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 …
The Middle East has been the most volatile region in the world for the past seven decades since Israel was established in 1948. The past two months have seen two major shocks for the region – the COVID-19 pandemic and the sharp oil price meltdown. There are several other problems as well which have rattled …
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 …
