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Islamic Finance

Global Home > Islamic Finance

Islamica 500

Fitch Ratings' Global Head of Islamic Finance, Bashar Al Natoor, was named as one of the top 500 who make the Islamic economy for the fourth year running by Islamica 500, in its fourth edition. 

rating action

Senaat's Sukuk Assigned Final 'A' Rating

The recently placed USD300 million priced at 4.76%, will mature in 2025. The final issuance documents are in line with the information already reviewed. The senior secured debt at the material subsidiary level was settled with the proceeds of the newly issued unsecured facility at the subsidiary level and a temporary intercompany loan from Senaat; which will be settled from sukuk proceeds, a key assumption of the final rating. 

Islamic Finance News

Turkey Sukuk Market Small Compared to Potential

Notwithstanding its largely Muslim population, Turkey’s participation banking sector only represents around 5% of the banking system and its sukuk market is still small compared to its potential. This is mainly due to the relatively recent introduction of the regulatory framework for sukuk (first regulation was introduced in 2010) and a still developing capital market segment in general.

CNBC Arabia

Key Challenges Facing Islamic Finance

Bashar Al Natoor, Global Head of Islamic Finance, spoke with CNBC Arabia on the side of Global Islamic Economy Summit about Islamic Finance and it's key challenges.

rating action

Fitch Assigns Tabreed's Sukuk Final 'BBB' Rating

In addition to Tabreed's propensity to ensure repayment of TSSL, Fitch believes it would also be required to ensure full and timely repayment of TSSL's sukuk obligations, due to its roles and obligations under the sukuk structure and documentation, especially considering but not limited to the features below:

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Fitch Affirms 3 Turkish Participation Banks; Downgrades VRs

In Fitch's view, the banks' performance, asset quality, capitalisation, and liquidity and funding profiles are now more likely to come under pressure as a result of the further depreciation of the Turkish lira.

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Boubyan Bank Affirmed at 'A+'; Outlook Stable

BBY's IDRs are support-driven. The bank's Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch's view of an extremely high probability of support being provided by the Kuwaiti authorities to all domestic banks if needed. This is reflected in BBY's SR of '1' and SRF of 'A+', the latter of which is in line with Fitch's Domestic-Systemically Important Bank SRF for Kuwait.

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Affirmed: Kuwait Finance House at 'A+'; Outlook Stable

The Central Bank of Kuwait operates a strict regime with hands-on monitoring to ensure the viability of the banks, and has acted swiftly in the past to provide support where needed. Contagion risk among domestic banks is high (Kuwait is a small and interconnected market) and we believe this is an added incentive for the state to provide support to any Kuwaiti bank if needed, to maintain market confidence and stability.

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JANY Sukuk Company Limited's Senior Debt Affirmed at 'A'

Fitch Ratings has affirmed the rating of The Goldman Sachs Group Inc.'s (GS) JANY Sukuk Company Limited (JANY) guaranteed trust certificate issuance programme at 'A'. The certificate program's rating is equalized with GS's Issuer Default Rating (IDR) of 'A', which was last reviewed on June 21, 2018. 

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Downgrade: Islamic Corporation for the Development of the Private Sector to 'AA-'

Fitch Ratings has downgraded Islamic Corporation for the Development of the Private Sector's (ICD) Long-Term IDR to 'AA-' from 'AA'. The Outlook is Stable. Fitch has also downgraded ICDPS Sukuk Limited's (formerly Hilal Services Ltd) medium-term note (MTN) programme to 'AA-' from 'AA'. 

UAE Islamic Banks See Higher Returns, Weaker Asset Quality

Earnings and profitability metrics are improving for UAE Islamic banks, but asset quality should remain under pressure in the near to medium term. 2017 results show that the operating environment for the sector has been improving, with financing growth above the mid-single-digit range, supported by deposits gathered at a faster rate. 

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SEC's Upcoming Sukuk Rated 'A(EXP)'

SEGSC4 is the issuer of the certificates and trustee. SEGSC4 is an exempted company with limited liability incorporated in the Cayman Islands, which has been established for the sole purpose of issuing the certificates, and is owned by SEC.

فيتش: البنوك الإسلامية ستكون المُستفيد الأكبر من ارتفاع أسعار الفائدة في السعودية

القطاع املصرفي السعودي من ارتفاع أسعارالفائدة هذا العام. إذ م سيكون التأثيراملقابل لتكاليف التمويل األعلى أقل لدى املصار اإلسالمية من البنوك التقليدية - التي ستحصل أيض ً ا على زيادة – ألنها تمتلك نسبة أعلى من الودائع غير الربحية.

Islamic Finance in the UK

Bashar Al-Natoor, Global Head of Islamic Finance, recently spoke with CNBC Arabia about the position of the UK in Islamic finance words, with focus on takaful changes and opportunities.

BFM 89.9

Malaysia Has Most Evolved Islamic Finance Industry

Global Head of Islamic Finance, Bashar Al Natoor discusses the outlook for the global and Malaysian islamic finance markets on BFM 89.9. The total volume of sukuk rated by Fitch Ratings stood at US$80 billion at the end of 1Q18, which is a net increase of 6%, compared to end-2017. Al Natoor shares his outlook on the supply and demand dynamics of Islamic bonds, both here in Malaysia and globally.

Fitch Named Best Islamic Finance Rating Agency for Second Year

Fitch Ratings has been recognised as the Best Rating Agency for Islamic Finance for the second consecutive year by The Asset, a leading financial magazine in the Asia-Pacific region.

CNBC

Sukuk Constraints and Drivers in 2018

Bashar Al-Natoor, Global Head of Islamic Finance, recently spoke with CNBC Arabia about sukuk performance YTD and oil prices, geo-political tensions and the pace of US monetary policy tightening impact on issuance.

why forum

Why Takaful May Have a Friend in the UK

The UK has carved out a pivotal role in growing it’s footprint in Islamic finance over the past several years. With Brexit having no discernible impact on either the market’s expansion or its central role the UK’s position in international Islamic finance industry will continue to be central for the foreseeable future. 

UAE Reforms Aid Sukuk Market; Implementation Still Key

New rules governing sukuk offerings in the UAE could support market activity in tandem with other regulatory initiatives, although consistent adoption and implementation remains key to their success.

rating action

Rated and Affirmed: Etiqa Entities at IFS 'A-'; Outlook Stable

This follows a reorganisation within the group to comply with Malaysia's regulatory requirement to split the composite businesses into separate life/non-life and general/family takaful entities. Etiqa Insurance Berhad has been renamed EGIB and the life business now resides in ELIB. 

Contacts

Bashar Al Natoor

Global

Bashar Al Natoor

Global Head of Islamic Finance

+971 4424 1242

Redmond Ramsdale

Banks

Redmond Ramsdale

London

+44 203 530 1836

Ambreesh Srivastava

Banks

Ambreesh Srivastava

Singapore

+65 6796 7218

Jelena Babajeva

Infrastructure

Jelena Babajeva

London

+44 20 3530 1375

Jeffrey Liew

Insurance

Jeffrey Liew

Hong Kong

+852 2263 9939

Paul Gamble

Sovereigns

Paul Gamble

London

+44 20 3530 1623

Markus Papenroth

Structured Finance, ABS

Markus Papenroth

London

+44 20 3530 1707