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ESG has outgrown a single label – but we’re stuck with it

Increasing concerns about greenwashing within ESG have led to suggestions that the term should scrapped or have its definition significantly narrowed. However, the world is complex, and aspirations around covering environmental, social and governance issues won’t benefit from ignoring that complexity, leading rather to short-term gain but long-term pain. By Blake Goud, CEO, RFI Foundation ESG is facing a crisis of confidence driven by marketeers ‘hijacking’ it and conflating ESG & impact.The backlash against over-promising & under-delivering has provoked a...

Blake Goud | August 02, 2022

ESG has outgrown a single label – but we’re stuck with it

ESG has outgrown a single label – but we’re stuck with it

Increasing concerns about greenwashing within ESG have led to suggestions that the term should scrapped or have its definition significantly narrowed. However, the world is complex, and aspirations around covering environmental, social and governance issues won’t benefit from ignoring that complexity, leading rather to short-term gain but long-term pain. By Blake Goud, CEO, RFI Foundation ESG is facing a crisis of confidence driven by marketeers ‘hijacking’ it and conflating ESG & impact.The backlash against over-promising & under-delivering has provoked a...

Blake Goud | August 02, 2022

Islamic Economy Institutional Structure

The institutional structure of the ideal Islamic economy rests on rules governing property, production, exchange, trust, markets, and distribution and redistribution, among others.Property RightsAll property ultimately belongs to the Creator, who has made all created resources available for humans, to empower them to perform what their Creator expects of them. Individuals are free to acquire and accumulate property as long as it does not violate the rights and the interests of the society and individuals. Islam prohibits the concentration of wealth and imposes limits on cons...

IM Insights | August 01, 2022

Islamic Economy Institutional Structure

Islamic Economy Institutional Structure

The institutional structure of the ideal Islamic economy rests on rules governing property, production, exchange, trust, markets, and distribution and redistribution, among others.Property RightsAll property ultimately belongs to the Creator, who has made all created resources available for humans, to empower them to perform what their Creator expects of them. Individuals are free to acquire and accumulate property as long as it does not violate the rights and the interests of the society and individuals. Islam prohibits the concentration of wealth and imposes limits on cons...

IM Insights | August 01, 2022

Indonesia’s XL Axiata Announces Plans to Issue IDR 1.5 Trillion Worth of Shelf-registration Sukuk Ijarah III Phase I Year 2022

Indonesia-based telecommunication service provider, PT XL Axiata Tbk (XL Axiata), has announced plans for a public offering of IDR 1.5 tillion (USD 100.2 million) Shelf-registration Sukuk Ijarah III Phase I Year 2022, under the IDR 5 trillion (USD 334 million) Sukuk Ijarah Shelf Offering Programme (Penawaran Umum Berkelanjutan or PUB) on the 27th of July 2022. Why it Matters? Proceeds from the offering will be used to fund XL Axiata’s capital expenses, expanding its product network and enhancing the users' access to its telecommunication service. It will further assist...

IM Insights | July 28, 2022

Indonesia’s XL Axiata Announces Plans to Issue IDR 1.5 Trillion Worth of Shelf-registration Sukuk Ijarah III Phase I Year 2022

Indonesia’s XL Axiata Announces Plans to Issue IDR 1.5 Trillion Worth of Shelf-registration Sukuk Ijarah III Phase I Year 2022

Indonesia-based telecommunication service provider, PT XL Axiata Tbk (XL Axiata), has announced plans for a public offering of IDR 1.5 tillion (USD 100.2 million) Shelf-registration Sukuk Ijarah III Phase I Year 2022, under the IDR 5 trillion (USD 334 million) Sukuk Ijarah Shelf Offering Programme (Penawaran Umum Berkelanjutan or PUB) on the 27th of July 2022. Why it Matters? Proceeds from the offering will be used to fund XL Axiata’s capital expenses, expanding its product network and enhancing the users' access to its telecommunication service. It will further assist...

IM Insights | July 28, 2022

Saudi’s National Debt Management Center Closes SAR 2.9 Billion SAR-denominated Sukuk Issuance in Two Tranches  

Saudi Arabia’s National Debt Management Center (NDMC) has announced the closure of an SAR 2.9 billion (USD 771 million) SAR-denominated Sukuk issuance on the 26th of July 2022, under the Saudi Arabian Government SAR-denominated Sukuk Programme. Why it Matters? The offering comprised two tranches; the first tranche had a size of SAR 480 million and the second tranche was sized at SAR 2.45 billion, with the two tranches set to mature in 2030 and 2034, respectively. Details  In June 2022, the NDMC closed an SAR 5.44 billion (USD 1.5 bill...

IM Insights | July 27, 2022

Saudi’s National Debt Management Center Closes SAR 2.9 Billion SAR-denominated Sukuk Issuance in Two Tranches  

Saudi’s National Debt Management Center Closes SAR 2.9 Billion SAR-denominated Sukuk Issuance in Two Tranches  

Saudi Arabia’s National Debt Management Center (NDMC) has announced the closure of an SAR 2.9 billion (USD 771 million) SAR-denominated Sukuk issuance on the 26th of July 2022, under the Saudi Arabian Government SAR-denominated Sukuk Programme. Why it Matters? The offering comprised two tranches; the first tranche had a size of SAR 480 million and the second tranche was sized at SAR 2.45 billion, with the two tranches set to mature in 2030 and 2034, respectively. Details  In June 2022, the NDMC closed an SAR 5.44 billion (USD 1.5 bill...

IM Insights | July 27, 2022

Pakistan’s First Shariah-compliant Electronic Warehouse Receipt Financing Disbursed by BankIslami

The first Shariah-compliant Electronic Warehouse Receipt (EWHR) financing in Pakistan has successfully been structured and disbursed by BankIslami Pakistan Limited (BankIslami), issued under the repository system and the management of Naymat Collateral Management Company Limited (NCMCL). Why it Matters? Pakistan's economy is supported by agriculture providing food security. In 2019, the Securities & Exchange Commission of Pakistan (SECP) adopted Collateral Management Company (CMC) Regulations to foster a supportive atmosphere and accredit warehouses to store various comm...

IM Insights | July 27, 2022

Pakistan’s First Shariah-compliant Electronic Warehouse Receipt Financing Disbursed by BankIslami

Pakistan’s First Shariah-compliant Electronic Warehouse Receipt Financing Disbursed by BankIslami

The first Shariah-compliant Electronic Warehouse Receipt (EWHR) financing in Pakistan has successfully been structured and disbursed by BankIslami Pakistan Limited (BankIslami), issued under the repository system and the management of Naymat Collateral Management Company Limited (NCMCL). Why it Matters? Pakistan's economy is supported by agriculture providing food security. In 2019, the Securities & Exchange Commission of Pakistan (SECP) adopted Collateral Management Company (CMC) Regulations to foster a supportive atmosphere and accredit warehouses to store various comm...

IM Insights | July 27, 2022

Malaysia's SME Bank Obtains MYR 536 Million Through Sustainability Sukuk Issuance

Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) has secured MYR 536 million (USD 120.33 million) from its most recent sustainability Sukuk issuance, surpassing its MYR 300 million (USD 67.35 million) planned target, as per a statement on the 25th of July 2022.Why it Matters? Despite difficult market conditions and profit rate hikes, the Sukuk was priced at a competitive profit rate of 4.04% and saw strong demand from local financial institutions, fund managers, insurance companies, and government-affiliated investment firms. Only projects relating to environmental,...

IM Insights | July 26, 2022

Malaysia's SME Bank Obtains MYR 536 Million Through Sustainability Sukuk Issuance

Malaysia's SME Bank Obtains MYR 536 Million Through Sustainability Sukuk Issuance

Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) has secured MYR 536 million (USD 120.33 million) from its most recent sustainability Sukuk issuance, surpassing its MYR 300 million (USD 67.35 million) planned target, as per a statement on the 25th of July 2022.Why it Matters? Despite difficult market conditions and profit rate hikes, the Sukuk was priced at a competitive profit rate of 4.04% and saw strong demand from local financial institutions, fund managers, insurance companies, and government-affiliated investment firms. Only projects relating to environmental,...

IM Insights | July 26, 2022

Credit Markets During the Pandemic

After the Gulf region overcame the COVID-19 pandemic, it is now time to mention how the fixed-income market and the loan market interacted with the region’s companies during the first half of 2020. How did the companies deal with the shortage of liquidity? And how were some of them able to enhance their cash coffers through revolving credit facilities?Let us summarise the situation back then: Gulf companies with low credit ratings were forced to borrow in local currencies through bank loans after international banks preferred those with higher credit ratings.Fixed income markets w...

Mohammed KHNIFER | July 25, 2022

Credit Markets During the Pandemic

Credit Markets During the Pandemic

After the Gulf region overcame the COVID-19 pandemic, it is now time to mention how the fixed-income market and the loan market interacted with the region’s companies during the first half of 2020. How did the companies deal with the shortage of liquidity? And how were some of them able to enhance their cash coffers through revolving credit facilities?Let us summarise the situation back then: Gulf companies with low credit ratings were forced to borrow in local currencies through bank loans after international banks preferred those with higher credit ratings.Fixed income markets w...

Mohammed KHNIFER | July 25, 2022

Central Bank of Oman to Introduce Islamic Money Market Instruments

The Central Bank of Oman (CBO) has announced that it is working to establish a number of Islamic money market instruments in its efforts to fulfil the liquidity demands of the Islamic banking industry, including a Shariah-compliant emergency liquidity support facility, a lender of last resort (LOLR) facility and a Wakalah-based remunerative deposit facility, among others, as per the CBO’s Financial Stability Report 2022. Why it Matters? The CBO has supported Islamic finance since its introduction in the country in 2012, creating a thorough regulatory framework for Islamic b...

IM Insights | July 25, 2022

Central Bank of Oman to Introduce Islamic Money Market Instruments

Central Bank of Oman to Introduce Islamic Money Market Instruments

The Central Bank of Oman (CBO) has announced that it is working to establish a number of Islamic money market instruments in its efforts to fulfil the liquidity demands of the Islamic banking industry, including a Shariah-compliant emergency liquidity support facility, a lender of last resort (LOLR) facility and a Wakalah-based remunerative deposit facility, among others, as per the CBO’s Financial Stability Report 2022. Why it Matters? The CBO has supported Islamic finance since its introduction in the country in 2012, creating a thorough regulatory framework for Islamic b...

IM Insights | July 25, 2022

Islamic Development Bank Appoints New Director General of the Islamic Solidarity Fund for Development  

The Islamic Development Bank (IsDB) has announced that it has appointed Dr Hiba Ahmed as Director-General of Islamic Solidarity Fund for Development (IsFD) as of the 6th of July 2022. Why it Matters?  Dr Hiba has a long career holding a variety of roles at organisations such as the International Food Policy Research Institute, the World Bank, the Saudi Arabian Oil Company (Saudi Aramco), the United Nations Development Program, and the Central Bank of Sudan. She served as Director General of Sudan's General Authority for Investment and Private Sector Development in 2019, followed...

IM Insights | July 25, 2022

Islamic Development Bank Appoints New Director General of the Islamic Solidarity Fund for Development  

Islamic Development Bank Appoints New Director General of the Islamic Solidarity Fund for Development  

The Islamic Development Bank (IsDB) has announced that it has appointed Dr Hiba Ahmed as Director-General of Islamic Solidarity Fund for Development (IsFD) as of the 6th of July 2022. Why it Matters?  Dr Hiba has a long career holding a variety of roles at organisations such as the International Food Policy Research Institute, the World Bank, the Saudi Arabian Oil Company (Saudi Aramco), the United Nations Development Program, and the Central Bank of Sudan. She served as Director General of Sudan's General Authority for Investment and Private Sector Development in 2019, followed...

IM Insights | July 25, 2022

World Cup to Drive Islamic Finance Growth in Qatar

Qatar’s Islamic finance institutions are expected to grow in 2022 as the country continues to experience economic expansion prompted by its preparations to host the FIFA World Cup 2022 and its Islamic finance sector is thought to be well-positioned to overcome persistent obstacles, according to Oxford Business Group (OBG). Why it Matters? The 2022 FIFA World Cup has been a significant driver of financing and insurance over the past ten years and as it draws closer, many companies and individuals are looking at market prospects. With economic recovery picking up speed despit...

IM Insights | July 22, 2022

World Cup to Drive Islamic Finance Growth in Qatar

World Cup to Drive Islamic Finance Growth in Qatar

Qatar’s Islamic finance institutions are expected to grow in 2022 as the country continues to experience economic expansion prompted by its preparations to host the FIFA World Cup 2022 and its Islamic finance sector is thought to be well-positioned to overcome persistent obstacles, according to Oxford Business Group (OBG). Why it Matters? The 2022 FIFA World Cup has been a significant driver of financing and insurance over the past ten years and as it draws closer, many companies and individuals are looking at market prospects. With economic recovery picking up speed despit...

IM Insights | July 22, 2022

Recent Insights

Fund Prices by MayBank AM

Fund Prices by MayBank AM

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Indonesia Market Update - 6 October

Indonesia Market Update - 6 October

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Indonesia: Morning Market Update - 6 October

Indonesia: Morning Market Update - 6 October

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Indonesia: Additional Sovereign Sharia Securities Auction Result (Greenshoe Option) on Wednesday, October 5, 2022

Indonesia: Additional Sovereign Sharia Securities Auction Result (Greenshoe Option) on Wednesday, October 5, 2022

IM Press Release

AIBIM: Value-based Intermediation Full Report 2021

AIBIM: Value-based Intermediation Full Report 2021

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