MALAYSIA: DHTI Capital to make early redemption next week

Tuesday, 25th August 2015

S&P 500 Shariah Dow Jones Islamic World FTSE Shariah All World Russell - IdealRatings Islamic Global 1,645.40 2,638.34 1,818.79 1,718.15 ▼ -63.37 (-3.71%) ▼ -92.77 (-3.40%) ▼ -66.01 (-3.50%) ▼ -116.19 (-6.33%)

HIGHLIGHTS: London Central Portfolio launches Islamic super fund – Omani banks’ ratings suffer as sovereign support weakens – Kuwait International Bank closes debut syndicated Murabahah financing facility

This week's poll question: Will India's need for infrastructure funding finally open the doors to Islamic finance?

Africa Finance Corporation makes initial foray into Islamic finance Daily Cover GLOBAL: Africa Finance Corporation (AFC), the second-highest investment grade-rated multilateral financial institution in Africa which is tasked to drive private infrastructure investments in the region, has made its debut foray into the Islamic finance space with a US$50 million facility secured from the IDB. The agreement is a result of six years of discussions which began with an MoU between AFC and the IDB’s Islamic Corporation for the Development of the Private Sector to explore potential collaboration and build cooperation. Equipped with a ‘A3/P2’ credit rating reaffirmation by Moody’s and years of track record in various project financing including a transport infrastructure initiative connecting South Africa’s industrial heartland to the nearest water port in Mozambique, AFC finally won the IDB financing which marks a milestone in AFC’s development strategy and a testament to the increasing utilization of Shariah compliant facilities to meet growing Islamic finance demand in the region. “As AFC’s first Islamic finance loan, this agreement represents an important step for the corporation,” affirmed Andrew Alii, the president and CEO of AFC. “The Islamic finance sector is responding to high demand and rapidly expanding, with a large number of Islamic finance institutions establishing operations here as a result of Africa’s significant Muslim population. There is enormous growth potential within this industry.” The US$50 million 15-year line of financing will be channeled toward developing projects (particularly infrastructural and agricultural endeavors) within IDB member countries, several of which are also AFC member states, in line with both the organizations’ goal of unlocking regional economic growth potential. Equally significant, the African institution also views this venture as an important avenue to establish a vital bridge connecting African and Middle Eastern entities in the near future and hopes that this would lead to enhanced collaboration. Capital Markets: An IFN Correspondent Report Pakistan takes a step back The federal government of Pakistan unexpectedly reversed the capital market reforms that had been introduced to break the monopoly of stockbrokers and make it easier for new entrants. Today's IFN Alerts BAHRAIN: Central Bank of Bahrain’s Sukuk Al Salam oversubscribed by 155% MALAYSIA: DHTI Capital to make early redemption next week KUWAIT: Kuwait International Bank concludes debut syndicated Murabahah facility UK: London Central Portfolio unveils Shariah compliant super fund, London Central Apartments III, targeting investment in private rented sector KUWAIT: Warba Bank launches auto financing campaign in partnership with Ford Motor Al Wazzan Company GLOBAL: Abdul Rahman Law Corporation becomes ISFIN exclusive partner in Singapore INDONESIA: Manulife Indonesia and Bank Muamalat launch their debut Shariah compliant bancassurance product under Zafirah brand PAKISTAN: Habib Metropolitan Bank registers PKR7.6 billion (US$73.45 million) in profit before tax for the first half of 2015 OMAN: Weakened sovereign’s ability to support banking system spur downgrade in Omani banks’ ratings, says Fitch UAE: RAM reaffirms National Bank of Abu Dhabi at ‘AAA/Stable/P1’ UAE: President of the Securities and Exchange Organization of the Islamic Republic of Iran to address delegates at the IFN Issuers Forum in Dubai this September IVORY COAST: Sidra Capital and INOKS Capital sign on as lead partners for the Africa Islamic Finance Forum in September IVORY COAST: Director-general of Arab Bank for Economic Development in Africa confirms participation at the Africa Islamic Finance Forum in September IVORY COAST: President of Cote d’Ivoire, Alassane Ouattara, to officiate the Africa Islamic Finance Forum organized by ICD INDONESIA: Indonesia’s finance minister to deliver keynote address at the IFN Issuers Forum taking place at the Ritz Carlton DIFC in Dubai on the 13th September

IFN Issuers Forum 2015 13th September 2015 (Dubai) Africa Islamic Finance Forum 2015 17th & 18th September 2015 (Abidjan, Cote d’Ivoire) IFN Kuwait Forum 2015 19th October 2015 (Kuwait City) IFN Turkey Forum 2015 17th November 2015 (Istanbul) IFN Saudi Arabia Forum 2015 30th November 2015 (Le Meridien Hotel, Jeddah) Undertaking Effective Litigation & Recovery in Islamic Finance Facilities 7th - 8th September 2015 (Kuala Lumpur) Sharia’a Compliance & Audit for Islamic Banks 8th - 9th September 2015 (Dubai) Funds Transfer Pricing 5th - 7th October 2015 (Kuala Lumpur) Trading Book Market Risk Management for Financial Institutions 8th - 9th October 2015 (Kuala Lumpur)