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 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.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Aug 2 2015 - Mine Blast Kills One Soldier, Injures Four in Northeast TurkeyQatar News Agency
(MENAFN - QNA) A Turkish soldier were killed and four others were injured in a mine blast in the Turkish northeast province of Kars, security sources said. Turkey's Anadolu Agency reported that ...

 Aug 2 2015 - Turkish Prime Minister Meets HE Qatar's Minister of State for DefenseQatar News Agency
(MENAFN - QNA) Turkish Prime Minister Ahmet Davutoglu met Sunday with HE Qatar's Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah and his accompanying delegation on the ...

 Aug 2 2015 - HE Prime Minister Meets US Assistant Secretary of StateQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Sunday with US Assistant Secretary of State for Near Eastern Affairs Anne Patterson and ...

 Aug 2 2015 - Dubai property giant Emaar's profit up 12% in first halfAFP
(MENAFN - AFP) Dubai-based developer Emaar Properties on Sunday reported a 12 percent rise in net profits for the first six months of 2015 due to high revenues from its shopping malls and ...

 Aug 2 2015 - 'Egyptian Industrial Product Preference' regulation will decrease foreign product imports: FEI board memberDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Industry and Foreign Trade announced it has finalised an executive regulation of Law 5/2015 to create a preference for Egyptian industrial products in ...

 Aug 2 2015 - Egypt's economy grows 4.7% in first 9 months of FY 2014/2015Daily News Egypt
(MENAFN - Daily News Egypt) Egypt's economic growth rate in the first nine months of fiscal year (FY) 2014/2015 grew by 4.7%, Minister of Planning Ashraf El-Araby said in a Saturday press ...

 Aug 2 2015 - Barclays says its activities in Africa strengthenedDaily News Egypt
(MENAFN - Daily News Egypt) Barclays has increased its contribution to the African market and strengthened its business in South Africa, the bank said in a recently published report.It is working to ...

 Aug 2 2015 - Al-Azhar Grand Imam sends condolences to bin Laden familyDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's top religious institute Al-Azhar sent its condolences to the Saudi bin Laden family, after a plane crash in the UK left three members of the family dead.Al-Azhar's ...

 Aug 2 2015 - Egypt- Al Jazeera re-trial further postponed to 29 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The retrial of Al Jazeera journalists Mohamed Fahmy, Peter Greste and Baher Mohamed has been postponed for the second time, with the verdict now expected on 29 August.The ...

 Aug 2 2015 - Strategic dialogue follows Egypt's strategy to decentralise source of weapons: ResearcherDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's Foreign Minister Sameh Shoukry met with his US counterpart John Kerry in Cairo on Sunday for the strategic dialogue between both countries, the first meeting of ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


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