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  • SAUDI ARABIA: Salama Cooperative Insurance Co receives letter of approval from Saudi Central Bank to reduce capital by SAR150 million (US$39.94 million)

  • SAUDI ARABIA: Gulf Union Al Ahlia Cooperative Insurance Co receives Saudi Central Bank’s approval to launch new product

  • SAUDI ARABIA: Capital Market Authority of Saudi Arabia approves Amana Cooperative Insurance Company’s request to increase capital via rights issue

  • UAE: Trading of GFH Financial Group’s shares on Abu Dhabi Securities Exchange to be activated on the 31st May 2022

  • MALAYSIA: FWD Takaful launches several value-based intermediation for Takaful initiatives including partnership with Malaysian Takaful Association

  • SAUDI ARABIA: More than six million new shares of Gulf Union Al Ahlia Cooperative Insurance Company subscribed in rights issue trading and new shares subscription

  • SAUDI ARABIA: Trade Development Fund and Foreign Trade Training Center to organize training program to support SMEs accessing global markets

  • UAE: Postpay receives Shariah compliance certification from Shariyah Review Bureau

  • PAKISTAN: PACRA assigns ‘AAA’ preliminary rating to Water and Power Development Authority of Pakistan’s third tranche of i-e Series C Sukuk worth PKR6.35 billion (US$31.5 million)

  • MALAYSIA: Cagamas sells one-year Islamic medium-term note worth RM100 million (US$22.77 million)

  • MALAYSIA: Bank Negara Malaysia issues four Islamic liquidity management papers

  • BANGLADESH: Bangladesh Bank auctions one Bangladesh Government Islami Investment Bond

  • GLOBAL: Islamic Corporation for the Insurance of Investment and Export Credit and International Federation of Islamic Takaful and Insurance Companies sign MoU to boost Takaful sector

  • SAUDI ARABIA: Mediterranean and Gulf Insurance and Reinsurance Co reports net loss before Zakat of SAR55.4 million (US$14.75 million) for first quarter of 2022

  • UAE: Dubai Islamic Bank makes AED1 million (US$272,230) donation to Dubai’s Rental Disputes Center to assist those affected by judicial rulings due to inability to pay rent

  • EGYPT: Al Baraka Bank Egypt to inject US$6 million to expand digital services

  • SAUDI ARABIA: Saudi Enaya Insurance Company to increase capital via rights issue worth SAR300 million (US$79.89 million)

  • QATAR: Masraf Al Rayan completes operational integration upon acquisition of Al Khaliji Bank; consolidates operations to single platform

  • GLOBAL: Astana International Financial Centre signs MoU with Qatar Financial Centre to foster joint projects stimulating activity on both financial platforms

  • NIGERIA: IsDB approves US$49,000 grant for University of Health Sciences to train hospital staff in Nigeria

  • SAUDI ARABIA: Abdulmohsen Abdulrahman Musaed Al Sowailem resigns as CEO and managing director of Nayifat Finance Company

  • UAE: Aafaq Islamic Finance appoints Darrel D Souza as senior vice-president of credit and collection

  • SAUDI ARABIA: Saudi Home Loans Co reports net profit before Zakat and income tax of SAR35.85 million (US$9.55 million) for first quarter of 2022

  • MALAYSIA: Amanat Lebuhraya Rakyat proposes landmark sustainable Sukuk program worth RM5.5 billion (US$1.25 billion); receives preliminary ratings from MARC and RAM

  • MALAYSIA: Tanjung Bin Energy sells eight Islamic medium-term notes totaling RM710 million (US$161.58 million)

  • INDONESIA: Indonesia Stock Exchange delists Medco Power Indonesia’s Sukuk Wakalah worth IDR832.7 billion (US$58.29 million)

  • BRUNEI: Brunei Darussalam Central Bank prices 73rd issuance of BDCB Islamic Bills at BN$27 million (US$19.56 million) with a profit rate of 0.35%

  • MALAYSIA: Bank Negara Malaysia issues four Shariah papers

  • SAUDI ARABIA: United Cooperative Assurance Co reports net loss before Zakat of SAR19.86 million (US$5.3 million) for first quarter of 2022

  • SAUDI ARABIA: Gulf Union Alahlia Cooperative Insurance Co records net loss before Zakat of SAR20.39 million (US$5.43 million) for first quarter of 2022

  • SAUDI ARABIA: Gulf General Cooperative Insurance Co reports net loss before Zakat of SAR18.07 million (US$4.81 million) for first quarter of 2022

  • SAUDI ARABIA: CHUBB Arabia Cooperative Insurance Co sees net profit before Zakat decline by 16.19% on year-on-year basis to SAR2.03 million (US$541,634) for first quarter of 2022

  • SAUDI ARABIA: Allianz Saudi Fransi Cooperative Insurance Co reports net profit before Zakat of SAR3.19 million (US$850,669) for first quarter of 2022

  • GLOBAL: Turk Eximbank and Etihad Credit Insurance sign MoU to enhance Halal trade and support business relations between Turkey and the UAE

  • QATAR: Shariah compliant crypto exchange CoinMENA launches in Qatar

  • SAUDI ARABIA: Riyad Bank calls for board membership nominations

  • BANGLADESH: Bangladesh Bank asks Islamic banks and conventional banks with Islamic operations to submit information on Shariah committee members

  • RUSSIA: Sber to offer Shariah compliant business lending product

  • INDONESIA: Bank Syariah Indonesia to conduct rights issue exercise worth IDR5 trillion (US$350 million)

  • SAUDI ARABIA: Bashar Yahya Alqunaibet resigns as deputy chairman of SABB Takaful

  • INDONESIA: PEFINDO affirms ‘idA+(sy)’ rating on Oki Pulp and Paper Mills’s Sukuk I Year 2021 Series A worth IDR700 billion (US$49 million) maturing on the 18th July 2022

  • INDONESIA: PEFINDO affirms ‘idA+(sy)’ rating on Jasamarga Pandaan Tol’s Sukuk Ijarah Year 2019

  • INDONESIA: PEFINDO raises rating for Hutama Karya’s Shelf Registered Sukuk I to ‘idAA-(sy)’ from ‘idA(sy)’

  • GLOBAL: Bahrain Bourse and Abu Dhabi Securities Exchange discuss high-level strategic partnership to implement cooperation agreement signed in November 2021

  • INDONESIA: Indonesia to issue project-based Sukuk paper via private placement

  • MALAYSIA: Bank Negara Malaysia issues five Shariah papers

  • UK: Cloud native banking technology company Thought Machine closes Series D funding round

  • SAUDI ARABIA: ANB Invest signs agreement with Hisham Al Musa Group to invest SAR700 million (US$186.4 million) in real estate project

  • BAHRAIN: Central Bank of Bahrain launches Bahrain Open Banking Supernova 2022 innovation challenges

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