Islamic Finance

Islamic Mutual Funds selling their stake in Hub Power Company

Potential sell-off from Islamic mutual funds (6% of free float), largely due to rising debt financed equity investments has kept a cap on HUBC’s price performance. However, the release of detailed financial accounts indicates HUBC’s conventional debt to asset (33%) comfortably below the levels allowed by Shariah compliance criteria of 37%. Meanwhile, ‘penal income’ at… Continue reading Islamic Mutual Funds selling their stake in Hub Power Company

Islamic Finance

Takeaways from Meezan Bank analysts briefing

On Thursday, Meezan Bank (MEBL) held a briefing for analyst to discuss/elaborate its 1H2019 financial results and provide future outlook. The Bank recorded provisions of Rs1.2 billion for the period under review as against a reversal of Rs100 million for the corresponding period last year. The NPL mainly related to Rs583 million on loan books… Continue reading Takeaways from Meezan Bank analysts briefing

Islamic Finance

Meezan Bank posts Rs4.1 billion profit after tax for second quarter of 2019

Meezan Bank (MEBL), Pakistan’s first and the largest Islamic bank has announced second quarter results. The Bank has posted profit after tax of Rs4.1 billion (EPS: Rs3.2), up 88%YoY on the back of increase in net spread earned; up by 77%YoY. MEBL also announced interim cash dividend of Rs1.0/share. Cumulative earnings for 1H2019 of the… Continue reading Meezan Bank posts Rs4.1 billion profit after tax for second quarter of 2019

Islamic Finance

Jaiz Bank of Nigeria upgrades its core banking platform

Path Solutions, the global Islamic banking software company announced Jaiz Bank, Nigeria’s premier Islamic bank has successfully upgraded its Islamic core banking platform. The upgrade is to enable innovation that will meet evolving customers’ needs as it expands into new markets. Path Solutions analyzed Jaiz Bank’s specific IT requirements and adapted them to the latest version of iMAL.… Continue reading Jaiz Bank of Nigeria upgrades its core banking platform

Islamic Finance

AAOIFI conducts a two-day Public Hearing session in Bahrain

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), conducted a two-day public hearing session in Bahrain for its exposure drafts on financial accounting and governance standards on 17 and 18 July 2019 at the AAOIFI head-office premises in Bahrain. This was the second public hearing session in Bahrain during this year with several… Continue reading AAOIFI conducts a two-day Public Hearing session in Bahrain

Islamic Finance

Second Tranche of Energy Sukuk issued in Pakistan

Reportedly the Government of Pakistan (GoP) is getting ready to issue ‘Energy Sukuk II’ amounting to Rs 200 billion before end May 2019. It is anticipated that around 30% of the amount will be to be routed towards independent power producers (IPPs), implying 40% settlement of cumulative IPPs’ receivables by June 2019.  According to the… Continue reading Second Tranche of Energy Sukuk issued in Pakistan

Islamic Finance

Meezan Bank posts 49%YoY increase in quarterly profit

Pakistan’s first and the largest Islamic bank, Meezan Bank Limited (MEBL) has posted profit after tax of Rs2.9 billion (EPS: Rs2.4) for 1QCY19, up 49%YoY on the back of increase in net spread earned, up 57%YoY. It turns out to be slightly above market expectations on the back of 1) reversal in provisions and 2)… Continue reading Meezan Bank posts 49%YoY increase in quarterly profit