Latest news with #IslamicSukuk
Zawya
07-04-2025
- Business
- Zawya
Jordan's prime minister says gov't lowers servicing cost of Eurobond debt by 40%
AMMAN — The government over the past five months has reduced the cost of servicing of this year's Eurobond debt by 40 per cent, resulting in annual savings of approximately $40 million for the national budget, Prime Minister Jafar Hassan announced on Sunday. Speaking at a Cabinet meeting, the prime minister stressed that the reduction was achieved by repaying the maturing Eurobond through a package of concessional loans and low-interest Islamic Sukuk, according to the Jordan News Agency, Petra. He noted that these alternative financing instruments were secured in cooperation with allied countries, reflecting a strategic shift towards more sustainable debt management. Hassan explained that the government's approach not only eased the fiscal burden but also introduced innovative financial instruments to diversify public financing, notably the Islamic Sukuk that has allowed the government to tap into excess liquidity in Islamic banks while providing a low-cost borrowing option. The government is preparing to meet upcoming Eurobond obligations totalling $1 billion due on 29 June and 7 July this year, he said, adding that "another Eurobond is due in 2026". "This move is in line with the commitments we made in our policy statement to the Lower House," the Prime Minister said. "It is a first step in a broader effort to secure affordable financing options that will ease pressure on the general budget and reduce interest payments on public debt." © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
06-04-2025
- Business
- Jordan Times
Prime minister says gov't lowers servicing cost of Eurobond debt by 40%
Prime Minister Jafar Hassan says, during a Cabinet session on Sunday, that the government has reduced the cost of servicing of this year's Eurobond debt by 40 per cent over past five months (Petra photo) AMMAN — The government over the past five months has reduced the cost of servicing of this year's Eurobond debt by 40 per cent, resulting in annual savings of approximately $40 million for the national budget, Prime Minister Jafar Hassan announced on at a Cabinet meeting, the prime minister stressed that the reduction was achieved by repaying the maturing Eurobond through a package of concessional loans and low-interest Islamic Sukuk, according to the Jordan News Agency, noted that these alternative financing instruments were secured in cooperation with allied countries, reflecting a strategic shift towards more sustainable debt management. Hassan explained that the government's approach not only eased the fiscal burden but also introduced innovative financial instruments to diversify public financing, notably the Islamic Sukuk that has allowed the government to tap into excess liquidity in Islamic banks while providing a low-cost borrowing government is preparing to meet upcoming Eurobond obligations totalling $1 billion due on 29 June and 7 July this year, he said, adding that "another Eurobond is due in 2026". "This move is in line with the commitments we made in our policy statement to the Lower House," the Prime Minister said. "It is a first step in a broader effort to secure affordable financing options that will ease pressure on the general budget and reduce interest payments on public debt."
Daily Tribune
15-02-2025
- Business
- Daily Tribune
Takaful International achieves net profit of BD 1.65 million for the year 2024 with an increase of 9%
Email : Takaful International Company B.S.C. has announced its financial results for the fourth quarter and full year ended December 31, 2024, reporting significant growth in shareholders' net profit, improved investment income, and continued market leadership in the takaful sector. Fourth Quarter 2024 Performance The company recorded a net profit attributable to shareholders of BD 429K for the fourth quarter of 2024, marking a 62% increase compared to BD 264K in the same period last year. This resulted in an earnings per share of 5.05 Fils, up from 3.11 Fils in Q4 2023. The total net profit for the quarter stood at BD 487K, reflecting a 34% increase from BD 363K in the previous year, primarily driven by higher returns from the investment portfolio. However, the participants' Takaful funds surplus declined by 41% to BD 58K, compared to BD 99K in Q4 2023, due to an increase in claims reserves. The recognized Takaful contributions grew by 10% to BD 6.774M in Q4 2024, up from BD 6.159M in the same period last year. Meanwhile, the recognized Takaful cost saw a notable decline of 21.6%, amounting to BD 5.088M compared to BD 6.489M in Q4 2023. Full-Year 2024 Financial Highlights For the full year ended December 31, 2024, Takaful International recorded a net profit attributable to shareholders of BD 1.334M, a 42% increase from BD 937K in 2023. Earnings per share rose to 15.7 Fils, compared to 11.03 Fils in the previous year. The company's total comprehensive income increased by 27% to BD 1.231M from BD 969K in 2023. The total net profit reached BD 1.65M, reflecting a 9% year-on-year growth, mainly attributed to strong investment performance. The participants' Takaful funds surplus stood at BD 315K, down 45% from BD 575K in 2023, primarily due to higher claims reserves, which were impacted by heavy rain claims in April 2024 and rising medical claims inflation. Takaful International's recognized Takaful contributions increased by 7% to BD 25.981M from BD 24.363M in 2023, while recognized Takaful costs rose by 10% to BD 22.624M. Balance Sheet Growth The company's total equity attributable to shareholders grew by 5% to BD 12.68M as of December 31, 2024, compared to BD 12.086M in 2023. Total assets increased by 5% to BD 43.833M from BD 41.589M. Chairman's Statement Commenting on the results, Mr. Ebrahim Al-Rayes, Chairman of the Board of Directors, stated that Takaful International's financial performance for 2024 was in line with the Board's projections, highlighting strong investment returns and a notable improvement in shareholders' fund performance. He credited the company's new investment strategies for enhancing portfolio returns, particularly in listed financial stocks and Islamic Sukuk. Mr. Al-Rayes also emphasized the company's growing commitment to Environmental, Social, and Governance (ESG) principles, announcing the publication of Takaful International's first comprehensive ESG report for 2024. He reiterated the company's dedication to sustainability and responsible governance. Additionally, he revealed that the Board has recommended cash dividends of 12.5% of the paid-up capital (12.5 Fils per share, totaling BD 1,062,500), pending approval from the Central Bank of Bahrain and shareholders at the upcoming Annual General Meeting. CEO's Statement Mr. Essam Mohammed Al Ansari, CEO of Takaful International, highlighted the company's resilience and financial stability despite challenging market conditions in the insurance sector. He noted that Takaful International successfully retained its A- credit rating with a stable outlook from AM Best, reinforcing its position as a leader among locally rated Takaful providers. Mr. Al Ansari also underscored the company's strategic partnerships, which have strengthened its market position. He further announced the launch of a new company website, marking a major step in digital transformation aimed at enhancing customer experience and service efficiency. "As Takaful International continues to drive growth, innovation, and sustainability, we remain committed to enhancing value for all stakeholders," Mr. Al Ansari concluded.
Bloomberg
30-01-2025
- Business
- Bloomberg
Kuwait May Be Able to Sell First Debt Since 2017 After New Law
Kuwait may soon be able to sell debt for the first time in eight years, with the Council of Ministers expected to approve a new law that could enable 20 billion dinars ($65 billion) to be raised over 50 years. The decree would allow the OPEC member to issue both conventional bonds and Islamic Sukuk, according to people familiar with the matter.
