islamic finance

December 7, 2019

Nasdaq Dubai yesterday (December 4) welcomed the listing of a €1 billion ($1.1 billion) green sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member countries.

It is IsDB’s first green sukuk, issued under its sustainable finance framework. It is also the third sukuk listing this year on the region’s international exchange by IsDB, following two listings of $1.5 billion each in April and October.

The"...

Continue Reading >

December 2, 2019

Dubai Islamic Bank has successfully closed a $750 million five-year sukuk, its second foray into the international capital markets in 2019.

The deal was priced intraday after completing a global roadshow in Hong Kong and London, as well as several investor calls, the bank said in a statement.

It added that the roadshow resulted in significant demand from Middle Eastern, Asian and European investors, with an order book that closed in excess of $2 billion, representing an oversubscription rate of 2.7 times.

Dr"...

Continue Reading >

November 27, 2019

DUBAI, 26th November, 2019 (WAM) -- The Dubai Islamic Economy Development Centre, DIEDC, signed two Memorandums of Understanding, MoUs, with the Indonesia Halal Lifestyle Centre, IHLC, and the National Islamic Finance Committee, KNKS, on the sidelines of the Indonesia Sharia Economic Festival 2019, appointing the IHLC and the KNKS as strategic partners of the DIEDC in promoting the Islamic economy worldwide.

Abdulla Mohammed Al Awar, CEO of the DIEDC, signed the first agreement with Sapta Nirwandar, Chairman of the ILHC, and the second agreement with Ventje Rahardjo, Executive Director of the KNKS, in the presence of senior representatives from"...

Continue Reading >

November 24, 2019

SHARJAH, 23rd November, 2019 (WAM) -- Sharjah Islamic Bank has received the Wells Fargo Operational Excellence Award 2018-2019. The award is granted for banks that achieve over 95 percent straight through processing rate of their payments through Wells Fargo money transfer systems.

According to a bank statement, winners of the Operational Excellence Awards were judged based on several criteria’s. SIB as an entity was acknowledged for consistently demonstrating improvement in the quality of their operational service levels in their payments, which resulted in an outstanding STP rate of 98.7 per cent and very low inquiry ratio throughout"...

Continue Reading >

November 21, 2019

DUBAI, 20th November, 2019 (WAM) -- Wethaq, a financial services company, on Tuesday announced that it has issued the first pilot sukuk on its securities market infrastructure for the Islamic capital markets under the supervision of the Dubai Financial Services Authority, DFSA.

Al Ghurair Investments LLC, AGI, acted as the issuer, advised by Mashreqbank PSC acting as lead arranger, R3 as protocol provider, Clifford Chance as legal counsel and the Dubai Islamic Economy Development Centre as mentor, according to a press release issued by Wethaq.

There is substantial"...

Continue Reading >

November 19, 2019

DUBAI, 18th November, 2019 (WAM) -- Dubai Islamic Bank PJSC, DIB, successfully closed a US$%750 million 5-year Sukuk with a profit rate of 2.950 percent per annum, which is equivalent to 140bps over the 5-year Mid Swap Rate.

The transaction is DIB’s second foray into the international capital markets in 2019, the first being a $750mn Additional Tier 1 Sukuk priced earlier this year. The Sukuk’s profit rate of 2.95 percent is the tightest achieved by an FI Sukuk in 2019. DIB is rated A3 by Moody's and A by Fitch (both stable).

The deal was priced intraday"...

Continue Reading >

November 14, 2019

Islamic real estate financier Amlak Finance on Wednesday reported total revenues of Dh263 million, an increase of 11 per cent for the first nine months of 2019 compared to Dh236 million during the same 2018 period.

Revenues from financing business activities remained stable at Dh131 million when compared to the same period last year, a company statement said. The company reported a 20 per cent reduction in net loss to 41 million from Dh51 million net loss for the first nine months of 2018.

The company said it reached an advanced stage of renegotiating the funding terms"...

Continue Reading >

November 11, 2019

ABU DHABI, 10th November, 2019 (WAM) -- Abu Dhabi Islamic Bank reported on Sunday a 5.2 percent increase in Q3 net profit to AED620 million from AED589 million in the same period last year as revenues rose. This brought profits in the first nine months of 2019 to AED1.85 billion, up 5.6 percent year-on-year.

The growth came on the back of higher income from financing, higher investment income, and higher fee income all of which drove revenues 5.5 percent higher in the third quarter to AED1.5 billion, said the bank in a statement.

Investment income alone jumped by 59"...

Continue Reading >