Sukuk

Egyptian parliament passes the sovereign bond bill. On June 6, 2021, it approved the Sovereign Bond Bill to allow Egypt to offer the country’s first Sukuk bonds. According to Egypt’s finance minister, the value of its first Sukuk bonds can be up to $2 billion. The Egyptian government is preparing to capitalize on the growing …

Some time ago, Malaysia had announced the permissibility of cryptocurrency as Halal. The topic is gaining increasing interest from Islamic finance professionals and academians all over the world. Islamic finance professionals are taking the concept of cryptocurrency to the next level. Today, we would like to share with you an article that discusses the concept …

Malaysia’s US$1.3 billion (about RM5.35 billion) sustainability Sukuk or Islamic bonds have been listed on The Stock Exchange of Hong Kong Ltd for purchase by professional investors, according to the debt securities’ issuer Malaysia Wakala Sukuk Bhd’s filings with the bourse. According to the filings on April 28 and 29, 2021, an application was made …

The financing required to rebuild economies in African nations following the coronavirus pandemic allows the continent to boost its share of Islamic financing. The global Islamic-finance industry is forecast to expand about 25% this year after assets declined 23.5% in 2020, said Faizal Bhana, the director for the Middle East, Africa, and India at Jersey …

Malaysia had started offering green Sukuk recently. Domestic and foreign investors have taken a strong interest in the issuance. Strong demand for Malaysia’s sovereign international sustainability Sukuk shows investor interest in sustainable finance and a credit positive to the government said Moody’s Investors Service. “The increased issuance, which was originally slated for just US$1 billion …

Malaysia started marketing its first-ever sustainability Sukuk, adding to a growing number of countries turning to debt financing for environmental projects. The Southeast Asian nation is marketing dollar-denominated Islamic finance securities in 10-year and 30-year parts, and the shorter tenor is a sustainability offering, a person familiar with the matter said. The deal may price …

Saudi Real Estate Refinance Company (SRC) plans to issue up to $1 billion in Sukuk (Islamic bonds) by the year-end, reported Reuters. A wholly-owned unit of the kingdom’s sovereign fund, Public Investment Fund, SRC was set up to increase homeownership among Saudi nationals. Last month, the company had sold SR4 billion ($1.06 billion) …

The total value of the bank’s Sukuk listed on Nasdaq Dubai currently stands at $17.14bn Islamic Development Bank (IsDB) in Jeddah has listed a $2.5bn green Sukuk on Nasdaq Dubai. It is the second AAA-rated Sukuk issuance under the Sustainable Finance Framework of IsDB and is the bank’s biggest US dollar public issuance to date. …

The National Debt Management Center, Saudi Arabia, announced that it has closed the March 2021 issuance under the Saudi Arabian Government SAR-denominated Sukuk program. The issuance size was set at SAR 7.674 billion. The Sukuk issuances were divided into two tranches. The first tranche has a size of SAR 2.710 billion (two billion, seven hundred …