04 Foreign News
04 Foreign News
@ Halal | November-December . 2024
Four times the triumph !
GFH Financial Group ( GFH ) has priced a US $ 500 million fiveyear Sukuk . The Sukuk issuance was notably well-received , with over 50 per cent of the Sukuk sold to international investors .
GFH Chief Executive Officer ( CEO ) Hisham Alrayes remarked : “ Strong demand for the issuance from a diverse group of international and regional institutional investors underscores the strength of our franchise and the reputation that GFH has built .”
The final order book exceeded US $ 2 billion , indicating an oversubscription of over four times . The transaction was priced approximately 240 basis points ( bps ) lower than GFH ’ s previous issuance in 2020 when compared to the US Treasury benchmark .
Proceeds from the Sukuk issuance will be strategically utilised to bolster GFH ’ s financial standing and support its ongoing growth and initiatives .
Several prominent financial institutions were involved in managing the issuance , including J . P . Morgan , Standard Chartered Bank , Sharjah Islamic Bank , Emirates NBD Capital , Kamco Invest , Mashreq , Warba Bank , Al Rajhi Capital , Abu Dhabi Islamic Bank , and Bank ABC .
These banks served as Joint Lead Managers and Joint Bookrunners , responsible for organising and facilitating the sale of the Sukuk .
Currently , GFH manages over US $ 21
“ Strong demand for the issuance from a diverse group of international and regional institutional investors underscores the strength of our franchise and the reputation that GFH has built .”
– Hisham Alrayes
billion in assets . Its global investment portfolio spans sectors like logistics , healthcare , education , and technology across the Middle East and North Africa ( MENA ) region , Europe , and North America .
Its shares are actively traded on four major regional exchanges : Abu Dhabi Securities Exchange , Bahrain Bourse , Boursa Kuwait , and Dubai Financial Market . This recent Sukuk issuance marks another milestone in GFH ’ s strategy to broaden its international footprint and deliver more excellent value to investors and shareholders .
Compassion in action
AL RAYAN Bank , recognised as one of the most prominent Islamic banks in the UK , has donated a total of £ 74,578 to 10 charities , with each receiving £ 7,457.80 to support their work in the community . This initiative underscores the bank ’ s commitment to social responsibility and community support .
The beneficiaries of this donation include both local charities and larger organisations operating on a national level . The donations went to Cancer Research , the Stillbirth and Neonatal Death Society ( Sands UK ), the Royal National Institute of Blind People ( RNIB ), the National Society for Phenylketonuria ( NSPKU ), Centrepoint , Crisis UK , Acorn ’ s Children ’ s Hospice , Shooting Star ’ s Children ’ s Hospice , Ammalife , and the Ladywood Community Project .
The selection of charities was a group effort , starting with Al Rayan Bank employees ’ nominations . These
suggestions were then reviewed by the bank ’ s Environmental , Social , and Governance ( ESG ) Committee , with final approvals made by the Executive Committee and the Sharia Supervisory Committee .
“ It was important to us to ensure that the process to select these charities was inclusive , ensuring voices from across the Bank were heard , and we could support causes close to people ’ s hearts ,” remarked Al Rayan Bank Chief People and Sustainability Officer Harpreet Dhillon ( pic ).
Al Rayan Bank ’ s donation also includes £ 1,046.55 contributed by its customers who opted to donate their remaining balances . These funds usually come from accounts that were closed with small balances .
The impact of Al Rayan Bank ’ s donation extends beyond financial assistance , fostering a spirit of community that empowers charities to continue their work .
AAOIFI conference to explore sustainable finance
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THE 19th edition of the annual Islamic banking and finance conference , organised by the Accounting and Auditing Organisation for Islamic Financial Institutions ( AAOIFI ) in collaboration with the Islamic Development Bank ( IsDB ) Group , is set to take place from Nov 3-4 , 2024 , at the Crowne Plaza in Bahrain .
Themed ‘ Leveraging Islamic Finance to Build a Sustainable , Efficient , and Resilient Halal Ecosystem for Muslim Economies ,’ the two-day event will feature a series of keynote speeches and seven-panel discussions aimed at examining how Islamic finance can strengthen the halal ecosystem .
Topics will range from the transition from halal finance to a comprehensive halal economy to enhancing supply chains and improving governance and transparency in Islamic finance .
Held with the support of the Central Bank of Bahrain , this conference is widely recognised as a significant gathering in the global Islamic finance industry .
The AAOIFI Board of Trustees Chairman Shaikh Ebrahim Khalifa Al Khalifa
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Shaikh Ebrahim Khalifa Al Khalifa
underlined the conference ’ s crucial role in promoting sustainable Islamic finance .
“ We eagerly anticipate engaging in discussions on vital issues and Islamic finance-based approaches and solutions that can be leveraged to build a sustainable , efficient and resilient halal ecosystem for Muslim economies ,” he said .
The importance of this gathering is further emphasised by the Central Bank of Bahrain Executive Director of Banking Supervision Khalid Al Hamad : “ This conference provides a valuable opportunity for stakeholders to examine the evolving dynamics of Islamic finance and its broader economic implications .”
IsDB Institute ( IsDBI ) Acting Director General Dr Sami Al-Suwailem shared a similar sentiment , focusing on the need to harness Islamic financial principles to build a resilient halal ecosystem .
“ Our focus is on leveraging innovative financial strategies and practices rooted in Islamic principles , rules , and values , as well as AAOIFI standards , to drive economic efficiency , financial stability
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, and long-term growth in Muslim economies ,” he said .
In addition to the conference , AAOIFI is also hosting the second edition of its Capacity Building Week , from Nov 2 and continuing from Nov 5 to 8 , 2024 . This initiative will attract over 200 participants
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from more than 30 countries , participating in 20 workshops led by AAOIFI trainers .
The focus will be on upskilling industry professionals and enhancing knowledge across various aspects of Islamic finance .
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