Islamic Finance

The new issue has reflected the positive response from investors

18 September 05:15 PM Warba Bank issues $500m sukuk; oversubscribed 6.3 times

Mubasher: Warba Bank announced the issue of $500 million unsecured sukuk for a specific period of five years. This issue is the first of its kind to be issued from a Kuwaiti financial entity, and it will be listed on Nasdaq Dubai and the Irish …

Banking and Finance

The credit facilities aim to fund MEPCO’s capital

17 September 05:02 PM MEPCO renews, amends banking facilities with Al Rajhi Bank

Riyadh – Mubasher: Middle East Paper Co. (MEPCO) announced the renewal and amendment of a credit facilities deal with Al Rajhi Bank pursuant to the provisions of Islamic Shariah, according to a disclosure to the Saudi Stock Exchange (Tadawul) on …

Sukuk and Islamic Finance

Emaar's trust certificates carry an annual return of 3.875%

17 September 09:46 AM Emaar Properties inks terms of $500m trust certificates issue

Dubai – Mubasher: Emaar Properties has signed the final terms of issuing $500 million trust certificates. These certificates carry an annual return of 3.875% and will be matured in 2029, according to a disclosure to the Dubai Financial Market …

The Central Bank of Kuwait (CBK) approved the sukuk issue in July 2019

11 September 10:33 AM CMA nods to Warba Bank’s $500m sukuk prospectus

Mubasher: Kuwait’s Capital Markets Authority (CMA) has approved Warba Bank’s prospectus of the new sukuk issue at a value not exceeding $500 million on Monday, 9 September 2019, the bank disclosed to Boursa Kuwait on Wednesday. Earlier in …

Sukuk and Islamic Finance

he sukuk issuance has received orders of around $2.5 billion

11 September 09:26 AM Emaar Properties’ 10-yr sukuk issue attracts $2.5bn orders

Dubai – Mubasher: Emaar Properties, a leading global property developer, has raised $500 million from the sale of the 10-year US dollar-denominated sukuk, according to a document issued by one of the banks managing the deal. The sukuk issuance has …

Sukuk and Islamic Finance

The deal will offer investors 255 basis points

10 September 05:09 PM Emaar Properties may issue $500m sukuk

Dubai – Mubasher: Emaar Properties is expected to launch $500 million sukuk, according to Reuters. The deal will offer investors from 250 to 255 basis points over mid-swaps, the international news agency reported on Tuesday. Earlier in September, …

Sukuk and Islamic Finance

The CBB

7 September 11:19 PM Bahrain C. Bank issues BHD 26m sukuk

Mubasher: The Central Bank of Bahrain’s (CBB) BHD 26-million monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 532%. Receiving BHD 138.309 million in subscription, the issue will be mature in 182 …

Sukuk and Islamic Finance

The meetings will be held in Singapore, Hong Kong, and London as of 6 September 2019

3 September 09:34 AM Emaar Properties appoints banks for 10-yr sukuk issue

Dubai – Mubasher: Emaar Properties, a global leading real estate developer based in Dubai, announced the appointment of Standard Chartered Bank as sole global coordinator and Dubai Islamic Banks as Shariah advisor. The two banks will be acting …

The issuance is part of a sukuk programme at a maximum value of $2 billion

1 September 05:33 PM Warba Bank gets CMA’s nod to issue $500m sukuk

Mubasher: Warba Bank has received the Kuwaiti Capital Markets Authority's (CMA) approval to issue sukuk at a value not exceeding $500 million. The issuance is part of a sukuk programme at a maximum value of $2 billion, the bank said in a statement …

Markets Regulations

Green sukuk market is expected to grow further

27 August 09:43 PM Global sukuk issuance to equal $130bn in 2019

Mubasher: The value of global sukuk issuance is expected to increase by 6% to reach $130 billion in 2019, which represents a fourth consecutive annual increase, according to a report released on Tuesday by Moody's Investors Service. That forecast …

Banking and Finance

Brokerage arms of Islamic banks are now able to trade ADNOC Distribution shares

25 August 09:03 AM ADNOC Distribution unveils certification of shares as shari’a compliant

Abu Dhabi - Mubasher: ADNOC Distribution, the leading fuel distributor in the UAE, on Sunday announced the certification of its shares as Shari’a compliant based on the screening assessment recently made by The Unified Committee of Islamic Banks …

Banking and Finance

Tadawul

23 August 05:18 PM Tadawul approves listing of SAR 2.26bn gov’t debt instruments

Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) has approved a listing request of the debt instruments from a class already listed, issued by the Saudi government and submitted by the Ministry of Finance. The total value of the listed debt …

Sukuk and Islamic Finance

Raqamyah is proactively looking to augment capabilities

20 August 02:58 PM Saudi funding platform Raqamyah inks deal with Shariyah Review

Riyadh – Mubasher: Raqamyah, the peer-to-peer funding platform in Saudi Arabia, has assigned Shariyah Review Bureau (SRB), to manage the Sharia-compliant affairs of its crowd-funding technology. “It is high-time for the kingdom’s financial sector …

Sukuk and Islamic Finance

The issuance will be listed as of Monday, 19 August

18 August 03:46 PM ADX to list ESIC Sukuk’s $600m issuance

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) on Sunday unveiled its plans to list the first issuance of ESIC Sukuk Limited worth $600 million. The issuance will be listed as of Monday, 19 August, under the market symbol …

Sukuk and Islamic Finance

The Sukuk is expected to reflect profitably on Shuaa’s Q3 financials

14 August 10:52 AM Shuaa Capital finalises placing Sukuk for LSE-listed First Group

Dubai- Mubasher: Shuaa Capital announced that it has successfully acted as the sole arranger to place $135 million worth of sukuk for the First Group on the London Stock Exchange (LSE). Shuaa collaborated with local, regional, and international …

Sukuk and Islamic Finance

The sukuk issuance has a tenor of five years at a profit rate of 3.939% per annum

30 July 09:29 AM Kuwait’s Warba Bank among ESIC’s $600m sukuk issue arrangers

Mubasher: Warba Bank, listed on Boursa Kuwait, announced that Emirates Strategic Investments Company (ESIC), owned by Sheikh Mansour Bin Zayed Al Nahyan, has successfully issued $600 million in debut Sukuk. The sukuk issuance has a tenor of five …

Sukuk and Islamic Finance

Sheikh Mansour Bin Zayed Al Nahyan

24 July 12:59 PM Sheikh Mansour’s ESIC debuts $600m sukuk

UAE - Mubasher: Emirates Strategic Investments Company (ESIC), owned by Sheikh Mansour Bin Zayed Al Nahyan, announced the launching of $600 million in debut Sukuk. The sukuk issuance has a tenor of five years at a profit rate of 3.939% per annum, …

Sukuk and Islamic Finance

The sukuk reimbursement will positively impact the company’s profitability

24 July 10:07 AM Emaar’s Q3 profits to rise on $500m sukuk repayment

Dubai – Mubasher: Emaar Properties, a leading global property developer, on Wednesday highlighted that the repayment of the sukuk valued $500 million will be reflected in its financial results for the third quarter of 2019. The repayment of the …

Sukuk and Islamic Finance

The kingdom sold SAR 5.2 billion in sukuk in its local monthly issue for July

23 July 11:45 AM Saudi Arabia sells SAR5.2bn in sukuk monthly issuance

Riyadh – Mubasher: Saudi Arabia’s Ministry of Finance has closed its July 2019 sukuk issuance under the government’s riyal-denominated sukuk program. The kingdom sold SAR 5.2 billion in sukuk in its local monthly issue for July, according to the …

The sukuk repayment due date was 18 July 2019

23 July 09:27 AM Emaar’s unit repays AED 1.8bn sukuk

Dubai – Mubasher: Emaar Sukuk Limited, a subsidiary of Dubai-based Emaar Properties, said it has reimbursed $500 million (AED 1.83 billion) Islamic bonds under its $2 billion programme. The sukuk repayment due date was 18 July 2019, the company …

Corporate Actions

Sukuk listings on Nasdaq Dubai reached $62.35 billion

18 July 02:58 PM Nasdaq Dubai celebrates $1bn suluk listing by DP World

UAE – Mubasher: Nasdaq Dubai has welcomed the listing of $1 billion sukuk and a $300 million conventional bond issued by DP World. With sukuk and conventional bond listings of $8.09 billion, DP World is the largest UAE debt issuer on Nasdaq Dubai …

Sukuk and Islamic Finance

The bank should also complete remaining requirements

17 July 04:21 PM Kuwait C.bank approves Warba Bank’s $500m sukuk issue

Mubasher: Kuwait-based Warba Bank has obtained the Central Bank of Kuwait’s (CBK) preliminary approval to issue sukuk at a value not exceeding $500 million under $2 billion sukuk programme. The bank will obtain the CBK’s final approval after …

Sukuk and Islamic Finance

The company's net profits amounted to EGP 127.87 million in Q1-19

15 July 12:48 PM Egypt’s FRA approves Sarwa Capital’s sukuk securitisation business

Cairo – Mubasher: Sarwa Capital Holding for Financial Investments announced that its unit Sarwa Sukuk Company has obtained a sukuk securitisation licence from the Egyptian Financial Regulatory Authority (FRA). The Sharia-compliant sukuk issuance …

Sukuk and Islamic Finance

The port operator is also planning to issue 10-year benchmark sukuk

11 July 11:48 AM DP World to raise $700m in sukuk

UAE – Mubasher: DP World, a global port operator based in Dubai, is looking to raise around $700 million via conventional and Islamic bond issues on Thursday, Reuters reported, citing documents issued by banks involved in the deal. The port …

Banking and Finance

Total Islamic funding are forecast to reach EGP 235 billion at the end of June

10 July 03:55 PM Islamic banks likely to inject EGP 9bn in Egypt in Q2 – EIFA chairman

By: Islam Fadl Cairo – Mubasher: Islamic funding injected by banks are expected to increase by EGP 9 billion during the second quarter of 2019, head of the Egyptian Islamic Finance Association (EIFA), Mohamed El-Beltagy, told Mubasher on …