Tuesday, September 8, 2015

MALAYSIA: Sunway Treasury Sukuk to issue Islamic commercial papers worth RM100 million (US$23.91 million) tomorrow

Islamic Finance news Alert

Tuesday, 8th September 2015

S&P 500 Shariah
Dow Jones Islamic World
FTSE Shariah All World
Russell - IdealRatings Islamic Global
1,680.04
2,668.83
1,833.99
1,743.42


2.72 (0.15%)


HIGHLIGHTS: Egypt looks to sovereign Sukuk – Nasawara state wants Islamic banking – SABB Takaful reaches settlement with INMAIA – First Egyptian Ijarah firm in the works




Daily Cover


INDONESIA: Indonesia’s largest private bank by assets, Bank Central Asia (BCA), has bolstered the capital base of its Islamic arm as the lender looks to capture greater opportunities in the domestic Shariah banking sector.

Raising the capital base of BCA Syariah by IDR400 billion (US$28.2 million) through the issuance of 400,000 shares, BCA has effectively elevated its Shariah unit to become a tier-2 category bank – institutions with core capital of between IDR1-5 trillion (US$70.5-352.5 million). This new status grants the Islamic financier greater autonomy in conducting foreign currency transactions as well as limited treasury activities including spot transactions.

“In line with the strategic plan of the bank in strengthening relationships with customers, the bank continues to improve the provision of services and financial products more comprehensively across its subsidiaries, including BCA Syariah,” said Inge Setiawati, the bank’s corporate secretary, in a statement.

Since acquiring BCA Syariah in 2009 (it was previously Bank Utama Internasional Bank), BCA has been steadily growing its Islamic offerings and standing in the Indonesian banking landscape. From 2010-14, the Shariah unit registered a 49% cumulative annual growth rate in credit extension to IDR2.1 trillion (US$148.05 million), while its total assets increased by 36% to IDR2.9 trillion (US$204.45 million) as at the end of 2014. The Islamic financier also recently expanded its branch network to 47 by opening a main office in Yogyakarta, as the bank forges ahead to grab a larger market share in an ostensibly competitive environment. BCA’s aggressive Shariah focus is in line with the country’s Financial Services Authority (OJK)’s ambition to boost Islamic finance holding of the total domestic finance market by at least 15% by 2023, triple from the current 5%.

Despite boasting the world’s largest Muslim population, the development of Indonesia’s Islamic banking and finance industry has lagged behind neighboring Malaysia. With a dozen fully-fledged Islamic commercial banks, 163 Shariah rural banks and 22 Islamic windows, the Indonesian Islamic banking landscape is highly fragmented and face development challenges on multiple fronts including in distribution and regulation among others.







UAE: An IFN Correspondent Report

Update on recent developments in the UAE Islamic finance space
Islamic finance is still proving to be one of the flourishing branches in the GCC economic markets sector, even though in the first semester of 2015 it inevitably suffered from the drop in oil prices and the consequent reduction in governmental investments. Analysts are, however, confident that Sukuk and other Shariah compliant investment vehicles can still make significant figures this year.




Today's IFN Alerts
EGYPT: Egyptian government keen to meet 2015/16 fiscal year financing gap with Sukuk

MALAYSIA: Sunway Treasury Sukuk to issue Islamic commercial papers worth RM100 million (US$23.91 million) tomorrow

EGYPT: Arab Investment Bank to launch Egypt’s first Islamic financing leasing company

NIGERIA: Nasawara governor calls Jaiz Bank to establish business in the state

GLOBAL: Azimut Bosphorus Capital merges with Azimut Portfoy creating the largest independent asset management player in Turkey with a Shariah portfolio

SAUDI ARABIA: SABB Takaful Co and INMAIA Real Estate agree on SAR9.25 million (US$2.46 million) settlement

GLOBAL: Profile Software strengthens Middle Eastern presence with new hires

KUWAIT: Boubyan Bank reports 28% growth in profits to KWD16 million (US$52.83 million) for the first half of 2015

MALAYSIA: MARC affirms rating on Talam Transform’s securities

KUWAIT: Public spending boost to Kuwaiti banks, says Fitch

UK: Kashif Siddiqui joins Trowers & Hamlins as corporate partner





































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