Turkish treasury mandated the Dubai Islamic Bank, HSBC, and Standard Chartered to explore opportunities for a possible sukuk issue. A series of investor meetings will be organised in the UAE on March 28, 2017. Meanwhile, the country’s monetary authority raised its highest interest rate while leaving all of the other rates unchanged. The lira rallied as the move was seen paving for they way for tighter policy and serving as insurance against bouts of currency weakness.
#Saadiq, synonymous with "truthful" in Arabic, is the brand name for Standard Chartered’s global Islamic banking services. Currently Saadiq provides a comprehensive range of Shariah compliant international banking services across the wholesale and consumer banking. To ensure that Standard Chartered Saadiq products comply with the principles of Shariah, it consults an independent committee comprising three of the world’s most renowned Shariah scholars – Dr Abdul Sattar Abu Ghuddah, Sheikh Nizam Yaquby and Dr Mohammed Ali Elgari.
Malaysian sovereign wealth fund Khazanah Nasional Berhad is marketing five-year US dollar sukuk in the US Treasuries plus 190bp area. CIMB, DBS and Standard Chartered are lead managers for the deal that is expected to price today. The Reg S senior unsecured bonds will list in Malaysia and Singapore under English and Malaysian law. The sukuk will be issued through Danga Capital Berhad, a special purpose vehicle, with the SWF acting as obligor. They will be issued off a multi-currency Islamic securities issuance programme.
Turkish Islamic bank Albaraka Turk has received initial pricing feedback in the 10 % area for a potential U.S. dollar-denominated sukuk issue which would bolster its supplementary or Tier 2 capital, sources familiar with the matter told Reuters on Thursday.
The lender has received indications of interest totalling over $250 million, including those from joint lead managers, for the ten-year non-call five sukuk, the sources said. A potential deal is expected early next week subject to market conditions, they said.
Albaraka Turk, a unit of Bahrain-based Al Baraka Banking Group, has chosen Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest to arrange the sukuk issue.
Malaysia fund house Maybank Asset Management has chosen Standard Chartered as its trustee for the first sharia-compliant fund that has been approved for Asean passporting. The Maybank Bosera Greater China Asean Equity I-Fund was approved by the Securities Commission of Malaysia for distribution under the Asean Collective Investment Scheme (CIS) in March. The fund was subsequently launched for sale in the Malaysian market in April. Maybank AM has two funds from its Singapore office that are also waiting to be passported in Malaysia and Thailand. But the contract with StanChart only covers Maybank AM Malaysia.
Standard Chartered Plc has selected global head of audit Julian Wynter as its chief executive officer for the United Arab Emirates. Wynter’s appointment has yet to be announced officially. Wynter, based in London and previously CEO of the bank’s Malaysian business, will replace Mohsin Nathani, who resigned in April. The bank has also appointed Sohail Akbar as CEO of its Islamic banking unit, known as Saadiq. Akbar is currently based in Malaysia as group chief operating officer of consumer banking and group Islamic banking. Standard Chartered is experiencing a management exodus after Bill Winters took over as CEO from Peter Sands last month.
It was reported that Standard Chartered PLC’s Chief Executive Officer for Bahrain, Hassan Jarrar, is leaving to head Bahrain Islamic Bank BSC. Standard Chartered confirmed his departure. Jarrar served as CEO of its Bahrain unit since November 2011, and was earlier the head of origination and client coverage for the lender’s wholesale banking unit in the UAE. Jarrar’s departure comes amid a shake-up in top management at the London-based lender after profit slumped. Chairman John Peace, CEO Peter Sands, Asia head Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas, are all leaving the bank.
Jeddah-based Islamic Development Bank (IDB) is set to meet fixed income investors starting Sunday ahead of a potential dollar-denominated sukuk transaction. The AAA-rated IDB has picked nine banks to arrange investor meetings in the Middle East and Asia, a benchmark offering will follow, subject to market conditions. CIMB, Dubai Islamic Bank, GIB Capital, HSBC, Natixis, NCB Capital, National Bank of Abu Dhabi, RHB Islamic Bank and Standard Chartered have been chosen to arrange the sukuk sale. IDB, which last issued $1.5 billion in five-year Islamic bonds in September, is looking to increase its issuance of sukuk, partly to raise its profile among international investors and to secure similar pricing levels to other development banks.
The International Finance Facility for Immunisation (IFFI), for which the World Bank acts as treasury manager, plans to sell a dollar-denominated Islamic bond on November 27. IFFI will look to sell a three-year sukuk of benchmark size and pay an interest rate between 15 basis points and 17 basis points over Libor. Qatar's Barwa Bank, Malaysia's CIMB , National Bank of Abu Dhabi , the investment banking arm of Saudi Arabia's National Commercial Bank and Standard Chartered are arranging the transaction. IFFI is rated AA by Standard and Poor's and AA+ by Fitch.
The International Finance Facility for Immunisation (IFFIm) has given initial price thoughts of mid-to-high teens of basis points over three month Libor as it looks to price a debut dollar sukuk. The Reg S deal will be a three year benchmark-sized floating rate note. Standard Chartered is acting as global co-ordinator, with Barwa Bank CIMB, National Bank of Abu Dhabi and NCB Capital the other joint bookrunners. Books are open.
Low-cost carrier flydubai is in talks with its advisers for a potential bond issuance. Earlier reports citing unnamed sources, Dubai’s low cost airline had mandated seven banks — Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered — to arrange a potential debut sukuk issue
Pakistan's Ministry of Finance selected Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered as bookrunners for a U.S. dollar sukuk issue. An official said; the tenor of the bond and the format would be decided soon
The International Finance Facility for Immunisation Co. (IFFI), for which the World Bank acts as treasury manager, has picked four banks for a potential U.S. dollar-denominated sukuk. Rated AA by Standard and Poor's and AA+ by Fitch, IFFI has mandated Qatar's Barwa Bank, National Bank of Abu Dhabi, and Standard Chartered to arrange investor meetings in the Middle East, Europe and Asia. A potential sukuk offer may follow the roadshows - for which a schedule has not been given - subject to market conditions before the end of the year.
With Islamic financing growing significantly in Kenya over the last five years and now accounting for 2% of the country's total banking industry, it's not surprising that Standard Charted chose Kenya as the first African nation in which to launch its Sadiq suite of Islamic banking products. Trade Finance caught up with Wasim Saifi, Standard Chartered's global head of Islamic banking, to find out what Islamic trade products it has planned for Kenya and why the bank sees Africa as the new growth frontier for the $1 trillion plus Islamic finance market.
Islamic investment firm Arcapita is the first Gulf company to emerge from U.S. bankruptcy under Chapter 11 rules. Arcapita’s plan is to transfer its assets into a new holding company which will dispose of them over time to pay off creditors and gradually wind-down the firm. Arcapita’s creditors include Barclays, CIMB, Royal Bank of Scotland, Standard Bank, Standard Chartered and the Central Bank of Bahrain – its largest creditor with $255.1 million owed.
Turkey mandated banks for its second sovereign sukuk issue in international markets and will hold a series of investor meetings in the Middle East and Asia. HSBC, QInvest and Standard Chartered have been mandated to explore opportunities for a possible lease certificate issuance in the international capital markets. Turkey has borrowed $4.2 billion from international capital markets so far this year and plans to borrow a total of up to $6.5 billion through a mix of Eurobond, Samurai and sukuk issues by the end of the year.
The New York Department of Financial Services (DFS) has asked half a dozen European banks to submit their official records pertaining to their financial dealings with Turkey's Uzan family. The six banks covered by the order are France based BNP Paribas, Societe Generale and Credit Agricole; Commerzbank and Deutsche Bank of Germany and Standard Chartered. The state banking regulator is investigating the case over the illegal business dealings with Uzans. Standard Chartered assured its full co-operation with the regulators, while representatives of the other European banks either declined to comment or did not respond to requests for comment.
Dubai Duty Free (DDF) has picked Abu Dhabi Commercial Bank, Emirates NBD, and Standard Chartered to arrange a $750 million loan to fund the company’s expansion at the world’s second-busiest airport and improve its capital structure. DDF’s new dollar-denominated transaction will be priced at 225 basis points (bps) over the London interbank offered rate (Libor). This is 25 bps inside the revised pricing on the dollar tranche of the previous loan. No lifespan for the facility, which will be arranged. The loan is structured so that banks can commit to either a conventional tranche or one compliant with Islamic principles.
Although Islamic banking in still its infancy in sub-Saharan Africa, it is heading for its breakthrough. By the end of this decade it’s quite possible that banking complying with Shariah law could grow to account for up to 10 per cent of banking assets in five or six sub-Saharan African countries, including Kenya and Nigeria. With the first licenses granted in Kenya just 5 to 6 years ago, that would make Africa’s leap into Islamic banking much faster than markets such as Pakistan and Indonesia, where Islamic financial services have been available for longer. Standard Chartered sees Africa as the next frontier for the industry. That’s why the company will be launching its Islamic banking brand, Saadiq, in Kenya shortly, with plans to expand into other countries in both East and West Africa in the future.
Ahmad Hamad Algosaibi & Brothers plans to make a new offer on US$7.2 billion of debt to creditors as it seeks to bounce back from the Middle East's biggest corporate default. The Saudi Arabian company, which runs a bottling plant for PepsiCo Inc. (PEP) products in the kingdom and has interests ranging from finance to shipping, will propose the new deal in the coming months, according to its Chief Executive Officer Simon Charlton. Creditors rejected a proposal from Algosaibi four years ago. The new debt proposal will include some upfront payments and those spread over a longer time. However, terms of the revised deal are likely to be less favorable than the initial offer. Charlton said Algosaibi plans to borrow from local and international banks once the restructuring is resolved.