IFN RAPIDS: Volume 13 Issue 49

Wednesday, 07 December 2016

DEALS

Maxis Broadband issues third series of Sukuk Murabahah worth RM2.45 billion (US$549.75 million)
International Islamic Liquidity Management Corporation to auction a three-month US$500 million Sukuk facility
Bangladesh issues six-month Islami Investment Bond
Kuwait sends request for bond proposals
Sunway Treasury Sukuk’s 163rd Islamic commercial papers oversubscribed by RM230 million (US$51.51 million)
Abu Dhabi Islamic Bank fully repays US$500 million Sukuk from its own resources
Samalaju Industrial Port’s proposed Sukuk Murabahah program extension receives Sukukholders’ nod
IDB prices US$1.25 billion benchmark-sized Sukuk at 2.26%
Hong Leong Islamic Bank to make profit payment for Sukuk on the 19th December 2016
Malaysia to issue RM1.5 billion (US$335.95 million) government investment issue Murabahah facility
ACWA Power to issue Sukuk and bonds of up to US$1 billion; wins provisional ratings of ‘(P)Baa3’ 

NEWS

Tunisia’s central bank governor calls for Sukuk issuance to boost economy
National Higher Education Fund Corporation expects holders of Shariah compliant account to hit 40,000 by the end of 2016
Modarabas-led Islamic financing facility center in Rawalpindi officially launched 
Mindanao Development Authority recommends enhancement of Shariah Advisory Council and execution of enabling laws to push Islamic finance system
Securities Commission Malaysia to build nation’s big data capability in the capital market in partnership with MIMOS

ASSET MANAGEMENT

Public Mutual declares distributions of more than RM95 million (US$21.28 million) for nine funds including four Islamic funds
Subscription period for SEML IBBL Shariah Fund to begin on the 11th December
Shariah certification of PSG Melrose Arch revoked and terminated; Shariah scholar resigns from its Shariah board
Sabana REIT to divest 218 Pandan Loop for SG$148 million (US$104.19 million) 

TAKAFUL

MetLife AIG ANB Cooperative Insurance Co secures temporary product approval
Protection Insurance Services of Bahrain enters into partnership agreement with Hong Kong-based insurance advisor Pacific Prime
Amana Takaful Maldives purchases 5% of Maldives Islamic Bank’s issued share capital from the ICD
Solidarity Saudi Takaful to slash capital by 55%

RATINGS

RAM ceases rating obligation on OCBC Bank Malaysia’s RM200 million (US$44.77 million) subordinated Sukuk following full redemption
RAM reaffirms ‘AAA/Stable’ and ‘AAA(s)/Stable’ ratings on Manjung Island Energy’s Sukuk facilities
RAM reaffirms ‘AA2/Stable/P1’ ratings on BNP Paribas Malaysia
Capital Intelligence changes outlook on Arab Bank’s financial strength rating to negative in view of sharp decrease in capital adequacy ratio
Islamic Insurance Company of Jordan maintains ‘A’ rating
MARC affirms ‘AAAIS’ rating on Gas District Cooling (Putrajaya)’s RM300 million (US$67.2 million) Bai Bithaman Ajil Islamic debt securities

MOVES

Former Islamic banking head of White & Case now leading Winston & Strawn’s Shariah finance practice
Gulf Bank appoints Antoine Daher to succeed Cesar Gonzalez-Bueno as CEO of Gulf Bank
Two board directors of SHUAA Capital resign; company to elect replacements on the 19th December
GFH Capital appoints Luay Ahmadi as senior executive officer
Chairman/director of Standard Chartered Bank Pakistan steps down





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