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Friday, 27 March 2015

HSBC's Islamic banking unit plans sukuk sale in Malaysia

The Malaysian Islamic banking arm of HSBC Holdings will tap the Islamic bonds (sukuk) market for only the third time on Friday, as part of a 3 billion ringgit ($816 million) sukuk programme, the lender said in a regulatory filing.
No size or tenor for the deal was given, but a separate term sheet seen by Reuters said the bank planned to raise up to 500 million ringgit worth of sukuk using an agency-based structure known as 'wakala'.
The transaction would be the latest issuance of sukuk by HSBC Amanah Malaysia Berhad, with the bank last tapping the market in October with a five-year 500 million ringgit deal, with a similar debut deal in September 2012.

HSBC Amanah has appointed HSBC as lead arranger with Hong Leong Islamic Bank and Maybank Investment Bank as joint lead managers for the sale, the term sheet said.
(Reuters / 26 March 2015)
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Dar pledges support for Islamic finance centre

KARACHI: Federal Finance Minister, Ishaq Dar on Wednesday expressed pleasure over the efforts being swiftly expedited to create the Centre of Excellence for Islamic finance education that was announced last year.

Speaking at the State Bank of Pakistan, Karachi on the occasion of the opening ceremony of proposals received to establish a Centre of Excellence for Islamic finance education, he said, “I would like to extend my special appreciation to the State Bank of Pakistan for supporting such initiatives.”

“I am optimistic that this Centre will further strengthen the foundations of Islamic finance in the country through rigorous research and by addressing the challenge of the dearth of human resources”, he added.

According to press release issued by SBP, the Minister said that rapidly increasing presence of Islamic finance around the globe is a long awaited development needed to address the issues created by the interest based financial system.

On the other hand, the Governor, State Bank of Pakistan, Ashraf Mahmood Wathra while giving his welcome address said that Islamic finance has witnessed tremendous growth in the last four decades and its outreach currently spans across the globe, with an asset base of US$ 1.8 trillion.

“Having established itself as a viable alternative during the last financial crises, standard-setting bodies are increasingly viewing Islamic finance as means to promote broad-based, inclusive economic growth”, he said.

(Ary-News / 26 March 2015)
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