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
 Mar 31 2015 - US Crude Recovery May Be Limited, Natural Gas Braces For Storage DataDailyFX
(MENAFN - DailyFX) Gold slumped on Wednesday as its pricing currency the USD gained on the back of the December FOMCdecision. The removal of the 'considerable time' phrase from the policy statement, ...

 Mar 31 2015 - A noble gesture by UAE's Sheikh Hamdan: paperEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The decision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council to donate his Dubai World ...

 Mar 31 2015 - Etihad Airways celebrates arrival of inaugural Alitalia flights from Venice and Milan to Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Etihad Airways, the national airline of the United Arab Emirates, joined celebrations at Abu Dhabi International Airport yesterday to welcome the arrival of its ...

 Mar 31 2015 - UAE's Ministry of Higher Education and Scientific Research joins local and federal scholarship authorities to activate National Scholarship DatabaseEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) On the instructions of Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, to coordinate and unite efforts with all ...

 Mar 31 2015 - UAE's Assistant Under-Secretary for Protocol Affairs at MoFA attends reception at Bangladesh EmbassyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Shehab Ahmed Mohammed Al Fahim, Assistant Under-Secretary for Protocol Affairs in the Ministry of Foreign Affairs, attended a reception last night hosted by ...

 Mar 31 2015 - UAE's Minister of Environment discusses cooperation with Ambassadors of Poland and EritreaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dr. Rashid Ahmed bin Fahad, Minister of Environment and Water, has met with Adam Krzymowski, Poland's Ambassador to the UAE, and discussed ways to enhance ...

 Mar 31 2015 - UAE's DLD sponsors fifth cycle of Princess Haya Award for Special EducationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Land Department, DLD, has signed a sponsorship agreement with the Princess Haya Award for Special Education, PHASE, to host its fifth cycle due to be held ...

 Mar 31 2015 - Talented Emirati musicians perform for patients across the UAE to aid their recoveryEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Abu Dhabi Festival, in association with Mubadala, has brought the popular 'Music in Hospitals' initiative to healthcare facilities across the UAE for the ...

 Mar 31 2015 - UAE's FCA launches customs statistics service on smart phonesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Federal Customs Authority yesterday launched a customs statistics service on its website and a smart phone application to respond to customers' enquiries on ...

 Mar 31 2015 - UAE remains dedicated to covering health needs of Syrian population affected by crisisEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE is dedicated to fulfilling the financial gap in the health sector of the Syrian refugee population in order to meet their basic humanitarian and health ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

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