Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Sukuks global issuances decreased by 3.1 pct in February - KFH  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 08/03/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Kuwait News Agency (KUNA)) Sukuks (Islamic bonds) on the global market experienced a slight fall in volume during the month of February 2014 with total issuances amounting to USD 9.07 billion, which is 3.1 percent lower than the USD 9.36 billion issuances in February of last year, Kuwait Finance house (KFH) said

KFH said in a report on Friday that the decline in issuances are led by Malaysia, issuing a total of 58 corporate sukuks, worth USD 2.6 billion, and 33 sovereign and government-related entity sukuks, worth USD 9.9 billion, in two months ended February this year, which is lower than the 99 corporate, worth USD 5.1 billion, and 37 sovereign and government-related entity sukuks, worth USD 12.6 billion, it issued during the same period last year

Meanwhile, Non-Malaysian jurisdictions issued a total 40 sovereign and government-related entity sukuks, USD 5.77 billion, in 2014, an increased number compared to the 21 issues, USD 3.87 billion, in 2013 for the same period

Nonetheless, there are a few milestones in 2014 to date. Maldives debuted in sukuks market in January with a 10-year corporate real estate sukuk worth USD 3.29 million. In addition, the GCC corporate sukuks market kick started with two landmark corporate sukuk issuances: Saudi Arabia witnessed the issuance by National Commercial Bank (NCB) worth SAR 5 billion, USD 1.33 billion, which marks the largest issuance by a financial institution in Saudi Arabia and the largest ever subordinated debt instrument issued by a financial institution in the MENA region

In addition, Dubai Investments Park (DIP) in UAE tapped sukuks market with a debut USD 300 million sukuk, representing the GCC's first USD sukuk issuance this year. The DIP issue received tremendous response and was oversubscribed by 13 times whichrepresents one of the highest levels of oversubscription achieved by a corporate issuer in the international sukuk and conventional markets from the region

Analyzing by country of sukuk origination, Malaysia continues to account for the largest share of the sukuk market with a USD 6.62 billion volume or 73 percent of the issuance total in the month of February. Other notable jurisdictions include Saudi Arabia with a 14.3 percent share, spearheaded by the sole USD 1.5 billion sukuk issuance by NCB, Turkey with a 6.8 percent share spurred by the TRY 1.33 billion sovereign issuance, and finally the UAE with a 3.3 percent share on account of the USD 300 million DIP sukuk

Other issuances included regular local currency salam sukuk issuances by the Central Banks of Bahrain and Gambia worth USD 141.1 million and USD 3.9 million respectively. The Indonesian government also issued a 6-month sovereign sukuk worth USD 83.7 million in IDR

Sovereign issuers made up 63.6 percent of the primary market in February, while corporates accounted for 28.1 percent and government related entities took the remaining 8.3 percent. The figures stand in contract to the previous month of January where corporates had a comparatively smaller share of 15.9 percent while sovereigns and government related entities had larger shares of 72.2 percent and 11.9 percent respectively

By currency, the Malaysian ringgit accounted for 64 percent of issuances during the month, followed by the Saudi Riyals, 14 percent, and the US Dollar, 12 percent

A total of 50 sukuks were issued in February vs. 85 sukuk in January. Among these, 16 were issued by the corporate sector totaling USD 2.54 billion, 31 by sovereigns totaling USD 5.77 billion, and 3 by government related entities worth USD 756 million.


Kuwait News Agency (KUNA)

  MENA News Headlines
 Oct 26 2016 - Morocco's Revenues from Alcohol, Cigarettes, Gambling Reach Over MAD 10 BillionMorocco World News
(MENAFN - Morocco World News) The revenue of the domestic consumption tax on cigarettes, alcoholic drinks and gambling is expected to generate over MAD 10 billion. In a new report the 2017 Finance ...

 Oct 26 2016 - Stanford: Morocco Could See 100 Percent Green Energy Use by 2050Morocco World News
(MENAFN - Morocco World News) Morocco could run on 100 percent green energy by the year 2050, according to new research on the matter from Stanford University. The California-based institution ...

 Oct 26 2016 - Morocco- Around 88% of Moroccan Children Use Internet on a Daily BasisMorocco World News
(MENAFN - Morocco World News) Around 88 per cent of Moroccan children are using internet every day, according to a survey conducted by the opinion research firm 'Averty' in partnership with ...

 Oct 26 2016 - Morocco Participates in 36th Santiago International Book FairMorocco World News
(MENAFN - Morocco World News) Morocco is participating in the 36th Santiago International Book Fair (FILSA), which has become over the years a must-attend event in Chile to highlight the Moroccan ...

 Oct 26 2016 - The Director General of Morocco's ANRT SackedMorocco World News
(MENAFN - Morocco World News) Azeddine El Mountassir Billah, director of the Moroccan National Telecommunications Regulatory Agency (ANRT) was sacked on Tuesday. According to French-language news ...

 Oct 26 2016 - Studio52 to create the corporate video for SMH ArabiaMENAFN Press
(MENAFN Press) DUBAI, 18th August, 2016 Studio 52, a prime audio-visual production company based in Dubai, is proud to announce that it will be creating the corporate video for SMH Industrial ...

 Oct 26 2016 - VIP Invests Invites Brokers To Invest In The Binary Options Trading PlatformMENAFN Press
(MENAFN Press) London, UK ( forpressrelease.com/ ) October 25, 2016 - Binary options trading platform, VIP Invests has invited brokers to move their trading to this field. In return, they promise ...

 Oct 26 2016 - UAE- High Tee: Ras Al Khaimah uses golf to promote tourismKhaleej Times
(MENAFN - Khaleej Times) A trio of contenders in this week's inaugural Ras Al Khaimah 2016 Golf Challenge experienced 'High Tee' with a difference today, as they scaled the towering Jebel Jais, the ...

 Oct 26 2016 - Young Egyptians escape from the stresses in Cairo bookshopMENAFN
(MENAFN) Visitors to a bookshop in Cairo are being invited into a dark, soundproof room to scream at the top of their lungs in an effort to relieve their frustrations and escape from the stresses of ...

 Oct 26 2016 - Gulf visitor's numbers to Greece witness 55% dropMENAFN
(MENAFN) The number of Gulf visitors to Greece dropped by more than half last year, as the Mediterranean country's marketing campaign to target the region as a new source market for tourists."The ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help