the right pricing or targeted size.Right PricingOne of the pillars within Islamic/ conventional debt capital markets is determining the right pricing for your cost of funding. This vital issue is a deal-breaker for potential issuers. Most investors know that some Gulf Cooperation Council (GCC) states are better rated than others in eme...

Mohammed KHNIFER | March 10, 2022

Lowering the Cost of Funding for Sukuk Issuers in 2022

Lowering the Cost of Funding for Sukuk Issuers in 2022

Potential Sukuk issuers have a genuine concern. The movements of United States (US) Treasury yields and US dollar midswap rates are expected to impact their cost of funding in 2022. Issuers should be conscious of issuance sizes and whether they prefer to get the right pricing or targeted size.Right PricingOne of the pillars within Islamic/ conventional debt capital markets is determining the right pricing for your cost of funding. This vital issue is a deal-breaker for potential issuers. Most investors know that some Gulf Cooperation Council (GCC) states are better rated than others in eme...

Mohammed KHNIFER | March 10, 2022

Malaysia’s Agrobank Introduces USD 2.4 Million Takaful Plan for Women Micro-Agropreneurs

In conjunction with the International Women's Day 2022, Malaysian government-owned bank, Agrobank has introduced a Takaful coverage plan worth MYR 10 million (USD 2.4 million) named Takaful Kasih Plus, under the Agronita Promotion Campaign, a special campaign launched to empower women agropreneurs. Why it Matters?  The pandemic has negatively impacted entrepreneurs, particularly women, and accordingly, the campaign hopes to provide assistance, targeting women micro-agropreneurs in food and agriculture-based sectors and ensuring the sustainability of their respective business...

IM Insights | March 10, 2022

Malaysia’s Agrobank Introduces USD 2.4 Million Takaful Plan for Women Micro-Agropreneurs

Malaysia’s Agrobank Introduces USD 2.4 Million Takaful Plan for Women Micro-Agropreneurs

In conjunction with the International Women's Day 2022, Malaysian government-owned bank, Agrobank has introduced a Takaful coverage plan worth MYR 10 million (USD 2.4 million) named Takaful Kasih Plus, under the Agronita Promotion Campaign, a special campaign launched to empower women agropreneurs. Why it Matters?  The pandemic has negatively impacted entrepreneurs, particularly women, and accordingly, the campaign hopes to provide assistance, targeting women micro-agropreneurs in food and agriculture-based sectors and ensuring the sustainability of their respective business...

IM Insights | March 10, 2022

Saudi Arabia’s National Debt Management Center Issues USD 7 Billion Saudi Riyal-Denominated Sukuk

The National Debt Management Center of the Kingdom of Saudi Arabia (KSA), also known as NDMC, has announced the issuance of a new Saudi Riyal-Denominated Sukuk worth around SAR 26.2 billion (USD 7 billion) under the Sukuk Issuance Programme, on the 9th of March 2022.  Why it Matters?  The issuance represents the third phase of NDMC’s initiative that started in 2020 with the aim to align local issuances in the KSA under the Programme in Saudi Riyal and strengthen the domestic market and is set to be divided into four tranches. Of the tranches, two will have the lon...

IM Insights | March 10, 2022

Saudi Arabia’s National Debt Management Center Issues USD 7 Billion Saudi Riyal-Denominated Sukuk

Saudi Arabia’s National Debt Management Center Issues USD 7 Billion Saudi Riyal-Denominated Sukuk

The National Debt Management Center of the Kingdom of Saudi Arabia (KSA), also known as NDMC, has announced the issuance of a new Saudi Riyal-Denominated Sukuk worth around SAR 26.2 billion (USD 7 billion) under the Sukuk Issuance Programme, on the 9th of March 2022.  Why it Matters?  The issuance represents the third phase of NDMC’s initiative that started in 2020 with the aim to align local issuances in the KSA under the Programme in Saudi Riyal and strengthen the domestic market and is set to be divided into four tranches. Of the tranches, two will have the lon...

IM Insights | March 10, 2022

Is Waqf-Based Qardhul Hassan Financing Worth it in the Time of COVID-19?

Through contemporary development in which an increased number of new COVID-19 cases had been observed since October 2020, the labour market was severely affected and encountered future uncertainties.Folks with insufficient savings will find that the movement control order (MCO) has made their living difficult, particularly in fulfilling the basic needs of their families including foodstuffs, healthcare, and equipment for online learning, to mention some. Hence, this sparked a mental health issue sourced from the fact that individuals became excessively anxious, depressed and pressured as the...

Dr Hanudin Amin | March 09, 2022

Is Waqf-Based Qardhul Hassan Financing Worth it in the Time of COVID-19?

Is Waqf-Based Qardhul Hassan Financing Worth it in the Time of COVID-19?

Through contemporary development in which an increased number of new COVID-19 cases had been observed since October 2020, the labour market was severely affected and encountered future uncertainties.Folks with insufficient savings will find that the movement control order (MCO) has made their living difficult, particularly in fulfilling the basic needs of their families including foodstuffs, healthcare, and equipment for online learning, to mention some. Hence, this sparked a mental health issue sourced from the fact that individuals became excessively anxious, depressed and pressured as the...

Dr Hanudin Amin | March 09, 2022

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