The Abu Dhabi IPO for a supermarket chain and Indonesia shackling a P2P firm for financial irregularities bookended diverse developments in the Shariah investments landscape over the past week.
The Shariah compliant IPO by Lulu Retail Holdings enroute to a Abu Dhabi Securities Exchange listing will see 2.58 billion shares offered by this supermarket chain’s current sole shareholder Lulu International Holdings, representing a 25% stake in the firm.
The Saudi Capital Market Authority (CMA) approved the offering of SAB Invest Hang Seng Hong Kong ETF units on the Saudi Stock Exchange.
First Abu Dhabi Bank Asset Management raised US$200 million of assets under management through its new Fixed Maturity Portfolio, which was launched on the 9th October 2024, and the Satrix MSCI World Islamic Feeder ETF was listed on the Johannesburg Stock Exchange.
For alternate assets, MEFIC Capital signed a swap agreement in Dubai valued at AED62.6 million (US$17.04 million) for reinvesting in the ownership of Downtown Bay Developments. TECOM Group acquired Office Park, a Grade-A commercial asset located in Dubai Internet City valued at AED720 million (US$196 million).
UK Islamic finance investment fund Cur8 Capital extended a US$5 million credit line to Shariah compliant fintech company Alif. Osool and Bakheet Investment renewed a Islamic loan agreement with Banque Saudi Fransi worth SAR50 million (US$13.3 million) with a one-year tenor.
The Financial Services Authority of Indonesia or Otoritas Jasa Keuangan (OJK) revoked Investree’s business license as the P2P firm failed to meet the IDR7.5 billion (US$480,000) minimum equity requirement. OJK also reportedly said co-founder and former CEO Adrian Asharyanto Gunadi could face criminal allegations.
Other significant developments include the Saudi CMA seeking public feedback for proposed changes in requirements for offering private and foreign investment funds to retail clients, and the Indonesia Stock Exchange developing an Alternative Market Organizing System to accommodate foreign exchange and exchange transactions.
The INCEIF University and Ficus Capital collaborative new ESG-i assessment platform helps MSMEs evaluate their sustainability practices while the Pension Fund Operators Association of Nigeria and the National Pension Commission aim to expand pension funds investment by exploring options available with Retirement Savings Fund Fund VI.
AAOIFI approved in principle the exposure draft of Financial Accounting Standard on ‘Istisna Based Development Contracts’ to prescribe the appropriate accounting and financial reporting principles in relation to such contracts for the developers and customers.
Executive management changes include Alan Higgins being appointed group chief investment officer at Kuwait Finance House, based in Bahrain at the Ahli United Bank head office. FWD Group announced Aman Chowla as the new CEO of FWD Takaful and Mak See Sen as the new CEO of FWD Insurance in Malaysia while Sri Mulyani Indrawati was reappointed as Indonesia’s finance minister.
