IFN RAPIDS: Volume 13 Issue 48

Wednesday, 30 November 2016

NEWS

IDB to support Nigerian agriculture sector via US$35 million investment in Jigawa
IDB and Benin sign MoU to develop Islamic finance industry and support economic expansion
Bank Syariah Mandiri gets IDR500 billion (US$37.2 million) capital injection from parent bank; plans Sukuk sale in December
Filipino parliament approves bills seeking to expand Islamic banking 
Shariah compliant securities now account for 74% of total listed securities on Bursa Malaysia following inclusion of 34 newly classified securities 
IDB and Borsa Istanbul collaborate to promote Islamic finance in Turkey
Islamic Bank of Thailand transfers bad debt; to issue new shares to boost capital
Affin Islamic Bank to provide RM4 million (US$897,968) to ICT Zone Ventures for Islamic Account Platform venture
Cagamas targets total Islamic and conventional financing of RM10.5 billion (US$2.36 billion) in 2017
Indonesia’s listed Islamic securities increase to 345 during second half of 2016 from 321 securities
Pakistan’s Islamic banking assets grow to PKR1.79 trillion (US$16.85 billion) at the end of September 2016
RFI Foundation partners with United Nations Environment Program Finance Initiative to support greater engagement by Islamic financial institutions on environmental issues
AAOIFI approves Shariah standard on gold and its trading controls
Bank Albilad and Western Union launch online money transfer service
The Philippines and Iran to establish banking ties

ASSET MANAGEMENT

Rasmala Egypt plans to boost assets under management by 25% by the end of 2017 with new products including a new mutual fund
Arcapita acquires new US senior living portfolio for US$110 million
Mirae Asset Global Investments launches maiden Shariah equity fund
Amana Wealth Management licenses IdealRatings Boursa solution 

TAKAFUL

Union National Bank to establish new Takaful operator in partnership with Orient Insurance Company
Crescent Takaful Sacco opens new branch in Wajir town
Takaful Emarat eyes acquisition of local Takaful and insurance firms to push up margins

RATINGS

Moody’s affirms Kuwait Investment Company’s ‘Ba2’ rating with a stable outlook
RAM downgrades Al Bayan’s Sukuk rating to ‘C1(s)’; outlook remains negative
MARC affirms ‘AAAIS(fg)’ rating on Symphony Life’s Islamic medium-term note program 
AM Best affirms Malaysian Reisurance’s financial strength rating and long-term issuer credit rating with positive outlook
Fitch assigns ‘A’ rating on Unity 1 Sukuk’s Sukuk program
MARC affirms ratings on Bank Muamalat Malaysia and its senior Sukuk at ‘A/MARC-1’ and ‘AIS’ respectively
RAM reaffirms RHB Islamic Bank’s financial institution ratings and Sukuk rating
Capital Intelligence affirms Turkey’s long-term ratings at ‘BB+’ and short-term ratings at ‘B’
RAM reaffirms Perbadanan Kemajuan Negeri Selangor’s Islamic commercial paper and Islamic medium-term note programs at ‘AA3/Stable/P1’
Bank Islam maintains ‘AA3/Stable/P1’ ratings based on healthy asset quality indicators and improved capitalization
RAM reaffirms negative rating outlook on Country Garden Real Estate’s Islamic medium-term note program
Jordan maintains ‘BB-’ long-term foreign currency rating with a stable outlook

MOVES

Salama Cooperative Insurance Co appoints Omar Al Ajlani as new chief
Abu Dhabi Islamic Bank Egypt appoints acting CEO
Alawwal Bank names Soren Nikolajsen as new managing director





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