IsDB prices US$1.5 B sukuk

The Islamic Development Bank (IsDB) has raised US$1.5 B through its second benchmark sukuk issuance of the year. The USD-denominated sukuk transaction follows its highly successful first US$ benchmark earlier in May.

The bank, rated Aaa/AAA/AAA by S&P, Moody’s and Fitch (all with 'Stable Outlook') priced the five-year trust certificates under its US$25 B Trust Certificate Issuance Programme.

The joint lead managers for this issuance were Bank of China (BOC), Barclays, BMO Capital Markets, China International Capital Corporation (CICC), Goldman Sachs International, HSBC, Industrial and Commercial Bank of China (ICBC), KFH Capital, NATIXIS, Société Générale.

The bank transaction was announced on 1 September with initial pricing thoughts (IPTs) at US$ secured overnight financing rate (SOFR) mid swap (SOFR MS) plus 50 basis points (bps) area. Despite market volatility, strong investor demand helped the bank build indications of interest (IOIs) in excess of ~US$2 B at market open on 2 September.

On the back of this strong momentum, the bank opened the books, revising guidance to US$ SOFR MS plus 48 bps area and continued to attract high-quality orders from institutional investors. At 12 pm London time, the order book had been valued in excess of US$2.75 B, surpassing the previous highest amount of US$2.65 B that the bank achieved in May 2026.

The bank maintained the level and set final terms with a spread at SOFR MS plus 48 bps, i.e. two bps tighter than IPTs and set final size at its target US$1.5 B. This led to the profit rate for the sukuk being set at 4.781% for investors, payable on a semi-annual basis and priced at par.

The transaction attracted strong participation from central banks and official institutions accounting for 51% of the book, followed by banks and private banks (38%) and asset/fund managers (12%). Final allocations were well diversified, with 39% from the Middle East and Africa, as well as a high degree of participation from international investors, including 13% from Asia.

The bank will deploy the proceeds of the sukuk issuance towards project financing across the bank’s eligible member countries in line with its Strategic Framework, which delivers sustainable socioeconomic growth for all.

HLB Islamic charts new course in wealth stewardship

Hong Leong Islamic Bank is transitioning to a refreshed consumer-facing brand identity, HLB Islamic, and a strengthened core proposition that approaches financial services not as a series of siloed products and transactions, but as total wealth stewardship through a shari'ah-principle-guided lifecycle approach known as Hayat @ HLB Islamic. 

Source: HLB Islamic. Dafinah Ahmed Hilmi, CEO of HLB Islamic (left) and Kevin Lam, Group MD and CEO of HLB (right) unveiling the refreshed identity of HLB Islamic and introducing Hayat @ HLB Islamic, the bank’s new proposition centered around wealth stewardship.

Hayat @ HLB Islamic empowers customers to look beyond wealth as a standalone category, and instead view their entire financial journey through the lens of wealth. This evolution is rooted in the bank’s new philosophy, Timeless Principles Guiding Tomorrow’s Wealth, introduced during its 20th anniversary last December.  

Kevin Lam, Group MD & CEO of Hong Leong Bank (HLB) said: "Our transition to HLB Islamic is a deliberate step to foster deeper brand affinity with our diverse clientele and a clear declaration of our intent to scale our shari'ah-compliant franchise into a primary engine of growth for HLB. 

"By aligning our Islamic banking identity more closely with the core HLB brand, we are making our shari'ah-compliant solutions more intuitive, accessible, and digitally integrated. Looking ahead, our goal is for HLB Islamic to be the preferred gateway for wealth stewardship in Malaysia, demonstrating that value-based solutions that are truly customer-centric can lead the market in both innovation and resonance.” 

True to its commitment to empowering purposeful wealth stewardship, customers can now access zakat (زكاة), sadaqah (صدقة), and waqf (وقف) services directly through the HLB Connect app.

The Hayat @ HLB Islamic journey begins with Wealth Creation and Accumulation, focusing on generating purpose-driven wealth from the first paycheck and investing in shari'ah-compliant assets. This foundation is secured by Wealth Protection to shield against uncertainty, and elevated by Wealth Purification, which promotes ethical stewardship through giving. Finally, Wealth Distribution moves beyond inheritance to help customers design legacies that pass down values alongside financial assets. 

Dafinah Ahmed Hilmi, CEO of HLB Islamic commented: “We understand that our customers entrust us with the fruits of their success and the security of their family’s future. It is a responsibility that requires us to be incredibly thoughtful, and this realisation is what led us to launch Hayat @ HLB Islamic. We believe that financial planning should be grounded in a long-term wealth stewardship mindset; by building our solutions around the various life stages of our customers, we ensure that this journey is simple, seamless, and intuitive.”

“There is an inherent beauty in Islamic banking. Its principles offer a holistic and dignified view of wealth, connecting every financial decision with a balanced responsibility toward society. Grounded in maqasid al-shari'ah foundations, Hayat @ HLB Islamic integrates the full arc of a life journey, from a child’s first savings to legacy planning, ensuring the path is not only profitable but purposeful." 

"Our responsibility as a bank is to bridge the gap between the theoretical and the practical, empowering our customers to approach financial management from a perspective of wealth stewardship and abundance, while remaining firmly rooted in shari'ah principles,” added Dafinah. 

To celebrate this new milestone, HLB Islamic invites customers to embark on their Hayat journey with the chance to visit their destinasi impian (dream destination). By engaging with eligible products across any of the five Hayat @ HLB Islamic pillars, customers can stand a chance to win travel prizes to Japan, China, and Vietnam.

*Maqasid al-shari'ah (مقاصد الشريعة) refers to the philosophy behind shari'ah law.

Mega Matrix, Ihsan Dhahab to develop Islamic precious metals ecosystem

Mega Matrix has signed a memorandum of understanding (MoU) with Ihsan Dhahab in January to finance and operate a an Islamic precious metals ecosystem. 

Under the MoU, the parties agreed to collaborate on a range of projects, including:

- An integrated precious metals special economic zone located in the Middle East, primarily in KSA, Qatar or other locations, dedicated to the entire precious metals value chain, including refining, storage, trading, and manufacturing

- To design, structure, develop, and launch a shari'ah-compliant, real-world asset (RWA) gold-backed token and stablecoin 

- To establish and operate a shari'ah-compliant digital exchange for the trading of precious metals, bullion, and other RWA-based financial instruments

- To create an Islamic digital bullion bank, providing shari'ah-compliant financing, vaulting, logistics, and other banking services for the precious metals ecosystem

- To collaboratively identify, assess, and develop other innovative fintech projects that align with the strategic objectives of the parties.

As part of the collaboration, Mega Matrix will draw on its technical experience in stablecoins and Web 3 to provide advisory support for capital raising and financing, including equity investments, debt arrangements and other compliant financial instruments. Mega Matrix will also provide expertise in corporate structuring, financial modelling, capital markets strategy and international governance standards, and will contribute its technology, intellectual property and global Blockchain and digital asset network to support project implementation and scalable development.

Ihsan Dhahab will act as the founders group and promoter, leveraging their local presence and market knowledge in KSA, Qatar and the wider region to provide strategic direction, sector expertise in Islamic finance and precious metals markets, and to lead regulatory approvals, licensing and day-to-day operations following project commencement.

Yucheng Hu, CEO of MPU commented: "Partnering with Ihsan Dhahab that has deep local experience and resources in the Middle East to develop the precious metals RWA sector represents a measured extension of MPU's stablecoin and its governance token DAT strategy. MPU is contributing to the development of global digital financial infrastructure while broadening its activities within the stablecoin and Web 3 landscape."

DAT stands for digital asset treasury. 

Azentio digitally transforms Boubyan Bank's customer experience

Boubyan Bank, one of the leading Islamic banks in Kuwait and the GCC region has upgraded Azentio iMAL, marking a major milestone in its digitalisation journey to improve operational efficiency and elevate customer experience. The move has helped elevate customer experience across different channels, helping the bank achieve a 42% improvement in response time.

Azentio iMAL is an AAOIFI-certified Islamic banking platform, designed to empower financial institutions with solutions for retail, corporate, and investment banking. With iMAL, banks can deliver ethical, inclusive, and scalable services, while ensuring compliance with shari'ah principles.

The latest upgrade has empowered Boubyan Bank to overcome key operational challenges, delivering substantial efficiency gains that align with the bank's commitment to innovation and customer-centricity. Aarthi Ramesh, Chief Customer Officer at Azentio said: "Our enduring partnership with Boubyan Bank is a testament to our shared vision of innovative and shari'ah-compliant banking. The recent enhancements to the iMAL core banking system underline Azentio's unwavering commitment to developing solutions that address evolving customer needs and enable excellence in service delivery."

Abdulla AlKhuzam, CIO, Boubyan Bank, commented: "With a 42% improvement in response time, the recent upgrade has revolutionised our operations at Boubyan Bank, allowing us to tackle critical challenges and achieve remarkable efficiency improvements. Our customers will also benefit from the new enhancements including a 52.5% reduction in salary posting time, a 15% boost in CPU efficiency, and an over 80% decrease in database blocking and session times. These advancements have greatly enhanced our system performance, enabling us to better serve our customers and further our mission of delivering top-tier Islamic banking services."

Database blocking refers to blocking new change requests while changes are being made to part of the database so as to prevent conflicts.

Sharjah Islamic Bank opens branch at the Mall of the Emirates, Dubai

Source: SIB. HE Ahmed Saad, Deputy CEO of Sharjah Islamic Bank has opened the latest branch of SIB at Mall of the Emirates in Dubai, UAE. Nabil Abou Alwan, Head of Retail Banking Group at SIB attended the opening ceremony alongside Majed Shaaban, Director of the Branches Network at SIB, Mohamed Ibrahim Alghufili, Regional Manager at SIB, SIB’s Corporate Communications team, and leading representatives of the bank.

Sharjah Islamic Bank (SIB) has opened a branch at the Mall of the Emirates, Dubai. The new branch will be SIB’s fifth in Dubai, and will provide extended opening hours.
 
HE Ahmed Saad, SIB Deputy CEO said: “The measures implemented by the bank reflect our vision for the future of the Islamic banking sector, especially over the next decade. By objectively assessing the future needs of the banking sector, SIB has been able to invest in technical infrastructure and digital transformation, proving its effectiveness, durability, and ability to keep pace with current changes. Through efficiently and flexibly managing its business and banking networks, SIB has successfully increased its operating profits despite the present exceptional circumstances."

HE added: "The bank remains committed to serving its loyal customer base. Through ongoing digital transformation and extending branch services to clients in various parts of the country, we will better assist our customers and provide them with access to a wide variety of banking products in accordance with the Islamic shari'ah.”

Head of SIB Retail Banking Nabil Abou Alwan said: “The opening of the latest branch aligns with SIB’s expansion goals to serve various segments of society by selecting the locations most convenient for our customers. By increasing the number of branches in strategic locations such as shopping centres, we are constantly rising to meet market demand.

"Our branches enable us to interact and communicate with our customers directly. All branches have been designed to provide an advanced, dynamic and simple banking experience that meets the needs of a wide range of customers, and enhances the bank's contribution to the economic life of the country.”

The bank has undertaken several precautionary health and safety measures, including installation of a thermal detection system for employees and customers, along with a self-sterilisation device in the main branch of the bank. All measures have been undertaken to align with the directives issued by the National Emergency Crisis and Disaster Management Authority (NCEMA) of the UAE.


Details:

The branch operates six days a week, Saturday to Thursday, from 9 am to 10 pm. Digital services are available 24x7.

Sharjah Islamic Bank also provides an integrated package of electronic services, which can be accessed on the bank’s official website  and through Mobile Banking solution which supports online payment through Samsung Pay or Apple Pay. Dial 06-5999999 to avail these services.

Fitch, Moody's give the Islamic Development Bank AAA ratings

Fitch Ratings has affirmed the Islamic Development Bank (IsDB)'s long-term issuer default rating (IDR) at AAA with a stable outlook. The short-term IDR has been affirmed at F1+. The trust certificates issued by IDB Trust Services and guaranteed by IsDB have also been affirmed at AAA.

Meanwhile, Moody's Investors Service has affirmed the Islamic Development Bank's AAA rating with a stable outlook. The AAA-rating is based on the bank's strong capital base, Moody's said in a statement.

"The Islamic Development Bank benefits from a strong liquidity position, and is considered a benchmark issuer within the global sukuk market," Moody's said. "It is a benchmark issuer within the Islamic finance world, being one of the few AAA-rated issuers. Given the scarcity of high-quality, shari'ah-compliant securities, the bank's sukuks have always found strong demand."

The AAA rating of IsDB reflects its intrinsic credit strengths with its solvency and liquidity assessment both at 'aaa'.

The 'aaa' solvency assessment reflects IsDB's excellent capitalisation and low risk. Its equity- to-asset ratio was 43% in 2017, one of the strongest among multilateral development banks (MDBs). The ratio has declined in recent years (49% in 2015), reflecting rapid growth in IsDB's banking portfolio. However, Fitch expects lending growth to decelerate in line with IsDB's strategy and the equity-to-asset ratio to remain above 40% through to 2020. 

Fitch assesses IsDB's overall risks as low. Credit risk is moderate. The bank's operations in low-rated countries translate into an average rating of loans at B+. Impaired loans have remained moderate at 3.2% of total exposure in 2017 (based on Fitch's own calculation, which differs from IsDB's calculation) and primarily reflect the bank's sovereign exposure to Syria and Yemen. Concentration risk is low as the bank's five largest exposures account for 33% of the total. Equity risk is assessed as low, reflecting the bank's limited exposure to equity (10% of total banking operations in 2017).

The bank's risk management is conservative overall and risk management policies are deemed strong. Prudential rules include strict limits on country, sector and single borrower exposures. However, the provisioning of impaired assets is less conservative than at other AAA-rated peers. The leverage ratio maximum limit was loosened to 175% in 2017 from 125% previously. At 127% in 2017, it remains below that of AAA-rated peers.

IsDB's 'aaa' liquidity assessment balances the bank's liquidity buffers, with liquid assets-to-short-term debt expected to remain well above the 1.5x threshold by 2020 (4.9x in 2017), against the bank's moderate asset quality. The share of AA to AAA rated assets in the bank's treasury portfolio is expected to remain at around 15% in 2020 from 14.1% in 2017, well below AAA-rated peers. This is mitigated by an overall high share of investment-grade assets in total treasury assets (87% in 2017). IsDB's access to capital markets is deemed excellent as evidenced by regular sukuk issuance.

IsDB's business environment is assessed as medium-risk, which translates into no adjustment to Fitch's solvency assessment. Fitch views both the business profile and operating environment as medium-risk. This primarily reflects the bank's focus on lending to non-investment grade countries (only two of the top 10 exposures are investment-grade) and the generally low credit quality and high political risk in countries of operations. 

The medium-risk assessment also accounts for the moderate share of non-sovereign operations (16% of total) and the medium size of IsDB's banking portfolio (US$21 billion). This is mitigated by the bank's quality of governance, including experienced staff and a prudential risk framework. Fitch's assessment also reflects the importance of IsDB's public mandate for the bank's member countries and the operational support that member states can provide to the bank, including KSA where IsDB is located.

Shareholders' support is not a rating driver. The support rating is assessed at aa-, reflecting the coverage of net debt by callable capital rated AA- or higher. The average rating of key shareholders consisting of KSA (A+/Stable), the UAE, Libya, Iran and Nigeria (B+/Negative) is BB+. 

Islamic Development Bank and OECD commit to rebuilding efforts in post-conflict Yemen

The Islamic Development Bank (IsDB) and the Organisation for Economic Cooperation and Development (OECD) have signed an aide-mémoire marking the commencement of a new project to help rebuild institutional capacitates in post-conflict Yemen.

The project, Building Institutional Capacities to Prepare for Recovery and Reconstruction in Yemen, is funded by the G7 Deauville Partnership MENA Transition Fund. It builds on the government of Yemen’s National Dialogue Conference Outcomes, first adopted in 2014, which represents a roadmap to building a new Yemen whereby citizenship, justice and the rule of law are achieved in accordance with principles of good governance.

The project is being implemented by the IsDB and the OECD in close coordination with the Ministry of Planning and International Cooperation, Yemen. It aims to translate the outcomes into actionable programmes for when peace arrives in Yemen to aid the country’s recovery by focusing on building institutional capacities at the central and local level.

HE Dr Mohamed Saed Al-Sadi, Minister of Planning and International Cooperation, Yemen and Yemen Governor of IsDB, said: “Yemen is experiencing multidimensional crises – economic, social and humanitarian. Negative economic growth and high unemployment, the degradation of basic services and rising food insecurity has displaced millions of Yemenis in a devastating war.

“Together with the OECD, MENA Transition Fund, government of Yemen and our partners in the international community, we are launching this project to help establish a safe and prosperous Yemen by preparing for its reconstruction and recovery as soon as peace emerges. I also want to commend the efforts of our regional and international partners for their support with the ongoing humanitarian and economic situation in Yemen.”

A signing for the extension to the Framework Agreement for the Business Resilience Assistance for Value-Adding Enterprises (BRAVE) Project also took place at the event after the approval of additional financing of US$3 million by the MENA Transitional Fund of the Deauville Partnership.

Winners of Kazakhstan Transformers Roadshow announced

The winners of the first-ever Transformers Roadshow at the Astana Islamic Economy Forum in Kazakhstan have been announced. The Transformers platform acknowledges the crucial need to give people the tools to build a sustainable future and is supported by Transform, a US$500 million fund for innovation and technology.

The Transformers Roadshow serves as a platform to accelerate science, technology and innovation-led initiatives across the IsDB’s member countries and Muslim communities. Organised by the Islamic Development Bank (IsDB) and hosted by the Astana International Finance Center (AIFC), the science, technology and innovation competition invites innovators to pitch concepts supporting one or more of the UN’s Sustainable Development Goals. Winners receive US$3,000 to further develop their ideas.

Speaking at the launch of the Roadshow, President of the IsDB, Dr Bandar Hajjar said: “With Kazkahstan emerging as a growing Islamic finance market, we are delighted to be launching the first leg of our roadshow here with the AIFC’s support. An extension of the IsDB’s Transform Fund, it helps us to identify innovators who are seeking funding, business partners and advice for their unique ideas.”

Over 150 entrepreneurs across the Central Asia region entered the competition, and finalists were invited to participate in a series of masterclasses, seminars and workshops ahead of pitching. The sessions focused on: the benefits of creating a global ecosystem; generating interest in ideas and enterprises among impact investors; and how science, technology and innovation can solve social and health challenges across the developing world.

The winners of the Transformers Roadshow are:

- Z. Kerimkulov and N. Shodorova's  Egistic project, which focuses on the creation of a geo information and analytical system to support farmers and decision-makers in the development of the agricultural sector in Kazakhstan.

- R. Rakymbay, A. Taukenov and S. Satayev's project on smart farming, which aims to create a sustainable and technologically-driven solution to address farming challenges and ensure that a wide variety of plants are grown using accurate, live and digitally-driven data.

- K. Tuleishin pitched a venture on smart halal finance, which will aim to make its impact on reaching the UN sustainable development goals particularly in the area of quality education.

The initiative follows the IsDB’s recently launched Engage platform - an online ecosystem for innovators seeking market opportunities.

Islamic Development Bank announces economic empowerment initiatives for July 2018

The Islamic Development Bank’s (IsDB) has established the Economic Empowerment Fund for the Palestinian People with a founding capital of US$500 million. US$100 million of the fund comes from the IsDB with other contributions from waqf (Islamic endowment) contributions and other investment and financing instruments.

The Board also approved US$57.1 million for financing development projects in member countries and approved in principle the establishment of the Waqf International Centre of Excellence in Madinah, KSA.

The promotion of science, technology and innovation as a catalyst for economic growth is an important priority for the IsDB as was evident by the launch of the Transform fund in March 2018. As part of this initiative the Board has approved a technical assistance grant amounting to US$1.5 million for a Regional Community Development Programme for Rural Women Engineers. This will be implemented in remote villages in nine member countries including Afghanistan, Syria, Jordan, and Indonesia, by employing a proven model for self-sustaining community development.

The technical assistance will:

- Support 44 illiterate and semi-literate Women Barefoot Solar Engineers as entrepreneurs in their own right, and enable them to train and develop the skills of other women

- Bring solar electricity to 2,250 households via the trained women

- Install clean sustainable light to 14,625 people across the nine countries

- Develop viable business models and go-to-market approaches for a number of decided livelihood activities customised to tap relevant local and/or international market opportunities.

Special Assistance grants to Muslim communities in non-member countries amounted to US$1.6 million were also approved by the Board, including:

- Construction of the OZEF Special Education Center, Nicosia, Turkish Republic of Northern Cyprus (US$200,000).

- Construction of New School Building for Suffah Ideal Academy in Birgung Village, Nepal (US$200,000).

Islamic Development Bank funds power plant project in Bangladesh

The Islamic Development Bank (IsDB), the Asian Infrastructure Investment Bank (AIIB) and Infrastructure Development Company (IDCOL) have signed a long-term financing facility with Nutan Bidyut Bangladesh (NBB). This is a first co-financing by IsDB in cooperation with AIIB and IDCOL for a Ppblic-private partnership project.

The agreement will see the organisations build, own and operate (BOO) a dual fuel combined cycle power plant in Bhola Island, Bangladesh, for a period of 22 years from the date of start of operations. With net generation capacity of 220 MW under gas and 212 MW under high speed diesel (HSD) operations, the completed plant will generate an estimated energy output of 1,322,000 MWh per annum at an 80% plant load factor.

The purchaser is Bangladesh Power Development Board, the government-owned entity which is the largest electricity generation and distribution entity in the country. IDB is providing a US$60 million ijarah facility with a 18-year door-to-door tenor to support this project. The sponsor, Shapoorji Pallonji Infrastructure Capital Company, is a part of the Shapoorji Pallonji group, a global institution with a leading presence in several industries, including engineering and construction, infrastructure, real estate, water, energy and financial services.

The project is in line with the IsDB’s commitment to support the UN Sustainable Development Goals. Energy is the major pillar of the seventh Five-Year Plan - 2016-2021 of the government of Bangladesh (GoB) as one-third of the nation does not have access to electricity.

The project will provide quality, reliable, sustainable and resilient infrastructure that will contribute to the government's initiative to increase power generation capacity by 17,984 MW by the year 2021. It will provide Bangladesh with cheaper energy as compared to the conventional hydrodeoxygenation (HDO)/HSD-fired capacity.

This announcement follows a memorandum of understanding (MoU) signed by the AIIB and IsDB on 25 June 2018 to establish a framework for strategic cooperation, including actively seeking to co- finance projects in common areas of operations. The overarching theme of the MoU is Mobilising Financing for Infrastructure: Innovation & Collaboration.

The MoU enables the two banks to jointly foster collaboration, share information and facilitate knowledge exchanges on development finance, Islamic finance and integrity mechanisms. The MoU is expected to have a strong focus on sustainable infrastructure including the development of energy and power, transportation and telecommunications, rural infrastructure, water supply and sanitation, environmental protection, urban development and logistics.

“An agreement between our banks is a natural fit because we are both dedicated to development and helping our members promote growth and economic opportunity,” said AIIB President Jin Liqun. “We have complementary skill sets and expertise. We believe working together on joint investments and initiatives will strengthen our capacity to deliver on our respective missions and benefit our members.”

Said IsDB Group President HE Dr Bandar M.H. Hajjar: “We have a number of common member countries in Asia and also in Africa and a significant overlap in sectors and financing activities. IsDB Group looks forward to jointly strengthening the effectiveness and sustainability of our banks’ operations and to looking for new ways to stimulate the region’s economic growth together. We strongly believe in the power of innovation, science and technology to stimulate growth and will ensure this is a key area of collaboration for the banks going forward.”

Among other activities, the banks intend to share knowledge and exchange experiences among employees through joint temporary assignments, secondments and training.

Bank Sohar celebrates Qaranqasho

As part of its annual Qaranqasho celebrations, Bank Sohar organised three different programmes: a Qaranqasho gathering for customers and the general public at Bank Sohar’s branch in the Avenues Mall; another event for employees and their families at the Jungles Restaurant; and finally a bank-sponsored event for the Oman Association for the Disabled.

Ahmed Al Musalmi, CEO, Bank Sohar, said, “Qaranqasho is a very special event for families across the region, and as a community-focused organisation, we consider it our duty to preserve and nurture Oman’s heritage for future generations. With many customers and employees in attendance with their families, Qaranqasho formed a splendid opportunity to enhance the bank’s engagement and sociability with local communities, staff and good will associations.”

The bank’s branch in the Avenues Mall featured family activities at photo booths and performances, including traditional songs by children, while the gathering at the Oman Association for the Disabled saw children take to the stage dressed in colourful costumes, singing and dancing.

Qaranqasho is a way to reward children for fasting through the first half of Ramadhan. Traditionally observed on the 14th night of Ramadhan, children across the Gulf celebrate Qaranqasho (Garangao in Qatar) by visiting neighbours in their community singing songs in traditional outfits. Going door-to-door throughout nearby neighbourhoods youngsters collect sweets and halwa, echoing an age-old tradition that used to include makeshift musical instruments. In the past, children would carry seashells instead and beat them together whilst singing “Qaranqasho”.
Details:

View pictures of the event on Facebook

Hashtags: #BankSohar, #Ramadan, #Qaranqasho, #RamadanNights

Islamic Development Bank presents new branding

The Islamic Development Bank (IsDB) has unveiled a new brand identity that reflects its modern values, strategic direction and relationship with its 57-member countries, its first change in its 40+ year history. The new brand identity maintains the core elements of the IsDB’s heritage while signalling modernity, independence and transparency, future proofing the bank’s identity and evolving it for an international audience.

Source: Islamic Development Bank.
The new logo.

The change reflects the reforms that the KSA-based Islamic Development Bank, one of the world’s largest multilateral development banks, has been undergoing in the last year. The bank’s new President, HE Dr Bandar Hajjar, formerly KSA Minister of Hajj, is reimagining the traditional role of a development bank, making the organisation more globally-facing, placing partnerships, technology and innovation, and global engagement at the heart of his modernising programme.

"The Islamic Development Bank has been a symbol of trust, credibility, strength and stability for over 44 years, with a proud heritage of providing resources, fighting poverty and restoring dignity in our member countries. As we build on the successes of the past, we must also look to the future. I believe that this new brand identity is one of a world class institution – tackling the challenges of today’s modern world,” he said.

The globe at the heart of the logo demonstrates the network of 57-member nations, across four continents that the IsDB represent. It reflects the IsDB’s global outlook and status as a world leading international organisation.

The dots within the globe represent the IsDB’s new operating model, becoming a bank of development and developers, whose role is to connect organisations together, acting as a catalyst and facilitator. The dots also represent infrastructure and science, technology and innovation, which are at the heart the IsDB’s strategic direction, as they are crucial for the economic evolution of member nations. 

 
The semi-circle, inspired by the dome of a qubba (قُبَّة, an Arabic tomb), is a reference to the Islamic identity of our member nations. It also represents the sun rising, and a new dawn for the Bank.

The unfinished nature of symbol represents dynamism and progression, as it builds upon the achievements of the last 44 years, and looks to the future, with new partners, new members, new ideas, as it adds pieces of the puzzle.

The rich green to blue colour represents sustainability, progression, growth and our planet, as well as the bank’s Islamic heritage.

The IsDB abbreviation can be used alone, or alongside the full name of the Bank, adaptable for use in all three languages – Arabic, English and French.

The IsDB’s mission, as it enters its next stage of growth, includes equipping people to drive their own economic and social progress at scale; putting the necessary infrastructure in place to enable them to fulfil their potential; building collaborative partnerships between public and private sectors; and championing the latest science, technology and innovation led solutions to the UN Sustainable Development Goals.

Dr Hayat Sindi, Scientific Advisor to the President and General Supervisor of Communications and External Relations for the Islamic Development Bank, said: “This is a significant moment in our organisation’s history. It is a new identity for the next generation of the IsDB, putting our vision at the heart of our brand, harnessing the achievements of our past, as we build towards the future.”

The Islamic Development Bank has also launched a new website to coincide with their new brand identify and future vision.

BankDhofar to provide Ramadhan tips daily

Source: BankDhofar. Al Ibrahim.

As part of its goals to promote positive communication and retain a sustainable relationship with its customers, BankDhofar is providing daily tips during Ramadhan for its social media fans and followers.

BankDhofar aims through the tips to raise awareness on various issues including health, a healthy diet during the holy month of Ramadhan, social practices among others. The tips are presented through two characters, Saad and Suad.

Commenting on the campaign Ahmed Said Al Ibrahim, GM & Chief Corporate Services Officer, BankDhofar noted: “At BankDhofar we believe that that customers are the core for our success and operational growth. Therefore, we are always keen to maintain positive communication through various channels. This Ramadhan we get even closer to our customers and social media fans through providing daily tips and advices related to the holy month of Ramadhan as well as informing our customers on how to benefit from our unique services.”

With the aim of catering to customer’s needs at any time BankDhofar has extended working hours in Muscat Grand Mall, Muscat International Airport and Salalah Gardens Mall branches to 11:30pm. Additionally, customers can benefit from a number of services provided through mobile banking during Ramadhan; including, donating to charitable organisations and zakat (زكاة), checking prayer timings among other instant services.

The bank has also announced that those affected by cyclone Mekunu will have their personal and housing loan installments deferred for June, July and August 2018.

Details:

Check BankDhofar's Twitter feed and Facebook page

TSYS and Mashreq Bank announce successful implementation of PRIME for acquiring services

Mashreq Bank, a full service financial institution that offers conventional as well as shari'ah compliant solutions, has successfully implemented global payments provider TSYS’ PRIME software licensing solution.

TSYS is providing Mashreq with its core PRIME acquirer and issuer payments platform plus surrounding modules and services. The solution enables Mashreq to manage its merchant relationships, and enable fast merchant onboarding. Additional solutions implemented during phase one, included PRIME Fraudguard to protect cardholders against fraud, PRIME Dispute Manager to efficiently manage transaction disputes for fast resolution, and TSYS InterActiv Interchange Pricing to allow Mashreq to better manage its merchant portfolio with respect to interchange and related costs.

The first phase of the implementation followed industry best practices across planning, development and solution design, resulting in the successful launch of acquiring services within eight months of the contract-signing. The second phase of the project — to include PRIME’s issuing solutions — will be deployed later this year.

“We at Mashreq are delighted to partner with TSYS for our acquiring platform as the system offers more flexibility and scalability to our merchant business. The joint efforts led to the project being executed seamlessly and at an extraordinary pace. We are looking forward for more collaboration with TSYS in phase II to serve our customers better using the PRIME platform,” said Pankaj Kundra, Head of Payment, Mashreq Bank.

In addition to implementing PRIME’s issuing solutions later this year, the final phase of the project will also focus on Mashreq’s multichannel acquiring with support for payment gateways for e-commerce, merchant portals with dashboard reporting, dynamic currency conversion and payment acceptance support for all major payment schemes. Mashreq will also consolidate and manage its card issuance with PRIME across multiple countries, beginning with UAE, and followed by Kuwait, Bahrain, Egypt and Qatar.

“We’ve established a great partnership with Mashreq, which provides the foundation of success. Together, we implemented the PRIME platform and we’re able to provide a solution designed to support their customer communication and ever-evolving payment needs,” said Rene Kruse, Group Executive and MD, International Markets, TSYS.

Mashreq is the oldest privately held bank in the UAE. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, the US, Asia and Africa.

Maisarah Islamic Banking Services introduces mobile banking app

Maisarah Islamic Banking Services has launched a mobile banking app for retail banking customers, with English and Arabic support.

Ismail Jama Ismail Bait Ishaq, COO of Maisarah Islamic Banking Services said, “In a fast-paced and evolving digital world, customers enjoy the convenience of literally having a bank branch on their phone. This new mobile banking application with many user-friendly features is certain to delight our customers. At Maisarah we are always keen to deliver state-of-the-art products and services to our clients. By investing in technology, we make it easier for our clients to do business with us in an inventive way.”

The app enables customers to view their balance and transactions, as well as request a new cheque book. They can also specify a quantity of cheque books and the point of collection. Customers can also benefit from cardless cash through Maisarah ATMs by making a request for the cash through the app and creating a four-digit cash code.

Customers can execute mobile top-ups for any mobile service provider in Oman, and pay utility bills*. They can further use the app to get adhan timings, the qiblah direction, exchange rates, deposit rates, mudarabah weightages, offers and other information.

Customers can also transfer funds from their accounts to other accounts in Maisarah, as well as to a valid account number in another local bank in Oman. They can even transfer funds to a valid ATM card number of another local bank within Oman.

“Maisarah’s mobile banking app is simple, secure and efficient, and offers our customers 24x7 convenient banking experience. We will continue to offer new banking and value-added services to our mobile channel. Our aim is to offer our customers banking and value added services,” Maisarah Islamic Banking Services' Jamsheed Hmaza, Head of Retail said.

As part of its future growth plan, Maisarah plans to distinguish itself by providing outstanding customer service, developing and launching new products, investing in technology to provide the best customer experience in timely and convenient manner. Maisarah is committed to leading the Islamic banking sector by building up resources, sharing expertise and following best international practices in the market.

Maisarah Islamic Banking Services has 10 branches across the country including in Azaiba, Al Hail, Salalah, Sohar, Birkat Al Mouz, Greater Muttrah, Al Khuwair, Sur, New Salalah and Araqi. It offers a shari'ah-compliant products and services for retail and corporate customers via a network of branches, ATM and cash deposit machine facilities.

*Water and electricity at ONEC/OIFC, bills for mobile, landline, and Internet for Omantel and Ooredoo. 

Noor Bank becomes FCI associate member

Noor Bank, a shari’ah-compliant bank in the UAE, is the first Islamic bank to have successfully obtained associate membership of FCI, a global representative of the factoring* and receivables finance industry.

The membership will enable Noor Bank to leverage the FCI network in more than 90 countries to offer export and import factoring facilities to clients in the UAE.

As an associate member, Noor Bank will have instant access to standardised procedures using a state-of-the-art communications system and arbitration services. This is in addition to the broad range of educational products, including e-learning, regional seminars and tailormade training that will be made available. Noor Bank will also receive full access to statistics, studies, presentations and other useful information from the private library of the FCI website.

FCI formed a working committee comprising Noor Bank, International Islamic Trade Finance Corporation and Dar Al Tawreeq to develop shari’ah-compliant documents enabling global Islamic finance institutions to apply for membership.

Speaking of the affiliation to FCI, Ehsaan Ahmed, Head of Global Transaction Services & Corporate Strategy, Noor Bank, said: “We are pleased to have received this membership, which demonstrates our continued emphasis on offering new and improved services to our customers. As a leading shari’ah-compliant bank, we are equally proud of being part of the working committee that crafted the standard framework in order to facilitate Islamic banks in the UAE to apply for membership. As an associate member of FCI, we look forward to networking with factoring industry professionals across the world at our regular meetings.”

Peter Mulroy, Secretary General, FCI, said: “We are very happy to have Noor Bank joining FCI as associate member. After their active participation in the working group to adapt the FCI GRIF to International Islamic Factoring, it shows the development of factoring in the Middle East. With this membership, I can sense the winds of change blowing in the MEA region, that had in 2016 less than 0.3% of global factoring volume.”

Established in 1968, FCI is an umbrella organisation for independent factoring companies around the world. With more than 400 member companies worldwide, FCI offers a unique network for cooperation in cross-border factoring.

*Factoring refers to the sale of debts or invoices to a third party, called a factor.  The factor buys the debt or invoice at a discount, thus earning some profit on the recovery of the amount. The seller typically gets a downpayment on the value of the debt or invoice, and the remainder of the payment when the funds are paid.

Meezan Bank moves two outlets

Islamic bank Meezan Bank has made two branch relocation announcements to date in 2018.

The bank's City Center Rahim Yar Khan branch will be relocated on 19 February to:

23-Model Town, Rahim Yar Khan

Call 068 5887 6 0708 in Pakistan with enquiries.

The bank's Khyber Bazar branch in Peshawar 0781 will move on 1 March to:

Property No. 417/D, Rehman Baba Colony
Mohallah Akara Mufti Abdul Latif Khan
Outside Bajori Gate, Khyber Bazar Peshawar

Call 091 2564 0 1920 with enquiries

National Bank of Fujairah is the first conventional bank to join Nasdaq Dubai Murabaha Platform

Source: Nasdaq Dubai. NBF is the first conventional bank to join Nasdaq Dubai Murabaha Platform.

National Bank of Fujairah (NBF) is the first conventional bank to join Nasdaq Dubai’s Islamic financing murabahah platform, which offers unique advantages to financial institutions and clients seeking shari’ah-compliant solutions and trading opportunities.The bank rolled out its shari’ah-compliant NBF Islamic in 2014 and has recently expanded its activities to include more shari’ah-compliant services.

The bank’s strategic priorities focus on developing NBF Islamic into a full-fledged proposition encompassing a comprehensive range of solutions for both retail and corporate banking segments. The Nasdaq Dubai Murabaha Platform will play a key role for NBF in facilitating Islamic financing transactions in an efficient and streamlined manner.

Vince Cook, CEO, NBF, said:  “We are very excited about joining the Nasdaq Dubai Murabaha Platform; the move underlines our commitment to offering reliable and efficient Islamic finance services to our clients. The innovative platform complements our existing offerings as we seek to fulfil our clients’ growing needs in this space. It enables our clients to conduct transactions quickly and efficiently at a fixed cost and in a transparent manner – all within an environment that provides the certainty of shari’ah compliance.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said:  “As a prominent UAE financial institution dedicated to supporting businesses and individuals, National Bank of Fujairah is an important addition to our Murabaha platform.  Our collaboration reflects the increasing participation of conventional financial institutions in the field of Islamic finance and as the market grows, Nasdaq Dubai will attract more conventional as well as Islamic financial institutions to participate on it, both regionally and internationally.”

The Nasdaq Dubai Murabaha Platform can provide significant cost savings and a reduction in processing time for its participants, and is playing a growing role in Dubai’s expansion as the global capital of the Islamic economy.

Since its launch in 2014, over US$76 billion worth of transactions have been executed through the platform. Transactions valued at US$26 billion have taken place so far in 2017, up 18% from US$22.1 billion in the same period last year.

Bank of Tokyo-Mitsubishi UFJ Malaysia gets AAA(bg)/Stable rating on sukuk wakalah

RAM Ratings has reaffirmed the AAA(bg)/Stable rating of the securities issued under Bank of Tokyo-Mitsubishi UFJ Malaysia (BTMU Malaysia) for a US$500 million Multi-Currency Sukuk Wakalah Bi Al-Istithmar Programme.

BTMU Malaysia is wholly owned by The Bank of Tokyo-Mitsubishi UFJ, itself rated AAA/Stable/P1 by RAM. Both belong to the Mitsubishi UFJ Financial Group (MUFG) - one of the world’s largest banking groups and also Japan’s leading banking group. The enhanced issue rating reflects the irrevocable and unconditional guarantee extended by BTMU on the sukuk wakalah issued under the programme, RAM Ratings said.

"The bank and its parent constitute part of the BTMU Malaysia’s ratings benefit from a strong likelihood of support from its parent. The ratings also reflect its robust capitalisation, superior loan quality and stable income-generating capacity," said RAM in a statement.

BTMU Malaysia’s loan base expanded 9% in the 15-month fiscal period ended 31 March 2017; the Bank recently changed its financial year-end from 31 December to 31 March. BTMU Malaysia’s loan portfolio is of superior quality as a result of its focus on the Malaysian-domiciled entities owned by established Japanese conglomerates, multinationals and highly-rated domestic names, RAM Ratings notes.

DIB’s Double Your Salary promotion gives winners reason to smile

Source: DIB. Winners of the first salary transfer
promotion.

- Grand prize winner each month is eligible for one extra salary, up to a maximum of AED100,000

- Ten monthly prize winners will receive AED5,000 preloaded on DIB credit cards

- New customers qualify by transferring a salary of AED8,000 or above

As part of its commitment to the government’s agenda of making the emirate of Dubai the happiest place on the planet, Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced the first set of monthly winners of its salary transfer promotion, Double Your Salary. Double Your Joy.

The campaign was launched in September 2017 and is focused on new customers who move their payroll or salary account to the bank. Under the promotion, a monthly draw is held with the grand prize winner winning one month’s salary, equivalent to the amount transferred to the bank, up to a maximum of AED100,000. Ten runners-up will receive AED5,000 each, preloaded onto DIB credit cards. New customers who transfer a salary of AED8,000 or more qualify for the prize draws.

Salary Transfer Account customers can also enjoy a range of benefits such as free remittances to their home country, a one month salary in advance facility with a fee discount, an auto finance facility at a competitive profit rate and more. DIB will seamlessly facilitate the opening of a salary transfer account through its branches and digital portals.

Sanjay Malhotra, Chief of Consumer Banking, DIB said, "Imagine your salary doubles in a given month. It would be a dream scenario for anyone. At DIB, we measure our service quality with the happiness of our customers and this desire is intricately linked to our mission to support their financial future, stability, and aspirations. We look forward to welcoming many new customers to the bank as part of this initiative.”