Quotes: US 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 which represents 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.

 






  MENA News Headlines
 Jul 23 2014 - UN Emergency Fund gives 75 million to boost aid operations in the Sahel and Horn of AfricaMENAFN Press
(MENAFN Press) NEW YORK July 23 2014/African Press Organization (APO)/ -- United Nations humanitarian chief Valerie Amos has allocated US$75 million from the UN Central Emergency Response Fund (CERF) ...

 Jul 23 2014 - Greater efforts needed to protect MPs in Somalia IPU saysMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- The Inter-Parliamentary Union (IPU) has called for greater efforts to protect MPs in Somalia after the ...

 Jul 23 2014 - Orange and Emmas International launch their 5th African mobile telephone recycling facility in AbidjanMENAFN Press
(MENAFN Press) ABIDJAN Côte d'Ivoire July 23 2014/African Press Organization (APO)/ --  as part of its ongoing commitment to encouraging recycling of mobile devices launched in 2005 Orange ...

 Jul 23 2014 - Majid Al Futtaim posts USD3.5b H1 revenuesMENAFN
(MENAFN) Dubai-based shopping mall developer Majid Al Futtaim (MAF) posted a 14 percent growth in the first-half revenues, citing growing earnings across its business units, Emirates 24/7 ...

 Jul 23 2014 - Bahrain's BCFC profit up 13 percent in H1MENAFN
(MENAFN) Bahrain Commercial Facilities Company (BCFC) saw a 13 percent rise in consolidated net profit at USD19.1 million in the first half of the current year compared to USD16.88 million in the ...

 Jul 23 2014 - Africas oil amp gas sector continues to show substantial growth despite regulatory uncertainty and corruption according to PwC ReviewMENAFN Press
(MENAFN Press) JOHANNESBURG South-Africa July 23 2014/African Press Organization (APO)/ -- The challenges facing oil & gas companies operating in Africa continue to be diverse and numerous ...

 Jul 23 2014 - PS McLeod to Announce New Funding for Humanitarian Assistance for Children in the Democratic Republic of the CongoMENAFN Press
(MENAFN Press) OTTAWA Canada July 23 2014/African Press Organization (APO)/ -- Ms. Cathy McLeod Parliamentary Secretary to the Minister of Labour and for Western Economic Diversification will host a ...

 Jul 23 2014 - MP Opitz to Make an Announcement Regarding Humanitarian Assistance in SomaliaMENAFN Press
(MENAFN Press) OTTAWA Canada July 23 2014/African Press Organization (APO)/ -- Ted Opitz Member of Parliament (Etobicoke Centre) on behalf of the Honourable Christian Paradis Minister of ...

 Jul 23 2014 - South Sudan Cholera threatens lives of thousands during harsh rainy seasonMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- With the rainy season nearly at its peak in South Sudan cholera continues to spread in the war-torn country. The ...

 Jul 23 2014 - UN Special Representative for Somalia condemns assassination of female parliamentarianMENAFN Press
(MENAFN Press) MOGADISHU Somalia July 23 2014/African Press Organization (APO)/ -- The Special Representative of the UN Secretary-General for Somalia (SRSG) Nicholas Kay condemned the assassination ...

more...


 






Google

menafn.com

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help