Entries in English and Malay (Bahasa Melayu)

Saturday, 7 May 2016

Islamic Development Bank to return to ringgit sukuk market

SARAJEVO May 5 The Islamic Development Bank (IDB) plans to sell local currency Islamic bonds (sukuk) in the Malaysian market this year after a three-year hiatus, the head of the Jeddah-based multilateral lender told Reuters.

The deal would be the fourth ringgit-denominated sukuk from the AAA-rated IDB, one of the largest issuers of sukuk alongside the governments of Malaysia, Indonesia and Qatar.

"It could be both, private and public placement," IDB president Ahmad Mohamed Ali said on the sidelines of an industry conference in Sarajevo, adding that specific size and timing of the deal would depend on market conditions.
"We have a very active cooperation and relationship with Malaysia and sometimes we need to have ringgit and we will act according to the needs and issue sukuk in ringgit."

The IDB board has approved the issuance of up to 400 million ringgit ($99.9 million) in sukuk this year, from a 1 billion ringgit programme listed on Bursa Malaysia in 2008.

It has raised a total of 700 million ringgit via three sukuk transactions since then, the latter a 5-year 300 million ringgit sukuk in July of 2013.

Last year, the IDB increased the ceiling of its flagship London-listed sukuk programme to $25 billion from $10 billion, aiming to expand its financing activities.

The bank, which operates to promote economic development in Muslim countries and communities, has 56 member countries and counts Saudi Arabia, Libya and Iran as its largest shareholders.

(Reuters / 04 May 2016)
Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

Use Zakat for human devt

Governor Abiola Ajimobi of Oyo State has urged Muslims to use the institution of Zakat to promote equitable redistribution of wealth and foster a sense of solidarity among Muslims.

 Ajimobi gave the advice recently during the annual distribution of Zakat by the Elders Consultative Forum of Supreme Council for Shariah in Nigeria, Oyo state chapter in Ibadan. 

The governor, who was represented at the event by Mr AbdulJelil Busari, PermanentSecretary, Oyo state Teaching Service Commission, said Zakat was considered by Muslims as an act of piety through which one expresses concern for the well-being of fellow Muslims.

 Ajimobi called on the Muslims and groups to address the effective, efficient collection and management of Zakat fund. 

He urged the forum to ensure that indigent Muslims have access to Zakat fund and other items and are managed in a sustainable way in order to get adequate reward from Allah. In his contribution, the Minister of Communication, Mr. Adebayo Shittu, said that poverty was too rampant among the Muslims because the rich among them were not paying Zakat. 

Shittu said that he was planning a poverty alleviation programme which was not politically motivated but aimed at assisting the less-privileged and would be done purposely for the sake of Allah.

(Vanguard / 06 May 2016)
Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia:

Latest Posts

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational

Alfalah Consulting's facebook


Alfalah Consulting is NOT providing any kind of loan to finance project etc and asking for a fee. If you've received any email claiming to be from Alfalah Consulting, offering loan to you, please ignore it or inform us for further actions. Our official email is If you've received an email from, that's NOT from us. Be cautious!