As the referendum on whether to leave or remain in the European Union (EU) looms in the UK, voices are getting louder, particularly in the country’s financial industry that it would not necessarily be a good idea to vote for a Brexit. Since the weight of the UK in the global financial market is substantial – the financial sector of the City of London has a 20% share in the global market for trading foreign securities.
Nazir Razak has resumed his chairmanship of CIMB Group following the completion of an independent review on the banking activities relating to his account. Bank Islam has extended the contract of its managing director, Zukri Samat, which is due to expire this June. Abdulkareem Ibrahim Al-Nafie has resigned from his directorship at Samba Financial Group of Saudi Arabia.
Two Russian banks are looking to Islamic finance: Sberbank is planning to execute Shariah compliant financial transactions likely in the fall while Vneshoconombank is due to announce its first deal with the IDB soon, according to TASS Russian News Agency. Emirates Development Bank is also contemplating the launch of Islamic finance services by the end of this year, Mubasher Info reported quoting the bank’s acting CEO, Rashid Mahboob Misbah.
Saudi Arabia is keen to become a founding member of the proposed new Islamic infrastructure bank championed by the IDB, Indonesia and Turkey, Reuters quoted Indonesia’s finance minister, Bambang Brodjonegoro, as saying. Turkey’s Bank Asya is set to be put up for sale tender on the 24th June by the Savings Deposit Insurance Fund.
In Malaysia, National Mortgage Corporation (Cagamas) issued its second Sukuk reopening for the year - a RM375 million (US$91.35 million) three-year Islamic medium-term note program at a 3.95% yield, while UEM Sunrise completed the sale of RM510 million (US$124.7)-worth of Islamic notes. Bank Muamalat is proposing a subordinated Sukuk Murabahah program of up to RM1 billion (US$244.92 million).
In Asia: Sri Lanka is reportedly seeking to sell up to US$1 billion in Sukuk as part of its plan to raise up to US$3.5 billion from foreign sources while Indonesia targets to raise IDR4 trillion (US$292.8 million) from its Shariah securities auction next week.
In April 2015, IFN launched its inaugural IFN Investor Forum in Dubai to great success, allowing participants to focus on exactly the issues that are relevant to them and creating a targeted, effective and efficient platform for discussion, analysis and action on both sides of the industry coin.
Date: 21st September 2016 Venue: Le Meridien, Kuala Lumpur
Read more and register here...
