IFN RAPIDS: Volume 14 Issue 02

Wednesday, 11 January 2017

DEALS

Malaysia issues RM3.5 billion (US$779.96 million)-worth of GII Murabahah
Omani government plans dual-tenor US dollar-denominated debt facility; open to the idea of tapping Sukuk market
International Islamic Liquidity Management Corporation to auction two-month Sukuk alongside three-month paper
Dubai Islamic Bank plans potential benchmark-sized dollar Sukuk
Sunway Treasury Sukuk issues 173rd Islamic commercial papers worth RM100 million (US$22.24 million)
State Bank of Pakistan recommends Islamic savings bonds and tax exemption to counter sluggish National Savings Scheme
Menara ABS to make periodic distribution for RM1.1 billion (US$244.6 million) Sukuk Ijarah on the 16th January
EQUATE Petrochemical to launch dollar Sukuk in the first quarter of 2017
Indonesia auctions sovereign Sukuk worth IDR6 trillion (US$449.4 million)
Indonesia bars JPMorgan Chase & Co from next dollar sovereign Sukuk issuance 
Indonesia sets pitch date for next dollar Sukuk
Investment Corporation of Dubai to raise debt in January 2017; undecided on Sukuk or bond format
Bank Pembangunan Malaysia to appoint other banks to manage RM7 billion (US$1.56 billion) Sukuk 

NEWS

Egyptian Gulf Bank seeks approval from Egyptian Exchange to increase capital
Al Baraka Banking Group and Qatar International Islamic Bank among Islamic banks to begin operations in Morocco
Nigerian Stock Exchange approves Jaiz Bank’s share capital listing
State Bank of Pakistan launches Prudential Regulations for infrastructure project financing; encourages banks to adopt Islamic finance
Sindh Bank and Summit Bank in merger talks; seeking approval to conduct due diligence
Amana Bank opens new branch in Colombo

ASSET MANAGEMENT

Rasmala acquires 68% stake in Orchard Apartments 
ASMA Capital acquires minority stake in Utico through IDB Infrastructure Fund II

TAKAFUL

Saudi Arabian Monetary Authority issues circular requiring insurance companies to offer discounts on policies in a bid to drive market traffic
Malath Insurance and Reinsurance Cooperative Company to increase capital through rights issue
Solidarity Saudi Takaful Company gets Saudi Arabian Monetary Authority’s approval to reduce capital
Securities and Exchange Commission of Pakistan proposes draft insurance laws to align with International Association of Insurance Supervisors
General Insurance Association of Malaysia and the Malaysian Takaful Association to pay insurance claims to flood victims

RATINGS

Fitch assigns Oman ‘BBB’ issuer default ratings with a stable outlook
RAM reaffirms Malaysia’s sovereign ratings at ‘gA2/Stable’ and ‘seaAAA/Stable’
RAM upgrades outlook on Golden Agri’s Islamic medium-term notes ‘A1(s)’ rating to stable from negative
Bumitama Agri’s ringgit Sukuk Musharakah program maintains ‘AA3/Stable’ rating
RAM reaffirms rating and outlook on Bright Focus’s Sukuk Musharakah
RAM maintains Brunei’s sovereign ratings as a result of considerable reserves 
MARC affirms ‘AA-IS’ and ‘AIS’ ratings on Alpha Circle’s senior and junior Sukuk Musharakah respectively
Putrajaya Holdings maintains ‘AAAIS’ ratings on Islamic debt programs 

MOVES

GFH Real Estate welcomes new chief commercial officer
BBK appoints new members to its executive management
Kuwait Stock Exchange names new chairman

 





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