Sukuk accounts for 24% of total debt floated in Gulf during 2017
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Reuters – The United Arab Emirates’ financial market regulator has set new rules for Islamic and corporate bonds to encourage trading in them, and amended rules on securities lending and borrowing to make it easier for foreign institutions to operate. The changes are part of plans to introduce at least two new rules covering the …
Reuters – The Bahrain-based International Islamic Financial Market (IIFM) will develop its first standard contract template for sukuk (Islamic bonds), and aims to double the number of its standards as early as next year, its chief executive told Reuters. A standard for leasing-based sukuk will be developed first by the IIFM, a non-profit industry body …
Reuters – The government of Dubai plans to sell a benchmark-sized, US dollar-denominated sukuk with a lifespan of 15 years on Tuesday, a document from lead managers said. Initial price thoughts on the Islamic bond have been set between 5% and 5.125%, the document said. Benchmark size is traditionally understood to mean at least $500m. …
Reuters – A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalised. “It is going to be very positive. The agreement has …
Reuters – Dubai will compete with London for a share of Islamic banks’ liquidity management business by offering a new platform for murabaha trading. Many Islamic banks around the world manage their short-term funds with murabaha, in which one bank acquires merchandise and another agrees to buy it at a mark-up. Traditionally, banks from the …
Reuters – Fawaz Abdulaziz Alhokair Co., the Saudi retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, is studying three to five acquisition targets in the United States and United Kingdom, a company official said on Monday. The firm, the largest listed retailer on the Saudi stock market, also aims …
Al Baraka says it plans to add 81 branches to its network in 2014, in countries including Turkey, Pakistan, Jordan and Egypt
Reuters – Luxembourg’s parliament could pass a bill as soon as two months from now to facilitate its first issue of sovereign sukuk, though an upcoming budget vote may delay approval for five months, a legislative official told Reuters. Last month, the Luxembourg government presented a bill to parliament to allow the securitisation of assets …
Kuwait’s fiscal year runs from 1 April to 31 March.
Reuters – Bahrain’s central bank will release a new regulatory framework for Islamic insurance (takaful) this quarter, in an overhaul of standards which the regulator hopes will attract new business in a sector it helped to pioneer. The kingdom has been a major hub for Islamic finance in the Gulf but in the last few …
Former chairman of Misr Iran Development bank expects growth in the Islamic finance industry to match traditional sector’s growth
The renewed push to allow sukuk in the country comes after previous attempts have been thwarted by nearly three years of political turmoil since the ouster of President Hosni Mubarak in February 2011.
New global issuance of sukuk has grown rapidly for most of the past several years and is projected to hit $237 billion in 2018, up from an estimated $100 billion this year
Potential demand for sukuk among cash-rich Islamic investors in the Gulf and Southeast Asia has exceeded supply for at least several years, analysts estimate.
Islamic bonds forced widespread criticism
It would be the Jeddah-based IDB’s third sukuk program – it already issues Islamic bonds in London and Kuala Lumpur – and its first in a Middle Eastern country.
Minister dismisses 15 advisors for having connection with Muslim Brotherhood
Abdullah Al-Adali, chairman of the taxes division at Price Waterhouse Coopers, stated that he supported keeping the country’s Islamic bonds law as it was despite the removal of Morsi.
Ministry to collaborate with public and private institutions to draft law; will also provide training courses on its application
Finance Ministry advisor: Sukuk not affected by Egypt’s recent credit downgrading
Now that the law has been approved, the government is set to hold two bidding rounds for sukuk projects, the first to be held in US dollars and the second in Egyptian pounds
Fayyad Abdel Moneim is a former economics professor at Al-Azhar University
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