Murabaha

Bank Islam issues its third #Sukuk #Murabahah RM300 million

Bank Islam Malaysia Bhd (BIMB) had obtained approvals from Bank Negara Malaysia and the Securities Commission Malaysia to establish the third subordinated Sukuk Murabahah programme with the issuance of RM300 million. BIMB said the sukuk has tenure of a 10-year non-callable five years with maturity date on November 12, 2027. BIMB noted the proceeds shall be utilised to finance Bank Islam’s Islamic banking activities, working capital requirements and other corporate purposes.

ICD, Mizuho Bank (M) Berhad seal $150m #Murabahah deal

The Islamic Corporation for the Development of the Private Sector (ICD) and Mizuho Bank have formalized the signing of a Murabahah deal. The financing is earmarked for the purpose of scaling up of ICD’s projects in its selected 55 member countries. The $150 million Murabahah agreement is the second bilateral Islamic facility that has been extended to ICD by Mizuho Bank. The agreement was signed by Khaled Al Aboodi, CEO of ICD and Shojiro Mizoguchi, CEO of Mizuho Bank. Al Aboodi expressed his strong support for the partnership. Shojiro Mizoguchi said he was very proud to continue to work with ICD and looking forward to leverage on each other’s expertise and experience.

Source: 

http://saudigazette.com.sa/article/521372/BUSINESS/ICD-Mizuho-Bank-(M)-Berhad-seal-$150m-Murabahah-deal

The $101 Million syndicated #Murabahah financing facility for #Bahrain Islamic Bank closed

Bahrain Islamic Bank (BISB) has successfully closed a debut $101 million one-year Syndicated Murabahah Financing Facility. The Facility will be used for general funding purposes. Initially it was launched for $50 million and following strong interest BISB decided to utilise the significant over-subscription to increase the Facility size to $101 million. A total of eight banks from the GCC and Europe participated in this transaction. They include Bank ABC Islamic, Boubyan Bank, Dubai Islamic Bank, Emirates Islamic, Sharjah Islamic Bank, National Bank of Ras Al Khaimah, The Islamic Corporation for the Development of the Private Sector, Federated Project and Trade Finance Tender Fund, and Federated Project and Trade Finance Core Fund. Sole Bookrunner and Coordinator was the Bahrain-based Bank ABC, which expressed its delight with the closure of the transaction and wished Bahrain Islamic Bank continued growth in the future.

Islamic finance transaction broadens investor base for the Africa Finance Corporation

In 2016 the Africa Finance Corporation (AFC) sought to raise financing at competitive pricing levels to fund a number of new infrastructure projects in Africa. It also aimed to diversify its investor base in the process. This objective was achieved through the successful issue of a Murabahah Sukuk. The AFC initially sought to raise US$100 million, but upsized its issuance o $150 million and was still oversubsribed. Emirates NBD Capital, Mitsubishi UFJ Financial Group and Rand Merchant Bank acted as joint bookrunners and joint lead managers. Emirates NBD Capital also acted as the sole global coordinator. This transaction was awarded the 2017 Deal of the Year in the category Islamic Finance in Africa by The Banker magazine.

QIB-#UK finances Buy-to-Live properties in London

QIB-UK has received official licensing to provide Sharia-compliant Murabaha Facilities for London properties. The new product enables QIB-UK to finance a buy-to-live property as well as refinance customers’ existing properties in London. QIB-UK has undergone a restructuring process to focus on serving the bank’s high-net-worth clients by addressing their specific financial needs in the UK. The bank offers its customers a range of Sharia-compliant banking services including Current Accounts in GBP, inward and outward transfers, direct debits, standing orders and more. QIB-UK also provides Debit Cards which are linked to a client’s current account with a high daily allowance of £15,000. Additionally, the Bank offers Wakala Deposits, Instant Access Savings Account, Notice Accounts and other premium products and services. QIB-UK was fully authorised as an Islamic Bank by the UK Financial Services Authority in 2008 and is fully owned by Qatar Islamic Bank.

Albaraka Turk secures $213 million Islamic #loan

Turkish lender Albaraka Turk has secured a $213 million murabaha-based loan syndication, up from the $150 million it initially sought. The bank said the profit margin for the 370-day sharia-compliant facility was 125 basis points over three-month LIBOR. The lender had appointed ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital Ltd, Qatar Islamic Bank and Standard Chartered Bank to arrange the transaction. The bank is a unit of the Al Baraka Banking Group, which is also planing to issue dollar-denominated sukuk.

Islamic finance body AAOIFI seeks to update guidance on #murabaha contracts

The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a draft standard on murabaha to update guidance on the most common financing tool used by Islamic banks. AAOIFI is conducting a wide review of its standards to encourage convergence of industry practices and increase consumer appeal. The proposed standard would supercede two earlier ones on murabaha. It would also cover new areas such as the accounting treatment on the liability side of a murabaha transaction. AAOIFI is seeking industry feedback on the draft until the end of March, aiming to make the final version effective from January 2019.

Yinson converts US$780mil loan into Islamic financing facility

Yinson Holdings' subsidiary Yinson Production (West Africa) has converted its existing US$780mil conventional loan to an Islamic Murabahah term financing facility. Group executive chairman Lim Han Weng said this was the largest Islamic facility for floating production storage and offloading (FPSO) financing to-date. Maybank Investment Bank acted as the coordinating bank for the conversion while Maybank Islamic acted as the syariah adviser. Upon completion of the conversion, Yinson is expected to meet the debt over total assets financial ratio benchmark required by the Securities Commission for a syariah-compliant security.

Source: 

http://www.thestar.com.my/business/business-news/2017/01/27/yinson-converts-us$780mil-loan-into-islamic-financing-facility/

#Zurich: #Responsible #Finance & Investment Summit 3-4 May 2017

Summit will explore intersection of #fintech, #ESG and #Islamicfinance. #RFISummit17

January 24, 2017, Zurich, Switzerland –

Bringing together a diversity of perspectives is critical for continuing the growth occurring within responsible finance. On this premise, the Responsible Finance & Investment Summit 2017 will convene in Zurich, Switzerland from 3-4 May 2017 around the theme “Building Bridges, Expanding Impact”.

Recent estimates from industry stakeholders show continued growth in responsible finance assets in many geographies and sectors. Responsible investment in Europe grew by 42% during the past 2 years, while in the U.S., assets grew by 33%. In Islamic finance, which has a global presence with a significant presence in Europe, the Middle East and Asia, growth in the last 2 years has been 21%. Identifying actionable areas for collaboration will support continued growth towards a more sustainable financial system.

Bahrain's Diyar Al Muharraq signs $366 million Murabaha contract

Diyar Al Muharraq has announced the signing of a Murabaha contract worth $366 million with a consortium of banks including Al Salam Bank-Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait and Al Baraka Islamic Bank. The participating banks will part fund the Deerat Al Oyoun Social Housing project; total costs are estimated at $700 million. Diyar Al Muharraq will bear the responsibility for financing and constructing all units of Deerat Al Oyoun as well as the initial infrastructure and public utilities. The anticipated date for the project’s first phase completion is February 2018. Al Salam Bank Deputy Group CEO Anwar Murad commented on the agreement being a milestone in terms of organizing a project of this magnitude, stressing the cooperation between Islamic and conventional banks in the region.

King Abdullah Port secures $720m Islamic loan for planned expansion

King Abdullah Port (KAP) will add new terminals after securing a $720m Islamic bank loan to finance the planned second phase development of Saudi Arabia’s first fully privately owned port. The strategically positioned Red Sea port unveiled the SAR 2.7bn ($720m) murabaha facility, with a tenure of 14 years, from Arab National Bank and Saudi Arabia British Bank. KAP has quickly established itself as a serious alternative to historic Jeddah Islamic Port which previously handled the bulk of Saudi Arabia’s cargo. Once complete, KAP will be able to handle 20m teu, 1.5m vehicles and 15 million tons of clean bulk cargo annually.

Source: 

http://www.seatrade-maritime.com/news/middle-east-africa/king-abdullah-port-secures-$720m-islamic-loan-for-planned-expansion.html

Faisal Islamic Bank's mortgage portfolio hits $112k for middle-income housing units

#Egypt-based Faisal Islamic Bank's portfolio of mortgage finances pursuant to the central bank's initiative has reached around two million Egyptian pounds ($112,598). Faisal Bank is applying the Islamic financing structure Murabaha in providing mortgage finances as pursuant to the central bank's initiative. Through the new initiative, the central bank would lend Egypt's working banks 20 billion pounds for 20 years to be lent to people of low-income and average-income at 7 and 8% interest in order to buy housing units in new urban communities.

Finance Islamique: déjà 500 familles devenues propriétaires en #France avec 570easi!

Il y a 6 ans, la société 570easi réalisait en France la toute première opération de financement immobilier conforme à l’éthique musulmane. C’est le cas pour plus de 500 familles qui sont devenues propriétaires via un financement immobilier Murabaha. Le grand public a la possibilité à ce jour de solliciter une durée de financement allant jusqu’à 20 ans.

Nogaholding successfully signs $570 million #Murabahah facility

Nogaholding, the investment arm of #Bahrain’s National Oil and Gas Authority (NOGA) hosted a dinner to commemorate the signing of the $570 mn Murabahah finance facility. Minister of Energy and Chairman of nogaholding Dr. Abdul Hussain bin Ali Mirza congratulated all the lenders for their support. The ten banks which participated include: Arab Banking Corporation (ABC), Ahli United Bank (AUB), Arab Petroleum Investments Corporation (APICORP), Gulf International Bank (GIB), and National Bank of Bahrain (NBB), Qatar Islamic Bank (QIB), Kuwait Finance House (KFH), The Bank of Tokyo-Mitsubishi UFJ (MUFG), BNP Paribas and HSBC. nogaholding’s first syndicated debt facility carries a term of five years. The facility size was increased by more than 60% due to strong demand from participating banks.

Emirates Islamic completes Murabaha on Nasdaq Dubai

Emirates Islamic Bank completed a $50 mn (Dh183 mn) Collateralised Murabaha deal with France-based Natixis on the Nasdaq Dubai. This was the largest collateralised Murabaha transaction closed by Emirates Islamic this year, and the first of its kind executed on the Nasdaq Dubai Murabaha Platform. CEO of Emirates Islamic Jamal Bin Ghalaita said the transaction sets a precedent for other financial institutions considering Sharia-compliant financing.

$155 million #Murabahah for Ziraat Participation Bank

On 27 April 2016 Ziraat Participation Bank closed its first Syndicated Murabaha Financing Facility. The debut transaction received a strong response from the market. Due to the significant oversubscription, Ziraat Participation Bank increased the facility size to US$155 mn. CEO Osman Arslan said the proceeds from the facility will be used to support the funding requirements of SMEs and the financing of trade related businesses.

Ziraat Participation's First #Syndication

On 27 April 2016 Ziraat Participation Bank closed its first Syndicated Murabaha Financing Facility. The debut transaction received a strong response from the market. Due to the significant oversubscription, Ziraat Participation Bank increased the facility size to US$155 mn. CEO Osman Arslan said the proceeds from the facility will be used to support the funding requirements of SMEs and the financing of trade related businesses.

Sharjah Islamic Bank obtains $265 mln murabaha facility

Abu Dhabi-listed Sharjah Islamic Bank said on Monday it had obtained a three-year, $265 million syndicated murabaha financing facility from a group of banks.
ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and Noor Bank were lead arrangers and bookrunners, Sharjah Islamic said without giving pricing details.

Bahrain's Nogaholding secures $570 million Islamic loan

Nogaholding, the holding company for oil and gas assets owned by the government of Bahrain, signed to obtain a five-year, $570 million murabaha financing facility. The Islamic funding will support investment in a number of large oil and gas projects in the kingdom, including the BAPCO Modernisation Programme, a liquefied natural gas import terminal, and the Bahrain Gas Plant Project. The facility is provided by 10 international, regional and local institutions: Arab Banking Corp, Ahli United Bank, Arab Petroleum Investments Corp, Gulf International Bank, National Bank of Bahrain, Qatar Islamic Bank, Kuwait Finance House, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and HSBC.

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