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Islamic Finance News: Stock market trys to reform its financing policy

  • Saudi Arabia: Has to change its policy dealing with economic issues and start to endorse reforms all over the state sectors and open it wider to foreign investment. Prince Mohamed Bin Salman decided to reform the world biggest oil producer ARAMCO to be transformed into a holding company with an elected board.
  • The Islamic Development Bank (IDB) based in Jeddah plans to sell Sukuk in the Malaysian market this year. the IDB board has approved the issuance of up to 400 million ringgit ($99.9 million) in Sukuk this year from a 1 billion ringgit program listed on Bursa Malaysia in 2008. more
  • Bahrain: All markets in the region recorded a decline in its performance indicators in the trading session on Wednesday. with the exception of the Bahraini market which rose by 0.25% with the support of the commercial banking sector index to close the year at 1112.26 points. In contrast, the rest of the market had fallen on top of the Qatari market which declined under pressure from all sectors led by the insurance sector. the decline was increased by 0.85% to close the general index level of 9854.85 points.
  • Dubai: Ahli United Bank announced a net profit attributable to shareholders amounted to 154.6 million US dollars for the first quarter of 2016 representing a growth of 5.0% net profit. compared to the same period of 2015 which recorded 147.2 million US dollars and a high 31.0% higher it was for the fourth quarter of 2015 which amounted to 118.0 million US dollars bringing the basic earnings per share to 2.3 US cents for the first quarter of 2016 compared to 2.2 US cents for the same period of 2015.
  • Egypt: Abu Dhabi Islamic Bank in Egypt achieved a consolidated net profit of 120 million pounds during the first quarter of the fiscal year ending March 31, 2015, compared to a net profit of 72 million pounds during the same period of the previous fiscal year with a rise in profit of 67%.
  • Qatar: The government of Qatar is planning to issue the bond for 5 billion$ with two tranches, one with a five-year tenor and the other spanning 10 years.
  • Abu Dhabi: listed Sharjah Islamic Bank said on Monday it had obtained a three-year $265 million syndicated Murabaha financing facility from a group of banks. ABC Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital and Noor Bank were lead arrangers and book runners, Sharjah Islamic said without giving pricing details.
  • Turkey: Ziraat Participation Bank says secures $155 million Murabaha syndication, Due to more than expected demand and interest was shown by the Ziraat Participation structured.

(EBCTV)