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MarketScreener Homepage  >  Equities  >  Abu Dhabi Securities Exchange  >  Abu Dhabi Islamic Bank    ADIB   AEA000801018

ABU DHABI ISLAMIC BANK

(ADIB)
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Sudan's bourse maps out expansion plans amid uncertainty

11/13/2019 | 11:20am EST
GM of Sanabel Securities Ltd. Dima Hamed El-Mahadi speaks during an interview with Reuters in Khartoum

In the small basement of a two-storey building next to Khartoum's central bus station, around 40 smartly dressed men and women gather around terminals for an hour a day with one eye on the future of Sudan's fledgling financial market.

The stock exchange where they work managed to avoid a crash during the months of unrest that toppled long-time ruler Omar al-Bashir this year.

And now it has ambitions to expand, once the government has stabilised an economy in crisis and ended Sudan's isolation.

"With the changes that happened in Sudan we expect there will be big interest from non-Sudanese investors," said the exchange's assistant director Abdelrahman Majeed.

Though still tiny, with a market capitalisation of around 8 billion pounds at the end of 2018, its trade volumes have risen steadily in local currency terms in recent years. They have increased to some 11 billion pounds ($245 million) this year from 9 billion for all of 2018, said Majeed.

It has also upgraded technology with Oman's help and hopes to connect all brokers online soon, he said. Currently only one brokerage can trade online in real time online, traders say.

Most trade is in a type of sukuk, or Islamic bond, known as shahama. On the three days that Reuters visited the bourse, few of the 68 stocks moved.

Some foreigners, notably from the Gulf, have bought into the market but many have struggled to repatriate their investments since the 2011 secession of South Sudan, which took away most of Sudan's oil wealth and caused hard currency shortages, dealers say.

The civilian government appointed as part of a transition power-sharing deal with the military plans to set up an investment body to review investment regulations, Finance Minister Ibrahim Elbadawi told Reuters.

This will encourage higher volumes once economic reforms have been enacted and inflation brought down, he said, adding that the government hoped the United States would remove Sudan from its list of state sponsors of terrorism, which cuts it off from the global financial system.

DIVERSIFICATION

For Dima Awad, general manager at Sudan's biggest brokerage, Sanabel Securities, the market also needs to offer a greater range of tradable products, since many foreign investors are not interested in sukuk.

"We need to develop ... first the infrastructure (and) secondly we need new products," she said.

"...We need the government to give more support... have a vision, on what technologies we need, how can we connect to Gulf markets."

Her brokerage is part of the bank of Khartoum, the biggest local bank, whose owners include several Gulf lenders.

Meanwhile, authorities expect to issue 4 billion Sudanese pounds ($89 million) of sukuk this year, similar to the amount issued in previous years. They are the main investment tool for banks and the public, and offer a chunky annual profit rate of between 17% and 20%.

Osama Elnour Saeed, an official at the Sudan Financial Services Co, which issues sukuk on behalf of the government, said the last issue had been oversubscribed as some investors were betting U.S sanctions would be lifted.

But a financial source said banks had been finding a home for excess liquidity after the central bank printed more money to address a cash crisis.

(Editing by John Stonestreet and Kevin Liffey)

By Ulf Laessing


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI ISLAMIC BANK 0.21% 4.7 End-of-day quote.-12.80%
BYD COMPANY LIMITED -3.55% 192.7 End-of-day quote.396.01%
DEERE & COMPANY -1.94% 256.43 Delayed Quote.50.94%
DUBAI ISLAMIC BANK P.J.S.C. 0.91% 4.44 End-of-day quote.-19.42%
LONDON BRENT OIL -1.74% 47.98 Delayed Quote.-30.61%
SHARJAH ISLAMIC BANK 0.00% 1.19 End-of-day quote.1.59%
THE GLOBAL LTD. -0.41% 242 End-of-day quote.-48.62%
VISION INC. 2.04% 1149 End-of-day quote.-36.59%
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Financials
Sales 2020 5 185 M 1 412 M 1 412 M
Net income 2020 855 M 233 M 233 M
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 17 070 M 4 648 M 4 648 M
Capi. / Sales 2020 3,29x
Capi. / Sales 2021 3,25x
Nbr of Employees 0
Free-Float 52,9%
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Number of Analysts 3
Average target price 4,37 AED
Last Close Price 4,70 AED
Spread / Highest target 0,00%
Spread / Average Target -7,09%
Spread / Lowest Target -12,8%
Managers
NameTitle
Mazin Manna Group Chief Executive Officer
Jawaan Awaidha Suhail Al-Khaili Chairman
Hassan Adel Khalifa Head-Operations
Mohamed Abdel Bary Chief Financial Officer
Mamoun T. Al-Homssey Chief Information Officer
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