Bandar Hajjar, president of the Islamic Development Bank. Moody's has affirmed the bank's AAA rating. Photo: Layton Thompson
Bandar Hajjar, president of the Islamic Development Bank. Moody's has affirmed the bank's AAA rating. Photo: Layton Thompson

Moody's affirms Islamic Development Bank's AAA rating with stable outlook



Moody's Investors Service has affirmed the Islamic Development Bank's AAA rating with a stable outlook, the credit-rating agency said on Saturday.

The AAA-rating is based on the bank's strong capital base, Moody's said in a statement.

"The Islamic Development Bank benefits from a strong liquidity position, and is considered a benchmark issuer within the global sukuk market," Moody's said. "It is a benchmark issuer within the Islamic finance world, being one of the few AAA-rated issuers. Given the scarcity of high-quality, Shariah-compliant securities, the bank's sukuks have always found strong demand."

The Jeddah lender, a multilateral development bank with a subscribed capital of $33 billion, is part of the Islamic banking industry that has grown at a double-digit rate over the last decade, reaching $3.5 trillion last year alone. Sukuk - an Islamic bond, structured to generate returns for investors while adhering to Sharia, which prohibits taking interest - is a key part of the Islamic finance system. Total international sukuk issuances reached $95bn in 2017, after achieving $85bn the year before.

Islamic Development Bank's stable outlook is based on the expectation that its risk profile is likely to remain "very strong" over the medium term even as its capital base expands, Moody's said in the statement.

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Read more:

Bahrain to receive second economic package from the GCC

Sukuk issuance growth to remain ‘unspectacular’ on structural constraints, Fitch says

Sukuk issuance growth to remain ‘unspectacular’ on structural constraints, Fitch says

New UAE sukuk regulations will help issuance of Islamic bonds, Fitch says

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The bank, the largest development organisation in the Muslim world, will "soon" launch a $2.5bn sukuk, Reuters reported in March.

Earlier this year, the bank launched a new fund to provide seed money to innovative start-ups and SMEs, helping them implement development projects related to the UN’s Sustainable Development Goals.

Transform fund, which has a target capital of $500 million, will run in tandem with a new online hub called Engage, designed to connect innovators to each other and assist them in developing their ideas.

Moody's said that several factors may affect the lender's stable outlook.

"A faster than expected increase in borrowings would undermine the IDB's capital adequacy ratios and would lead to downward pressure on the rating. Similarly, downward rating pressure would emerge in case of rating downgrades of key shareholders," Moody's said.

The bank has pledged $750m as part of an $11bn pledge for Lebanon at a conference in Paris as global institutions jostled for influence in a country that has borne much of the weight of the conflict in Syria.

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

COMPANY PROFILE

Name: Carzaty, now Kavak
Based: Dubai
Launch year: Carzaty launched in 2018, Kavak in the GCC launched in 2022
Number of employees: 140
Sector: Automotive
Funding: Carzaty raised $6m in equity and $4m in debt; Kavak plans $130m investment in the GCC

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

Turning waste into fuel

Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres

Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)

Time required for one full cycle of production from used cooking oil to biofuel: One day

Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

The Super Mario Bros Movie

Directors: Aaron Horvath and Michael Jelenic
Stars: Chris Pratt, Anya Taylor-Joy, Charlie Day, Jack Black, Seth Rogen and Keegan-Michael Key
Rating: 1/5

if you go

The flights

Fly to Rome with Etihad (www.etihad.ae) or Emirates (www.emirates.com) from Dh2,480 return including taxes. The flight takes six hours. Fly from Rome to Trapani with Ryanair (www.ryanair.com) from Dh420 return including taxes. The flight takes one hour 10 minutes.

The hotels

The author recommends the following hotels for this itinerary. In Trapani, Ai Lumi (www.ailumi.it); in Marsala, Viacolvento (www.viacolventomarsala.it); and in Marsala Del Vallo, the Meliaresort Dimore Storiche (www.meliaresort.it).

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

The specs: 2018 Mercedes-Benz GLA

Price, base / as tested Dh150,900 / Dh173,600

Engine 2.0L inline four-cylinder

Transmission Seven-speed automatic

Power 211hp @ 5,500rpm

Torque 350Nm @ 1,200rpm

Fuel economy, combined 6.4L / 100km

Scorline

Iraq 1-0 UAE

Iraq Hussein 28’

UAE currency: the story behind the money in your pockets
The Specs

Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now

The Genius of Their Age

Author: S Frederick Starr
Publisher: Oxford University Press
Pages: 290
Available: January 24

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Usain Bolt's World Championships record

2007 Osaka

200m Silver

4x100m relay Silver

2009 Berlin

100m Gold

200m Gold

4x100m relay Gold

2011 Daegu

100m Disqualified in final for false start

200m Gold

4x100m relay Gold

2013 Moscow

100m Gold

200m Gold

4x100m relay Gold

2015 Beijing

100m Gold

200m Gold

4x100m relay Gold

The five pillars of Islam

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