S&P

#Sharjah says no immediate plan to issue #sukuk

According to officials, Sharjah does‘nt have immediate plans for a sukuk, contrary to previous media reports. These had suggested that Sharjah had hired HSBC for a US dollar sukuk programme which could happen in the 4th quarter of 2017.
But, Tom Koczwara, Director, Debt Management Office, Finance Department at Government of Sharjah reiterated that the situation is still the same as in early May. “There is currently no immediate plan for a further sukuk issuance,” Koczwara said in an email. “The Debt Management Office reviews all financing options on an ongoing basis, assessing market conditions and the government’s financing requirements, and we will make appropriate recommendations on the different options to the relevant government authorities.“
S&P expects the Emirate’s fiscal deficit to narrow to 1.9 % of GDP in 2017 compared to closer to 3 % of GDP in 2016.

Most #S&P and Dow Jones Islamic #Indices Outperform Conventional Benchmarks in 2017

Michael Orzano, head of equity indices, S&P Dow Jones Indices: Most S&P and Dow Jones Islamic Indices Outperform Conventional #Benchmarks in 2017

Most S&P and Dow Jones Shariah-compliant benchmarks outperformed their conventional counterparts year-to-date through June 28, 2017 as Financials – which are largely absent from Islamic indices – have lagged the broader market, and Information Technology and Health Care – which tend to be overweight in Islamic Indices – have been the two top performing sectors so far this year.

Global equity markets added to strong Q1 gains as the Dow Jones Islamic Market World and S&P Global BMI Shariah Indices gained 13.6% and 13.3%, respectively for the year. Each index outperformed the conventional S&P Global Broad Market Index (BMI) by about 2.5%. In the U.S., the S&P 500 Shariah gained 10.4% for the year, outperforming the S&P 500 by 1.4%. Regional Dow Jones Islamic Market benchmarks for Asia-Pacific, Europe and Emerging Markets all beat their conventional counterparts by meaningful margins as well.

Asia-Pacific, Europe and Emerging Markets Lead Global Equity Markets Higher

S&P BSE 500 Shariah First Index Launched By Bombay Stock Exchange And S&P Dow Jones Indices Strategic Partnership

Bombay Stock Exchange (BSE) and S&P Dow Jones Indices have announced the launch of the S&P BSE 500 Shariah index, the first new index resulting from the strategic partnership formed between the two companies in February of this year. The S&P BSE 500 consists of 500 of the largest, most liquid Indian stocks trading at the BSE. The index represents nearly 93% of the total market capitalization on the BSE and covers all 20 major industries of the economy. S&P Dow Jones Indices has contracted with Ratings Intelligence Partners (RI) to provide the Shariah screens and to filter the stocks. BSE and S&P Dow Jones Indices announced on February 19, 2013, a strategic partnership to calculate, disseminate, and license the widely followed suite of BSE indices.

S&P Indices Launches Shariah Index with the Organisation of Islamic Cooperation

S&P Indices made an anouncement that a new Index will be launched due to increase in the demand for a shariah-compliant benchmark in Islamic countries. The new S&P/OIC COMCEC 50 Shariah Index will measure the performance of 50 leading Shariah-compliant companies from members of the Organisation of Islamic Cooperation (OIC). Eligible countries and territories for the Index are: Bahrain, Bangladesh, Côte d'Ivoire, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.

S&P: Wrong time for IF in Italy

Although there is growing interest in Shari'ah compliant investment funds in Italy, the economic climate has seen investors bunker down into conservative assets. This information was given by Roberto Demartini, fund analyst for S&P. He explained that the typical Italian investor is very conservative and volatility averse and hence the perception is that Islamic funds would not fit this outlook.

S&P: Islamic financial institutions suffer from real estate credit exposure

Islamic financial institutions (IFIs) face a significant hit on profits if real estate prices continue to fall in the Middle East according to ratings agency S&P. IFIs' direct exposure to real estate assets in 2008 reached 20 % of total loans, making them vulnerable to an ongoing correction, especially in Dubai.

Unlike their conventional counterparts, IFIs remained immune to price falls in structured products, which prompted write-downs all over the world, the report said.

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