The World’s Leading Islamic Finance News Provider (All Cap) 1200 IFN Monthly Fewer Islamic Indonesia Sovereign 1,162.92 1150 Review: banks in engineers Sukuk: Nigeria 0.67% 1,155.10 1100 Ringing in the Pakistan Zakat index to and Saudi one 1050 new year with expected as serve as global step closer to 1000 signifi cant capitalization benchmark...8 joining the TMSSFTW developments pressures sovereign Powered by: IdealRatings® in December...6 remain...8 club...9 COVER STORY 4th January 2017 (Volume 14 Issue 01) IFN Best Banks Poll 2016: Islamic finance giants return to claim glory alongside fresh faces fi nancial players worldwide, this year Negara Malaysia (BNM) this year saw one of the best responses ever for emerged triumphant in a very tight race the IFN Best Banks Poll with 26,507 votes as the Best Central Bank for Promoting from individuals all over the world cast. Islamic Finance, displacing last year’s Preserving the quality and independence winner, the State Bank of Pakistan, to of the IFN Awards, this year’s screening second place. process was ramped up employing greater due diligence and a stricter and Caught in the regional wave of volatility more robust screening process. which sent the Malaysian currency plunging to record-low levels, BNM In a year with many unprecedented held its head up high and wasted no and unexpected developments, from time mobilizing measures to bolster The global Islamic fi nance industry has the UK deciding to leave the EU to the the fi nancial community and nation’s spoken! With over 26,000 votes this year, election of Trump as the president of the economy. The departure of Dr Zeti Akhtar the results for the illustrious IFN Best US, in the backdrop of stubbornly low Aziz, one of the most respected central Banks Poll 2016 are fi nally in — and it oil prices and sluggish global economic bankers of the world widely credited is clear from the outcome that Islamic growth, many Islamic fi nance stalwarts as an international champion of Islamic fi nancial institutions worldwide are have demonstrated great resilience in fi nance, in April may have caused some soldiering on amid a very trying year maintaining their grip on being number concerns over the future of Malaysia’s with many shocking and surprising one amid stiff er competition as we Shariah fi nance industry, but those doubts turns politically and economically; at welcome many familiar faces back to the were soon silenced as her successor the same time, we saw the emergence of league of winners. Yet concurrently, we Muhammad Ibrahim, another strong new winners, proving that innovation, also open our arms to greet many new advocate of Islamic fi nance, is proving determination and strategic thinking are names that have turned the tables and his worth. Inheriting a strong legacy, still the names of the game. VINEETA shaken the status quo of the industry with BNM in 2016 made fi ntech a top priority TAN takes us through the victors of the their stunning victories. in driving the Islamic and conventional distinguished IFN Best Banks Awards as fi nance industry forward: it launched honored by their peers. Central bank champions the Investment Account Platform — Proving that a change in leadership the world’s fi rst Shariah compliant Despite massive turbulence in the global did not and would not aff ect its solid bank-mediated fi ntech platform and economic landscape which signifi cantly performance nor dilute its strong set up a fi ntech sandbox to catalyze the impacted the performance of Islamic commitment to Islamic fi nance, Bank continued on page 3 Opening doors to PARTNERPARTNER WITHWITH USUS new opportunities Contact for more information: Matt Gabriel, Email: [email protected] IFN RAPIDS Volume 14 Issue 01 Management expands Rajhi Capital as fi nancial DEALS product suite with debut advisor IFN Rapids ................................................... ..2 Nigerian government energy sector-specifi c fund IFN Reports: invites banks, legal fi rms MCB-Arif Habib RATINGS • IFN Monthly Review: Ringing in the new and trustee fi rms to submit Savings and Investments Quill Retail Mall’s Sukuk year with signifi cant developments in December expression of interest for inaugurates Islamic debut sovereign Sukuk gets preliminary ratings • Fewer Islamic banks in Pakistan expected as investment division TRIplc Medical’s senior capitalization pressures remain • Indonesia Central Bank of Bahrain’s Emirates REIT to make Sukuk receives ‘AA1’ BHD26 million (US$ 67.91 interim dividend payment engineers Zakat index to serve as global preliminary ratings from million) Sukuk Ijarah fully of US$11.98 million in benchmark in measuring effi cacy of Islamic alms- RAM subscribed January 2017; to maintain giving • Sovereign Sukuk: Nigeria and Saudi one Kuwait’s Capital Markets semi-annual dividend Jimah East Power step closer to joining the sovereign club ........ 6 Authority considering US$2 distribution maintains ‘AA-IS’ rating on RM8.98 billion (US$2 billion-worth of corporate Habib Modaraba Sukuk and bonds requests; billion) Sukuk Women and Words: Management to transfer working on secondary More jobs for the boys in iCSR? ...................... 10 management rights of First RAM maintains good market trading regulation Habib Modaraba to Habib ratings on Malaysia IFN Analyses: Maybank sets up Sukuk Metropolitan Modaraba Airport’s Islamic debt Singapore: Tough 2016 ............................................. 11 Murabahah program of up Management Company facilities Ratings in Islamic fi nance — criteria upgrades and to RM10 billion (US$2.25 Rahim & Co International MARC affi rms MMC rating changes .............................................. 12 billion) takes over management of Corporation’s RM1.5 billion Case Study: Shariah compliant KLCC (US$337.99 million) Sukuk REIT Etihad Airways’s maiden Sukuk — The largest NEWS Murabahah program aviation and corporate issuance in MENA ...... 13 Central Bank of Morocco Sabana REIT to acquire 107 Eunos Avenue 3 for Column: allows new Islamic banks MOVES SG$36.1 million (US$25.06 into local markets International Islamic Flip the script: The outlook and predictions for million) Islamic fi ntech in 2017 and beyond .................. 14 People’s Bank of Liquidity Management Zanzibar signs banking Citigate International Corporation appoints IFN Country Correspondents: tech agreement with ICS raises US$10 million for Godwin Emefi ele as Russia; Indonesia; Qatar; Maldives; Turkey; Financial Systems Islamic fund investing in chairman diamond mining projects in Kuwait; Hong Kong ........................................ 15 Venkat Chandrasekar International Islamic Trade Africa IFN Sector Correspondents: Finance Corporation to becomes Al Rayan Bank’s Private Equity & Venture Capital; Takaful & support African Countries Pak Brunei Investment COO Company to divest 70% Re-Takaful; Financial Institutions and Corporate Raja Teh Maimunah to joint Christian Association of shareholding in Primus AmBank Group Sukuk; Sovereign Sukuk ................................. 19 Nigeria urges country’s Investment Management Special Report: withdrawal from Gulf Bond and Sukuk International Islamic Islamic fi nance and UN Sustainable Development TAKAFUL Association appoints senior Liquidity Management executives of Emirates Goals: A regulatory perspective .....................21 Corporation National Disaster NBD as chairman and Country Feature: Bank Indonesia to increase Management Center and acting vice-chair of regional Islamic fi nance can aid in reviving the Syrian Islamic fi nance market Ayady Takaful launch new board Takaful scheme economy post-war ..............................................23 share by collaborating with Alawwal Bank announces Sector Feature: Islamic schools; expects Pos Malaysia partners with return of chairman and vice to implement program Robust rating prospects for Islamic fi nance into Etiqa Takaful to off er Pos chairman; board members roadmap in 2017 Khairat Takaful appointed the next decade ....................................................24 Islamic bankers propose Arab Islamic Company for National Takaful Co multicurrency Sukuk for Takaful Insurance launched chairman resigns Islamic Finance news ................................... 25 China Pakistan Economic Deal Tracker .................................................35 Corridor projects GlobeMed inks third party Ahmad AlKazemi becomes administration agreement the new general manager of REDmoney Shariah Indexes ...................... 36 with Egyptian Takaful Kuwait International Bank Eurekahedge Funds Tables ........................38 ASSET Insurance Company Audit Oversight Board of Dealogic League Tables ..............................40 MANAGEMENT Solidarity announces Pakistan welcomes new REDmoney Events ...................................... 44 Sanah Al Wakalah contract chairman and members Subscription Contact................................... 44 Al Meezan Investment termination; appoints Al- 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 remain with REDmoney. © 2 4th January 2017 COVER STORY IFN Best Banks Poll 2016: Islamic fi nance giants return to claim glory alongside fresh face Continued from page 1 development of fi ntech. The central bank league. Voted as the Best Islamic