Monday, May 7, 2018

FW: Islamic Finance News Alert




Islamic Finance news Alert

Islamic Finance news Alert


Monday, 7th May 2018


S&P 500 Shariah

Dow Jones Islamic World

FTSE Shariah All World

Russell - IdealRatings Islamic Global





+32.14 (1.39%)

+36.26 (1.00%)

+20.68 (0.87%)

+18.42 (0.76%)


HIGHLIGHTS: Saudi Arabia to float international Sukuk this year – Ivory Coast adopts Islamic microfinance bill – GFH receives offer to sell all of its real estate portfolio



Coris Bank Baraka ventures into Mali, Benin and Senegal

Daily Cover

GLOBAL: Hot on the heels of the introduction in March of a dedicated Islamic banking regulatory framework for the entire West African Economic and Monetary Union (WAEMU), Coris Bank Baraka is expanding its footprint in the region as it will be opening branches in Benin and Senegal on the 25th and 29th May 2018 following the inauguration of its first office in Mali on the 3rd May.

Having operated in Burkina Faso for the past two years, the Islamic window of Coris Bank International intends to serve all of WAEMU's member countries, but a precise timeline has yet to be decided for Ivory Coast, Guinea-Bissau, Niger and Togo. In the long term, a fully-fledged Islamic subsidiary will be established in every WAEMU country.

While Coris Bank Baraka has not set any target in terms of clients, deposits and assets for the years to come, it has great ambitions. Coris Bank Baraka Mali is close to sealing its first deal, a XOF1.1 billion (US$2.01 million) Murabahah financing for the purchase of materials that will be used for the construction of a building in the Central Market of Bamako.

"The region is very open to Islamic finance. For instance, in Mali, the absence of Shariah compliant offerings was an issue as more than 90% of the population are Muslims. Consequently, a lot of money is hoarded. A study showed that 81.6% of the population are very interested. So you can see the dynamism of the market," shares Sylvie Sally Kinda Compaore, the head of Islamic finance at Coris Bank.

Mali and Benin will offer the same products as Burkina Faso, namely Wadiah, Murabahah and Ijarah. Istisnah will be introduced later while Senegal will have it on the first day of activity, as the country is already home to an Islamic bank called Banque Islamique du Senegal, and is therefore more aware of Islamic products.

Supporting the development of public and private infrastructure projects in the energy, health and education sectors is one of Coris Bank Baraka's top priorities along with increasing the level of bancarization in the region through the extension of an Islamic line of financing to microfinance organizations. The bank also plans to enter into Mudarabah agreements with farmers, including livestock farmers, similar to what it has been doing in Burkina Faso.





Afghanistan: A Correspondent Report

The first fully-fledged Islamic bank in Afghanistan
Islamic banking was introduced in Afghanistan between 2008 and 2009 as more than 99% of its population are Muslims. Out of this, only 11% are banked while the remaining avoid banking services due to the presence of interest.




Indonesia: A Correspondent Report

The National Shariah Board: Key to Islamic capital market development in Indonesia
As the largest Muslim country in the world with diverse Islamic thoughts (Mazhab), there needs to be a national standard Fatwa issued by an independent institution. The National Shariah Board (DSN) established in 1999 is an institution that has an important role in developing Islamic finance, especially the Islamic capital market of Indonesia. It does not only produce Fatwas but also act actively in developing the Islamic capital market, including regulation drafting and education of the people.




Today's IFN Alerts

SAUDI ARABIA: Saudi Arabia to issue international Sukuk this year

BANGLADESH: Bangladesh Bank issues six-month Bangladesh Government Islami Investment Bond

MALAYSIA: Bank Negara Malaysia issues four money market papers

MALAYSIA: Sunway Treasury Sukuk's 310th Islamic commercial paper fully subscribed

IVORY COAST: Ivory Coast adopts draft law allowing microfinance companies to offer Islamic products

BAHRAIN: GFH receives offer to sell all of its real estate portfolio; plans to cross-list its shares in Saudi Arabia

GLOBAL: IFSB appoints new technical committee

TUNISIA: Al Karama Holding extends bidding period for sale of its stakes in Banque Zitouna and subsidiary Zitouna Takaful

GLOBAL: Al Baraka Banking Group and Bank of London and The Middle East ink MoU on cooperation

IRAN: Tourism Bank returns to trading on Iran Fara Bourse

GUINEA: Banque Islamique de Guinee launches new product targeting agriculture sector

SAUDI ARABIA: Claims paid by health insurance companies to healthcare providers exceed SAR15.3 billion (US$4.07 billion)

BAHRAIN: Bank ABC appoints Alex Leenen as new group COO

GLOBAL: Novus Aviation Capital appoints Kenneth Loo as senior vice-president of marketing



GLOBAL: Dr Kamola Bayram is the new IFN correspondent for education sector

GLOBAL: IFN welcomes M Wail Aminou as new correspondent for the SRI, ethical and green sector

KAZAKHSTAN: Shaimerden Chikanayev joins IFN as correspondent for Kazakhstan

GLOBAL: Sohail Zubairi to author IFN's new 'Back to Basics' section

ALGERIA: IFN welcomes Dr Ahmed Tahiri Jouti as new correspondent for Algeria


REDmoney events

UK Islamic Finance Week 2018
5th September 2018 (London)

IFN Turkey Forum 2018
10th September 2018 (Istanbul)

IFN Indonesia Forum 2018
1st October 2018 (Jakarta)

IFN Africa Forum 2018
October 2018 (Africa)

IFN Americas Forum 2018
11th October 2018 (New York)

IFN South Africa Forum 2018
23rd October 2018 (Cape Town)

IFN Kuwait Forum 2018
5th November 2018 (Kuwait City)

IFN Saudi Arabia Forum 2018
7th November 2018 (Riyadh)

IFN Investors Forum 2018
26th November 2018 (Kuala Lumpur)



*all index data correct as at 11:00 GMT+8

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