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
 Apr 19 2015 - UAE global exports reach USD359bMENAFN
(MENAFN) The global exports for the United Arab Emirates accumulated a sum of about USD359 billion, an amount equivalent to 1.9 percent of the entire world exports, 7 Days reported.According to the ...

 Apr 19 2015 - Egypt, OPEC sign USD27m finance loanMENAFN
(MENAFN) The Egyptian Ministry of International Cooperation signed a USD27 million financing deal with OPEC Fund for International Development to help the government in establishing Ain Shams ...

 Apr 19 2015 - 83.7% annual increase in railway revenues during December: CAPMASDaily News Egypt
(MENAFN - Daily News Egypt) There has been an 83.7% increase in the revenues of railway transportation during December 2014, reaching EGP 99.4m, according to the Central Agency for Public ...

 Apr 19 2015 - QNB Al-Ahli net profits up 30% in MarchDaily News Egypt
(MENAFN - Daily News Egypt) Net profits for Qatar National Bank (QNB Al-Ahli) reached EGP 622m in March, marking a 30% increase compared to the same month in 2015, the bank announced ...

 Apr 19 2015 - Egypt- Minister of International Cooperation predicts further economic growthDaily News Egypt
(MENAFN - Daily News Egypt) The global decrease in oil prices is of benefit to Egypt, on the one hand, but may have a negative impact, on the other, according to Minister of International Cooperation ...

 Apr 19 2015 - Egypt, CMI sign MoUDaily News Egypt
(MENAFN - Daily News Egypt) Minister of International Cooperation Naglaa Al-Ahwani has signed a Memorandum of Understanding (MoU) with World Bank Vice President for the Middle East and North Africa ...

 Apr 19 2015 - Notorious conman reveals holes in Egyptian investment marketDaily News Egypt
(MENAFN - Daily News Egypt) Prosecution investigations revealed that a notorious conman, known as Al-Mestarayah, has only EGP 7m in six Egyptian banks, contrary to the EGP 300m that he has allegedly ...

 Apr 19 2015 - UAE, Egypt sign deal to construct 50k housing unitsMENAFN
(MENAFN) The United Arab Emirates are set to sign a construction deal with Egypt that includes the building of 50 thousand housing units in Egypt's new capital project, Amwal Alghad reported.The ...

 Apr 19 2015 - Kuwait finalises investment arm in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) Kuwait has completed the lengthy establishment of a company through which the state's future investments in Egypt will be carried out, a source familiar with the Gulf ...

 Apr 19 2015 - Egypt- Anti-death penalty group pleas to halt execution of 7 citizensDaily News Egypt
(MENAFN - Daily News Egypt) The "Against the Death Penalty" group met with the National Council for Human Rights (NCHR) after urgently appealing the council to stop the execution of seven citizens in ...

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