IslamicFinance.de

Bahrain’s role in expanding the global reach of sharia-compliant financing looks set to broaden further through three developments firmed up recently. In July, a joint venture was formed between the kingdom’s Economic Development Board (EDB) and the Islamic Corporation for the Development of the Private Sector (ICD), to promote the sector by offering training, software and sharia-compliant financing. Moreover, a second partnership offering training programmes and research was announced between the UK-based consultancy Islamic Finance Advisory and Assurance Services (IFAAS) and the Bahrain Institute of Banking and Finance (BIBF). Finally, the International Islamic Financial Market (IIFM) is working on a contract template for sukuk, due in early 2015.

Tunisian central bank intends to issue Islamic bonds early next year, according to the central bank governor. Finance ministry, religious affairs ministry and the central bank have set up committees that are currently working on an Islamic finance law in order to strengthen the Islamic banking in the country.

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Qatar’s $4bn sukuk issue marks great success and is referred to as a milestone in the rise of Qatar’s sharia-compliant finance industry. The growth of Islamic financial services are supported by ambitious infrastructure investment programme and a growing wealth by capita. The sukuk was oversubscribed over six times which results in an order book of more than $24bn. During hte time of international economic uncertainty Qatar manages to show some stability. As a result, low yields of 2.09% and 3.24% of the five-year and ten-year bond of the two-tranche sukuk respectively are observed which is a sign of strong demand for Qatar’s sukuk.