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Saudi Arabia Had Assets of Over Ashar Nazim, the Global Head of from Both the Bahraini and Malaysian US$82 Billion in 2015, Kuwait Finance Islamic fi Nance for EY

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Saudi Arabia Had Assets of Over Ashar Nazim, the Global Head of from Both the Bahraini and Malaysian US$82 Billion in 2015, Kuwait Finance Islamic fi Nance for EY The World’s Leading Islamic Finance News Provider (All Cap) Indonesia’s International Halal hotels Women in 1100 corporate Sukuk mining fi rms hunting for Islamic Finance: 1050 979.76 struggle: Bank look to Islamic the affl uent PowerTalk — 1000 0.6% Syariah Mandiri fi nance in the Muslim Dr Aishath 950 973.84 to the rescue?...6 Middle East...7 traveler ...8 Muneeza...14 900 TMSSFTW Powered by: IdealRatings® COVER STORY 8th June 2016 (Volume 13 Issue 23) Islamic megabank: A false debate? Last month, the Turkish government Islamic bank had it not fallen through in management services, and capitalized announced plans for yet another January 2015. Subsequently, Indonesia highly enough to be able to compete Islamic megabank to be launched by joined the fray with yet another with conventional players to off er cost- the end of the year — the latest in merger bid, this time for the Shariah eff ective tenders for major projects. In a long line of att empts to create an compliant units of a number of state- particular, an institution able to issue industry giant. With rumors swirling owned entities including Bank Mandiri, high-quality Islamic papers would and litt le information forthcoming, Bank Negara Indonesia, Bank Rakyat remove a signifi cant impediment LAUREN MCAUGHTRY asks just Indonesia and Bank Tabungan Negara to growth within the industry. And what an Islamic ‘megabank’ would do in order to fund infrastructure projects although there are currently at least for us — and whether we really need and quadruple Indonesia’s Islamic 22 Islamic banks globally with US$1 one at all? banking assets to 20% by 2018. billion or more of equity capital, some observers think this is not enough. A brief history lesson Driving force The idea of an Islamic megabank has So what is the reason behind these “The industry is ripe to go global. There been circulating for years, with multiple continued att empts to launch a is a dire need for Shariah compliant failures from a variety of markets. ‘megabank’ despite repeated failures? banks with sizeable balance sheets In 2009, Malaysia’s central bank fi rst The Islamic fi nance industry already that can facilitate large infrastructure posited the idea, while in 2011 an has a number of large banks — Al Rajhi and cross-border transactions,” thinks att empt received initial approvals in Saudi Arabia had assets of over Ashar Nazim, the global head of from both the Bahraini and Malaysian US$82 billion in 2015, Kuwait Finance Islamic fi nance for EY. “This absence is governments. In 2012, the IDB stepped House followed not far behind with seriously holding back the industry. into the game with support from Saudi’s US$56.8 billion and Dubai Islamic Bank Dallah Albaraka Group and the Qatar with US$33.73 billion, while Iranian Identity crisis Government and a goal of between banks alone are thought to But what will a ‘megabank’ actually US$3-10 billion in capital to account for up to 40% of do? Of the multiple previous att empts, fi nance profi table ventures in OIC global Islamic assets. There some have been from governments, countries — which again did not appears to be no shortage some from multilateral institutions and materialize. of capital. some from private institutions merging to create a stronger entity — the goals in A more recent att empt came However, what the each case seemed very diff erent, ranging again from Malaysia, in the form industry does lack is a from the creation of a regional lender of of a planned merger between lender of last resort: a cross- last resort to a simple size advantage in CIMB Group, RHB Capital and border institution able to the local market. Surely the new bank Malaysia Building Society act as a competitive will have to defi ne its identity before it which would have force to provide both can make any real impact — and after so resulted in the formation fi nancial support many failed att empts, many are already of the nation’s biggest and liquidity 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 23 Otoritas Jasa Keuangan S&P withdraws ‘B+’ ratings DEALS expects to fi nalize Islamic of Egyptian Life Takaful IFN Rapids ................................................... ..2 Perodua Global REITs rules in second half after affi rmation IFN Reports: of 2016; to include tax Manufacturing partially Meezan Bank maintains incentive • Indonesia’s corporate Sukuk struggle: Bank redeems Islamic medium- ‘AA/A-1+’ ratings with a Syariah Mandiri to the rescue? • International term notes Bank Negara Malaysia stable outlook establishes dedicated mining fi rms look to Islamic fi nance in the Middle Indonesia awards IDR4.93 Etiqa Group maintains ‘A’ group to regulate fi nancial East • Halal hotels hunting for the affl uent Muslim trillion (US$360.88 million) rating in sovereign Sukuk technological innovations traveler • Islamic fi nance in India: Regulatory including fi ntech Moody’s affi rms Lebanon’s hurdles remain • IIFM and ISDA launch new GFH Financial Group ‘B2’ ratings, with outlook Indonesian peer-to-peer plans US$150 million Sukuk remaining negative standards to assist Islamic fi nancial institutions lending marketplace plans hedge against currency risks • Dubai-based property Turkey prices US$1 billion Shariah compliant off erings Noble Group removes fi ve-year Sukuk at 4.25% rating on its RM3 billion developer turns to Islamic fi nancing for new project Indonesia to form task (US$722.6 million) Sukuk in MotorCity • Egyptian banks on solid ground Mohammed Al Barwani forces to supervise and Holding to raise US$150 Murabahah program despite weaker GDP growth • Turkey back in the expedite implementation of million from private Sukuk Economic Policy Packages RAM delays annual review spotlight, while Pakistan shelves its upcoming market of Al Bayan’s Sukuk Bangladesh keen to join issuance • Malaysia prepares to welcome fi rst Basel program Horizon Hills Turkey, Indonesia and III subordinated Sukuk program by development Development seeks consent Saudi Arabia to set up IDB’s Maybank Indonesia to fi nancial institution • Ekovest plans to part-fund from investors for new Islamic infrastructure bank issue up to IDR700 billion fi nancing (US$52.08 million)-worth of billion-dollar highway project with Sukuk ........ 6 ICB Islamic Bank has no Sukuk Sunway Treasury Sukuk merger plans, says CEO issues Islamic commercial Moody’s maintains IFN Analysis: FTSE Bursa Malaysia Hijrah papers worth RM200 negative outlook on Saudi Arabia: Vision 2030 to drive Islamic Shariah Index adds three million (US$48.17 million) Bahrain’s banking system fi nance ........................................................................ 16 new constituents replacing Pakistan holds off US$500 BIMB Holdings, Malakoff Private banking and wealth management in Islamic million Sukuk plan after and Bumi Armada MOVES fi nance ...................................................................17 tapping cheap loans Macklowe Properties hires Case Study: Emirate Islamic’s US$750 million 1Malaysia Development Malaysian water asset CORE to market Shariah names new board of Sukuk ............................................................. 18 management company compliant-fi nanced One directors; maintains Arul Column: to raise RM1.4 billion Wall Street apartments Kanda as president (US$337.19 million) through A lett er from Amin ..................................... 19 Sukuk this year Rasmala seeking approval Bank Sohar’s acting CEO Country Correspondent: to re-elect directors on the resigns Bank AlJazira completes th Malaysia .................................................... 20 20 June issuance of SAR2 billion Cagamas Holdings (US$533.1 million) Sukuk Italy’s export credit agency appoints new non-executive Special Report: via private placement looks to Islamic fi nance; directors studying Islamic structure Avoiding Riba is not rocket science ................. 21 Oversight board member Philippines considering for fi nancing investment of Emirates REIT resigns to Islamic microfi nance: A panacea for poverty and selling Sukuk to fund and export contracts assume new role at parent fi nancial exclusion ........................................ 22 infrastructure projects company Measuring Maqasid Shariah .......................... 24 Malaysian government to ASSET New CEO for Maybank Country Feature: raise RM3.5 billion (US$854.7 million) from Murabahah Islamic A quantum leap for the Luxembourg fund MANAGEMENT investment notes HSBC Holdings outlines structuring toolbox ....................................... 25 Public Mutual distributes new structure for more than RM424 million Islamic Finance news ................................... 27 investment banking unit NEWS (US$103.01 million) for Deal Tracker .................................................34 Al Baraka Bank Egypt 10 funds, including three David Williams and REDmoney Shariah Indexes ...................... 35 plans branch expansion; Islamic funds Jabra Ghandour elected Eurekahedge Funds Tables ........................37 focuses on SME fi nancing as directors of BLME Dealogic League Tables ..............................39 Holdings Meezan Bank inks MoU RATINGS Events Diary................................................. 43 with Hamdard University S&P affi rms Indonesia Company Index ........................................... 44 to provide interest-free at ‘BB+/B’ with a positive Subscription Form .......................................44 loans to
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