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Iraq: a Nation on the Edge

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Iraq: a Nation on the Edge The World’s Leading Islamic Finance News Provider 18th June 2014 (All Cap) 1100 Iraq: A nation on the edge Although the ongoing confl ict in Iraq has in oil reserves according to global fund 1075 been an inevitable impediment to the manager FMG. 1,056.41 development of its fi nancial markets, in 1050 1,054.34 recent years a surprisingly strong macro 0.19% Banking strength environment has driven impressive Iraq has a huge banking sector, which still 1025 growth in the banking sector, while dominates its fi nancial system – despite renewed interest from foreign investors losing more than half its value between has highlighted its exceptional potential. 1000 2010-11 after the withdrawal of US forces. W T F S S M T Yet the catastrophic events of the past In 2012 total assets of the banking system few days have placed all this in jeopardy, Powered by: IdealRatings® amounted to IDR130 trillion (US$116 as the country balances on the brink of billion) – less than half of the IDR340 trillion Volume 11 Issue 24 civil war and radical forces threaten to (US$304 billion) it was worth in 2010. overwhelm its fragile government. In this However, recent analysis suggests renewed IFN Rapids .........................................................2 atmosphere of uncertainty we take a look Islamic Finance news .........................................6 growth prospects for the country’s fi nancial Column: Daud speaks .......................................15 at all that is positive about its prospects – system on the back of the sustained Shariah Pronouncement .................................16 and just how much it stands to lose. economic performance, and the government IFN Iran Forum 2014 Post-event report: has made a concerted eff ort to expand and Gateway to a new market ...................................17 Despite the turmoil of the last decade Iraq liberalize the sector through the relaxation IFN Reports: has seen an exceptional improvement Sukuk race: Finally, a winner in sight; New of foreign investor laws, the encouragement opportunities in Islamic commercial insurance; in economic performance, with GDP up of international banking presence and Saudi’s new sovereign wealth fund — more by 38% over the past fi ve years thanks a drive to grow and promote the stock exciting than you might think; What impact will primarily to a strong recovery in 2011-12. markets. the ASEAN Economic Community have on the Despite its ongoing instability, until the region’s Islamic fi nance sector?; Virgin Mobile events of the past few days most analysts fi nancing — testament to the versatility of Islamic There are currently 55 banks including instruments; Liberalizing Malaysia’s capital were surprisingly optimistic about its seven state banks, which dominate the markets paints a brighter picture for Sukuk; What economic prospects. Last year saw GDP sector, holding around 90% of total assets. impact will the implementation of GST have on growth of 4.4%, which the IMF predicted However, the country remains one of Malaysia’s Islamic fi nance industry?; What if could increase to 6.7% this year, and expand the most under-banked in the MENA Qatar loses the right to the World Cup? No big by over a third by 2019. The ICAEW/CEBR deal; Africa: Approach with caution; ...............18 region, with only around 20% of the Special Reports: Economic Insight Middle East Report Q1 population holding an account and around Lack of integration keeps Sukuk issuance a local 2014 identifi ed Iraq as: “The Middle East’s fi ve branches and one ATM per 100,000 aff air ......................................................................... 28 brightest growth prospect,” predicting residents. Nevertheless, instability aside, Beyond Murabahah — new ways to serve “spectacular growth as the country begins Iraq’s banking sector off ers some appealing Muslim microfi nance clients ......................... 30 to make use of its natural resources”. Looking through the eyes of Islamic prospects for investment. According to windows................................................31 Singapore-based Sansar Capital, which Case Study: Maiden Sukuk issuance: Etiqa Home to the world’s fi fth-largest oil runs a US$30 million Frontier Fund Takaful ..................................................... 33 reserves, this year Iraq overtook Iran invested wholly in Iraq, the banking to become OPEC’s biggest producer sector “is poised for signifi cant Country Focus: Thailand after Saudi Arabia, contributing to IFN Analysis: An opportunity for Islamic earnings and asset growth over fi nance? ......................................................... 26 an economy reported to be worth the next decade,” with the top fi ve Features: over US$225 billion and which private banks seeing aggregate net Thailand: Time to start afresh ................. 37 Citigroup has predicted could income grow by over 200% reach US$2 trillion by 2050; between 2010-12. Sector Focus: Cross-Border Financing while the IMF estimates IFN Analysis: The international impact .... 34 that revenues from oil Nozad Dawood Fatt ah Al IFN Country Correspondents: exports could bring in over Jaff , the chairman of North Indonesia; Japan ...................................... 34 US$5 trillion by 2035. Iraq IFN Sector Correspondents: currently has US$14 trillion continued on page 3 Leasing .................................................... 36 Deal Tracker .....................................................38 REDmoney Indexes ........................................39 Eurekahedge data ...........................................41 Performance League Tables ...........................43 Events Diary.....................................................47 Company Index ...............................................48 Subscription Form ...........................................48 www.islamicfi nancenews.com IFN RAPIDS billion (US$533.2 million) instruments will add depth, network with opening of new DEALS Sukuk to strong demand diversity and boost volume branch in Salmabad Albaraka Turk holds investor Kuveyt Turk mandates banks Fourteen areas in Indonesia Wethaq Takaful agrees meetings ahead of possible for Sukuk issue according to keen to develop Halal capital hike and looks to US$500 million Sukuk issue reports tourism industry, confi rms launch a mutual fund vice-minister of tourism and Emaar Malls Group tightens International Finance Corp Egyptian Life Takaful creative economy pricing on US$750 million considers Sukuk program plans to introduce new Sukuk further following with possible issuance in 2015 Industry participants express products subject to central orders worth more than fi scal year concerns over Otoritas Jasa bank approval of protocol US$5.5 billion from investors Keuangan’s potential move activation with three banks Engro Corp taps the retail to increase cash reserve levels Nakheel makes AED220 Sukuk market with two- Dubai Islamic Bank for Islamic banks million (US$59.88 tranche sale worth PKR1 distributes 10% surplus to million) profi t payment to billion (US$10.04 million) Academic institutions customers of SALAMA’s Al Sukukholders reaching out to State Bank Islami Takaful Riayati Plan Talam Transform makes early of Pakistan for fi nancial Recurring Sukuk program partial redemption on Islamic Willis Real Estate Practice aid to set up Islamic fi nance under consideration by the securities plans new Islamic policy education centers and Jordanian government with to service the booming modules a potential issuance as early construction sector as next year, according to NEWS Sukuk market gaining sources Social Fund for significance but Morocco RATINGS Al Hilal Bank engages banks Development negotiating has no immediate plans to commence roadshows for with United Bank over for Sukuk, says finance Societe Generale’s proposed potential benchmark-sized EGP50 million (US$6.97 minister Sukuk – a triple-‘A’ paper for perpetual Sukuk sale million) Shariah compliant Middle East expansion fi nancing contract for SMEs Bank Negara Malaysia ASSET MARC withdraws rating to issue four more Islamic Nigeria launches appeal fund of the third tranche of facilities by the end of this for the construction of an MANAGEMENT Cagamas MBS’ RM270 million Islamic education center (US$83.57million) Sukuk month RHBAM introduces new following its full redemption JAFZ Sukuk to make periodic Amana Bank introduces fund on the back of improved distribution on US$650 Shariah compliant NGO performance of the global MARC assigns ‘AA-IS’ rating million trust certifi cate on the account to facilitate local Sukuk market to Tanjung Bin O&M’s th and foreign non-profi t RM470 million (US$146.6 19 June based on 7% profi t National Bank of Abu Dhabi organizations million) Sukuk Wakalah rate delivers 2.87% dividend SPRINT’s Islamic facility due Sukuk presents an to subscribers of its Sukuk and payable on the 27th June opportunity for att racting Income Fund investment to the US, Shariah compliant funds Bumi Armada establishes according to FAAIF CEO MOVES suff er US$10 billion in RM1.5 billion (US$467.38 Ahamed Imruz Kamil Islamic Bank of Thailand sets outfl ows last year, according million) Sukuk program joins Richard Peiris Arpico target for reduction in non- to Eurekahedge Finance to head its Islamic Pricing set on Banque Saudi performing fi nancing Fransi US$533 million Sukuk fi nance operations Malaysia to take the lead in TAKAFUL deal, according to sources Sagheer Mufti joins Abu Islamic wealth management Phoenix of Zambia Dhabi Islamic Bank as UK sovereign Sukuk according to fi nance deputy Assurance inaugurates
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