S&P 500 Shariah | Dow Jones Islamic World | FTSE Shariah All World | Russell - IdealRatings Islamic Global | | | | | 2,382.77 | 3,686.02 | 2,419.61 | 2,482.15 | ▲ +26.40 (1.12%) | ▲ +24.96 (0.68%) | ▲ +18.09 (0.75%) | ▲ +19.35 (0.79%) |
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HIGHLIGHTS: Saba Naft Engineering to float Sukuk Ijarah – BRISyariah listed on IDX – Osun state's Sukuk to be fully paid in 2020 – Vnesheconombank and IDB launch Islamic fund |
| Islamic banks in the GCC busy overhauling digital infrastructure | Daily Cover |
| | GLOBAL: Middle Eastern Islamic banks are ramping up their online banking capabilities in a tight race to capture and retain customers as the region transitions into a digital-first environment.
This week, at least three Shariah banks have rolled out new digital banking services or enhanced their internet banking channels in Bahrain, a country which has seen internet penetration almost tripled in the last decade, from 34.8% in 2008 to 98% this year, according to Internet World Stats.
Kuwait Finance House (Bahrain) launched Jazeel, a digital service integrating electronic know-your-customer processes allowing customers to open a Mudarabah savings account, Libshara account and conduct transactional features without the need to visit a physical branch. Available to customers across the GCC, the service will also be upgraded to include reward-based socially responsible features. IFN understands that this product has been developed by Islamic fintech firm Waqfe, which is backed by venture builder Finocracy.
The other banks which have introduced new e-services are Bahrain Islamic Bank (BisB) and Ithmaar Bank. BisB has enabled customers to procure new banking facilities and accounts online and through its mobile application while Ithmaar rolled out a new service from Veripark allowing most transactions to be completed online and in real-time. Ithmaar's digital banking channel also features additional cybersecurity functionality.
The rush to digitalize is expected of banks, particularly Islamic banks, as industry observers project up to 10 million in the GCC would embrace a digital-only banking experience. Being unable to adapt fast enough to the growing sophistication of customers could translate to potential losses in the Islamic banking industry which for the first time last year saw asset growth slow down. | |
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| Case Study | DAMAC's Sukuk: Third Sukuk in four years
DAMAC Properties floated a five-year US$400 million Sukuk facility in April, amid stiff competition in the local UAE market. Despite that, the paper received healthy demand with a 6.63% profit rate, reinforcing its capital market prowess to investors. DURGAHYENI MOHGANA SELVAM has the breakdown of the deal. | |
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| Debt Capital Markets: A Correspondent Report | Flurry of activities pre-Ramadan as the Gulf leads the way
In the UAE, NASDAQ Dubai has listed two Sukuk: Sharjah Islamic Bank's US$500 million Sukuk and DAMAC Properties's US$400 million deal. Sheikh Mohammed Rashid Al Maktoum, the vice-president and prime minister of the UAE and the ruler of Dubai, also announced economic stimulus plans to develop and improve the current Sukuk market and to introduce new platforms, further demonstrating Dubai's continuing commitment to Islamic finance in the region. | |
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| Bangladesh: A Correspondent Report | Islamic banks are borrowing more for government bonds
Islamic banks borrow money from Bangladesh Bank's Bangladesh Government Islamic Investment Bond (BGIIB) scheme. Since launching in 2015, Islami Bank Bangladesh has made the biggest investment in this bond; the bank has now withdrawn the invested money from the government bonds in order to raise their own funds. First Security, Al-Arafah Islami, Union and Social Islami Bank are among the biggest borrowers of government bonds. | |
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| Today's IFN Alerts IRAN: Saba Naft Engineering and Construction Company to issue Sukuk Ijarah worth IRR920 billion (US$21.84 million)
NIGERIA: Osun state's NGN11.4 billion (US$31.48 million) Sukuk facility to be fully paid back in 2020
MALDIVES: Maldives Monetary Authority issues MVR120 million (US$7.61 million) Mudarabah certificate on private placement basis
MALAYSIA: Sabah Credit Corporation borrows RM100 million (US$25.26 million) via issuance of Islamic commercial paper
BRUNEI: Autoriti Monetari Brunei Darussalam prices BN$100 million (US$74.76 million) Sukuk Ijarah
MALAYSIA: Bank Negara Malaysia sells Islamic facilities for the combined total of RM16.36 billion (US$4.13 billion)
INDONESIA: Bank Rakyat Indonesia Syariah officially admitted to Indonesia Stock Exchange
RUSSIA: Vnesheconombank and IDB set up Islamic fund to promote investment in Russia and finance high technologies
GLOBAL: Iran calls for enhanced bilateral cooperation with Georgia and Croatia
KAZAKHSTAN: International Arbitration Centre adds Islamic law experts to dispute resolution team
MALAYSIA: Malaysia leads the pack in efforts to close gap between Islamic and green financing industries
GLOBAL: Dubai Islamic Economy Development Centre to collaborate with Tatarstan Investment Development Agency
IRAN: Iranian banks authorized to purchase foreign currencies from tourists and foreign investors
MALAYSIA: RAM removes Bank Kerjasama Rakyat Malaysia's Sukuk program rating
SENEGAL: President Macky Sall promises to boost the development and implementation of a Waqf-based mechanism to finance Quranic schools
BAHRAIN: Ithmaar Bank launches new eBanking service
UAE: Mashreq Bank welcomes Ibrahim Al Mheiri as head of Mashreq Al Islami retail segment and UAE national segment
MALAYSIA: Maybank appoints John Chong Eng Chuan as group CEO of community financial services |
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