Last week saw several major Islamic private sector investment initiatives, ranging from new funds and listings to the inking of significant deals.
HSBC Indonesia and Batavia Prosperindo Aset Manajemen jointly launched the Batavia India Sharia Equity USD mutual fund aimed at affluent investors with a US$10,000 entry point. Saudi real estate developer Cenomi Centers partnered with GIB Capital to create a Shariah compliant closed real estate investment fund with an initial capital of SAR1 billion (US$266.11 million).
Burj Clean Energy Modaraba became the first Shariah compliant green energy fund to be listed on the Pakistan Stock Exchange. Petroleum giant Gulf International Services plans to list its captive wholly-owned subsidiary Al Koot Insurance and Reinsurance Company on the Qatar Stock Exchange.
In deals, the Riyad REIT Fund announced the sale of the Al-Shatea Tower in Dammam for SAR71.5 million (US$19.02 million). Al Waha REIT Fund announced the signing of a residential real estate selling agreement along with a five-year rental commitment from the current property owner. Bahrain-based investment firm Blacksand acquired Signature London, The J Marylebone Hotel.
Indonesia’s Hajj Financial Management forged a partnership with Sidra Capital to explore Shariah compliant real estate investment opportunities in Saudi Arabia. Malaysian digital assets platform KLDX and Singapore-based AsiaNext inked a memorandum of understanding to collaborate on cross-border digital asset listings, liquidity sharing and joint product development.
Alternate assets saw the Iran Center for Exchange of Currency & Gold announce the 20th session of its gold coin auction for the 16th October 2024. The Turkish government collected 19.74 kg gold for lease certificates on the 7th October 2024 from institutional investors.
Saudi Arabia’s National Debt Management Center opened subscriptions to the latest Sah savings for three days till the 8th October 2024, offering 4.92% returns at this Shariah compliant product’s one-year maturity.
Islamic equity crowdfunding platform AMB Connect launched its first campaign based on concept of Musharakah (partnership) and Tanazul (waiver of rights), offering cumulative preferential dividends of 8% per annum.
On the regulatory front, the Securities and Commodities Authority in Saudi Arabia granted licenses to National Bonds and Daman Investments to manage end-of-service gratuity savings funds. Separately, GFH Capital Kuwait was licensed to operate as a subscription agent by the Kuwait Capital Markets Authority (CMA).
Saudi Arabia’s CMA granted a licence to Sahm Capital Financial to manage investments and operate funds activities, and also approved the public offering of the Al Riyad SAR Liquidity Fund
The UAE Virtual Assets Regulatory Authority imposed fines on seven unlicensed firms and also issued cease-and-desist orders on these unnamed firms.
The latest quarterly review of Shariah compliant stocks on the Philippines Stock Exchange saw the list rising to 56 with the addition of eight and the removal of one counter.
In other developments, the Maldives government announced the settlement of its semi-annual coupon payment for the US$500 million senior unsecured Sukuk issued in 2021 on the 7th October 2024. This payment is part of the Sukuk scheduled to mature in 2026.
Swiss wealth management group Julius Baer opened its Bahrain World Trade Center in Manama. Asset management firm Arcapita appointed founding partner Hisham Al Raee as its new CEO, effective the 1st January 2025, replacing Atif Abdulmalik.