Preloader logo

Islamic Finance News: Gulf stock markets down again

After oil prices retreated and Asian stocks fell on speculation this week pass as a nightmare on the stock markets, even it shows some stability. The government looking for the solutions to defeating the defects and loans, so some of them go to sell the domestic debt. Governments in the Gulf are expected to raise between $255bn to $390bn by 2020 by selling both international and local debt as pressure grows on public finances due to the low oil price.

  • Kuwait: Central Bank of Kuwait announces that 600 million dinars ($1.99 billion) of bonds and Islamic tawarruq the government have sold since the begging of this year. This issues and bonds sell was to deficit caused by low oil prices as The source said.
  • Saudi Arabia: The International Monetary Fund IMF official Tim Callen said that supporting policies of the economic reform plan of Saudi government is a good beginning. Riyadh has been cutting spending and trying to raise fresh revenues as it grapples with its budget deficit, which totalled $98 billion in 2015.
  • Qatar: Barwa Real Estate company signed financing agreements worth $1.13 billion with a local bank. Barwa has refinanced all its financing liabilities according to a statement to Doha’s bourse.
  • UAE: UAE banks have to reevaluate the way they approach changes and challenges in their customer and business strategies. The report based on an examination of 10 banks said that banks need to focus on digital and talent strategies in 2016 to stay ahead in the long run.
  • Bahrain: The government arranged $435 million three-year Sukuk issue deal by Noor Bank, Bank ABC and Kuwait Finance House. Bahrain states finances strained by low oil prices is stepping up its borrowing and in late February borrowed $600 million in a two-tranche reopening of a previous U.S. dollar bond issue.
  • Jordan: Fitch Ratings’ Report shows that Jordanian banks ratings are constrained by a challenging operating environment, as reflected in their Negative Outlook. The Negative Outlook reflect heightened political risk, weak external finances despite falling oil prices and continued concern over the country’s public finances.
  • Turkey: The Government plans to boost Islamic finance in the country and to return to the Sukuk market with an investor roadshow .Turkey now a regular issuer of sovereign Sukuk, has also drafted a bill that would seek to harmonize tax treatment of Islamic finance contracts and encourage longer maturities in the sector, Deputy Prime Minister Mehmet Şimşek told Reuters. more

 

(EBCTV)