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Partner with Us The World’s Leading Islamic Finance News Provider (All Cap) Islamic fi nance Kuwaiti Singaporean Women and 1000 stalwarts banking under fi rm turns to the Words: Where 950 gather in fi re...6 Middle East as are all the 900 924.00 Kuala Lumpur Islamic fi nance women in 850 1.7% 908.62 to recognize in home market standard-sett ing 800 W T F S S M T and celebrate stalls...9 and rule- Powered by: IdealRatings® industry’s making?...11 fi nest...5 COVER STORY 24th February 2016 (Volume 13 Issue 8) Italy: A new destination for the Islamic debt capital market Bank lending in Italy is under intense access to cheap funding and constraining markets were a closed book for many pressure, with traditional lines of their own abilities to lend in their turn. Italian corporates. Debt fi nancing in corporate credit contracting to the point Banca Monte Dei Paschi di Siena, Italy’s Italy has been historically stringent, where fi rms are desperately seeking third-largest bank, has lost around 78% with strict constraints on bond issues alternative forms of funding. Although in value over the past year, while its from non-listed companies – designed so far Islamic fi nance has made few biggest bank Unicredit is down 41%. to prevent tax avoidance, but with the inroads into the Italian market, a new According to Italy’s banking association, eff ect of rendering bond issuance far initiative to introduce Islamic bonds Associazione Bancaria Italiana (ABI), too expensive for most smaller fi rms using existing legislation could open in December 2015 bank loans totaled to consider. However, in 2012 the up a whole new asset class for Islamic EUR793.5 billion (US$878.57 billion) and government introduced the ‘mini-bond’ investors. LAUREN MCAUGHTRY made up 88% – but have fallen by EUR24 scheme specifi cally to assist the middle explains the market and explores the billion (US$26.57 billion) over the past market and especially SMEs to access opportunity. two years. capital and reduce reliance on banks. Under pressure With concerns over the provision for The program relaxed requirements Italian banks have had a tough few bad loans and the increasing regulatory for bond issuance by companies with years, and 2016 is proving to be no burden including rising capital more than 10 employees and with an exception. The OECD in its latest forecast requirements for Basel III, corporate annual turnover of over EUR2 million specifi cally notes that bank credit lending in Italy has plummeted and small (US$2.21 million). Providing access to remains constrained due to the large and businesses are struggling to access long- securitization for unlisted companies still rising amount of non-performing term funds. Yet with consumption on the and off ering att ractive tax breaks to loans, hampering investment growth. up, business confi dence increasing and a institutional investors, the scheme The banking sector is under serious tentative economic recovery upgrading is designed to boost issuance and pressure as concerns over bad growth forecasts for 2016, companies are encourage capital market participation. loans (which at EUR360 billion searching for new ways in which (US$398.6 billion) account to expand – and seeking new Contrary to their name, mini-bonds are for around 18% of total bank alternatives to the traditional structured like any other bond and have lending) send share prices bank lending channels. Could no limit as to size – with issuances of up plummeting and bank bond Islamic fi nancing be one of these to EUR600 million (US$664.33 million) sales soaring. In the year options? The Italian mini-bond already in the market – but are tailored ended September 2015, nervous market might have the answer. to the needs of smaller companies. In Italian savers sold over February 2013, Borsa Italiano launched EUR75 billion (US$83.04 Capital market the ExtraMOT Pro Platform specifi cally billion) in bank bonds, potential to cater to these deals. “The new sharply reducing banks’ Up until recently the capital continued on page 3 Opening doors to PARTNERPARTNER WITHWITH USUS new opportunities Contact for more information: François-Xavier Chenhalls-Walker Email: [email protected] IFN RAPIDS Volume 13 Issue 8 Kenya preparing to put Cahya Mata Sarawak’s DEALS Islamic fi nance law in place proposed Sukuk wins ‘AA3/ IFN Rapids ................................................... ..2 Ooredoo mulls fundraising by year-end Stable’ rating IFN Reports: options to refi nance existing Malta maintains ‘A’ rating • Islamic fi nance stalwarts gather in Kuala Lumpur facility, including issuing ASSET with a stable outlook Islamic debt in 2016 to recognize and celebrate industry’s fi nest • Kuwaiti Oman’s ratings lowered to Sunway Treasury Sukuk MANAGEMENT banking under fi re • Sovereign Sukuk: Emerging from ‘BBB-/A-3’ auctions RM100 million Employees Provident Fund a sleepy week • Education is key to human capital Bahrain’s ratings (US$23.94 million) short- declares dividend rate of downgraded to ‘BB/B’ on development in Islamic fi nance • Singaporean fi rm term Sukuk 6.4% for 2015; exposure lower oil price assumption turns to the Middle East as Islamic fi nance in home Malaysia plans second to Shariah investments exceeds 40% of total assets Kuwait’s ratings affi rmed at market stalls • IFN Global Trendswatch • Turkish dollar-denominated Sukuk ‘AA/A-1+’ despite lower oil issuance; invites banks to UBL Fund Managers rolls PE fi rm powers up energy investment using Islamic price assumptions submit proposals out Al-Ameen Islamic fi nance • Malaysia leveraging on rise of fi ntech to Government of Indonesia Active Allocation Plan- S&P downgrades ratings enhance risk-sharing in Shariah fi nance and spur to raise up to IDR30 trillion IV, signs distribution on Saudi Arabia to ‘A-/A-2’ agreement with Samba Islamic cross-border activities ..............................5 (US$2.22 billion) via retail as oil price plunges further Bank Sukuk issuance to plug National Takaful Company budget defi cit Manulife Aset Manajemen sees ratings slide as Women in Islamic Finance: International Islamic Indonesia launches US underwriting performance Women and Words – Where are all the women in Liquidity Management dollar off shore Shariah weakens mutual funds under new standard-sett ing and rule-making? ............... 11 Corporation completes sale RAM assigns preliminary of US$1.34 billion short- regulations IFN Analysis: ratings on Abu Dhabi term Sukuk Schroder Investment Islamic Bank’s proposed France: Falling further ................................... 12 Syarikat Prasarana Management Indonesia Sukuk; maintains ‘AAA/ Risk management ................................... 13 issues RM3 billion launches Shariah compliant Stable/P1’ ratings on bank global mutual fund Case Study: (US$718.06 million) Sukuk; S&P downgrades Ivory Coast’s maiden Sukuk: A landmark deal for the oversubscribed 2.6 times Kazakhstan’s ratings to West African nation ..............................................14 Vallianz Holdings taps TAKAFUL ‘BBB-/A-3’ Saudi Arabian market with Columns: Takaful sector expands S&P revises outlook on Al issuance of SAR1 billion 6.2% in 2015 outperforming Khaleej Takaful Group Thinking big ..........................................................15 (US$266.53 million) Sukuk conventional insurance to positive; affi rms ‘BBB’ The blunt end ........................................................16 Central Bank of Bahrain’s growth, says Fitch ratings IFN Country Correspondents: Sukuk Salam fully subscribed Malaysia ......................................................17 RATINGS MOVES Special Report: Khazanah Nasional begins S&P revises outlook Yasir Qadri named as CEO book-building process of its The money trick ...........................................18 on Bank Islam Brunei of UBL Fund Managers US dollar Sukuk Darussalam to negative Country Feature: Emirates REIT’s executive Qatar Islamic Bank may RAM downgrades Golden Afghanistan issues regulations for Islamic deputy chairman expands issue Sukuk for acquisition Assets International role following departure of banking but challenges remain ........................ 19 purpose, says chairman Finance’s Islamic notes senior executive offi cer Sector Feature: rating David Morley to retire as Emerging risks can benefi t from risk NEWS Perdana Petroleum plans senior partner of Allen participation ................................................................21 Ecobank targeting Muslim to issue Sukuk Murabahah & Overy in April; global population with Islamic worth RM650 million managing partner Wim Islamic Finance news ................................... 22 savings account via (US$154.47 million); wins Dejonghe succeeds Morley Deal Tracker .................................................30 preliminary rating of Cameroonian subsidiary Christine Lagarde to head ‘AAA(fg)/Stable’ REDmoney Indexes .................................... 31 Nigeria inaugurates IMF for another fi ve years Qatar secures stable ‘AA/A- Eurekahedge data ....................................... 33 committ ee for its fi rst Jamal Al Kishi to head 1+’ ratings Performance League Tables .......................35 sovereign Sukuk Deutsche Bank’s business Events Diary................................................. 39 Guyana to join the IDB by S&P confi rms Kuwait’s in the Middle East and mid-2016; IDB plans offi ce ratings at ‘AA/A-1+’ Africa Company Index ........................................... 40 in CARICOM country S&P lowers Brazil’s rating Subscription Form .......................................40 to ‘BB’ Disclaimer: IFN
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