A decision by Abu Dhabi-listed Dana Gas to declare $700 million (Dh2.57 billion) of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern about the safety of Sharia-compliant debt instruments in general.
Dana said on Tuesday it had received legal advice that its sukuk, or Islamic bonds, which mature in October, were not compliant with theRead more
Emirates NBD, Dubai's largest lender, announced on Wednesday the launch of a Sukuk Index, covering 98 dollar-denominated sukuks from 61 issuers with a market value of over $90 billion.
The bank said the Emirates NBD Markit iBoxx USD Sukuk index captures sovereign, sub-sovereign and corporate sukuk from emerging and developed markets and will contain investment grade, sub investment grade andRead more
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has received the initial approval from the Capital Market Authority (CMA) to launch the first OMR100 million Sukuk programme.
Meethaq is the first Islamic banking entity in the Sultanate to obtain CMA approval for the first ever Sukuk issuance targeting retail investors in Oman.
Under the OMR100 million programme,Read more
Al Hilal Bank has paid out a 3.83 percent dividend on its flagship fund, Al Hilal Global Sukuk Fund, to all registered unit holders as of January 24th, 2017.
Launched in March 2012, the fund's objective is to generate a regular stream of income as well as achieve capital growth by investing in a global universe of Sharia-compliant fixed-income securities,Read more
Sukuk issuance from key markets in H1, 2016 rose 11 percent compared to a year earlier, according to Fitch Ratings' analysis, underlining our expectation for gradually increasing issuance over the long term as more countries create supportive legal frameworks.
Sukuk as a proportion of total issuance in the GCC, Malaysia, Indonesia, Turkey and Pakistan were also slightly ahead of theRead more
Saudi Arabia's Bank Albilad has received regulatory approval to issue a capital-boosting sukuk worth as much as SR2 billion ($533.3 million), it said in a bourse statement.
The issue will enhance its Tier 2, or supplementary, capital and last for 10 years, although the bank has the option to redeem the sukuk after the fifth year, according to the filing.Read more