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The World’s Leading Islamic Finance News Provider (All Cap) 1200 New trade Bahrain to Women and INTERVIEW: 1,162.92 1150 fi nance fund debut fi rst Words: What Prof Rifaat 0.67% 1,155.10 1100 highlights Islamic retail does the election Ahmed, the 1050 growing REIT next of Trump mean recipient of the 1000 opportunities...5 week...6 for women Royal Award for W T F S S M T in Islamic Islamic Finance Powered by: IdealRatings® fi nance?...10 2016...21 COVER STORY 16th November 2016 (Volume 13 Issue 46) The burgeoning growth of green financing in the Gulf Green fi nance has been putt ing down building but allow countries to diversify Platform to facilitate and showcase roots in the GCC for some time, and in their economies away from hydrocarbons innovative projects, partnerships and 2016 some of its initiatives are fi nally and develop new technologies and technology, as well as committ ing to bearing fruit. While IFN has long funding avenues that encourage long- develop innovative green fi nancing argued that ethical and Islamic fi nance term sustainability but also provide mechanisms, showcase technological are by no means one and the same, short-term benefi ts. innovation, support a global agreement there is no question that the rapid rise for climate change through supporting of green activity has opened the door So what has been done to work toward the Paris Agreement and develop a for Islamic institutions to benefi t across green objectives — and what does this State of the Green Economy Report a wide range of sectors in terms of mean for Islamic fi nance? for Dubai. It also underscores key public perception, consumer demand, actions for fi nancial institutions such investment opportunities and fi nancing United Nations Finance as the identifi cation of a ‘champion’ to transactions. LAUREN MCAUGHTRY promote corporate social responsibility looks at the latest developments. Initiative (CSR) and sustainability; reducing One of the most signifi cant steps this the environmental footprint by The GCC region is one of the biggest year has been the Dubai Declaration on implementing strategies and processes oil producers in the world, and carbon Sustainable Financing, signed in October such as digitalization, energy and water emissions in the Middle East have at the UN Environment’s Finance effi ciency, green buildings and recycling; doubled over the past 30 years with Initiative 2016 Global Roundtable, in improving access to and encouraging the some countries (such as Qatar) achieving which 11 fi nancial institutions in the use of public transport; supporting access almost 10 times the yearly CO2 emissions UAE made a fi rm commitment toward to fi nancial services for all segments of per capita than the global average sustainable fi nance. Thani Ahmed society; and integrating environmental, (see Chart 1). Yet the region has not Al Zeyoudi, the minister of climate social and governance criteria and dismissed these growing concerns, and change and environment for the UAE, climate change factors into the risk every GCC country apart from Saudi introduced the Dubai Declaration assessment processes for the Arabia has now signed the United at the Global Roundtable: institution’s business lines. Nations Framework Convention on highlighting the importance Climate Change Paris Agreement sett ing of stimulating change in the “Achieving a green economy reduction requirements — although only fi nance sector and establishing requires the contribution of the UAE has so far ratifi ed it. strategic partnerships with the private sector to invest local investment and in several projects, not These steps are not just benefi cial from fi nancing institutions. only in the renewable an environmental perspective — for energy sector, but the GCC region, green projects not The Declaration establishes only encourage much-needed capacity- a Public-Private Partnership (PPP) 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 46 DiamondCorp makes Dagong Global Credit DEALS second drawdown worth Rating Company jointly IFN Rapids ................................................... ..2 Central Bank of Bahrain’s GBP300,000 (US$371,895) maintain Al Baraka IFN Reports: monthly Sukuk Ijarah from its Islamic facility Banking Group’s ratings • New trade fi nance fund highlights growing worth BHD26 million Outer Temple Chambers MARC affi rms ANIH’s opportunities • Bahrain to debut fi rst Islamic (US$68.26 million) fully sets up offi ce in Dubai RM2.5 billion (US$594.46 subscribed retail REIT next week • Islamic fi nance arbitration International Financial million) senior Sukuk as near-term solution to global issue of Shariah International Islamic Center Musharakah program at ‘AAIS’ and legal discord • Kenya to get in the good books Liquidity Management Three Iranian banks Corporation auctions three- of international Islamic fi nance entities to power considering sett ing up shop Kuwait Finance House month US$840 million in Turkey (Malaysia) maintains ‘AA+/ Shariah fi nance drive • Fund Focus: Islami Bank Sukuk facility MARC-1’ ratings with a Bangladesh adds depth to Bangladesh’s Islamic Gulf Islamic Investments Samalaju Industrial Port stable outlook capital markets with latest mutual fund • Sovereign raises US$145 million for seeks to extend RM950 California-based technology Fitch affi rms Kuwait’s Sukuk: Tepid times ..............................................5 million (US$225.89 million) fi rm Aptt us ratings at ‘AA’ with a stable Women in Islamic Finance: Sukuk program for another outlook IDB off ers US$500 million Women and Words – What does the election of Donald fi ve years in fi nancing for TAPI gas Egypt’s currency Trump mean for women in Islamic fi nance? ......10 DIFC Sukuk makes Sukuk pipeline project devaluation a positive IFN Analyses: profi t distribution worth for the sovereign’s credit IDB approves over US$592 Malaysia: Undisputed leader? ................................. 11 US$15.14 million profi le, Fitch says million in fi nancing for Shariah compliant trade fi nancing .................. 12 Sunway Treasury Sukuk’s development projects MARC affi rms CIMB th Case Study: 155 Islamic commercial Islamic Bank’s Sukuk Lebanon expects funding papers oversubscribed by ratings with a stable Kuveyt Turk’s US$500 million Sukuk Wakalah 13 from the IDB for waterfront RM105 million (US$24.8 outlook Column: million) project Do I have to be a Muslim? ....................................... 14 Egyptian government’s Pakistan exploring another IFN Country Correspondents: reforms gain rating outlook dollar Sukuk sale to fi nance ASSET upgrade from S&P New Zealand; Brazil; India; Afghanistan; Iran; budget Kenya; Oman; Malaysia .................................. 15 MANAGEMENT S&P revises Oman’s IDB plans global Sukuk outlook to negative based IFN Sector Correspondents: Azimut Group and roadshows for US dollar on longer than expected Islamic Crowdfunding; Mergers & Maybank Asset paper; Etihad expects to fi scal consolidation Acquisitions ........................................... 20 launch Sukuk soon Management agree to partnership to develop Moody’s affi rms Jordan’s Interview: Malaysia’s RM3 billion capabilities in global Sukuk ‘B1’ rating with a stable Professor Rifaat Ahmed Abdel Karim, the recipient (US$678.53 million) GII market outlook of the Royal Award for Islamic Finance 2016 ....21 Murabahah facility att racts RM6.62 billion (US$1.5 Sultan of Johor launches Kazakhstan maintains Special Report: billion) in bids Waqf fund for people in the ‘gBBB2(pi)/Stable’ global Impact of a Trump presidency on US real estate ...... 23 state scale sovereign rating Country Feature: but sees a downgrade JS Investments to roll out NEWS in ASEAN scale and Islamic fi nance market in Turkey .......................25 JS Islamic Hybrid Fund of Malaysian scale ratings Sector Feature: Liberia applies for OIC Funds membership Islamic trade fi nance: Opportunities abound with Ibdar Bank partners with the right approach ..............................................27 Take-up of Islamic credit Barak Fund Management MOVES Takaful Feature: cards to increase in to launch Barak Ibdar Commercial Bank of Morocco over the next few Advancements of regulations in Takaful – what are Shariah Trade Finance Fund Dubai appoints Dr Bern years van Linder as new chief the implications? ..................................................29 International Islamic TAKAFUL Bank Sohar names Pieter Trade Finance Corporation Burger De Witt as CFO Islamic Finance news ................................... 31 supports Senegalese 2016- SABB Takaful secures Deal Tracker .................................................37 17 groundnut campaign via approval to renew group Turkiye Finans appoints REDmoney Shariah Indexes ...................... 38 US$75 million syndicated debt insurance program Wael Abdulaziz Raies as general manager Eurekahedge Funds Tables ........................40 Murabahah fi nancing Dealogic League Tables ..............................42 Indonesian president signs RATINGS REDmoney Events ...................................... 46 presidential decree on Islamic International Subscription Contact................................... 46 national Shariah committ ee Rating Agency and Disclaimer: IFN invites leading practitioners and academics to contribute short reports each week. Whilst we have used our best endeavors and eff orts to ensure the accuracy of the contents we do not hold out or represent

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