gif News
approved RM42.97 million in loans from 71 applications from the state. Earlier, Muhyid- din visited the Siti Aishah market in Jelawat here and mingled with the 350 petty trad- ers. He also announced an allocation of RM500,000 to repair the market, which was built during the rule of the previous BN ad- ministration.
Indonesia’s Sukuk Rising High over Rupiah Debts It has been reported that Indonesia’s Su- kuk are climbing to a one-month high over dollar-denominated Sukuk on speculation a rising fuel-import bill will disrupt the economy and weaken the rupiah. The yield premium demanded on local- currency 4.45 percent notes due February 2018 over 4 percent dollar securities due
bonds are safer,” Janson Nasrial, a market strategist at PT AM Capital in Jakarta, said in an April 18 interview. “The delay in the fuel subsidies reduction weighed on the rupiah because investors needed certainty.”The Rupiah moves forward as it had previously weakened 0.7 percent this year to 9,130 per dollar, the worst performance among Asia’s 10 most- traded currencies excluding the yen. Twelve-month non- deliverable forwards reached 9,555 per dollar, a 4.4 percent dis- count to the current price.
The central bank said that it has intervened in the currency and bond markets to arrest declines. Indonesia’s global 4 percent dollar Sukuk has returned 0.5 percent from the end of February through April 18, compared with a loss of 2.8 percent for rupiah-denominat-
“We are properly equipped to rise funding when and if needed from the international market,” Chief Financial Officer Philippe Touchard said in Riyadh. “The $2 billion pro- gram might be used during different phases- over the next five years.”
Islamic bond sales in Saudi Arabia, the world’s largest oil exporter, rose to a record $6.55 billion so far this year as the govern- ment’s spending plan encourages compa- nies to raise funds to invest. The state-run General Authority of Civil Aviation sold 15 billion riyals ($4 billion) of Islamic bonds in January. Saudi Electricity Co. (SECO) raised a combined $1.75 billion from an issue of five- and 10-year sukuk, securities that pay returns on assets to comply Islam’s ban on interest.
The Takaful industry-like many other
growing industries- is facing a number of challenges. One of them is the limitation regarding Shariah-compliant investment for Takaful plan holders.
,, Ghassan
Marrouche, Chief Executive Officer, Takaful Emarat – Insurance (P.S.C), UAE
Most investors in the Middle East are cer-
tainly looking for Islamic-compliant business in countries that aren’t majority Muslim.
,,
Ashraf Bin Md Hashim,
Head of Consultancy, International Shariah Research Academy for Islamic Finance, Malaysia.
We needed a very reliable banking solu- tion that could provide us with the means for next generation growth. With the successful implementation of the best-of-breed iMAL Is- lamic banking solution, we now have a robust platform that will grow and evolve with us and will help us manage efficiently our network operations, to provide the best services to our clients.
,, Naz Nawzad
Bajger, Director- head IT, Cihan Bank for Is- lamic Investment and Finance P.S.C, Iraq
November 2018 reached 184 basis points yesterday, the widest since March 19, data compiled by Bloomberg shows. Indonesia sold $2.5 billion of non-Islamic dollar bonds this week, with offers exceeding bids by 3.2 times, the Finance Ministry said. A 20 per- cent climb in global crude prices in the past six months threatens to widen the budget deficit of Indonesia, a net oil exporter until it left the Organization of Petroleum Exporting Countries in 2008.
Lawmakers last month reportedly rejected a government plan to raise the price of subsi- dized fuel by 33 percent. Inflows into emerg- ing-market local-currency debt are lagging behind those for dollar bonds for the first time in at least five years, according to EPFR Global, as the U.S. economy recovers and growth in developing-nations slows. “Looking at the currency risk, the dollar-denominated
12 Global Islamic Finance May 2012
ed 4.45 percent Shariah-compliant bonds due February 2018. Investors pumped $1.1 billion into emerging-market local- currency debt funds in the six months through April 11, a 66 percent drop from the previous six- month period, according to data compiled by research firm EPFR. Worldwide sales of bonds that comply with Islam’s ban on inter- est reached $12 billion this year from $5.3 billion in the same period of 2011, according to data compiled by Bloomberg. Offerings to- talled a record $36.3 billion last year.
Banque Saudi Fransi Launches $2 Billion Islamic Sukuk Program It has been reported that Banque Saudi Fransi, a Saudi Arabian lender part-owned by Credit Agricole SA (ACA), set up a $2 bil- lion Islamic bond program as part of the Riyadh-based lender’s plans to diversify its sources of financing.
Citigroup Inc. (C), Credit Agricole, Deutsche Bank AG (DBK) were appointed the lead ar- rangers of the program, Saudi Fransi said in its base prospectus posted on the London Stock Exchange. Saudi Fransi Capital, the investment banking unit of the bank, is the domestic financial adviser and co-arranger for the program in Saudi Arabia, Touchard said. Banque Saudi Fransi last sold bonds in 2010 when it raised $650 million from sell- ing five-year debt.
The yield on the 4.25 percent notes fell to 2.72 percent today from a high of 4.28 percent in March 2010, according to prices compiled by Bloomberg. Banque Saudi Fran- si (BSFR) reported a 10 percent increase in first-quarter profit to 789 million riyals, beat- ing analysts’ estimates. The stock has ad- vanced 15 percent this year compared with a 17 percent gain for the benchmark Tadawul
,,
,,
,,
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88