The World’s Leading Islamic Finance News Provider (All Cap) Uzbekistan Turkey aims for Egypt one step UK fintech 1400 1,370.68 finalizes draft Islamic banking closer to issuing eyes Q1 2021 1350 3.79% regulations efficiency with debut sovereign launch date 1300 1,319.94 on Sukuk in new banking Sukuk with for Islamic 1250 preparation for infrastructure ... 5 approval of platform ...13 1200 W T F S S M T first issuance in draft law ...6 Powered by: IdealRatings® 2021..5 COVER STORY 11th November 2020 (Volume 17 Issue 45) IFN Non-Banking Financial Institutions Poll 2020: Winners revealed! Non-banking financial institutions Al Barakah Multi-Purpose Co-operative (NBFIs) play a crucial role in fulfilling Society in ensuring Muslims in Mauritius the financing demand that cannot be are still able to access Riba-free financial met by banking institutions. For their products in line with their faith. With indispensable contribution to the global small humble beginnings in 1998 when Islamic finance industry, IFN is honored several Mauritian Muslims pooled to be recognizing the top Islamic together their resources to form the NBFIs through the inaugural IFN Non- country’s first Islamic credit cooperative, Banking Financial Institutions Poll 2020 Al Barakah Multi-Purpose Co-operative as voted by the readers of IFN. Society has grown over the last two decades expanding its operations to 22% of the votes, Al Barakah Multi- Purpose Cooperative Society took Best Islamic Financial nine branches throughout the island and serving over 2,000 members, about 10% home the title of Best Islamic Financial Cooperative of the local Muslim population. Cooperative, followed by California’s The winner of the Best Islamic Financial Ameen Housing Co-operative with 10% Cooperative may not have a global It has developed a slew of Islamic of the votes and Bank Kerjasama Rakyat stature but that certainly does not financial products, including home Malaysia with 9%. undermine its influence and significance financing, motor vehicle financing, within the community it serves, real estate financing, trade financing, Best Islamic Leasing Provider particularly in a country without any general financing as well as a Hajj Winning by the largest margin across Islamic banks. Mauritius may have a savings account. As a community-driven all categories with 60% of the votes, Sri fairly supportive Islamic finance legal institution, Al Barakah Multi-Purpose Lanka’s largest non-banking financial infrastructure; however, the East African Co-operative Society also provides group LOLC’s Al-Falaah brand was tourism haven’s Islamic banking sector Qard Hasan financing for medical and crowned Best Islamic Leasing Provider. has struggled to take off in the tiny educational purposes. It is also worth The diversified conglomerate with nation of over one million, and took noting that the cooperative introduced an impressive international footprint a particularly crushing blow this year an internal Social Takaful Fund to cover including across South Asia, Southeast when its sole fully-fledged Islamic bank debts of debtors. The institution has also Asia and Africa built over 34 years, had its license revoked. been active in promoting and educating ventured into Shariah compliant the public about Islamic finance and financing under Al-Falaah in 2007. The chasm left in the banking sector has sharing its successful co-op model continued on page 3 emphasized the important pillar that is with international peers. Commanding IFN RAPIDS Volume 17 Issue 45 fintech to be established action against Al Masah DEALS by CapBay and Kenanga Capital and its executives IFN Rapids ...................................................... ..2 Autoriti Monetari Brunei Investment Bank IFN Reports: Darussalam auctions •Uzbekistan finalizes draft regulations on Malaysian Cooperative TAKAFUL Sukuk in preparation for first issuance in 2021 AMBD Islamic Bills worth Commission and Koperasi Islamic Corporation for the •Turkey aims for Islamic banking efficiency a total of BN$100 million Muafakat Makmur Insurance of Investment with new banking infrastructure •UK Islamic (US$74.14 million) organize E-Rahn workshop fintech companies collaborate to drive growth and Export Credit and for Ar-Rahnu system in commodity Murabahah sector •Egypt one Bank Negara Malaysia IsDB jointly launch US$2 development step closer to issuing debut sovereign Sukuk prints Shariah papers billion COVID-19 Guarantee with approval of draft law •IsDB and BAZNAS totaling RM88.43 billion Mutual Trust Bank Facility to pilot Zakat project in Indonesia to support (US$21.49 billion) signs agreement with national development programs •Indonesia Al-Ahlia Insurance Company Millennium Information Stock Exchange supports Sukuk market with Islamic Corporation for approves merger offer from new electronic trading platform •IFN Monthly Solution to implement the Development of the Gulf Union Cooperative Review: October — Consolidation and expansion Core Islamic Banking Private Sector’s US$600 Insurance Company amid regulatory developments •Sukuk fintech System start-up receives greenlight to test investment million Sukuk listed on Saudi regulator fines platform in Saudi •ADGM amends regulations NASDAQ Dubai Bank of Khyber to set up Salama Cooperative to support fintech solutions •Pakistan’s digital Islamic and conventional Central Bank of Insurance Company for account initiative creating new opportunities operations in special for tech companies •UK fintech eyes Q1 2021 Bahrain’s Sukuk Ijarah late disclosure of interim economic zones launch date for Islamic platform ..................5 oversubscribed, with financial statements Sovereign Securities: BHD130.24 million Otoritas Jasa Keuangan Sovereign Securities: Malaysia mulls second (US$343.57 million) in further extends relaxation digital Sukuk; Pakistani energy ministry turns subscriptions RATINGS to Sukuk to generate liquidity ...................... 10 policy on bank credit IFN Analyses: Central Bank of Kuwait restructuring starting from Fitch assigns ‘A’ long-term The Maldives: A strong contender ........................ 14 places KWD240 million March 2021 to March 2022 issuer default rating to Takaful and re-Takaful: Slow growth amid (US$781.93 million)-worth Dukhan Bank uncertainties .............................................15 National Committee for of bonds and related Case Study: Islamic Economy and RAM assigns ‘P1’ and Al Waseelah’s Sukuk: An innovative issuance .... 16 Tawarruq papers Finance is now under ‘AA3/Stable’ ratings to Back To Basics: Central Bank of Gambia Indonesia’s Ministry of Bermaz Auto’s proposed Diminishing partnership or Musharakah Finance Islamic programs Mutanaqisah .............................................17 concludes Sukuk Salam auction RAM reaffirms ‘AA2’ rating Column: on Edra Solar’s RM245 million Populism and Islamic leaders ........................... 18 Indonesian government RESULT (US$58.77 million) ASEAN IFN Country Correspondents: to conduct Sukuk auction Abu Dhabi Islamic Bank Sustainability SRI Sukuk Malaysia; Nigeria; China; Kuwait; Russia ........19 with an indicative target of reports net profit decrease IFN Sector Correspondents: IDR10 trillion (US$687.39 at AED533.8 million Crowdfunding; Shariah Governance; Real Estate; million) PE&VC .................................................................. 23 (US$145.3 million) for third MOVES quarter of 2020 compared Special Reports: Evyap Sabun Malaysia to Saudi Enaya Cooperative Islamic fintech: Foundations for dynamic with previous year establish RM500 million Insurance Company innovation ......................................................... 26 (US$120.26 million) Sukuk Country Feature: appoints new board Wakalah program Index basket futures contracts in Iran capital ASSET member as two others market ............................................................... 27 resign Sectort Feature: MANAGEMENT NEWS Talal Ahmed Alkhereiji International Sukuk programs to bolster Wealthsimple set to launch finances ............................................................ 28 appointed as new SSC Capital to launch Wealthsimple Shariah Shariah compliant robo- acting CEO of National News Brief ...................................................... 29 World Equity Index advisory app Commercial Bank Deal Tracker ................................................... 39 Shirkah exchange-traded fund REDmoney Shariah Indexes ........................ 40 Invest in first quarter of Alinma Tokio Marine Co Financial Markets Eurekahedge Funds Tables .......................... 42 2021 appoints Khalid Abdullah Tribunal upholds Dubai Dealogic League Tables ................................ 44 Al Rumaih as new member REDmoney Events ........................................ 49 Malaysia’s first Islamic Financial Services of board of directors Subscription Contact ..................................... 49 supply chain finance Authority’s enforcement Disclaimer: IFN invites leading practitioners and academics to contribute short reports each week. Whilst we have used our best endeavors and efforts 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 11th November 2020 COVER STORY IFN Non-Banking Financial Institutions Poll 2020: Winners revealed! Continued from page 1 LOLC Al-Falaah offers a wide range of Best Islamic Private Equity/ in the GCC across multiple sectors