|
|
|
|
Daily Cover
|
|
|
|
|
QATAR: Three years
since voicing its intentions to issue Sukuk, Barwa Bank is finally moving
forward in its plan to tap the Islamic capital markets, following the
procurement of stable credit ratings last month. Shareholders of the
Islamic bank recently resolved in its latest annual general meeting to
develop and register a euro medium-term note program to facilitate the
offering of non-convertible senior unsecured Sukuk.
Capped at US$2 billion (or its equivalent in other currencies), the bank
said in a statement that its board of directors will pursue obtaining the
regulatory approval necessary for its debut Sukuk sale.
Barwa is a familiar name in the Sukuk space through its involvement in
high-profile transactions including the landmark debut Islamic offering by
the UK government in 2014, as well as the International Islamic Liquidity
Management Corporation’s short-term Sukuk programs. Rated ‘A2/P-1’ by
Moody’s Investors Service, the bank in 2014 realized a 41.5% year-on-year
growth in net profit to QAR713 million (US$195.7 million) and managed to
grow its asset base by 14% to QAR38 billion (US$10.43 billion).
On its plan moving forward, the bank said: “Capitalizing on the country's
prosperous economic outlook and promising investment climate, the bank will
extend its resources and efforts to financing infrastructural and developmental
projects that will propel the growth of the local economy.”
|
|
|
|
|
|
|
|
Oman:
An IFN Correspondent Report
|
|
|
Signs of consolidation in Oman’s Islamic banking
sector
Around the middle of February this year, it was announced that Bank Nizwa,
one of two dedicated Islamic finance banking institutions in Oman, had
submitted a merger proposal to United Finance Company and that talks
between the parties were in progress on the basis of an agreement to merge
in principle.
|
|
|
|
Case Study
|
|
|
Pacific Control’s foray into Islamic financing
Pacific Controls, a Dubai-based global provider of end-to-end managed
application services and solutions for machine-to-machine and Internet of
Things applications, has successfully secured a financing facility worth
AED750 million (US$204.15 million). A transaction that is part conventional
and part Islamic, the deal is the company’s first involvement in Islamic
finance. Speaking to Adil Hussain, a partner at Clyde & Co, the legal
advisor to the syndication, NABILAH ANNUAR provides a more detailed account
of the transaction.
|
|
|
|
|
|
Today's
IFN Alerts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.