Islamic Finance

Iran issues debut ijara sukuk

In an effort to diversify its sources of funding and relieve the pressure on the local banking system, the Iranian government has launched a sukuk, a positive step forward for the global sukuk markets.

4 Apr 2016

CASE STUDY: Financing Royal Jordanian Airline’s big ambitions

Royal Jordanian Airlines’ (RJ) US$275mn dual conventional and Islamic syndicated facility is a testament to the statement ‘timing is everything’. The deal helped RJ restructure its balance sheet following the Arab Spring and soak up regional liquidity at a time of dwindling oil prices.

4 Apr 2016

CASE STUDY: An Islamic Finance First in Côte d’Ivoire

As West Africa’s largest Islamic sovereign bond, the Côte d’Ivoire’s inaugural CAF150bn sukuk helped test the country’s regulatory framework for Islamic issuances and opened the market for significant new investment opportunities in the region.

1 Apr 2016

Jordan to issue debut sovereign sukuk in Q2

After a number of false starts, the Jordanian government may finally issue a sovereign sukuk. The Islamic bond, if it is issued, will likely prove popular not just as a result of the general popularity of this type of financing, but also because it will be the sovereign’s first.

30 Mar 2016

Saudia airs plans for debut debt issuance

The drop in commodity prices, particularly oil, have adversely affected the GCC region’s sovereigns and corporates connected to them. Despite the current economic climate corporates are still looking to expand their operations, with debt markets providing the funding in place of oil backed subsidies.

29 Mar 2016

Dubai Islamic Bank issues benchmark size sukuk

The sukuk issuance is the first from a bank in the GCC since November 2015. Despite the economic realities faced by many banks in the region, the bank was able to significantly tighten pricing of the sukuk amid large investor demand.

29 Mar 2016

Indonesia issues oversubscribed dollar sukuk

As part of a wider financing plan the Indonesian government has issued a US$2.5bn dollar denominated sukuk, the popularity of which is evidenced through its oversubscription and the global diversification of its investor base.

25 Mar 2016

Saudi Arabia mulls issuing US$5.3bn in bonds

Low oil prices have caused Saudi Arabia’s budget deficit to swell to new highs. The government is servicing this through foreign currency reserves and issuing local debt to domestic banks.

24 Mar 2016

Axiata issues US$500mn sukuk

The world’s largest sukuk market has seen another issuance of Sharia compliant debt on the international capital markets. Despite Axiata’s recent dollar denominated sukuk, the majority of Islamic financing in Malaysia is conducted in the domestic market.

17 Mar 2016

RAM ratings sees strong sukuk market for 2016

Despite a slowing global economy, RAM ratings expects sukuk issuance this year to remain high as the main Islamic financing hot spots look for additional capital to shore up their finances amid falling commodity prices, on which they have traditionally relied.

9 Mar 2016

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