Fitch Ratings has assigned Salam III Limited's USD100m insurance-linked Sukuk programme an expected rating of 'BBB-(EXP)'. Fitch has also assigned a rating of 'BBB-(EXP)' to the proposed first USD20m tranche under the programme. ATLANTICLUX Lebensversi…
Standard & Poor's reduced Al Baraka's rating from BBB- to BB+ with a negative outlook on the back of increased sovereign and economic risk in the regions where it operates, particularly Egypt and Jordan. Operating environment and credit conditions …
Almost half of the 150 million Singapore dollar ($118 million) sukuk issued by Swiber went to investors from Brunei, helping Swiber clinch pricing that was more competitive than conventional debt. Swiber's five-year deal priced last week to yield 6.5 p…
Turkish Islamic lender Bank Asya said on Monday it had applied to the Capital Markets Board to issue sukuk worth up to 1 billion lira ($520 million). The bank said in a statement to the Istanbul stock exchange it had mandated its brokerage arm for the …
Pakistan's central bank has adopted the "investment sukuk" guidelines of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Issuers will have to comply with this global standard for sukuk, or face penalt…
Saudi-based Al Rajhi Bank posted a slight rise in its second-quarter net profit. The bank made 2.12 billion riyals ($565.3 million) in the three months to June 30, compared with 2.09 billion riyals in the same period a year earlier. Profit for the open…
The General Council for Islamic Banks and Financial Institutions (CIBAFI), a Bahrain-based non-profit organisation, plans to expand beyond the Gulf, so that it can shape rules and practices in new markets as they grow. Addressing a major weakness in Is…
Kuwait Finance House (KFH said its 20 percent capital increase had been oversubscribed by shareholders, without providing specific details. The bank was raising 319 million dinars ($1.12 billion) from the sale of 639 million new shares at 0.5 dinars ea…
Bahraini lender Al Baraka Bank's Turkish unit is working on the issue of a $200 million sukuk, Al Baraka Turk general manager Fahrettin Yahsi said on Wednesday. Yahsi explained the sukuk would be issued when market conditions allowed and added that the…
Fitch Ratings has affirmed HSBC Amanah Takaful (Malaysia) Sdn Bhd's (HSBCAT) Insurer Financial Strength (IFS) rating at 'A-' with Stable Outlook and has simultaneously withdrawn the rating. The rating of HSBCAT is no longer considered by Fitch to be re…
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