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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Presented by Peter Hodgins (Partner) and Vasilis Katsipis (GM, Market Development) at Am Best, at The World Takaful Conference
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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Egypt's religious authority Al-Azhar has softened its stance on a law for the country’s first sovereign sukuk, saying that it will give its approval providing some changes are made. Egypt is looking to raise between $500m and $1bn before the end of June.
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Investors labelled a $500m sukuk from Sharjah Islamic Bank this week as exceptionally tight, but the deal nonetheless drew $3.2bn of orders on Tuesday. The sukuk priced inside the initial guidance range, ending up with a profit rate of 2.95% after the leads mooted low 3% on Monday.
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The economic committee of Egypt's Shura Council has agreed to accept a $50m mudaraba loan from the Islamic Development Bank (IsDB). This will be used to support the growth and development of small and medium enterprises (SMEs) in Egypt.
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The Islamic Financial Services Board has admitted seven new organisations into membership. The IFSB council agreed that Indonesia Deposit Insurance Corporation, BanqueCentrale Des Etats de L'afrique de L'ouest (Central Bank of West African States) and the Central Bank of Tunisia should come on-board. IFSB also admitted four new observer members. These are SAB (France), Finance Accreditation Agency (Malaysia), RAM Rating Services (Malaysia) and Fajr Capital (UAE).