Islamic Finance

02/27/2018

Ibdar bank reports profits

Looking ahead, Sadeq said that the bank will continue to enhance its operating profitability in 2018 by “building on Ibdar’s track record and execution platform.”

02/22/2018

New Islamic economy products unveiled in Dubai

The first product launched was the ‘Exchangeable Sukuk’, which has been created to mobilize resources using Sukuk that are tradable and don’t require the utilization of bank assets.

02/22/2018

Jump in Islamic tax liabilities worries Saudi banks

In the last couple of weeks, several major banks have disclosed that the government’s General Authority of Zakat and Tax is seeking additional zakat payments from them for years going back as far as 2002.

02/21/2018

QIB gets nod to raise limit of its sukuk plan to $4bn

The general assembly also approved the board’s recommendation to increase in percentage ownership of non-Qataris in QIB’s capital from 25% to 49%, as well as the distribution of 50% cash dividends at QR5 per share.

02/20/2018

Maisarah sets up sukuk programme

The first tranche of the sukuk Al Wakalah with a size of OMR50 million has been successfully closed by way of private placement.

02/13/2018

Saudi developer plans debut sukuk for social housing

Sukuk are a common funding tool in the Gulf, used predominantly by Islamic banks, sovereigns and sovereign-linked firms, but issuance from private companies is seen as an important step to deepen the market.