FEBRUARY WEEK 1/2

ISLAMİC ECONOMY NEWS

Turkish central bank to buy up to
$159mln government bonds, sukuk

ANKARA - The Turkish central bank said that it

will purchase up to 8 billion lira ($159 million)
worth of government bonds and sukuk.
It added it plans to purchase some 3 billion lira
worth of government bonds and sukuk via the
quotation method on Wednesday.
Two bankers said the central bank's move is
aimed at balancing government bond sales by
pension funds due to regulation changing the
allocation of stocks in the government-
sponsored part of the funds.
($1 = 18.8477 liras)
SALAMA's 2022 preliminary net profit reaches $12.3mln

DUBAI: Islamic Arab Insurance Company, listed as “SALAMA” on

DFM, announced its preliminary results for the 2022 fiscal year.
SALAMA posted a net profit of AED 45.27 million in 2022, which
was a result of the Company’s strategy to extend its leadership
position in the UAE Takaful industry led by consistent growth in gross
written contributions and prudent underwriting controls, as well as
continuing investment in strategic partnerships.
SALAMA's gross written contributions for 2022 exceeded the billion
mark with the Company achieving 1.12bn (2.8 percent growth) in
GWC in 2022 with profits of 45.27 million.
Commenting on the preliminary results, Jassim Alseddiqi, SALAMA’s
Chairman, said, "As a leader in the UAE Takaful industry for over 43
years, we remain optimistic that SALAMA is well positioned for
consistent and sustainable growth.”
Dubai's DAMAC sees 'robust demand' for
its $200mln sukuk

Dubai’s DAMAC said it has seen “robust demand” for its new bond
offering, a $200 million senior unsecured sukuk.
The 2.25-year senior issuance has been successfully priced by Dubai’s
biggest lender, Emirates NBD, according to a statement on Tuesday.
Proceeds of the new sukuk, the third private placement arranged for
DAMAC Real Estate Development Limited, will go towards the
repayment of the developer’s existing debt.
“I am happy to see this placement has seen great interest from regional
and international investors. The sukuk proceeds primarily will be used for
repayment of existing debt in addition to supporting future growth of our
company,” said Hussain Sajwani, Founder and Chairman of DAMAC.
Bahrain: Bank ABC Islamic posts solid growth in 2022;
net profit up 30%

Bank ABC Islamic has delivered robust performance in 2022,

closing the year with net profit of $38.8 million, representing
29.8% improvement year-on-year from $29.9 million in 2021.
Announcing its results for the year ending December 31, 2022,
ABC said its net profitability as well as total operating income
saw double digit growth compared to last year.
Its net operating income before credit losses soared to $46.1
million, 15.3% higher than $ 40 million reported last year,
stated the bank in a statement.
Allowances for credit losses for the year were a claw back of
$1.7 million compared to $1.1 million charge reported during
the same period last year, it stated, adding operating expenses
of $8.6 million stood at the same level as of 2021.
Emirates Islamic Bank’s first dirham sukuk oversubscribed 2.5
times

Emirates Islamic Bank, majority-owned by Dubai’s biggest

lender Emirates NBD, has seen its inaugural dirham-
denominated sukuk oversubscribed, highlighting strong
demand for local fixed income products in the UAE.
The lender confirmed late Wednesday that it has just
successfully priced its sukuk offering, which was
oversubscribed 2.5 times. Valued at AED 1 billion ($272.3
million), the new sukuk is a first of its kind issued by a bank in
the UAE.
The strong order book allowed the bank to tighten the profit
rate to 5.05%, at a spread of 67 basis points, Emirates Islamic
Bank said in a statement.
Saudi Azm extends $9.3mln facility deal with Al Rajhi Bank

• Saudi Azm for Communication and Information Technology Company

has renewed a Sharia-compliant facility worth SAR 35 million with Al
Rajhi Bank, according to a bourse filing.
• The company will use the loan to finance its working capital and new
projects, in addition to issuing letters of guarantee.
• Meanwhile, the facility deal holds a duration period from 13 November
2022 to 31 October 2023.
• The loan is secured by a number of financial instruments, including a
letter of guarantee, deferred purchase agreement, waiver of projects
contract, and more.
• In December 2022, the Tadawul-listed firm penned an agreement with
the Saudi General Authority for Awqaf (GAA) at a value of SAR 9.54
million.
Al Salam Bank wins ‘Best Retail Bank in Bahrain’

Bahrain - Al Salam Bank, a leading regional Islamic bank, has achieved a

significant milestone with its recent award of 'Best Retail Bank in Bahrain’
at the MEA Finance Awards - 2022.
The bank was recognized amongst the region’s leading financing
institutions, for its digital transformation achievements, particularly within
its Retail Banking division.
The MEA Awards, honours banking and financial institutions who are at
the forefront of digital transformation and have demonstrated exceptional
accomplishments and inspirational leadership. The prestigious award
stands testament to Al Salam Bank's continuous efforts in delivering
innovative products and services, inspired by a digital-first mindset and a
people-centric approach, in creating a refined, rewarding and
transformative client experience.
Bank Nizwa awarded 'Most Innovative Islamic Bank' in
Oman

MUSCAT: Bank Nizwa, the fastest-growing Islamic Bank in Oman, was

recently honoured with the 'Most Innovative Islamic Bank' award from
the International Finance Magazine, a prestigious business and finance
magazine that connects investors, corporate leaders and companies from
around the world.
Held at the Jumeirah Emirates Tower Hotel in Dubai, the event was
attended by Khaled al Kayed, the Chief Executive Officer of Bank
Nizwa, who also received the award on behalf of the bank.
Bank Nizwa is leading the charge in the FinTech space in Oman and is
actively driving transformation. It has been rewarded for its commitment
to streamlining its activities by incorporating digital technology. This
recognition is a testimony to the Bank's dedication to providing
innovative Shari'ah-compliant products and services. In the past year, the
Bank shifted its focus to aiding customers by launching new digital
financial options. Additionally, it has been extending its reach into the
untapped retail and wholesale Islamic banking areas.
Revival of economy possible only through Islamic banking: Dar

ISLAMABAD (Dunya News) – Federal Minister for Finance and

Revenue Ishaq Dar said on Thursday the revival of Pakistan’s
economy was possible only through the Islamic banking system.
Virtually addressing the "National Islamic Economic Forum's
conference on Roadmap for Islamization of the Economy", the
finance minister expressed the government's resolve to make all-
out efforts to transform the banking system in accordance with the
Islamic teachings and injunctions.
However, he noted that it was a big challenge to convert the
prevailing banking system according to Shariah, but said it was the
government’s desire to get rid of the interest-based banking system
as soon as possible.
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