Whilst the proposed Indonesian or Turkish banks will be hugely overshadowed by Gulf Islamic Banks in terms of assets and capital, they will have access to much bigger markets. Both Indonesia and Turkey being Muslim majority countries with combined populations of around 325 million offer greater growth prospects in engaging unbanked populations of their societies, as well as eating into the market ... »
IILM issued two sukuk, a three month $490 million issuance with a 3 month maturity was sold at a profit rate of 0.633%, and a longer six month issuance for $500 million was sold at a profit rate of 0.929%. The IILM is an international institution established by central banks, monetary agencies and multilateral organisations to introduce and facilitate effective cross-border Shari’ah-compliant liqu... »
Crescent Wealth, an Australian Islamic investment firm, announced it had exceeded $100 million in funds under management following a 245% growth in funds under management during the first half of this year. After launching the world's first Islamic Pension fund in 2013, the company has witnessed rapid growth with total member numbers growing close to ten-fold between FY14 and FY15. »
UK Trade & Investment today released a brochure which contains Sharia compliant UK regeneration investment opportunities in the UK. »
Rating agency Standard and Poor's says regulation and fiscal incentives could speed Sharia compliant finance development in Africa. The report further noted that African sovereigns have issued only about $1 billion of Sukuk instruments, compared with global Sukuk issuance of an average $100 billion per year over the past five years. »
The Sukuk market is likely to receive a much-needed boost as Iran, home to the world’s biggest Islamic banking sector, with assets estimated at $482 billion, and the fourth largest crude oil reserves returns to the world capital markets. »
Saudi Arabia makes Bond Sales to Fund Deficit, Saudi Arabia makes Bond Sales to Fund Deficit and Islamic Bank Finances Surge 107% in Oman. »
Jeremy Awori, MD Barclays Kenya stated Sharia compliant products should be seen in the context of the merits of their structure as opposed to being seen from a faith based perspective. He added risk management is easier when dealing with Sharia compliant structures due to core assets being used within the financing framework. »
Islamic banking has landed in Germany. The first bank to open in the country managed by the Islamic Sharia law has established its first office in Frankfurt, home to the ECB. »
Sovereign Update: Net foreign assets contracted for four quarters in a row to USD664.4bn in Jun-15, falling by USD72.6bn since their peak in Aug-14; Expectations of higher government debt of USD5.3bn to reduce their elevated budget deficit amid falling oil revenues, continuing government expenditure and war in Yemen. »
