Islamic Banks

GCC Fixed Income: Ratings outlook of Saudi Arabia and Bahrain upgraded to stable

Saudi Arabia and Bahrain saw outlook upgrades in November. Moody’s has revised Saudi Arabia’s outlook from negative to stable on expectation that country would reverse most of its 2020 debt increase while maintaining fiscal buffers. S&P has revised Bahrain's outlook to stable from negative, citing the fiscal reforms undertaken to strengthen its economy. Higher oil prices and support from other GCC members are also expected to help the country improve its fiscal position. The countries had also issued bonds during...

GCC Fixed Income: UAE issues debt for the first time at federal level

UAE federal government has raised USD 4 billion in its debt capital market debut with orders over USD 22.5 billion, an oversubscription of 5.6x. This is the first time that UAE raises funds at a federal level. The bonds were issued in three tranches with 10, 20 and 40 year tenors. It plans to issue more dollar-denominated bonds in 2022 and would also be exploring green bonds and local currency debt. Another issuance is that of Saudi Arabia. The country...

Fintech in Islamic finance: How Kuwaiti banks are pioneering the trend

This article was first published in IFN Volume 18 Issue 40 dated the 6th October 2021 Technology continues to disrupt the traditional industries and Islamic banking is not an exception. Fintech, short for financial technology, is an omnibus term that basically includes any technology which helps the banks and other financial institutions deliver services and products to their customers faster and in a more efficient way. Today anything from cryptocurrency to e-payment services come under the ambit of fintech. Islamic...