GCC Sukuk Mid Month Report - November 2017

Transcription

1. U Capital Research “U Capital GCC Sukuk”Mid - Month Report Main News: No. of Issue: 11 Date: 15/11/2017 Qatar developer Ezdan's sukuk yields spike after S&P downgrade to junk Yields on $500 million of Islamic bonds issued by Qatari real estate developer Ezdan Holding and maturing in 2021 have jumped by about 2 percentage points after Standard & Poor's downgraded the company to junk…….Source: Reuters Islamic banking product gains popularity in UAE About 52 per cent of UAE consumers have an Islamic banking product now, compared to 47 per cent consumers in 2015, indicating increasing popularity, a survey from Emirates Islamic Bank revealed. ……Source: Gulf News Islamic banking product gains popularity in UAE About 52 per cent of UAE consumers have an Islamic banking product now, compared to 47 per cent consumers in 2015, indicating increasing popularity, a survey from Emirates Islamic Bank revealed. “The results of this year’s Islamic Banking Index clearly show that more people in the UAE.… Source: Reuters Dubai Financial Market welcomes delegation from Indonesian Stock Exchange Dubai Financial Market, DFM, has received a high-level delegation from Indonesia's Stock Exchange, IDX, along with Indonesian media corporations. The visit underlines Indonesia’s interest in learning from Dubai’s successes in developing Islamic capital markets. ...….Source: Emirates News Agency (WAM) Nasdaq Dubai welcomes listing of $500mln Sukuk by APICORP Nasdaq Dubai, the region’s international stock exchange, welcomed today’s listing of a US$500 million Sukuk by APICORP, the multilateral development bank established to foster the development of the Arab world’s oil and gas industries.......…Source: Emirates News Agency (WAM) Saudi's Jabal Omar picks two banks for sukuk sale early next year- sources Saudi Arabia's Jabal Omar Development Co , one of the country's largest listed property developers, has hired two banks to manage a sukuk sale which could exceed 4 billion riyals ($1.07 billion) and is likely to take place in the first quarter of 2018, sources familiar with the matter said........Source: Reuters UAE's Dana Gas leaves maturing sukuk unpaid but no default declared -sources United Arab Emirates energy producer Dana Gas will not redeem some $700 million of its Islamic bonds when they mature on Tuesday as a dispute on the validity of the sukuk drags on in British and UAE courts, sources familiar with the matter told Reuters. ...…Source: Reuters Saudi sells $2.67bln of domestic sukuk, issue size rises Saudi Arabia's government sold 10 billion riyals ($2.67 billion) worth of Islamic bonds in its fourth monthly offer of domestic sukuk, with the issuance size rising from the last offer, the Ministry of Finance. The government sold 4.15 billion riyals of five-year sukuk, 1.35 billion riyals......Source: Reuters Arab Petroleum Investments Corp hires banks for dollar sukuk Arab Petroleum Investments Corporation (APICORP), a multilateral development bank based in Saudi Arabia, has hired banks ahead of a potential U.S. dollar denominated sukuk...…Source: Press Release Oman Electricity Transmission Co considers dollar sukuk issue -sources Oman Electricity Transmission Co (OETC), a government-owned entity, is considering whether to issue U.S. dollar-denominated Islamic bonds, sources familiar with the matter. The potential fund-raising would contribute to a $2 billion capital expenditure programme run by its parent Co.......Source: Zawya Dubai Aerospace plans sukuk issue by mid-2018 Dubai Aerospace Enterprise (DAE) intends to tap the Islamic bond market within the next nine months as part of a strategy to diversify the company's funding. The Dubai government-controlled company became one of the world's largest aircraft lessors in August…......Source: Reuters P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net
2. U Capital Research 0 .80% Performance of U Capital GCC50, MSCI GCC , S&P S.Index & DJ Sukuk -Weekly Change 0.60% 0.40% 0.20% 0.00% 10/15/2017 -0.20% 10/20/2017 10/25/2017 10/30/2017 11/4/2017 11/9/2017 11/14/2017 -0.40% -0.60% -0.80% -1.00% -1.20% Dow Jones Sukuk Index S&P Mena Sukuk MXGCC index U Capital GCC 50 Index Source: U Capital, Bloomberg Upcoming Sukuk Maturities Issuer SOQ SUKUK A Q.S.C BAHRAIN LEASING SUKUK DEWA SUKUK 2013 LTD ALMARAI CO SIB SUKUK CO III LTD Maturity Date 1/18/2018 2/8/2018 3/5/2018 3/31/2018 4/16/2018 Offer Coupon Type FIXED FIXED FIXED FLOATING FIXED Currency USD BHD USD SAR USD Offer Coupon Rate 2.10% 2.52% 3.00% 2.95% 2.95% Bid Bid Offer Offer Rating Price Yield % Price Yield % (Moody's) 100.04 1.85 100.04 1.85 Aa3 100.50 1.32 100.50 1.32 100.06 2.81 100.53 1.66 - Source: U Capital, Bloomberg Sukuk Indices Vs. U Capital indices & Bloomberg Indices Current Close Previous Close 15 November 2017 Index 15 October 2017 Index Change Change MTD YTD % % % Dow Jones Sukuk Index S&P Mena Sukuk 101.10 116.80 101.93 117.40 (0.83) (0.60) (0.81) (0.51) (0.53) (0.38) 0.79 3.03 U Capital Oman 20 Index 989.78 989.66 0.12 0.01 3.47 (6.00) 1,131.19 1,155.25 (24.06) (2.08) (0.69) (3.99) U Capital MENA 200 Index 973.35 996.82 (23.47) (2.35) (0.87) (4.45) MSCI GCC Countries Index 467.46 474.06 (6.60) (1.39) (0.47) (1.92) U Capital GCC 50 Index Source: U Capital, Bloomberg. U Capital GCC 50, U Capital M ENA 200 and M SCI GCC Indices are updated till 2:00 PM -M uscat Time SUKUK Trading Summary – 1 Month Top Gainers Price Chg Top Losers Price Chg Companies RO % Companies RO % NATIONAL BK OF ABU DHABI 100.866 2.02 ABG SUKUK LTD BBG SUKUK LTD MEETHAQ SUKUK CO LLC 100.141 1.000 1.32 0.81 CBB INTERNATIONAL SUKUK CBB INTERNATIONAL SUKUK 85.257 -17.02 101.409 101.457 -1.99 -1.94 Source: U Capital, Bloomberg P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 2
3. U Capital Research GCC Sukuk Issue by Quarterly Size in Mn $ 2017 2016 Q1 Q2 Q3 Q4 2015 2014 2013 2012 0 10,000 20,000 30,000 40,000 50,000 Source: U Capital, Bloomberg Millions GCC Sukuk Issue by Types 2012-2017 Sukuk/Islamic GCC Sukuk Issue by Types Q3-2017 Mn$ 7,545 Sukuk Al Musharakah Mn$ Sukuk Al 100 Murabaha 19,550 Sukuk Al Ijara Sukuk Al Ijara 37,061 Sukuk Al-Wakala Bel-Istithma 46,163 Sukuk Al Murabaha 46,770 Sukuk Al Mudarabah Sukuk Al Mudarabah 20,000 60,000 Millions 40,000 2,020 Sukuk/Islamic 49,650 0 1,001 34,968 0 10,000 20,000 30,000 40,000 Source: U Capital, Bloomberg Millions GCC Sukuk Issue by Sector Q3-2017 GCC Sukuk Issue by Sector 2012-2017 Energy 1,761 Diversified 2,050 Industrial Financial 5,300 Consumer, Non-cyclical MN Mn$ 2,120 9,700 Basic Materials 11,200 Consumer, Cyclical 18,500 Utilities 18,900 Government Financial 35,969 63,040 Government 73,038 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 0 5,000 10,000 4,355 Bahrain 4,744 Qatar 30,000 35,000 Mn$ 40,000 Mn$ United Arab Emirates 100 Bahrain 10,200 United Arab Emirates 25,000 GCC Sukuk Issue by Country Q3-2017 1,975 Oman 20,000 Millions GCC Sukuk Issue by Country 2012-2017 Kuwait 15,000 Millions Source: U Capital, Bloomberg 1,044 Qatar 2,020 34,339 Saudi Arabia Saudi Arabia 151,125 0 50,000 Source: U Capital, Bloomberg 100,000 150,000 200,000 Millions 31,725 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Millions P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 3
4. U Capital Research GCC Sukuk prices and yield - Sorted by offer coupon rate Maturity Offer Coupon Issuer Date Type MOHAM AL BARWANI SUKUK MOHAM AL BARWANI SUKUK JAFZ SUKUK 2019 DAR AL-ARKAN SUKUK CO LT DAR AL-ARKAN SUKUK CO LT DAR AL-ARKAN SUKUK CO LT QATAR GOVT SUKUK DUBAI DOF SUKUK LTD EMAAR SUKUK LTD CBB INTERNATIONAL SUKUK ALPHA STAR HOLDING III DAR AL-ARKAN SUKUK CO LT CBB INTERNATIONAL SUKUK CBB INTERNATIONAL SUKUK ABHC SUKUK CO 1 SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK BAHRAIN IJARA SUKUK BAHRAIN MUMTALAKAT HLDNG GULF INVESTMENT CORP CBB INTERNATIONAL SUKUK MERAAS SUKUK LTD GULF INVESTMENT CORP GULF INVESTMENT CORP SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL DUBAI DOF SUKUK LTD ICD SUKUK CO LTD BAHRAIN IJARA SUKUK MEETHAQ SUKUK CO LLC GFH SUKUK LTD ALPHA STAR HOLDING LTD FIRST ABU DHABI BANK PJS EZDAN SUKUK CO LTD FIRST ABU DHABI BANK PJS TAQA ABU DHABI NATL ENER ALPHA STAR HOLDING IV LT EMG SUKUK LTD MAF SUKUK LTD OMAN SOVEREIGN SUKUK OMAN SOVEREIGN SUKUK SAUDI INTERNATIONAL PETR SUKUK FUNDING NO3 LTD DIFC SUKUK DIP SUKUK LTD SAUDI ELECTRICITY GLOBAL BAHRAIN IJARA SUKUK RVOS SUKUK SAUDI ELEC GLOBAL SUKUK SAUDI ELEC GLOBAL SUKUK MUMTALAKAT SUKUK HOLDING EQUATE SUKUK SPC LTD DP WORLD CRESCENT LTD DP WORLD CRESCENT LTD BANK AL JAZIRA DUBAI DOF WAKALA SUKUK 1 MEDJOOL LTD DUBAI DOF SUKUK LTD UNITY 1 SUKUK LIMITED SHARJAH SUKUK 2 LTD AL SHINDAGHA SUKUK LTD SHARJAH SUKUK LTD OREIDCO SUKUK Source : Bloomberg 6/29/2021 6/29/2021 6/19/2019 4/10/2022 4/10/2022 5/28/2019 6/1/2018 5/2/2022 7/18/2019 11/22/2018 4/20/2022 5/24/2018 2/12/2024 2/12/2024 4/14/2019 4/8/2044 4/8/2044 1/19/2025 4/30/2018 6/18/2027 3/20/2025 5/31/2022 6/20/2022 3/16/2021 4/8/2043 4/8/2043 4/30/2029 2/1/2027 7/9/2025 6/13/2022 7/26/2018 4/9/2019 12/28/2020 4/5/2022 12/9/2027 3/3/2022 9/30/2018 6/18/2024 11/3/2025 6/1/2024 6/1/2024 6/16/2021 12/3/2018 11/12/2024 2/20/2019 4/3/2022 7/17/2020 2/17/2021 4/8/2024 4/8/2024 11/25/2021 2/21/2024 5/31/2023 5/31/2023 6/2/2026 3/20/2025 3/19/2023 1/30/2023 11/30/2021 1/27/2021 11/26/2019 9/17/2024 8/30/2020 FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING Currency OMR USD USD USD USD USD QAR USD USD USD USD USD USD USD USD USD USD BHD MYR MYR USD USD MYR MYR USD USD USD USD BHD OMR USD USD MYR USD MYR MYR USD USD USD USD USD SAR USD USD USD USD BHD SAR USD USD USD USD USD USD SAR USD USD USD USD USD USD USD SAR Offer Coupon Rate 8.50% 8.50% 7.00% 6.88% 6.88% 6.50% 6.50% 6.45% 6.40% 6.27% 6.25% 5.75% 5.62% 5.62% 5.53% 5.50% 5.50% 5.50% 5.35% 5.30% 5.25% 5.11% 5.10% 5.10% 5.06% 5.06% 5.00% 5.00% 5.00% 5.00% 5.00% 4.97% 4.90% 4.88% 4.75% 4.65% 4.59% 4.56% 4.50% 4.40% 4.40% 4.38% 4.35% 4.33% 4.29% 4.21% 4.20% 4.06% 4.00% 4.00% 4.00% 3.94% 3.91% 3.91% 3.90% 3.89% 3.88% 3.88% 3.86% 3.84% 3.78% 3.76% 3.76% Bid Price 108.00 107.28 98.04 98.04 98.50 113.73 107.00 97.63 104.12 100.10 101.15 101.14 102.97 109.45 108.24 99.89 99.08 98.89 101.37 99.99 100.18 101.75 103.00 107.02 104.63 1.00 100.63 101.86 90.00 100.53 97.16 100.36 103.75 104.51 98.88 98.76 101.95 105.19 101.27 105.25 103.16 103.16 95.94 101.81 102.93 101.77 101.74 100.25 101.95 101.47 102.76 100.61 102.69 - Bid Yield % 6.00 2.30 7.40 7.40 7.55 3.13 2.11 8.77 5.19 5.55 5.40 5.40 3.47 4.86 4.94 5.58 5.42 5.43 4.77 5.10 5.05 4.94 4.85 4.22 4.38 416.22 4.50 4.25 7.60 4.68 5.40 4.24 3.91 3.84 4.60 4.62 2.44 3.48 3.25 2.92 3.44 3.45 5.13 3.62 3.32 3.55 3.62 3.82 3.46 3.47 2.93 3.46 3.32 - Offer Price 108.42 107.28 98.04 98.04 98.50 114.38 107.00 97.63 104.12 100.10 101.77 101.68 103.33 109.45 108.24 99.94 99.76 99.50 102.01 99.99 100.18 101.75 103.00 107.73 104.63 1.00 100.63 102.17 90.00 101.20 97.61 100.80 103.75 104.51 99.35 99.34 101.95 105.19 101.80 105.25 103.16 103.16 96.87 102.44 102.93 102.38 102.16 100.25 102.61 102.19 103.42 101.18 103.33 - Offer Yield % 5.87 2.30 7.40 7.40 7.55 2.98 2.11 8.77 5.19 5.55 5.29 5.30 3.21 4.86 4.94 5.47 5.33 5.33 4.62 5.10 5.05 4.94 4.85 4.15 4.38 416.22 4.50 4.15 7.60 4.60 5.28 3.74 3.91 3.84 4.51 4.51 2.44 3.48 2.82 2.92 3.44 3.45 4.87 3.51 3.32 3.43 3.55 3.82 3.32 3.28 2.71 3.17 3.22 - Rating (Moody's) Baa2 B1 B1 B1 Baa3 B1 A2 A2 A2 A2 NR Ba1 A3 Baa2 Baa2 Baa2 Baa2 A2 A2 A2 Baa2 Baa2 Baa2 A3 A3 - P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 4
5. U Capital Research GCC Sukuk prices and yield - Sorted by offer coupon rate Maturity Offer Coupon Issuer Date Type NATIONAL PETROCHEMICAL C DIB SUKUK LTD FAWAZ ABDULAZIZ ALHOKAIR EMAAR SUKUK LTD KSA SUKUK LTD KSA SUKUK LTD QIB SUKUK LTD DIB SUKUK LTD ALAWWAL BANK SAUDI GOVT SUKUK EIB SUKUK LTD ICD SUKUK CO LTD SAUDI GOVT SUKUK OMAN SOVEREIGN SUKUK SAUDI ELECTRICITY GLOBAL SAUDI ELECTRICITY GLOBAL DUBAI DOF WAKALA SUKUK 1 SAUDI INVESTMENT BANK SAUDI GOVT SUKUK ARAB NATIONAL BANK SAUDI BRITISH BANK SAUDI BRITISH BANK RAK CAPITAL AHB SUKUK CO ADVANCED PETROCHEMICAL C QIB SUKUK LTD SAUDI GOVT SUKUK SAUDI GOVT SUKUK SOQ SUKUK A Q .S.C SAUDI GOVT SUKUK ALMARAI CO BANQUE SAUDI FRANSI NAJRAN CEMENT CO RIYAD BANK ALAWWAL BANK SAVOLA GROUP COMPANY NATIONAL COMMERCIAL BANK SAUDI ELECTRICITY CO RAK CAPITAL SIB SUKUK CO III LTD ALMARAI CO NATIONAL INDUSTRIALIZATI ALMARAI CO TADAWUL REAL EST SUKUK OOREDOO TAMWEEL LTD DEWA SUKUK 2013 LTD ARABIAN ARAMCO TOTAL SER BBG SUKUK LTD SADARA BASIC SERVICES CO BBG SUKUK LTD SAUDI GOVT SUKUK SIB SUKUK CO III LTD ALMARAI CO DIB SUKUK LTD AHB SUKUK CO KSA SUKUK LTD KSA SUKUK LTD KSA SUKUK LTD POWER & WATER UTILITY CO NATIONAL SHIPPING CO OF SIB SUKUK CO III LTD DIB SUKUK LTD BANQUE SAUDI FRANSI NOOR SUKUK CO LTD QIB SUKUK LTD SAUDI GOVT SUKUK BAHRAIN LEASING SUKUK GENERAL AUTHORITY OF CIV SAUDI ELECTRICITY CO SAUDI TELECOM CO RIYAD BANK AHB SUKUK CO SOQ SUKUK A Q.S.C QIB SUKUK LTD 6/23/2019 2/14/2022 6/24/2019 9/15/2026 4/20/2027 4/20/2027 8/21/2019 3/30/2021 12/12/2023 7/26/2027 5/31/2021 5/21/2020 8/23/2027 11/3/2020 4/8/2023 4/8/2023 11/12/2026 6/5/2024 9/20/2027 10/7/2025 12/17/2020 5/28/2025 10/21/2018 10/8/2018 11/17/2019 5/23/2022 9/20/2024 7/26/2024 1/18/2023 8/23/2024 9/16/2022 6/18/2024 6/8/2020 6/24/2025 11/26/2019 1/22/2020 2/25/2024 5/10/2030 3/31/2025 9/8/2021 3/7/2019 5/21/2019 3/31/2020 12/3/2026 12/3/2018 3/5/2018 12/20/2025 11/15/2019 12/15/2028 10/18/2019 7/26/2022 4/16/2018 3/31/2018 6/3/2020 1/9/2019 4/20/2022 4/20/2022 4/20/2022 5/28/2033 7/30/2022 3/17/2020 12/15/2019 12/18/2019 4/28/2020 10/27/2020 9/20/2022 2/8/2018 1/18/2022 1/30/2054 6/9/2024 11/11/2020 8/14/2019 1/18/2018 8/21/2019 FLOATING FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FLOATING FLOATING FIXED FIXED FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FLOATING FLOATING FLOATING FLOATING FLOATING FLOATING FIXED FIXED FLOATING FLOATING FLOATING FIXED FIXED FIXED FLOATING FLOATING FLOATING FLOATING FIXED FIXED FLOATING FIXED FLOATING FIXED FIXED FIXED FLOATING FLOATING FIXED FLOATING FLOATING FIXED FIXED FIXED FIXED FIXED FLOATING FLOATING FLOATING FLOATING FIXED FIXED Currency SAR USD SAR USD USD USD AUD USD SAR SAR USD USD SAR OMR USD USD USD SAR SAR SAR SAR SAR USD USD SAR USD SAR SAR USD SAR SAR SAR SAR SAR SAR SAR SAR SAR USD USD SAR SAR SAR SAR USD USD SAR USD SAR USD SAR USD SAR USD USD USD USD USD SAR SAR USD USD SAR USD USD SAR BHD SAR SAR SAR SAR USD USD JPY Offer Coupon Rate 3.73% 3.66% 3.64% 3.64% 3.63% 3.63% 3.61% 3.60% 3.57% 3.55% 3.54% 3.51% 3.50% 3.50% 3.47% 3.47% 3.47% 3.45% 3.45% 3.45% 3.43% 3.30% 3.30% 3.27% 3.26% 3.25% 3.25% 3.25% 3.24% 3.20% 3.20% 3.19% 3.19% 3.18% 3.15% 3.15% 3.15% 3.15% 3.09% 3.08% 3.06% 3.05% 3.05% 3.05% 3.04% 3.00% 2.98% 2.97% 2.96% 2.95% 2.95% 2.95% 2.95% 2.92% 2.92% 2.89% 2.89% 2.89% 2.85% 2.85% 2.84% 2.82% 2.79% 2.79% 2.75% 2.75% 2.52% 2.50% 2.49% 2.49% 2.48% 2.31% 2.10% 1.00% Bid Price 101.25 98.63 100.58 100.65 100.90 101.18 100.66 100.37 1.00 100.62 102.87 100.90 100.75 96.95 98.94 97.93 99.24 100.85 100.50 100.00 98.40 100.00 100.06 99.52 101.12 99.65 100.23 99.65 99.43 100.84 99.50 97.35 100.33 100.04 100.18 Bid Yield % 3.34 3.82 3.56 3.55 3.08 3.23 3.34 3.35 391.54 3.35 2.89 2.31 2.41 4.00 3.47 3.41 3.30 2.21 1.32 3.01 3.79 3.02 2.81 3.12 2.04 2.98 2.84 2.98 3.10 2.51 3.00 3.71 2.13 1.85 0.90 Offer Price 101.25 98.63 101.11 101.07 101.06 101.74 101.31 100.96 1.00 101.28 102.87 101.43 101.24 97.55 99.52 98.53 99.86 100.85 100.50 100.00 98.69 100.29 100.53 100.07 101.36 99.96 100.23 99.96 99.99 101.19 99.50 98.02 100.64 100.04 100.53 Offer Yield % 3.34 3.82 3.49 3.49 2.99 3.05 3.15 3.11 391.54 3.21 2.89 1.73 1.85 3.85 3.34 3.32 3.12 2.21 1.32 3.01 3.64 2.86 1.66 2.89 1.83 2.90 2.84 2.90 2.85 2.34 3.00 3.47 1.95 1.85 0.70 Rating (Moody's) A3 Ba a 3 A1 A1 A3 Ba a 2 A2 A2 A1 Aa 3 A3 A2 A2 A2 A3 A1 A1 A1 A3 NR Aa 3 - Source: Bloomberg P.O.BOX 1137, PC 111 – CPO, Sultanate of Oman l CR No. 1279406 l Tel: +968 24949004/5 l Fax: +968 24949099 l Email: info@u-capital.net l Web: www.u-capital.net 5
6. U Capital Research Other News : November 2017  Islamic banking product gains popularity in UAE – Gulf News  Innovation in Islamic finance is better cultivated from the roots than the branches – CPI Financial  Noor Bank and Global Village announce strategic partnership – Press Release  Kuwait Finance House offers Online Finance Request service - Press Release  Apicorp issues $500mln five-year sukuk – Times of Oman  Thomson Reuters provides Shariah-compliant deal application to Alinma Bank – Press Release October 2017  International Islamic Liquidity Management Corporation Increases Sukuk Issuance to $3bln Press Release  Gulf Navigation now plans $250mln sukuk by year-end after delay - Reuters  Arab Petroleum Investments sets final pricing for $500 mln sukuk -lead - Reuters  Bank Nizwa launches Islamic Finance knowledge program in partnership with Takaful Oman and Tanmia - Press Release  Shari'ah-compliant Warranty & Indemnity insurance policy issued in London – CPI Financial  Saudi Arabia's IDB plans blockchain-based financial inclusion product – Reuters  AIG UK underwrites M&A policy using Islamic principles – Reuters  Bank Nizwa introduces new Murabaha home finance solution – Press Release Ubhar Capital SAOC (U Capital) Website: www.u-capital.net PO Box 1137 PC 111, Sultanate of Oman Tel: +968 24 949 004/5 Fax: +968 24 949 099 Email: research@u-capital.net Disclaimer: This report has been prepared by research department in Ubhar Capital SAOC (U Capital), and is provided for information purposes only. Under no circumstances is to be used or considered as an offer to sell or solicitation of any offer to buy. While all reasonable care has been taken to ensure that the information contained therein is not untrue or misleading at the time of publication, we make no representation as to its accuracy or completeness and it should not be relied upon as such, and the company accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. All opinions and estimates included in this document constitute U Capital Research department judgment as of the date of production of this report, and are subject to change without notice. This report may not be reproduced, distributed or published by any recipient for any purpose.