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Islamic Finance News: With the turmoil in the markets how can the Islamic finance act

  • The Gulf state’s largest sharia-compliant lender won approval at its annual general meeting to double its Sukuk programme to $3 billion, as well as retaining the mandate to issue 3 billion riyals ($824 million) to enhance core capital. Sheikh AbdulazizAlTurkiRawabi Holding Group Chairman: “Sukuk have become a prominent financing product in the world nowadays.
  • QATAR: Qatar Islamic Bank (QIB) could use future Sukuk issues to back a potential acquisition, its chairman told Reuters on Monday, after shareholders approved increasing the amount it could raise from issuing Islamic bonds. more
  • Saudi Arabia: RawabiVallianz Offshore Services (RVOS), an equally-owned joint venture between Rawabi Holding and Vallianz Holdings Limited, has appointed Alinma Investment Co., Saudi Fransi Capital, Saudi Hollandi Capital and GIB Capital LLC as Joint Lead Managers and Book-Runners for its first issuance of a SAR 1 Billion Shariah – compliant Sukuk.
  • Bahrain: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 43 million issue, which carries a maturity of 91 days, has been fully subscribed by 100%. more
  • Dubai: Islamic Development Bank (IDB) will start roadshows from Sunday for a potential dollar-denominated Sukuk issue for the Jeddah-based supranational institution, a document from lead arrangers showed on Tuesday. more
  • Turkey: Dubai, together with its associate firm, YeginÇiftçi Attorney Partnership Istanbul, recently advised the joint lead managers on KuveytTürk’s US$350 million subordinated Tier 2 certificates issuance listed on the Irish Stock Exchange.
  • President Recap Tayyıp Erdoğan has repeated his opposition to higher interest rates   at the opening ceremony of Vakıfbank Participation Bank, Turkey’s sixth Islamic lender interest rate system is not fair. It is ruthless. Can any entrepreneur compete with interest rates at around 15-17 percent?” Erdoğan said. more
  • Malaysia: Malaysian Rating Corporation Berhad (MARC) was named Malaysia’s Project Finance Rating Agency of the Year by The Asset magazine at its 3A Rating Agency of the Year Awards 2016 ceremony held in Hong Kong on February 22, 2016. The 3A Rating Agency of the Year Awards honors rating agencies which have excelled in Asia. more