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IFN Publication: Muscat Securities Market releases Q2 2018 Shariah-compliant stock index
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V15i49 21
1.
21© 5th December 2018 IFN SECTOR CORRESPONDENT IFN
COUNTRY CORRESPONDENT OFFSHORE CENTERS By Manuela Belmontes The Sukuk markets have continued at a steady pace for offshore centers, with the Cayman Islands maintaining its position as the domicile of choice for international Sukuk issuances. October saw the successful closings and launches of multiple Sukuk issuances based in the Cayman Islands and the trend is likely to continue. Aldar Properties and Tilal Development Company both issued Sukuk this past month, with both electing to domicile their issuer companies in the Cayman Islands. Aldar Properties has reported that its 100%-owned subsidiary, Aldar Investments, successfully issued its debut fixed rate US dollar-denominated Sukuk, with a tenor of seven years, raising a total of US$500 million. The Sukuk issuance was the first of its kind to be issued by an Abu Dhabi corporate entity since 2013, benefiting from strong regional Islamic demand as well as international interest, which enabled the issue to be more than twice oversubscribed. This issuance was also notable as it was the first corporate Sukuk to be listed on the Abu Dhabi Securities Exchange. Aldar utilised a Cayman Islands-based issuer company for the Sukuk paper, which was also listed on the Irish Stock Exchange. Tilal Development Company, a property developer based in Oman, has also been reported to have issued US$137 million- worth of Sukuk. The Sukuk issuance is reported to have a tenor of five years and to utilize an Ijarah structure and a Cayman Islands domiciled issuer. Islamic Finance news and other outlets have also reported the issuance of Sukuk by Jabal Omar Development Company, one of the largest developers in the Kingdom of Saudi Arabia. We reported in the last quarter on an SPV formed in the Abu Dhabi Global Market (ADGM) being used in connection with Sukuk issued for the purposes of aviation finance. We anticipate that this will become popular with the Abu Dhabi-based corporates and government entities looking to issue Sukuk and we have now seen several corporate services providers establish a presence in the ADGM to service the demand. The latest corporate services provider to announce its presence in the ADGM is MaplesFS. Already the largest corporate services provider in the Cayman Islands with an office in Dubai, it has now opened an office in the ADGM to provide incorporation and corporate services for ADGM companies. The arrival of established and respected corporate services companies in the ADGM will assist corporates looking to use ADGM structures for Islamic finance transactions and enhance the reputation of the ADGM as a credible alternative to the traditional offshore centers. Manuela Belmontes is a partner at Maples and Calder (Dubai). She can be contacted at manuela.belmontes@maplesandcalder.com. OMAN By Dhana Pillai The Muscat Securities Market (MSM) periodically reviews the financial and business activity of companies whose stocks are listed on the secondary market of the Shariah compliant stock index and makes changes to the index by removing the non-Shariah compliant stocks from the list. The MSM has issued the second quarter (Q2) index that includes 31 companies that meet the criteria set by AAOIFI. The index has not changed from the first quarter (Q1) results except that Voltamp Energy does not appear on the list. The Q2 index includes Alizz Islamic Bank, Bank Nizwa, Oman Oil, Ooredoo, Shell Oman, A’Saffa Foods and Salalah Port Services among other public joint stock companies. The MSM regularly updates the list based on the accepted standards of AAOIFI to enable and encourage Muslim investors to invest in stocks listed for trading, which otherwise in a strict construction, is viewed as trading in speculative activities. The MSM usually reviews the financial standards such as debt levels, cash and receivable levels of these companies, among others, to determine the companies’ compliance. Islamic banks in Oman provide inancing According to a bulletin published by the Central Bank of Oman, the Islamic banks have provided financing to the extent of OMR3.4 billion (US$8.81 billion) as of the end of August 2018, recording an increase of 17.2% from a year ago. Total deposits held with Islamic banks and windows also registered a significant increase to OMR3.1 billion (US$8.03 billion) in August 2018 from OMR2.8 billion (US$7.26 billion) as of the end of August 2017. Total assets of Islamic banks and windows combined amounted to OMR4.2 billion (US$10.88 billion) as of the end of August 2018, increasing their share to 12.7% of banking system assets. Meethaq launches biometric authentication Meethaq has launched its mobile banking application which allows users to log in in a safe and convenient manner by using their fingerprint and face ID and the application has been made compatible with the newer generation of smartphones. Dhana Pillai is the head of real estate, tax and project finance at Al Hashmi Law Firm (Oman). She can be contacted at dhana. pillai@ohlaw.net. Muscat Securities Market releases Q2 2018 Shariah compliant stock index A steady Sukuk market for offshore centers
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