Global Islamic Economy Summit

Palm Hills Development is preparing to issue a financing sukuk programme worth EGP 3.2bn to finance the company’s Badya Project.Banque Misr and Misr Capital will play the role of promoter, underwriter, and payment agent for the upcoming issuance of #sukuk bit.ly/3wGstBV

Saudi East Pipes Integrated Co. for Industry obtained a Shariah-compliant working capital financing worth SR500 million from Bank Albilad. The proceeds will be used to finance the working capital of one the company’s projects bit.ly/3MnSYBH

SABB #Takaful merger to boost Walaa Insurance’s capital to $227mln.Upon completion of the deal, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa Insurance and the former will “cease to exist” bit.ly/3Iz2ob0

Boubyan Bank has hired banks to arrange a sale of a five-year USA dollar unsecured #sukuk. The proceeds will have a positive effect on its liquidity position and diversify its sources of long-term financing bit.ly/3v3oKxz

Investcorp, a Bahrain-based alternative investment management firm, has invested 130 crore Indian rupees ($17.5 million) in V-Ensure Pharma Technologies bit.ly/3s76LEF

IsDB has approved the setting up of the Afghanistan Humanitarian Trust Fund.Foreign ministers of the #OIC entrusted the bank to establish and operationalize the fund to serve as a vehicle to channel humanitarian and development assistance to #Afghanistan bit.ly/3sDWD5m

Riyad Bank, which is 43% indirectly owned by the Saudi government, has hired banks for a planned issuance of U.S. dollar-denominated Additional Tier 1 (AT1) #sukuk to support its capital base and meet financial and strategic needs bit.ly/3sttucY

#Saudi Arabian food and beverage (F&B) giant Almarai has completed the acquisition of Bakemart’s businesses in the UAE and Bahrain in a deal valued at 93.5 million dirhams ($25.4 million). bit.ly/3I20LlG

#Saudi National Bank has announced plans to issue US dollar-denominated senior unsecured #sukuk under its international sukuk program. The amount and terms of offer of the sukuk will be determined later subject to the market conditions bit.ly/3tiosSq

#UAE-based Response Plus Holding, which is 40 percent owned by Abu Dhabi’s conglomerate International Holding Company (IHC) has acquired Health Tech Training for 9.8 million dirhams ($2.7 million) bit.ly/3pdssjL

#Malaysia External Trade Development Corporation is taking the halal agenda globally during the Expo 2020 by focusing on bringing together businesses to capture business-to-business opportunities, as well as seeking government-to-government cooperation bit.ly/3HWxtWi

Bank Aljazira announced the commencement of the Tier 2 #Sukuk noting that it will end on 31 Dec. The SAR-denominated Sukuk offering value stands at up to SAR 2 billion, while the number of notes and total value will be determined based on market conditions bit.ly/3CKmECI

The new #IslamicBanking Index by Emirates Islamic for 2021 showed that nearly half of those surveyed (48 percent) are more likely to prefer Islamic banking products since the COVID-19 pandemic, up three percent from 2020 bit.ly/3cy2UYw

The #Saudi British Bank (SABB), has launched a #Shariah-compliant supply chain finance product to support small and medium-sized firms. The Payables Finance Solution product is based on buyer risk where the seller bears the cost of discounting bit.ly/3HxXHyc

Emirates Islamic has closed a $500 million five-year #sukuk at a profit rate of 2.082 percent per annum. The issue, which is part of its $2.5 billion Certificate Issuance Programme, is rated A+ by Fitch bit.ly/3Di8A4u

#SaudiArabia witnessed rapid growth in Islamic financing with the total #Sharia-compliant financing amounted to more than $430 billion,while the total volume of Sharia-compliant deposits amounted to $433 billion by the end of the 2nd quarter of this year bit.ly/3n2ADPW

The Capital Market Authority (CMA) allowed the financial market institutions to accept the subscriptions of non-Saudis in the real estate funds that invests in assets within the boundaries of #Makkah and Madinah bit.ly/3BXDsWO

ETF and Vision 2030 offer #Shariah-compliant opportunities in gold.The ETF was a result of collaboration between Albilad Capital and Dubai Gold and Commodities Exchange bit.ly/2Yrqh2D

Global finance leaders commit to unlocking US$30+ billion of capital through green and sustainability #sukuk by 2025 which was launched at the UN Climate Summit bit.ly/3qdDast

#Brexit has impacted the sales, production and exports of British #halal food, while red tape has driven up costs bit.ly/3mLz6h7