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