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NEWS
23 Jun | Monday
Weekly Round-Up

Global
 
The International Finance Corp (IFC), the World Bank’s lender to the private sector, is considering a return to the Islamic capital market. A sukuk issuance is still in the early stages of discussion but would likely be in the 2015 fiscal year, which starts next month. The IFC, which aims to spur private investment in developing countries, last issued a USD100mln five-year sukuk in 2009, listing it on the Dubai and Bahrain bourses. Its first sukuk was in 2004 in Malaysia, a MYR500mln three-year deal.
 
Asia
 
Pakistan's central bank will auction a three-year local currency sukuk, more than a year after it last issued such an instrument, adding a much needed liquidity management tool for domestic Islamic banks. The central bank did not give a target size for the sukuk, which will be backed by motorway assets in Punjab province and use an ijarah structure. No date for the sale was announced. Pakistan issued a PKR43bln (USD438mln) three-year sukuk in March last year, using a similar structure.
 
RHB Asset Management (RHBAM), a wholly-owned subsidiary of RHB Investment Bank in Malaysia, has l