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Islamic Finance

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  • The Islamic Financial Services Boards approved on Wednesday to adopt a new standard at its meeting in Bandara Seri Begawan Brunei.
  • Kuala Lumpur based RAM Ratings has pledged to support the development of local currency sukuk markets in the Gulf region, after being accepted as Malaysia’s first member of the Gulf Bond and Sukuk Association on Monday.
  • Maybank Islamic has issued a first MR1.5bn ($459.9m) tranche from its MR10bn Basel III compliant sukuk programme – increasing the size of the inaugural deal from $1bn on strong demand.
  • The Islamic Republic of Pakistan, rated B- / CAA1, will consider it a great result if it can re-establish a five- and 10-year international bond curve this week – following a seven year hiatus – by pricing close to higher-rated Zambia. But for a country with Islamic in its name, with a growing Islamic banking industry and with Islamic finance globally gathering momentum, it would be an oversight if it does not also re-establish a sukuk curve, and soon.
  • Kuala Lumpur based RHB Asset Management has launched the RHB-OSK Islamic Regional Balanced Fund, which will invest predominantly in Shariah compliant equities as well as other Shariah compliant products.
  • KazanSummit will put the focus of its forthcoming 2014 summit on strengthening economic and trade relations between the Russian Federation and Organisation of Islamic Cooperation member countries.