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Islamic Finance

Middle East Credit Markets Brief: July 6 - July 20

Middle Eastern debt issuances reach US$57.4bn in Q1 – Growth in GCC picks up –Topaz Marine issues bonds - Qatar refuses to accept GCC demands - Egypt raises rates - Oman Oil finalizes a US$2bn loan - Fitch revises outlook for Omani banks – Egypt receives loan tranche from the IMF

20 Jul 2017

A Shariah-Compliant Default? The Curious Case of Dana Gas Sukuk

The decision by the Abu Dhabi-based gas producer Dana Gas to declare two ostensibly shariah-compliant sukuk worth US$700mn “unlawful” has created a climate of uncertainty among investors and issuers alike, posing uncomfortable questions for the US$2tn Islamic Finance industry.

11 Jul 2017

Middle East Credit Markets Brief: June 23 – July 6

Dana Gas sukuk-holders demand UK court overturns injunction – IDB approves US$1.96bn funding on development in member states – Qatar downgraded as 5-year CDS rise 60bp – Saudi headline PMI drops to 8-month low – US laptop ban lifted on Abu Dhabi and Dubai airlines – Qatar Airways looking to purchase 10% stake in American Airlines – Egypt delays 5-year Treasury bond sale

6 Jul 2017

Middle East Credit Markets Brief: June 9 - June 23

GCC sukuk issuance topped US$22bn in 1H2017 – Saudi Arabia has a new heir to the throne – Saudi Arabia was added to MSCI’s watch list for a potential upgrade – UAE banks’ loan books grow by 2.13% – Dana Gas sukuk deemed “unlawful” – Qatar’s sovereign wealth fund has injected deposits into local banks to boost liquidity – QPSC said it expects to meet its earnings targets

23 Jun 2017

Interview with Jonathan Segal, Executive Director, Head of Capital Markets MEA, MUFG

Bonds & Loans interviewed Jonathan Segal, Executive Director, Head of Capital Markets – Middle East and Africa at MUFG to discuss whether additional sovereign supply will put a damper on liquidity available to corporates.

12 Jun 2017

Middle East Credit Markets Brief: May 25 - June 8

GCC states break diplomatic and economic ties with Qatar – Syndicated loans in GCC at 4-year low – Saudi Aramco issues SAR285mn sukuk – NCB issues SAR1.3bn sukuk – ADWEA closes US$872mn funding package – Dana Gas prepares US$700mn sukuk – Qatar Airways secures US$300mn in mezzanine debt – Al Baraka issues maiden US$400mn sukuk – KNPC signs US$6.25bn international loan – Foreign investment in…

8 Jun 2017

Africa Credit Markets Brief

AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco…

17 May 2017

Interview: Combining Conventional and Islamic Finance Techniques in One Seamless Structure

Unlike borrowers in other parts of the world, those based in the GCC region have flexibility in being able to access funding from both conventional and Islamic bank. But co-financings involving conventional and Islamic banks raise structural issues which need to be overcome in a way which is going to be acceptable to both sets of banks.

16 May 2017

Middle East Credit Markets Brief

Saudi Arabia loses market share in the oil sector – Saudi Electricity Co. in talks over sukuk – ACWA makes landmark 22-year trade – Etihad bonds drop on Alitalia news – UAE bankruptcy laws to improve operating environment – Dana Gas in debt restructuring talks – ADCB plans new issue – QNB hits the market, plans to make inroads in KSA – Bahrain feels FX strain – Oman in US$3.6bn loan talks – OETC…

12 May 2017

Why Islamic Finance Could Lose Ground in Fintech Footrace

Whether you call it Fintech, Insure-tech or Takaful-tech, Fintech has become a buzzword in the Islamic finance industry. Though not a sudden development, the evolution of Fintech in the industry has evolved rather rapidly.

10 May 2017

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