FRA finalises Sukuk regulations’ amendments, paving the way for promising investment
several companies want to issue sukuk in 2020, including real estate investment, services, agricultural reclamation
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TMG Sukuk records 2.5 bid-to-cover ratio: EFG Hermes
FRA earlier approves first Sukuk offering worth EGP 2bn
TMG’s awaited Sukuk expected to help buoy market rebound
The issuance is reportedly to have a positive impact in three ways, given the current crisis facing Egypt’s economy due to the ongoing coronavirus (Covid-19) pandemic.
TMG to launch EGP 2bn sukuk next week
TMG is targeting sales in the fiscal year (FY) 2019/20 similar to those in FY19, of EGP 20.4bn.
TMG plans to launch EGP 2bn worth sukuk before March end
CIAF delays its Sukuk programme to mid-year
CIAF presents prospectus for sukuk offering to FRA end of next week
CIAF is currently preparing to float $50m sukuk, and promotions are underway to launch them, which is the first sukuk offering witnessed in the Egyptian market, after the approval of legislative controls for issuing sukuk in Egypt.
CIAF Leasing ready to issue Sukuk to finance Embraer aircraft purchase
The company arranged with the Financial Regulatory Authority to navigate the process, ADIB Securities for financial consultancy, and Al Tamimi & Company as its legal advisor. The issuance is expected to reach $50m.
CIAF Leasing to launch $50m worth Sukuk in December
MERIS Ratings hired to rate Sukuk, promotional campaigns to launch soon, says Mohamed
Capital Markets 2019 to discuss future fixed-income instruments
This year summit titled, ‘Funding instruments, opportunities to accelerate growth, stimulate capital markets’
Egyptian market hungry for Islamic financing tools that can guarantee success of first experience: Samy
Sukuk accounts for 24% of total debt floated in Gulf during 2017
“Sukuk, new financing tools, who will take the lead?” conference kick-off Tuesday
Sukuk’s compliance with Islamic law may be catalyst for it to be seen as reliable financing tool, says El Sawy
Consortium TC to launch ‘Sukuk, new financing tools’ conference on 23 October
Conference aims to encourage companies to take advantage of financing alternatives to growth, expand, provide government with financial resources to fund its major projects
Iran’s sukuk plans expose regime split as sanction fears heighten
Government adopts new financial instruments to implement national projects, including Sukuk
We aim to raise economic growth to 10% by 2030: Ismail
Majid Al Futtaim issues $500m sukuk in Nasdaq Dubai
The bonds are the second to be listed by Majid Al Futtaim on the exchange, following a $400m listing in 2013
Egypt to introduce sukuk, revisit international capital market soon: Finance Minister
Parliamentary elections will be another milestone towards economic reform, says Hany Kadry Dimian
UAE regulator cuts minimum sukuk size, eases securities borrowing
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 …
Islamic finance body IIFM eyes first sukuk standard
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 …
Dubai to sell 15-year benchmark sukuk Tuesday
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. …
Dubai says agreement in principle on UAE bourse merger; no final word on bond issue
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 …
Dubai to challenge London with Islamic financing platform
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 …
Saudi retailer Alhokair eyes US, UK buys; plans debut sukuk
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 …
Bahraini Islamic Bank Al Baraka Q4 net income climbs 23%
Al Baraka says it plans to add 81 branches to its network in 2014, in countries including Turkey, Pakistan, Jordan and Egypt
Luxembourg bill for debut sukuk to take 2-5 months to pass
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 budget surplus drops as spending rises 18%
Kuwait’s fiscal year runs from 1 April to 31 March.
Bahrain aims for new business with Takaful, sukuk rules
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 …
Islamic finance industry will grow in 2014: AlHuda Centre for Islamic Banking and Economics
Former chairman of Misr Iran Development bank expects growth in the Islamic finance industry to match traditional sector’s growth
Egyptian financial regulator to retry sukuk rules in early 2014
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.
Dubai says will soon publish new Sukuk standards
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
Global Sukuk supply/demand gap to peak in 2014: Study
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.