SAUDI ARABIA: Abdulwahab Abdulkarim Albetari has officially resigned as Osool & Bakheet Investment Company (OBIC)’s chairman and member of the board of directors due to personal reasons. The resignation has been approved by the board, and takes effect from the 26th November 2023, as stated in a bourse filing.

What’s Happening?

IFN Investor Weekly Round-up (23rd– 29th April 2024)  Islamic investor-focused activities were back in full swing after Eid celebrations, starting with a major government event held in Malaysia. IFN Investor interviewed several key participants — some of their stories are featured below plus more in the next issue. &n...

What’s Happening?

As demand continues to outstrip supply, the Dubai property market experienced a rental growth of 17.6% in 2023, according to Equitativa Group, which expects additional potential rental growth this year. As of Q4 2023, average rental rates stood at AED490 (US$133.4) per sq ft.  The REIT manager projects that in the next 12 to 24 months,...

What’s Happening?

Maybank Asset Management (MAM) has launched its Shariah compliant Hyper-Customised Discretionary Portfolio Mandate (DPM) in partnership with Arabesque AI for high-net-worth investors in Malaysia. This mandate leverages the power of artificial intelligence (AI) and advanced data analytics to construct portfolios that align with the principles of Sha...

What’s Happening?

Arcapita Group Holdings a global alternative investment firm, has introduced the ARC UK Industrial Portfolio, a diverse collection of income-generating industrial buildings in the UK worth US$100 million with a focus on upgrading energy efficiency. This investment is in line with Arcapita's Shariah compliant long-term strategy in the real estate ma...

What’s Happening?

Malaysian Prime Minister Anwar Ibrahim, during his speech to table Budget 2024 in parliament on the 13th October 2023, reaffirmed the government's support for the country's Halal economy and Islamic finance sector with proposed incentives and a landmark Sukuk issuance. NESSREEN TAMANO writes. Tax exemptions The government is proposing income tax e...

What’s Happening?

Following its May issuance, sovereign wealth fund-backed Saudi Real Estate Refinance Company (SRC) has returned to the Sukuk market to complete its SAR20 billion (US$5.33 billion) Sukuk program by printing the remaining SAR3.5 billion (US$932.46 million), injecting fresh funds into the local housing market. VINEETA TAN writes. The final two trache...

What’s Happening?

In a bid to enhance the investment climate for Waqf in Oman, the Imam Jabir bin Zaid Waqf Foundation has introduced the Gheras Endowment Investment Fund, VINEETA TAN writes. The foundation said in a statement that the fund is designed to simplify investment operations by consolidating all Islamic endowments through a single platform. “The fund ref...

What’s Happening?

The Zambian Islamic finance industry, which has seen very little activity in the past decade, may soon have its first Islamic fund with the launch of Caravel Partners's Shariah offerings. NESSREEN TAMANO has the story. The wealth management and investment advisory company, which was established in 1996 by UK and South African professionals in the...

What’s Happening?

Starting from today, investors in Australia and New Zealand can gain exposure to Sukuk via an exchange-traded fund (ETF), the first to be listed on the Australian Securities Exchange (ASX). VINEETA TAN has the story. The ETF, known as the Hejaz Sukuk Active ETF, was launched by Hejaz Financial Services, which has AU$1.3 billion (US$826.39 million)...

What’s Happening?

Daewoo Engineering and Construction Company (Daewoo E&C), a South Korean civil engineering and building work services provider with an office in Kuwait, has issued its debut US dollar Sukuk with a US$200 million facility. NESSREEN TAMANO writes. Warba Bank acted as the lead arranger, lead manager and bookrunner for the Islamic paper, which was...

What’s Happening?

Kenya is set to see the first Sukuk issuance in the country as the Capital Markets Authority (CMA) of Kenya has granted approval to property developer Linzi Finco Trust to issue a KES3 billion (US$20.25 million) Sukuk facility for the development of affordable housing. EMIR ZAINUL has the story. The CMA said the landmark Sukuk issuance marks a sig...

What’s Happening?

Almost half of the 78 private retirement scheme (PRS) funds launched in Malaysia in 2023 is Shariah compliant, demonstrating that Shariah PRS funds have grown considerably, although experts note that there is still room for expansion. Underscoring the potential and demand for Muslim-friendly retirement schemes, the country’s Employees Pro...

What’s Happening?

Key Highlights: ·      Global Islamic fund AuM stood at US$101.11 billion as at end of Q1 2024 ·      Malaysia holds the highest number of Islamic equity funds at 217 ·      In 2023, 38 new funds were launched with a total AuM of US$987.3 million &m...

What’s Happening?