The S&P/ASX 300 Accumulation Index recorded it worst monthly performance since October 2008, falling 7.7% in August, and wiping out previously positive CYTD returns (now -0.7%). The Market ex- resources (-7.8%) modestly underperformed Resources (-7.2%) with Banks (-11.7%) the key drag. »

World Bank: Islamic finance promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare. The Bank’s involvement in Islamic finance is linked to its work on reducing poverty, expanding access to finance, and building financial sector stability and resilience. »

There appeared to be an inclination towards safe haven sovereign credits, with names such as IDB Trust Services 19 (Aaa;Sta/NR/AAA), Saudi Electricity Global Sukuk Co 24 (A-;Sta/AA-/AA-) and Hong Kong Sukuk 2014 Ltd 19-20 (Aa1/AAA/NR)(+USD40.68m in market capitalization). »

The signing of the memorandum will allow the two parties to launch joint activities and programs that help support economic development, opportunities, as well as to promote financial inclusion. »

As the Islamic financial industry continues to evolve and experience growth, it is also gaining sophistication in its appeal to demanding investors. As a prime example, Shariah-compliant Private Equity/Venture Capital (PE/VC) is an ideal model for Islamic finance as it represents the participatory modes of financing imbued with risk sharing concept. There is a very close relationship between conve... »

Indonesia could benefit from the winding down of operations among some Islamic lenders in Malaysia and Singapore. Bloomberg TV Malaysia's Sophie Kamaruddin and Cynthia Ng assess if Indonesia has what it takes to be the next Islamic banking hub in the region. »

Saudi dairy and poultry producer Almarai settled for a 1.6 billion Riyal sukuk issuance after previously stating it was looking for a 2 billion issuance depending on "market conditions", which it seems were not present to allow it to achieve its target issuance amount. Sukuk tend to be heavily oversubscribed and the fact that Almarai was not only able to hit its desired issuance amount, let alone ... »

The decision to tap the conventional market over sukuk is somewhat surprising given that Pakistan previously tapped the sukuk market in November 2014 with a $1 billion 5 year issuance, a transaction which was five times oversubscribed with offers of $2.3 billion against initial size of $500M which was upped to $1 billion. Such demand allowed the Government of Pakistan to close the transaction offe... »

Indicative Sukuk prices are provided for a number of liquid sukuk. »

The Islamic Investment Infrastructure Bank (IIIB), a unit of the Jeddah based Islamic Development Bank will act to raise funds by means of sukuk issuances to fund infrastructure projects. The bank is expected to be incorporated in 2016. “Having IIIB in Indonesia will help build infrastructure, bring in capital and boost Islamic banking assets,” Achmad Kusna Permana, secretary-general at the Indone... »