Tagged: South Africa

Eskom to look at Islamic bonds for funding

Eskom to look at Islamic bonds for funding

<p>South African power utility Eskom will look at new funding opportunities such as Islamic bonds to finance its capacity expansion projects. A lower than hoped for rise in power rates has left state-owned Eskom with an expected revenue gap of 225 billion rand ($22 billion) over the next five years. The associated decrease in projected revenues will materially affect operations, including ability to obtain funding for future capacity expansi&oacute;n. Funding for the next 12 to 18 months would be sourced from issuance of domestic and international bonds, export credit agency-backed financing, development finance institutions and the domestic commercial paper market. New opportunities from alternative funding sources and products such as Islamic funding (sukuk), preference share-type funding and project-based funding will also be explored.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.iol.co.za/business/companies/eskom-to-look-at-islamic-bonds-for-funding-1.1544852#.Ud2gRG3Dn4w" title="http://www.iol.co.za/business/companies/eskom-to-look-at-islamic-bonds-for-funding-1.1544852#.Ud2gRG3Dn4w">http://www.iol.co.za/business/companies/eskom-to-look-at-islamic-bonds-f…</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5389" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;count=horizontal&amp;via=&amp;text=Eskom%20to%20look%20at%20Islamic%20bonds%20for%20funding&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5389" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;t=Eskom+to+look+at+Islamic+bonds+for+funding" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;title=Eskom+to+look+at+Islamic+bonds+for+funding" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;t=Eskom+to+look+at+Islamic+bonds+for+funding" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;title=Eskom+to+look+at+Islamic+bonds+for+funding" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;title=Eskom+to+look+at+Islamic+bonds+for+funding&amp;summary=South+African+power+utility+Eskom+will+look+at+new+funding+opportunities+such+as+Islamic+bonds+to+finance+its+capacity+expansion+projects.+A+lower+than+hoped+for+rise+in+power+rates+has+left+state-owned+Eskom+with+an+expected+revenue+gap+of+225+billion+rand+%28%2422+billion%29+over+the+next+five+years.+The+associated+decrease+in+projected+revenues+will+materially+affect+operations%2C+including+ability+to+obtain+funding+for+future+capacity+expansi%C3%B3n.+Funding+for+the+next+12+to+18+months+would+be+sourced+from+issuance+of+domestic+and+international+bonds%2C+export+credit+agency-backed+financing%2C+development+finance+institutions+and+the+domestic+commercial+paper+market.+New+opportunities+from+alternative+funding+sources+and+products+such+as+Islamic+funding+%28sukuk%29%2C+preference+share-type+funding+and+project-based+funding+will+also+be+explored.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5389&amp;title=Eskom+to+look+at+Islamic+bonds+for+funding" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

FNB hires new sharia committee

FNB hires new sharia committee

The Islamic division of South Africa’s First National Bank has hired a new sharia advisory committee and aims to rebrand itself. The new committee consists of Aznan Hasan, Yusus Patel and Zaid Haspatel. According to the chief executive of the Islamic business, Amman Muhammad, they will no longer be called board, but “sharia advisory committee” and their role is clearly defined. He added that the new team would review the bank’s previous sharia products. FNB’s previous sharia board resigned last July after disagreements over the board’s role when new management took charge of the división. Under the new structure, the committee will no longer play a role in the day-to-day running of the business, removing the potential for conflicts.

Islamic body wants protection from bank

Islamic body wants protection from bank

FNB and Al Baraka Bank froze the bank accounts of Al Aqsa Foundation after it was added to the US Department of Treasury’s Office of Foreign Assets Control list. According to the US departments website Al Aqsa funnels money collected for charitable pur…

Absa: Africa target for Islamic insurance

Absa: Africa target for Islamic insurance

Barclays and Absa maintain their interest in Africa as a target for Islamic insurance. There are plans to introduce the Takaful offering to the African continent. With a Muslim population of over 500 million, Africa represents a very good market perspe…

Absa to take Tafakul to Africa

Absa to take Tafakul to Africa

Barclays and Absa keep their focus on Africa and plan to accept the group’s Islamic Insurance offering – Takaful. Due to the huge number of Muslim population in the continent – over 500 million people – there are excellent market opportunities for Is…

Suk it and see

Suk it and see

With the issue of the world’s largest single tranche Sukuk, the industry’s attention is again on that fair-weather barometer the omnipotent Sukuk.
Beside the Saudi issue, it’s been a busy week in the Islamic capital markets, with significant issu…