Malaysia has made unprecedented achievements in the Islamic finance sector and it currently dominates domestic Sukuk,with 72 per cent by value, Sudan leads short-term issuance (maturity one year or less)
Ijlal Ahmad Alvi, Chairman & CEO, IIFM Chairman and Chief Executive Officer of the International Islamic Financial Market (IIFM) Ijlal Ahmad Alvi said ,"The trend toward issuing shorter tenure Sukuk is slowly increasing and is again driven by sovereign issuers through central banks."
He was speaking at the launch of the second edition of the International Islamic Financial Market (IIFM) Sukuk Report in Labuan. Bahrain is the most active market within the Gulf Cooperation Council (GCC), regularly issuing short-term Sukuk Al Salam and Sukuk Al Ijarah. "It is the first government in the GCC to use Sukuk as one of the primary tools for raising finance," he said, adding, "Moreover, it is expected that Bahrain, Brunei, Sudan plus several new entrants, will contribute to the development of the short end of the market.”
Separately, Zawya’s Sukuk Quarterly Bulletin notes that global Sukuk issuance rose by 18 per cent in Q2 2011 on year-ago levels to $16 billion. Across H1 2011, some $43.8 billion was raised globally, setting a new record. Government issuance dominated in Q2 2011, totalling $11.651 billion. Malaysia was responsible for $12.676 million in Sukuk, all denominated in MYR. By structure, Murabaha was the most important, accounting for $7.56 billion, followed by Bai Bithaman Ajil ($2.49 billion) and Musharaka ($2.2 billion).
The top five Sukuk lead managers (excluding central banks) were: HSBC Bank Middle East (four issues worth a total of $904 million); Aminvestment Bank (24 issues, $789 million); Maybank (46 issues, $625 million); RHB Islamic Bank(six issues, $591 million); Standard Chartered Middle East & South Asia (nine issues, $402 million).
Monday, 25 July 2011
Kuwait Finance House launches Ijarah Promotions
Kuwait Finance House (KFH) announced that it has launched competitive promotions to finance car purchase through leasing, since KFH is keen, through its Cars Department, to offer its clients best services and promotions that are convenient to various client segments seeking to purchase a car.
Acting Cars Department Manager Wael Al-Kharraz explained that the cars promotions offer unprecedented privileges, such as takaful insurance, providing the client with another car is leased car requires over 24 hours of repairing, and having the agent's warranty.
He added that KFH client takes advantage of paying a low monthly rent, because there is a final payment in order to own the leased car.
He revealed that all KFH's car showrooms have various cars that meet all requirements, but clients can also obtain a price quote for a new car from any car agents in Kuwait.
He stressed that KFH is making great strides in the field of car financing through Murabaha, which is reflected in its possession of a significant market share of this competitive sector.
He noted that such a success highlights KFH's strategy that is based on meeting clients growing needs, in addition to making premium Shariah compliant offers that suit all segments.
Moreover, Al-Kharraz stated that this kind of leasing service is highly demanded, since it offers them various financing solutions to their requirements.
Acting Cars Department Manager Wael Al-Kharraz explained that the cars promotions offer unprecedented privileges, such as takaful insurance, providing the client with another car is leased car requires over 24 hours of repairing, and having the agent's warranty.
He added that KFH client takes advantage of paying a low monthly rent, because there is a final payment in order to own the leased car.
He revealed that all KFH's car showrooms have various cars that meet all requirements, but clients can also obtain a price quote for a new car from any car agents in Kuwait.
He stressed that KFH is making great strides in the field of car financing through Murabaha, which is reflected in its possession of a significant market share of this competitive sector.
He noted that such a success highlights KFH's strategy that is based on meeting clients growing needs, in addition to making premium Shariah compliant offers that suit all segments.
Moreover, Al-Kharraz stated that this kind of leasing service is highly demanded, since it offers them various financing solutions to their requirements.
Shariah Compliant Finance Facility Signed By Tamkeen
It has been reported that the leading Middle Eastern company Tamkeen and Bahraini Saudi Bank sign a Shariah-compliant financing facility agreement to fund private sector projects.
A Shariah-compliant agreement was signed today between Tamkeen and the Bahraini Saudi Bank (BSB) by which the Bank will provide Shariah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed AbdulHameed Al-Shaikh, Tamkeen's VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB's Chairman of BSB. BSB is a subsidiary of Al-Salam Bahrain Bank.
Dr. Ahmed Al-Shaikh made a statement pointing out that this project comes within the scope of Tamkeen's objectives to develop and support the national economy on the private sector front and make it the real stimulator of economy in the Kingdom. This is an unmatched opportunity to provide financing on concessional terms in full compliance with the Shariah laws and principles.
The initiative is inspired by Tamkeen's objectives to facilitate enterprise growth to develop businesses in collaboration with financing bodies of the Kingdom of Bahrain which already have Shariah-certified funding system.
Dr. Al-Sada also commented that providing support and funding to private sector enterprises has the effect of enabling those enterprises to increase their success factor and increase growth opportunities and sustainability.
He went on to further comment that the Bank is keen through this agreement to boost all initiatives supporting private businesses consequently leading to economic development and prosperity for the Kingdom of Bahrain.
A Shariah-compliant agreement was signed today between Tamkeen and the Bahraini Saudi Bank (BSB) by which the Bank will provide Shariah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed AbdulHameed Al-Shaikh, Tamkeen's VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB's Chairman of BSB. BSB is a subsidiary of Al-Salam Bahrain Bank.
Dr. Ahmed Al-Shaikh made a statement pointing out that this project comes within the scope of Tamkeen's objectives to develop and support the national economy on the private sector front and make it the real stimulator of economy in the Kingdom. This is an unmatched opportunity to provide financing on concessional terms in full compliance with the Shariah laws and principles.
The initiative is inspired by Tamkeen's objectives to facilitate enterprise growth to develop businesses in collaboration with financing bodies of the Kingdom of Bahrain which already have Shariah-certified funding system.
Dr. Al-Sada also commented that providing support and funding to private sector enterprises has the effect of enabling those enterprises to increase their success factor and increase growth opportunities and sustainability.
He went on to further comment that the Bank is keen through this agreement to boost all initiatives supporting private businesses consequently leading to economic development and prosperity for the Kingdom of Bahrain.
Friday, 22 July 2011
Labuan FSA hosts IIFM's 24th Board of Directors meeting
The 24th Board of Directors meeting of the International Islamic Financial Market's organization (IIFM) was held at the Labuan Financial Services Authority (Labuan FSA) offices which is one of the founding and permanent members of IIFM.
Besides Labuan FSA, the IIFM Board of Directors are represented by senior officials from the Central Bank of Bahrain, Authoriti Monetari Brunei Darussalam, Bank Indonesia, Central Bank of Sudan, State Bank of Pakistan, Islamic Development Bank, Bank Islam Malaysia Berhad, National Bank of Kuwait, Credit Agricole CIB, Standard Chartered Saadiq, Kuwait Finance House-Bahrain, European Islamic Investment Bank and ABC Islamic Bank.
Dato' Azizan Abdul Rahman, Director General of Labuan FSA and Board member of IIFM welcomed the IIFM Board of Directors to Labuan and reiterated its strong support to IIFM's Islamic financial market unification efforts through standardization of Islamic Capital & Money Market (ICMM) products, documentation and related processes.
Mr. Khalid Hamad Abdul Rahman Hamad, Executive Director-Banking Supervision, Central Bank of Bahrain & Chairman of IIFM, thanked Labuan FSA for their hospitality and appreciated the IIFM Board of Directors for their commitment to IIFM's efforts in the standardization of documentation for liquidity management and hedging products over the past few years, which will greatly facilitate the development of the ICMM.
The Board reviewed the progress on market implementation of the Tahawwut Master Agreement (TMA) and also deliberated on the related current IIFM initiative of Islamic hedging products standardization under the TMA. The progress of IIFM's other current market initiatives such as the Master Wakalah Agreement was also discussed.
Mr. Ijlal Ahmed Alvi, Chief Executive of IIFM, briefed that as per the directives of the IIFM Board during its meeting held in December 2010 as well as in line with IIFM's comprehensive industry wide process of market standardization; the "IIFM Market Consultative Meeting on the Master Wakalah Agreement" was held on 12th June 2011 in Dubai. The meeting was very well received by the market practitioners as well as Shariah scholars and resulted in establishing the need to address various issues in the existing Wakalah arrangements in order to provide further enhancement to current practices keeping in view the Shariah requirements of such liquidity management tools.
The IIFM Board formally approved the standardization of Wakalah for the Islamic inter-bank market.Mr. Alvi stressed the need of bringing the Islamic banking institutions, regulators, Shariah scholars and other market participants on a common platform to address their needs and requirements as well as create awareness in the markets.
In this regard, the IIFM's events such as its project consultative meetings, industry seminars and workshops which have benefitted institutions in various jurisdictions. This IIFM seminars and briefings so far held in 2011 are Pakistan, Labuan (Malaysia) and Brunei on 23rd June, 5th July and 6th July respectively.
The IIFM Sukuk Report (2nd Edition) was launched at the press conference following the Board meeting. Mr. Alvi said that this report has now become an annual research feature for the industry.
Besides Labuan FSA, the IIFM Board of Directors are represented by senior officials from the Central Bank of Bahrain, Authoriti Monetari Brunei Darussalam, Bank Indonesia, Central Bank of Sudan, State Bank of Pakistan, Islamic Development Bank, Bank Islam Malaysia Berhad, National Bank of Kuwait, Credit Agricole CIB, Standard Chartered Saadiq, Kuwait Finance House-Bahrain, European Islamic Investment Bank and ABC Islamic Bank.
Dato' Azizan Abdul Rahman, Director General of Labuan FSA and Board member of IIFM welcomed the IIFM Board of Directors to Labuan and reiterated its strong support to IIFM's Islamic financial market unification efforts through standardization of Islamic Capital & Money Market (ICMM) products, documentation and related processes.
Mr. Khalid Hamad Abdul Rahman Hamad, Executive Director-Banking Supervision, Central Bank of Bahrain & Chairman of IIFM, thanked Labuan FSA for their hospitality and appreciated the IIFM Board of Directors for their commitment to IIFM's efforts in the standardization of documentation for liquidity management and hedging products over the past few years, which will greatly facilitate the development of the ICMM.
The Board reviewed the progress on market implementation of the Tahawwut Master Agreement (TMA) and also deliberated on the related current IIFM initiative of Islamic hedging products standardization under the TMA. The progress of IIFM's other current market initiatives such as the Master Wakalah Agreement was also discussed.
Mr. Ijlal Ahmed Alvi, Chief Executive of IIFM, briefed that as per the directives of the IIFM Board during its meeting held in December 2010 as well as in line with IIFM's comprehensive industry wide process of market standardization; the "IIFM Market Consultative Meeting on the Master Wakalah Agreement" was held on 12th June 2011 in Dubai. The meeting was very well received by the market practitioners as well as Shariah scholars and resulted in establishing the need to address various issues in the existing Wakalah arrangements in order to provide further enhancement to current practices keeping in view the Shariah requirements of such liquidity management tools.
The IIFM Board formally approved the standardization of Wakalah for the Islamic inter-bank market.Mr. Alvi stressed the need of bringing the Islamic banking institutions, regulators, Shariah scholars and other market participants on a common platform to address their needs and requirements as well as create awareness in the markets.
In this regard, the IIFM's events such as its project consultative meetings, industry seminars and workshops which have benefitted institutions in various jurisdictions. This IIFM seminars and briefings so far held in 2011 are Pakistan, Labuan (Malaysia) and Brunei on 23rd June, 5th July and 6th July respectively.
The IIFM Sukuk Report (2nd Edition) was launched at the press conference following the Board meeting. Mr. Alvi said that this report has now become an annual research feature for the industry.
Islamic Finance Education To Be Offered by Dar Al Sharia
The Islamic finance sector can further prosper from companies offering innovative methods of educating their employees.Dar Al Sharia, a consultancy and advisory services unit of Dubai Islamic Bank (DIB) has partnered with UK-based Durham University and Hawkamah, the Institute for Corporate Governance, to offer training courses in Islamic finance.
The new courses will be offered at an affordable price and will last for between three and five days. It will initially be run in Dubai, said a DIB statement.
The courses will suit professionals working within the finance industry in particular, as well as university students hoping to work in the field of business and finance, it added.
The courses are aimed at meeting the needs of the UAE’s rapidly expanding Islamic finance industry for high quality academic and practical training, said the DIB in its statement.
Certificates for the courses will be awarded jointly in the names of Dar Al Sharia, Durham University and Hawkamah.
Through this workshop, students will benefit from a unique curriculum that teaches simultaneously the academic and practical elements of Islamic finance, including the role of corporate governance in it. This will provide the participants a complete picture of how Islamic finance operates.
With the support of Hawkamah, the courses will be developed under the guidance of two experts - Dr. Hussain Hamed Hassan, chairman - DIB Sharia Board and the managing director of Dar Al Sharia who has been instrumental in developing the structure for several landmark Sukuk and products, and Professor Rodney Wilson of Durham University, a leading Islamic finance academic for over 25 years.
Dr Hassan said, "Islamic finance is one of the fastest growing industries in the world. However, authentic education on the subject is not widely and easily available."
"We are delighted to work with Durham University and Hawkamah to fill this vacuum and create what will be the benchmark in Islamic finance teaching," he noted.
"For the first time in the UAE, practitioners as well as students can benefit from a curriculum designed to teach both the academic and practical skills needed to succeed in Islamic finance," he added.
Dr Nasser Saidi, executive director of Hawkamah, said: “We are pleased to partner with Dar Al Sharia and Durham University on holding this course, as capacity building of those who are involved first hand in this industry is key to the development of the Islamic Finance Industry."
"Hawkamah strongly advocates creating awareness about corporate governance in the Islamic finance industry and is also providing solutions to the Islamic finance industry on how to bridge the corporate governance gap in the region,"he stated.
Prof Wilson said, "Working with Dar Al Sharia and Hawkamah, we will set the standard in excellence for the teaching of Islamic finance, fuelling development in this fast growing sector of the UAE economy."
The first course, 'Understanding Sukuk Structures and Documentation', will run from September 12 to 14 and will be conducted by the Dar Al Sharia team.-
The new courses will be offered at an affordable price and will last for between three and five days. It will initially be run in Dubai, said a DIB statement.
The courses will suit professionals working within the finance industry in particular, as well as university students hoping to work in the field of business and finance, it added.
The courses are aimed at meeting the needs of the UAE’s rapidly expanding Islamic finance industry for high quality academic and practical training, said the DIB in its statement.
Certificates for the courses will be awarded jointly in the names of Dar Al Sharia, Durham University and Hawkamah.
Through this workshop, students will benefit from a unique curriculum that teaches simultaneously the academic and practical elements of Islamic finance, including the role of corporate governance in it. This will provide the participants a complete picture of how Islamic finance operates.
With the support of Hawkamah, the courses will be developed under the guidance of two experts - Dr. Hussain Hamed Hassan, chairman - DIB Sharia Board and the managing director of Dar Al Sharia who has been instrumental in developing the structure for several landmark Sukuk and products, and Professor Rodney Wilson of Durham University, a leading Islamic finance academic for over 25 years.
Dr Hassan said, "Islamic finance is one of the fastest growing industries in the world. However, authentic education on the subject is not widely and easily available."
"We are delighted to work with Durham University and Hawkamah to fill this vacuum and create what will be the benchmark in Islamic finance teaching," he noted.
"For the first time in the UAE, practitioners as well as students can benefit from a curriculum designed to teach both the academic and practical skills needed to succeed in Islamic finance," he added.
Dr Nasser Saidi, executive director of Hawkamah, said: “We are pleased to partner with Dar Al Sharia and Durham University on holding this course, as capacity building of those who are involved first hand in this industry is key to the development of the Islamic Finance Industry."
"Hawkamah strongly advocates creating awareness about corporate governance in the Islamic finance industry and is also providing solutions to the Islamic finance industry on how to bridge the corporate governance gap in the region,"he stated.
Prof Wilson said, "Working with Dar Al Sharia and Hawkamah, we will set the standard in excellence for the teaching of Islamic finance, fuelling development in this fast growing sector of the UAE economy."
The first course, 'Understanding Sukuk Structures and Documentation', will run from September 12 to 14 and will be conducted by the Dar Al Sharia team.-
Indonesia & Malaysia Colloborate To Boost Islamic Banking
The Indonesian and Malaysian central banks have agreed to improve cooperation to boost the development of Islamic finance in the two nations.
“Islamic finance like Shariah banking is no longer just complementary but has now become a genuine alternative financing option,” said Darmin Nasution, the governor of Bank Indonesia. “So there is a strong need for Islamic banks in Malaysia and in Indonesia to improve their cooperation and develop the Islamic finance market.’’
Darmin was speaking at the opening of a two-day conference on Islamic finance, which was also attended by Vice President Boediono and the governor of Malaysia’s central bank,Zeti Akhtar Aziz.
Darmin said Indonesia’s Shariah banking sector should learn from Malaysia, which has become the center of Islamic finance in Asia. Total assets of Islamic banks in Malaysia stood at $116 billion as of the end of 2010, according to data from its central bank.
“Islamic finance in Malaysia has developed extremely quickly, while Indonesia has a huge potential market given that it has the largest Islamic population,’’ Darmin said.
Assets of Shariah banks in Indonesia totaled Rp 104 trillion ($12.2 billion) at the end of last year. Indonesia has 11 banks that offer Islamic finance options, including Bank Syariah Mandiri, Bank Muamalat Indonesia, Bank Mega Syariah, BRI Syariah and BCA Syariah.
Separately, Zeti said that Malaysia and Indonesia should improve cooperation in Islamic finance and help to develop the sector in the global market.
“Islamic finance will continue to play an important role in the global economy,” he said. “So it’s important for us to grab this opportunity, not only for Malaysia and Indonesia but also for other Asian countries. Islamic finance will help improve welfare and boost economic growth.”
Halim Alamsyah, a Bank Indonesia deputy governor, said the bank wanted to discuss the technical aspects of Shariah banking with its Malaysian counterpart in greater detail. “This will help to create added value in the Shariah banking sector,’’ he said.
In the banking sector overall, Bank Indonesia forecast lending by the country’s 120 commercial banks would rise 24 percent this year, slightly higher than the 23.8 percent gain in 2010. In the first half, loans climbed 24 percent to Rp 372.8 trillion from the same period last year.
Last year, banks’ combined net profit rose 26 percent to Rp 57.1 trillion from a year earlier, according to central bank data.
“Islamic finance like Shariah banking is no longer just complementary but has now become a genuine alternative financing option,” said Darmin Nasution, the governor of Bank Indonesia. “So there is a strong need for Islamic banks in Malaysia and in Indonesia to improve their cooperation and develop the Islamic finance market.’’
Darmin was speaking at the opening of a two-day conference on Islamic finance, which was also attended by Vice President Boediono and the governor of Malaysia’s central bank,Zeti Akhtar Aziz.
Darmin said Indonesia’s Shariah banking sector should learn from Malaysia, which has become the center of Islamic finance in Asia. Total assets of Islamic banks in Malaysia stood at $116 billion as of the end of 2010, according to data from its central bank.
“Islamic finance in Malaysia has developed extremely quickly, while Indonesia has a huge potential market given that it has the largest Islamic population,’’ Darmin said.
Assets of Shariah banks in Indonesia totaled Rp 104 trillion ($12.2 billion) at the end of last year. Indonesia has 11 banks that offer Islamic finance options, including Bank Syariah Mandiri, Bank Muamalat Indonesia, Bank Mega Syariah, BRI Syariah and BCA Syariah.
Separately, Zeti said that Malaysia and Indonesia should improve cooperation in Islamic finance and help to develop the sector in the global market.
“Islamic finance will continue to play an important role in the global economy,” he said. “So it’s important for us to grab this opportunity, not only for Malaysia and Indonesia but also for other Asian countries. Islamic finance will help improve welfare and boost economic growth.”
Halim Alamsyah, a Bank Indonesia deputy governor, said the bank wanted to discuss the technical aspects of Shariah banking with its Malaysian counterpart in greater detail. “This will help to create added value in the Shariah banking sector,’’ he said.
In the banking sector overall, Bank Indonesia forecast lending by the country’s 120 commercial banks would rise 24 percent this year, slightly higher than the 23.8 percent gain in 2010. In the first half, loans climbed 24 percent to Rp 372.8 trillion from the same period last year.
Last year, banks’ combined net profit rose 26 percent to Rp 57.1 trillion from a year earlier, according to central bank data.
HSBC Amanah Wins Six Prestegious Islamic Finance Awards
HSBC Amanah has been doing unprecedently well as they have been reported to have won a staggering six awards, in recognition of its leading Islamic capabilities, from arranging Sukuk to structuring Islamic investments, providing custody services and trade financing.
The awards that HSBC Amanah received were: The Asset’s Triple A Islamic Finance Awards 2011, Sukuk House of the Year, Best Islamic Investment Bank, Asia , Best Islamic Investment Bank, Middle East, Islamic Custodian of the Year for the second consecutive year, Euromoney’s Trade Finance magazine Awards for Excellence 2011, Best Islamic Trade Finance Bank for Europe, Middle East and Africa (EMEA), Credit Awards 2011, and Best Bank for Islamic finance for third consecutive year.
Razi Fakih, Deputy CEO of HSBC Amanah, said, “We are grateful to be recognised time and again as the leading international Islamic bank across customer segments, be it corporates, institutions or individuals. HSBC Amanah is at the forefront of the industry, helping structure innovative Islamic finance deals for customers. So far in 2011, HSBC Amanah is the No 1 underwriter of international Sukuk, with a 37.4 per cent market share.
“We are also pleased to retain the ‘Islamic Custodian of the Year’ award for the second consecutive year. The launch of HSBC Amanah Securities Services in March 2011 allows managers of Islamic funds to have for the first time, a globally consistent Shariah-compliant securities service in 17 markets across the Middle East, Asia Pacific, Europe and the Americas. This is crucial for asset managers who are looking to distribute products beyond their home markets.”
HSBC Amanah is also ‘Best Islamic Trade Finance Bank (EMEA)’, according to Trade Finance magazine’s Awards for Excellence 2011. With a wide range of Islamic commercial banking and treasury products and presence in six markets across Asia and the Middle East, HSBC Amanah is uniquely positioned to connect customers between Asia and the MiddleEast.
Cross-border trade flows have indeed been increasing in recent years, especially between Asia and the Middle East, according to WTO data. HSBC’s Islamic products for corporate customers include account services, working capital and trade finance, long-term and project finance, payments and cash management solutions, treasury hedging solutions, Sukuk (Islamic bonds), syndications and takaful (Islamic insurance).
HSBC Amanah has also been named ‘Best Islamic Investment Bank, Asia and the Middle East’ for its broad array of Islamic funds, spanning from equities (global, emerging markets, Europe, Asia, GCC and Saudi Arabia), money markets, real estate, balanced funds, income-focused funds and capital-protected funds. Besides the six awards, 10 of the deals that HSBC Amanah arranged between July 2010 to June 2011 were also selected as winners in The Asset’s Best Islamic deals.
The deals are; Republic of Indonesia’s 8.03 trillion rupiah retail Sukuk; Qatar Islamic Bank’s $750 million Sukuk; Saudi Electric Company Saudi Riyal 7 billion Sukuk; Sabana Shariah-compliant industrial REIT’s $636 million IPO; Trans Thai-Malaysia (Thailand) 600 million ringgit Sukuk; National Bank of Abu Dhabi’s 500 million ringgit Sukuk; Abu Dhabi Islamic Bank’s $750 million Sukuk; Government of Malaysia’s $1.25 billion Sukuk Ijara; Saudi Bin Laden Group’s Saudi riyal 700 million Murabaha Sukuk and Cagamas’ 230 million ringgit variable rate Sukuk.
The awards that HSBC Amanah received were: The Asset’s Triple A Islamic Finance Awards 2011, Sukuk House of the Year, Best Islamic Investment Bank, Asia , Best Islamic Investment Bank, Middle East, Islamic Custodian of the Year for the second consecutive year, Euromoney’s Trade Finance magazine Awards for Excellence 2011, Best Islamic Trade Finance Bank for Europe, Middle East and Africa (EMEA), Credit Awards 2011, and Best Bank for Islamic finance for third consecutive year.
Razi Fakih, Deputy CEO of HSBC Amanah, said, “We are grateful to be recognised time and again as the leading international Islamic bank across customer segments, be it corporates, institutions or individuals. HSBC Amanah is at the forefront of the industry, helping structure innovative Islamic finance deals for customers. So far in 2011, HSBC Amanah is the No 1 underwriter of international Sukuk, with a 37.4 per cent market share.
“We are also pleased to retain the ‘Islamic Custodian of the Year’ award for the second consecutive year. The launch of HSBC Amanah Securities Services in March 2011 allows managers of Islamic funds to have for the first time, a globally consistent Shariah-compliant securities service in 17 markets across the Middle East, Asia Pacific, Europe and the Americas. This is crucial for asset managers who are looking to distribute products beyond their home markets.”
HSBC Amanah is also ‘Best Islamic Trade Finance Bank (EMEA)’, according to Trade Finance magazine’s Awards for Excellence 2011. With a wide range of Islamic commercial banking and treasury products and presence in six markets across Asia and the Middle East, HSBC Amanah is uniquely positioned to connect customers between Asia and the MiddleEast.
Cross-border trade flows have indeed been increasing in recent years, especially between Asia and the Middle East, according to WTO data. HSBC’s Islamic products for corporate customers include account services, working capital and trade finance, long-term and project finance, payments and cash management solutions, treasury hedging solutions, Sukuk (Islamic bonds), syndications and takaful (Islamic insurance).
HSBC Amanah has also been named ‘Best Islamic Investment Bank, Asia and the Middle East’ for its broad array of Islamic funds, spanning from equities (global, emerging markets, Europe, Asia, GCC and Saudi Arabia), money markets, real estate, balanced funds, income-focused funds and capital-protected funds. Besides the six awards, 10 of the deals that HSBC Amanah arranged between July 2010 to June 2011 were also selected as winners in The Asset’s Best Islamic deals.
The deals are; Republic of Indonesia’s 8.03 trillion rupiah retail Sukuk; Qatar Islamic Bank’s $750 million Sukuk; Saudi Electric Company Saudi Riyal 7 billion Sukuk; Sabana Shariah-compliant industrial REIT’s $636 million IPO; Trans Thai-Malaysia (Thailand) 600 million ringgit Sukuk; National Bank of Abu Dhabi’s 500 million ringgit Sukuk; Abu Dhabi Islamic Bank’s $750 million Sukuk; Government of Malaysia’s $1.25 billion Sukuk Ijara; Saudi Bin Laden Group’s Saudi riyal 700 million Murabaha Sukuk and Cagamas’ 230 million ringgit variable rate Sukuk.
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