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Islamic Finance News: The U.K referendum hit the world financial markets

Markets opened deep into negative territory with STOXX Europe 600 down 7 percent. Germany’s Dax down by 8.6 percent and the CAC 40 in France down by almost the same amount. Tourism and real estate could get hurt but it paves the way for bilateral FTAs between UK and GCC countries. GCC investments into the UK are for the most part not made with the motive of accessing European markets, but rather they are standalone investments made in their own right, in areas such as real estate and hospitality.

  • Abu Dhabi: Emirates Islamic Bank listing of a $750 million Sukuk by the bank on Nasdaq Dubai. The nominal value of Sukuk currently listed on Nasdaq Dubai has reached $41.81 billion the largest total of any exchange in the world the market said in a statement. Total current Sukuk listings on Dubai exchange stand at $44.56 billion.
  • Qatar: Qatar Islamic Bank (QIB) look for a strategic partnership with Jaidah Equipment under the terms of the strategic partnership QIB forged with the Qatar-based equipment dealer. Through its Anomaly programme QIB aims to foster the growth of SMEs and help diversify the country’s economy in line with Qatar National Vision 2030.
  • Egypt: Bank of Misir announced that has obtained a $105 million Murabaha financing facility from three United Arab Emirates banks. Egypt has been struggling since a 2011 uprising drove away tourists and foreign investors putting pressure on foreign reserves which halved to $17.5 billion in May.
  • Saudi Arabia: Bank Al Bilad one of the smaller lenders in Saudi Arabia. Bank Al Bilad has received regulatory approval to issue a capital-boosting Sukuk worth as much as 2 billion riyals ($533.3 million). The issue will enhance its Tier 2 or supplementary, capital and last for 10 years.
  • UAE: Annual bank lending growth in the United Arab Emirates accelerated in May but money supply (M3) growth slowed. Waha Land a wholly owned company of Waha Capital has signed a Dh426 million financing package with Emirates Islamic Bank for further development of its Almarkaz light industrial real estate project following the successful leasing of existing facilities.