Contrary to market expectations that drop in oil prices will help pick up Sukuk issuance, the first half of 2016 witnessed a significant drop in the global issuance compared with the same period in 2015.

• UAE; The UAE has been ranked as the top Islamic Economy country in Europe, the Middle East, and Africa, according to a recent report by Dinar Standard and Thomson Reuters. The Islamic economy is set to grow from $4 trillion in 2014 to $7 trillion in 2020. UAE small- and medium-sized enterprises (SMEs) are unlocking Islamic economy gains by better managing their data, industry experts announced today.

• KUWAIT;  Kuwait plans to issue up to 3 billion dinars ($10 billion) in U.S. dollar-denominated bonds and Sukuk in international markets to help plug its budget deficit for the current 2016-17 fiscal year. more

• Oman; The government of Oman sold a $500 million six-year Sukuk in a private placement. Although more details about the placement are not available, the profit rate of the Ijara-structured Sukuk is set at 3.5 per cent. The amount will have to be repaid in three equal instalments after four, five and six years. Ijara is a common sharia-compliant sale and lease-back contract. Standard Chartered was appointed as the lead manager for the deal. Oman’s first Ijara format five-year Sukuk worth RO 200 million ($520 million) issued in October last year and listed on the Muscat Securities Market received strong orders.

• Morocco; Morocco’s Central Bank said  it would start approving Islamic banks this year with the aim of allowing business to begin in early 2017.

• Malaysia;  A unit of Malaysian mobile phone network operator Maxis Bhd is planning to raise as much as 10 billion ringgit ($2.49 billion) through Islamic bonds to finance asset purchases and capital expenditure.

(EBCTV)