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IsDB eager to support development projects Madinah

IsDB President Dr. Bandar Bin Hajjar stated that the bank was working on a pioneering project to establish a "Global Waqf Centre of Excellence" in Madinah, with a capital of $50 million. The aim of the center is to build a global umbrella for the Waqf sector, linking and coordinating all those interested in Waqf. The Islamic Research and Training Institute (IRTI) is preparing to launch the first initiative of the center to grant an approved certificate of Waqf specialist. IRTI is also working on the "Ish’had" platform, which is an e-platform using blockchain technology, to document and protect Waqf properties.

Hafeez for potential of Islamic finance to help developing states

Pakistan's Adviser on Finance and Revenue, Dr Abdul Hafeez Shaikh said the Covid-19 has engulfed the whole world, and the global GDP is going to contract by 3-4%. Hafeez said Islamic banking was growing at a fast pace in Pakistan and he emphasized the potential of Islamic finance to help developing countries cope with the global financial challenges. The adviser said the government established a corona relief fund and transferred cash to 16 million vulnerable families to provide them support in this difficult time.

#Saudi property firm Amlak plans first post-coronavirus Riyadh IPO

Saudi real estate financing firm Amlak International plans to float 30% of its shares in Riyadh, in what will be the exchange’s first initial public offering (IPO) since the coronavirus crisis. Amlak said the final offer price would be announced on June 30, after a book-building process starting on June 22. Saudi retailer BinDawood Holding also plans to launch an initial public offering as early as this month. The group hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIB to organize the deal.

New York Online Investment Firm Gets Aramco Financing for Islamic Products

New York-based Wahed Invest has secured financing from oil giant Saudi Aramco to expand into the Middle East and make Riyadh its regional hub. The Saudi Aramco Entrepreneurship Ventures extended the funding to the online Islamic investment platform as part of a $25 million funding round. The three-year-old Wahed Invest, which has secured a license to operate in Saudi Arabia, aims to get regulatory approval in 20 more countries. It currently has licenses to operate in nine countries. The company's Islamic Exchange Traded Fund (ETF) holds investments in Apple, Johnson & Johnson, and Intel Corp. Wahed Invest is also contemplating listing its Islamic ETF on the Saudi stock exchange. Its ETF was listed on the Nasdaq last year.

Sharjah Islamic Bank hires banks for dollar #sukuk, document shows

Sharjah Islamic Bank has hired a group of banks to arrange a global investor call ahead of a potential issuance of five-year U.S. dollar-denominated sukuk. The bank hired Standard Chartered, Bank ABC, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, the Islamic Corporation for the Development of the Private Sector, KFH Capital and Mashreqbank to arrange the call.

Global high net worth (HNW) wealth will decline by $3.1 trillion in 2020: report

According to a new report released by Oliver Wyman and Morgan Stanley, Covid-19 will fundamentally change the way the Wealth Management industry in the Middle East operates. The report, called Wealth Management: After the Storm, highlights how a golden decade of growth for the Wealth Management industry has been drastically disrupted by Covid-19. Raji Souag, Partner at Oliver Wyman Middle East, sees global high net worth wealth declining by four percent, or $3.1 trillion in 2020. He believes that digitalisation and globalization will be among the immediate priorities of Wealth Management firms. Advisors will remain central to client relationships, however, they need to be supported with strong digital capabilities.

El-Gamal claims lender violated sharia terms on Tribeca tower loan

Sharif El-Gamal put together one of the most unusual financing packages when he secured a sharia-compliant construction loan four years ago for his Tribeca condo tower. El-Gamal is now claiming that the Malaysian bank that made the loan has violated the sharia terms. El-Gamal argues Maybank violated the terms of their agreement by refusing to release construction funds to complete the project at 45 Park Place. He is seeking damages equal to the projected sellout of the development about $245 million. Maybank claims El-Gamal defaulted on his loan when he failed to repay the $108 million balance when it came due in April.

International Islamic Trade Finance Corporation Signs US$15 million Murabaha Financing Facility to support SMEs in Bangladesh

The International Islamic Trade Finance Corporation (ITFC) has approved a US$15 million Murabaha Financing Facility in favour of City Bank Limited in Bangladesh to support the Bank’s private sector businesses. The financing comes at a critical time as SMEs in Bangladesh and other OIC member countries face the social and economic effects of the coronavirus pandemic. The financing is part of the COVID-19 Response Package through the provision of medical supplies, staple foods and fertilizer for agricultural production to OIC countries including Bangladesh, Egypt, Kyrgyzstan, the Maldives and Senegal.

#Indonesia raises $681.74mln from Islamic bonds auction, above target

Indonesia raised 9.5 trillion rupiah ($681.74 million) from sukuk, more than the indicative target of 7 trillion rupiah. The weighted average yields for the sukuk sold on Tuesday were lower than comparable notes sold at the previous auction on May 18. Incoming bids reached 28.64 trillion rupiah, compared to 18.85 trillion rupiah in the previous auction.

#UAE- Al Hilal Bank sells Al Hilal Takaful to Siraj Holdings

Al Hilal Bank has completed the sale of Al Hilal Takaful to Siraj Holding. The divestment was driven by Al Hilal Bank's strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels. Al Hilal Bank was acquired by ADCB in May 2019, following the merger between ADCB and Union National Bank (UNB). Full integration of the three banks was completed in early April 2020.

Meezan bank completes issuance of Rs200 billion energy #sukuk

Meezan Bank concluded the issuance of Pakistan Energy Sukuk (PES) II worth approximately Rs 200 billion by state-owned Power Holding Limited (PHL). The Sukuk aims to help the Government in addressing the challenges for resolving circular debt in the country’s power sector. This is the second issuance of this series of sukuk, bringing the total size of the sukuk to approximately Rs400 billion. The sukuk issue was 1.7 times oversubscribed. The transaction is structured for ten years, with six monthly profit (rental) payments at a rate equivalent to 6 Month KIBOR -10 bps, as determined through the book building process.

Humania’s US$125 Million Islamic Financing Facility

Clifford Chance has advised four international development finance institutions on a US$125 million Islamic financing facility to Humania. Led by International Finance Corporation (IFC), the institutions involved in the consortium were: the European Bank for Reconstruction and Development (EBRD), Finnish Fund for Industrial Cooperation (Finnfund), and OPEC Fund for International Development (OPEC Fund). Humania is a private healthcare company within the Bait Al Batterjee Group. The financing will be used to develop greenfield general hospitals in Alexandria (Egypt), and Casablanca (Morocco).

Dubai Islamic Bank closes $1bn #sukuk

Dubai Islamic Bank (DIB) closed a $1 billion (Dh3.67bn) 5-year sukuk with a profit rate of 2.95%. The sukuk attracted more than 170 investors with the order book rising to over $4.5bn. The sukuk was issued as a drawdown under DIB’s $7.5bn Trust Certificate Issuance Programme, which is listed on Euronext Dublin and Nasdaq Dubai. It is the first public benchmark sukuk issuance from a regional financial institution after the Covid-19 outbreak. Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, The Islamic Corporation for the Development of the Private Sector, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank acted as joint lead managers and bookrunners on this transaction.

Al Salam Bank sponsors the BIBF Islamic Finance Handbook

Al Salam Bank-Bahrain announced the sponsorship of the Islamic Finance Handbook for practitioners, produced locally by the Bahrain Institute of Banking and Finance (BIBF). The Islamic Finance Handbook will cover all major Islamic financial products and services including FinTech and Takaful Insurance. The book will incorporate case-studies from Al Salam Bank Bahrain as well as interviews and thoughts from the Bank’s senior management on various aspects of Islamic Finance. The BIBF Centre for Islamic Finance was established in 1997 to help promote the growth of both Islamic finance and banking. Today, the BIBF offers degrees and certifications, and conducts training in more than 27 countries worldwide.

‘Hibah’ best tool to resolve Muslim inheritance issues: Experts

When Muslims fail to draw up a will outlining the proportion of distribution of their assets to their heirs, families resort to faraid, the Islamic law of inheritance, which can lead to disputes. According to sociologist Prof Datuk Dr Mohammad Shatar Sabran, many Malays are still not aware of the importance of naming the heirs to their estate beforehand. The concept of hibah would be an alternative and more effective way. It refers to the transfer of legal and beneficial ownership of assets from the donor to the beneficiary on a voluntary basis, with the proportion and distribution to heirs and non-heirs being determined by the donor. Money left in accounts without the hibah instrument is categorised as part of the estate of the deceased account holder and, as such, the heir will have to go through a lengthy application process to claim the money.

The Majority of #Indonesia’s Shariah-Compliant Fintech Firms are Using the P2P Business Model

The steady rise and adoption in Sharia Fintech has transformed Indonesia’s trillion dollar economy. The majority of Shariah-compliant Fintechs in Indonesia use the P2P model, which usually works well with the profit-sharing model. Sharia Fintechs tend to focus on initiatives that support low-income and underserved segments of the population. Dody Dedy Waluyo, deputy governor of Indonesia’s central bank, says that there should be even more demand for halal or Islamic financial products. He notes that around 40% of the country’s GDP is generated from the Sharia economy.

Shariah-compliant #gold trading platform to launch in #UK

A digital gold-trading platform compliant with Islamic finance norms is about to get launched in the UK. Minted is a start-up domiciled in London that aims at making gold trading simple, secure and affordable. Minted launched the beta version of its platform in early May and plans to introduce a full-fledged version in mid-June and a mobile app by the end of July. With a total of £1mn in seed funding, of which it already received half from a venture capital investor, Minted plans to expand to Germany and France and, later on, to Turkey, the US, South Asia and Africa.

Dubai Islamic Bank gives initial guidance for long 5-year dollar #sukuk - document

Dubai Islamic Bank (DIB) gave initial price guidance of around 280 basis points over midswaps for a planned issuance of long five-year dollar sukuk. On Monday, DIB hired a group of 10 banks to arrange a global investor call for the deal, which is expected to close on Tuesday.

‘It’s beyond our dreams to have Islamic banks all over the world’ – Shaikh Saleh Kamel, 1941 – May 18, 2020

Shaikh Saleh Kamel, founder of Al Baraka Banking Group, passed away on May 18. He was one of the pioneers of Islamic banking, having set up one of the first of the modern-day Shariah-compliant banks in the late 1970s that became the Al Baraka Banking Group today. Shaikh Saleh was also President of the Islamic Chamber of Commerce, Industry and Agriculture, the Jeddah Chamber of Commerce and Industry, and he served as the Chair of the General Council for Islamic Banks and Financial Institutions. Shaikh Saleh said his satellite and internet channel, which he opened in 1998 and that largely presents religious content, was one of the things in his life he was most proud of.

Dantata, Dangote et Indimi : qui sont les oligarques derrière la banque islamique Jaiz du milliardaire Umaru Mutallab ?

Le vétéran de la banque et ancien ministre Umaru Mutallab s'est reconverti dans la finance islamique avec d'autres notables et magnats du nord du pays, tels qu'Aminu Dantata, Aliko Dangote et Muhammed Indimi. Ils sont soutenus par la banque publique saoudienne Islamic Development Bank.

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