The Halal Times
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COVID-19 coronavirus is here to stay. This is a painful fact none of us can ignore anymore. Central banks around the world have been using various mixes of fiscal and monetary policies to contain the harmful effects of the pandemic. As the pandemic is expected to last much longer than we could have anticipated, governments …
COVID-19 and oil price collapse are proving a double-edged sword to the Gulf Cooperation Council (GCC) countries. The World Bank recommends these countries to prioritize their focus on handling the COVID-19 virus pandemic and the impending recession resulting from the virus and a sharp decline in the oil price. A recent study done by The …
RIYADH: Commerce ministers of the Gulf Cooperation Council (GCC) held a virtual meeting to discuss the economic impact of the coronavirus disease (COVID-19) outbreak in the region. Overseeing the provision and smooth flow of essential basic commodities to citizens of their countries was highlighted as one of the key roles of the respective ministries. The …
JEDDAH — THE Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group signed three a Memorandum of Understanding in quick succession to strengthen collaboration. The first one was with the City Bank, Bangladesh in order to boost cooperation for fostering private sector development in …
The National Commercial Bank (NCB) announces that on Thursday 5th June 2017 it successfully settled an issuance of subordinated Additional Tier 1 Capital Sukuk, in the amount of SAR 1.3 Billion, compliant with Islamic Shari’ah principles, through a private placement offer in Saudi Arabia. Sukuk issuances such as this are intended to strengthen the Bank’s …
JEDDAH: International Islamic Trade Finance Corporation (ITFC) is scheduled to sign deals on Thursday exceeding $1 billion to support strategic commodities for a number of its member countries, CEO of ITFC Hani Salem Sonbol told Arab News. The deals target the socioeconomic and trade development of these countries. “The ITFC work is very diverse,” Sonbol …
JEDDAH, Saudi Arabia — The finance ministers of Guyana and Suriname, Winston Jordan and Gilmore Hoefdraad, will lead their respective delegations to the 42nd Islamic Development Bank (IsDB) meeting, which begins Sunday, May 14 to 18 in Jeddah, Saudi Arabia. The alternative governor of Suriname to the Islamic Bank, Dr Anwar Lall Mohamed, will also …
Saudi Electricity Company (SEC) has announced the results of a special meeting of the holders of the Saudi Electricity Sukuk 3. Saleh Al-Awajji, SEC chairman chaired the meeting at the company’s head office in Riyadh. The company will purchase SR1,269 million in aggregate nominal value of sukuk (equivalent to 18.13 percent of the aggregate nominal …
JEDDAH — Recognized as a creative celebration of contemporary modest fashion, Heya Arabian Fashion Exhibition, embraces the rise of the modest fashion industry around the world and welcomes a range of exciting international exhibitors to present their collections. Organized by Qatar Tourism Authority, the 11th edition of Heya showcases 17 international exhibitors and hosts four …
After wowing the markets with its landmark US$17.5bn sovereign bond, the KSA repeated the trick on the Islamic finance side, issuing the largest sukuk in history and pricing effectively flat to the conventional sovereign curve. Background In April 2017, Saudi Arabia was looking to capitalize on its ground-breaking US$17.5bn conventional bond issued last autumn, and …
The Islamic Research and Training Institute (IRTI) and the Islamic Development Bank (IDB) organized a regional consultation workshop on Sukuk Model Law project. The workshop was organized in partnership with the Monetary Authority of Brunei Darussalam (AMBD) and was held in Brunei capital. It was aimed to identify the best practices from the South East …
JEDDAH, Saudi Arabia, May 1, 2017 JEDDAH, Saudi Arabia, May 1, 2017 Aiming to Connect Education to Labour Market Requirements.Intensive preparations are under way for the 42nd Annual Meeting of the Islamic Development Bank Group (IsDB) in Jeddah, Saudi Arabia, to be held on May 14-18, 2017, under the theme, ‘Youth Economic Empowerment’, and attended …
WHAT is the total volume of foreign currency sukuk issued in Saudi Arabia and Malaysia in Q1 2017? The figure for Saudi Arabia, my research shows, is US$13.75 billion (RM59.69 billion) comprising US$10.75 billion from three US dollar issuances by the Saudi Government, Islamic Development Bank and DAAR, the realty developer, and one issue in …
Saudi Arabia listed its biggest ever sharia-compliant bond, known as a sukuk, on the Irish Stock Exchange yesterday, cementing Dublin’s reputation as a centre for liquid securities. The oil-rich Kingdom raised $9bn from the issuance, which forms part of a wider pipeline of mega-bond sales from the Middle East in the past year as falling …
Saudi Arabia-headquartered real estate developer, Dar Al-Arkan, has listed a $500m sukuk on Nasdaq Dubai. The listing, which forms part of Dar Al-Arkan’s strategy to strengthen access to capital markets, brings the company’s listed total on the exchange to $1.35bn. It follows two Nasdaq Dubai listings from Dar Al-Arkan in May 2014, which totalled $850m. …
Riyadh: — The Council of Ministers on Monday approved new regulations to enable the General Authority of Zakat and Tax to carry out its main task of collecting Zakat and taxes in proper manner. Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet at Al-Yamama Palace in Riyadh. Adel …
(MENAFN – Gulf Times) #SaudiArabia raised 9bn in its first dollar-denominated Islamic bond sale, 1bn more than what the government was said to be planning to issue initially. The government sold a 4.5bn five-year sukuk tranche at 100 basis points over the mid-swap rate and an equally-sized 10-year tranche at a spread of 140 basis …
National carrier Saudi Arabian Airlines (Saudia) is seeking to raise 5 billion riyals ($1.3 billion) via the first tranche of a sukuk isuance programme in the second or third quarter of this year, its director-general Saleh al-Jasser said on Tuesday. The funds will be used to finance fleet expansion, as the carrier aims to operate …
The Middle East and Africa region is more focused than ever on developing its hospitality infrastructure with 538 hotels totaling 151,771 rooms under contract in the ME and 321 hotels totaling 62,194 rooms under contract in Africa, said a report. Makkah, Saudi Arabia, reported the largest number of rooms under construction with 21,068 rooms in …
In a new report, Fitch Ratings says Islamic finance is a mature and developed industry in Saudi Arabia, representing about two-thirds of total bank financing. About 38 per cent comes from Islamic banks and 28 per cent from the Islamic windows of conventional banks. There are 12 licensed commercial banks in Saudi Arabia. Four are …
Saudi Arabian Airlines (Saudia), the kingdom’s national carrier, plans to raise as much as 5 billion riyals ($1.33 billion) in Islamic bonds (sukuk) in the second quarter to refinance existing debt and purchase new aircraft, an airline official said. Saudia is in negotiations with local banks, the airline’s director-general Saleh al-Jasser was quoted as saying …
Dubai: The banking industry in the GCC is facing huge challenges in meeting the customer expectations in digital experience and delivering banking service over smart phones, according to the EY GCC Digital Banking Report 2015. “Although many GCC countries like the UAE have some of the highest smart phone penetration in the world, our study …
Middle East’s Digital Economy is set double from $15 billion in 2015 to $30 billion in 2018. Middle East boardrooms are urged to adopt real-time data solutions to compete in the region’s digital economy, set to double to $30 billion by 2018, business experts announced on Monday at Gitex Technology Week. With the growth in …
Saudi Arabia’s Al Othaim Real Estate and Investment Co, owner of five shopping malls in the kingdom, is marketing a five-year debut sukuk issue which could raise up to 1 billion riyals ($267 million) for the company, four sources aware of the matter said. The firm, also known as Othaim Malls, is part of Al …
