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Islamic Finance

Middle East Credit Markets Brief: June 9 - June 23

GCC sukuk issuance topped US$22bn in 1H2017 – Saudi Arabia has a new heir to the throne – Saudi Arabia was added to MSCI’s watch list for a potential upgrade – UAE banks’ loan books grow by 2.13% – Dana Gas sukuk deemed “unlawful” – Qatar’s sovereign wealth fund has injected deposits into local banks to boost liquidity – QPSC said it expects to meet its earnings targets

Interview with Jonathan Segal, Executive Director, Head of Capital Markets MEA, MUFG

Bonds & Loans interviewed Jonathan Segal, Executive Director, Head of Capital Markets – Middle East and Africa at MUFG to discuss whether additional sovereign supply will put a damper on liquidity available to corporates.

Middle East Credit Markets Brief: May 25 - June 8

GCC states break diplomatic and economic ties with Qatar – Syndicated loans in GCC at 4-year low – Saudi Aramco issues SAR285mn sukuk – NCB issues SAR1.3bn sukuk – ADWEA closes US$872mn funding package – Dana Gas prepares US$700mn sukuk – Qatar Airways secures US$300mn in mezzanine debt – Al Baraka issues maiden US$400mn sukuk – KNPC signs US$6.25bn international loan – Foreign investment in Egyptian securities rises 13% in one week

Africa Credit Markets Brief

AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco stalls on US$20mn Zambia loan - Zimbabwe secures US$1.7bn loan from Afrexim Bank

Interview: Combining Conventional and Islamic Finance Techniques in One Seamless Structure

Unlike borrowers in other parts of the world, those based in the GCC region have flexibility in being able to access funding from both conventional and Islamic bank. But co-financings involving conventional and Islamic banks raise structural issues which need to be overcome in a way which is going to be acceptable to both sets of banks.

Middle East Credit Markets Brief

Saudi Arabia loses market share in the oil sector – Saudi Electricity Co. in talks over sukuk – ACWA makes landmark 22-year trade – Etihad bonds drop on Alitalia news – UAE bankruptcy laws to improve operating environment – Dana Gas in debt restructuring talks – ADCB plans new issue – QNB hits the market, plans to make inroads in KSA – Bahrain feels FX strain – Oman in US$3.6bn loan talks – OETC prices upsized trade – Jordan places another Eurobond – NBK mulls new unsecured notes – Iran struggles to attract foreign investment

Why Islamic Finance Could Lose Ground in Fintech Footrace

Whether you call it Fintech, Insure-tech or Takaful-tech, Fintech has become a buzzword in the Islamic finance industry. Though not a sudden development, the evolution of Fintech in the industry has evolved rather rapidly.

CASE STUDY: Saudi Sets Islamic Finance Benchmark with Record US$9bn Sukuk

After wowing the markets with its landmark US$17.5bn sovereign bond, the KSA repeated the trick on the Islamic finance side, issuing the largest sukuk in history and pricing effectively flat to the conventional sovereign curve.

CASE STUDY: Etihad Lands Largest Sukuk Debut in MENA Aviation History

UAE-based airline Etihad Airways tapped the Islamic finance market with the largest ever sukuk issuance in the MENA region’s aviation history to date, an impressive debut.

CASE STUDY: Yinson Debuts Largest Murabaha FPSO Financing in Africa to Date

Yinson Holdings Bhd’s wholly-owned subsidiary, Yinson Production (West Africa) Pte Ltd successfully converted conventional debt into a sharia-compliant format through the company’s maiden Islamic transaction, the proceeds of which were used to finance the conversion of existing facilities into a floating production, storage and offloading unit (FPSO).

 

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