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Partner with Us The World’s Leading Islamic Finance News Provider (All Cap) GCC Pakistan An addition, not ECAs looking to 1100 taking the emerges a replacement: Islamic fi nance: A 1050 986.03 conventional from the The new ‘bolt on’ boon for Islamic 1000 0.01% path instead shadows ...8 role of Islamic cross-border 950 986.29 of Shariah — fi nance...9 transactions?...16 900 why?...7 W T F S S M T Powered by: IdealRatings® COVER STORY 22nd June 2016 (Volume 13 Issue 25) The Big Brexit — what will happen to Islamic ϐinance if the UK leaves the EU? The UK and its European siblings are global trade position should the Leave the coming vote. “I don’t believe there’s caught in the midst of a family row that vote win the day on the 23rd June. a great deal that might directly impact could turn sour this week, if the island the industry,” said Lawrence Oliver, nation votes to leave the protection Yet as the third most popular FDI a director and deputy CEO of Shariah of the European Union and strike out destination in the world (after the compliant brokerage fi rm DDCAP. alone. And as the number one foreign US and China) and with net FDI “There are discussions around the investment destination in Europe with infl ows increasing by over 50% in 2015 potential tax implications of a Brexit but over US$1 trillion in foreign direct (compared with a global decline of 11% it is uncertain as to what these might investment (FDI) stock, net infl ows and a 16% reduction for the wider EU), be. Until the result is known, there is no of US$72 billion and around US$185 foreign investment is the lifeblood of the clear evidence either way. billion in foreign property investment UK’s economy — so what will happen alone, the impact of the decision could should isolationism triumph? “In terms of the impact of [a] Brexit on aff ect a lot more than which passport the fund management space, we will line UK citizens stand in to go on A relaxed approach continue to work with off shore centers holiday. LAUREN MCAUGHTRY For Islamic institutions in the UK such as Dublin and Luxembourg that takes a look at how the vote could moving forward, one issue might be are within the EU, so in terms of asset impact the Islamic fi nancial climate in the question of passporting. At the management, custodial services and the UK — whichever way it swings. moment, because Islamic institutions so on I don’t see that changing much are part of the EU, they can easily either, whether we stay or go.” With the polls currently neck passport into other European and neck, the UK population countries should they aspire to And while the UK is gradually building is on the edge of its seat - open branches or businesses up its Islamic banking industry, there there is no saying which elsewhere in the region. An is still only one fully-fl edged Shariah way the referendum will exit from the EU could very compliant retail bank in the country go, or what its eff ects might well change that effi cient, (Al Rayan) and domestic demand is be. The campaign has been swift process, meaning negligible compared with the volume characterized by bitt er that passporting would of inward Islamic investment into UK in-fi ghting between camps potentially have the most assets — with the majority of UK- along with highly emotive signifi cant impact for Islamic based Islamic institutions focusing propaganda and a focus banks. on real estate and asset management on immigration, for international investors — making sovereignty and border In fact, most inward investment the big issue for a protection that does not practitioners seem Brexit. bode well for the UK’s fairly equable about 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 25 IDB establishes RM400 DEALS million (US$97.46 million) TAKAFUL IFN Rapids ................................................... ..2 Central Bank of ringgit Sukuk Wakalah Arabian Shield IFN Reports: Bahrain’s Sukuk Ijarah program Cooperative Insurance • GCC taking the conventional path instead of oversubscribed by 131% Indonesian public-listed Company mandates Shariyah Review Bureau Shariah — why? • Pakistan emerges from the Indonesia raises IDR5.08 food company sets up to manage its Shariah shadows • An addition, not a replacement: The new trillion (US$380.49 million) IDR1.5 trillion (US$112.05 million) Sukuk program advisory aff airs ‘bolt on’ role of Islamic fi nance • ECAs looking to from sovereign Sukuk sale Islamic fi nance: A boon for Islamic cross-border Bank Albilad receives RATINGS regulatory approval to issue NEWS transactions? • Foreign investors withdraw from RAM reaffi rms HSBC subordinated Sukuk of up Malaysian debt capital market as uncertainties Sudanese parliament Amanah Malaysia’s ‘AAA/ to SAR2 billion (US$533.1 from Brexit and US presidential elections loom • ratifi es KWD60 million Stable/P1’ ratings million) via private (US$198.83 million) Fund Focus: Saudi Arabia’s private education the placement fi nancing from Kuwait Fitch affi rms ratings on fi ve Omani banks with negative next growth area for Alkhabeer • Tough times for Saudi International amid debate on its Shariah outlooks Pakistan’s Modaraba sector • Pressure for growth Petrochemical Company compliance status prompts merger talks between National Bank of Abu completes early redemption Algeria preparing to launch RAM reaffi rms ‘AA2/Stable’ Dhabi and First Gulf Bank • Saudi fi rms building of Sukuk Mudarabah Islamic fi nancial services rating on Tanjung Bin Power’s Sukuk Ijarah on Shariah robustness to capture investments • DanaInfra Nasional as part of wider banking reforms Sovereign Sukuk: Lackluster week, but promising receives approvals for tax Moody’s upgrades EIB exemption on its retail Sukuk Company’s debt outlook • ECAs looking to Islamic fi nance: A boon Nigerian Stock Exchange Sukuk stocks to review indices; Islamic facilities; outlook revised to for Islamic cross-border transactions? .............. 7 stable Sepangar Bay Power index expected to admit Corporation’s RM575 two new entries MARC affi rms rating on IFN Analysis: million (US$140.1 million) Bank Indonesia cuts Senai-Desaru Expressway’s Iraq: Opportunity in volatility ........................... 16 Sukuk Murabahah periodic interest rate by 25bps to Sukuk program payments due and payable Education: A matt er of quality ..............................17 6.5% Emirates Retakaful secures Case Study: Ezdan’s US$500 million Sukuk: next month Regulator revokes ‘B++’ rating with a positive First by a Qatari corporate in 2016 ............... 18 Arabian Aramco Total Malaysia’s fi rst Shariah outlook Column: Services partially redeems compliant airline’s license Sukuk The blunt end ............................................. 19 Amana Bank launches Flexi MOVES SPRINT’s RM510 million Country Correspondent: Term Investment Account Humphrey Percy joins (US$124.64 million) Islamic India .......................................................... 20 Kuwaiti European Holding facility due and payable on Bank Negara Malaysia to Group as group CEO Sector Correspondent: the 29th June adopt new methodology in Law & Regulations .................................... 21 US dollar/ringgit spot fi xing Bank ABC appoints senior Bank Sulselbar to raise th eff ective the 18 July bankers to bolster growth IDR50 billion (US$3.75 plans; eyes international Special Report: million) through Sukuk branch expansion How far Islamic fi nance and banking has progressed Engro Corporation to BankIslami Pakistan in Turkey..................................................... 22 suspend trading of Sukuk ASSET names Siraj Ahmed program Country Feature: MANAGEMENT Dadabhoy as new director When will Thailand jump onto the Islamic fi nance Aeon Credit’s periodic following the departure of bandwagon? ................................................ 23 distribution for RM400 Pakistan Stock Exchange Shabir Ahmed Randeree million (US$97.52 million) approves listing of Al- Sector Feature: Reserve Bank of India Sukuk due and payable on Ameen Islamic Dedicated A global perspective on Islamic economics and governor to step down in the 30th June Equity Fund fi nance education: Status and challenges ...........24 September Oman hires banks to Employees Provident Fund Islamic Finance news ................................... 25 Former general counsel of arrange two dollar- to open registration for Central Bank of Bahrain Deal Tracker .................................................32 denominated Sukuk issues Shariah retirement savings to launch dedicated Islamic REDmoney Shariah Indexes ...................... 33 option in August 2016 Antara Steel Mills’s RM300 fi nance legal consultancy Eurekahedge Funds Tables ........................35 million (US$73.42 million) Market maker Bahrain Al Madina Investment’s Dealogic League Tables ..............................37 Sukuk Mudarabah periodic Liquidity Fund to invest in head of Islamic fi nance REDmoney Events ...................................... 41 distribution due and Shariah compliant equities, th says SICO CEO leaving role Subscription Contact................................... 41 payable on the 28 June 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 that the respective opinions are accurate and therefore shall not be held responsible for any inaccuracies. Contents and copyright
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