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Nigeria Sukuk debut targets Shariah hub role

From Bloomberg: Nigeria, Africa’s second-largest economy and home to 75 million Muslims, plans to sell its first Islamic debt within 12 months as part of a bid to become the continent’s center for Shariah-compliant financing. (more...)

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Nakheel plans $1.6 bln Sukuk, part of debt plan

From Reuters: Property developer Nakheel NAKHD.UL plans to issue a 6 billion dirham ($1.63 billion) Islamic bond as part of its debt repayment plan as it restarts several key projects, an industry executive said on Tuesday. (more...)

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Dubai said to raise $1 bln in 2 part 5 to 10-year bond sale

From Bloomberg: Dubai may raise $1 billion in a two-part bond sale in its first sovereign issue since the Dubai World credit crisis, according to a banker and an investor involved in the deal. The Persian Gulf financial hub’s 5-year, $500-million issue may be priced to yield about 6.75 percent, according to the people with knowledge of transaction.  (more...)

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Dubai bond size may exceed $1bln

From Khaleejtimes.com: With Dubai all geared up for the dual-tranche Eurobond sale, the size of the order book was estimated to exceed $1 billion by sources at lead managers. On Monday, Dubai mandated HSBC, Deutsche and Standard Chartered to lead the dollar-denominated bond, the first since last year’s debt crisis. (more...)

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Dubai, Qatar's QIB revive Gulf debt sales

From Arabianbusiness.com: The Dubai government and Qatar Islamic Bank are among issuers leading the biggest Arabian Gulf borrowing push since the fourth quarter, a sign Dubai World’s debt restructuring is reviving confidence in the region. (more...)

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Soaring Sukuk

From Zawya.com: According to KFH Research and NCB Capital, there seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year. KFH's report predicts that global Sukuk issuance will reach $30 billion in 2010 in light of the recovery in global economic activity and the increase of Sovereign Wealth Funds (SWFs), companies, and the revival of private sector projects. (more...)

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Indonesia aims for $111.8 mln at Oct 5 sukuk auction

From Reuters: Indonesia's debt office said on Tuesday it aimed to raise 1 trillion rupiah ($111.8 million) at its auction of sukuk, or Islamic debt, scheduled for October 5. (more...)

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Malaysia: Call to exploit Islamic finance expertise

From Btimes.com.my: Malaysia should make use of its Islamic finance expertise to attract more foreign direct investments (FDIs). "The outlook in Malaysia is very optimistic with vast opportunities for investment. I believe Malaysia is on the right track," said Mary Buffett, the former daughter-in-law of famous investor Warren Buffett. (more...)

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Malaysia can take lead in improving Islamic finance

From Thestar.com.my: Malaysia, as a leader and innovator in Islamic finance, can do more in exploring the Islamic principles to create a more cohesive financial system, says Dr Armen V Papazian, fellow of the Judge Business School, University of Cambridge, England. (more...)

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Islamic answers to SME finance needs

From Zawya.com: With both the value of the SME and the Islamic finance sectors predicted to skyrocket over the next few years, it's not surprising that the two have successfully intertwined in the GCC region. Isla MacFarlane reviews the most recent offerings for Shari'ah-compliant SME financing (more...)

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New key AAOIFI standards: Contemplation option, defects option and honesty option

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option". (more...)

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Standard Chartered Bank launches first Islamic US dollar nostro account

From Cpifinancial.net: Standard Chartered Bank has announced the launch of the first Islamic US Dollar Nostro1 Account in the US. The facility will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a monthly basis.  (more...)

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Islamic banking: Standard Chartered launches awareness drive

From Brecorder.com: Standard Chartered has launched an Islamic banking awareness campaign under its global Islamic brand 'Saadiq'. Saadiq, which means 'truthful', is Standard Chartered's identity for our global Islamic banking business.  (more...)

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Islamic banker 's call for 'responsible spending'

From Gulfweeklyworldwide.com: A senior Bahraini Sharia scholar and an Islamic banker has urged people to take a more responsible view of spending and to resist what he described as a growing culture of consumerism. (more...)

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Tamweel begins to take back properties

From Thenational.ae: Tamweel, one of the country’s biggest Islamic mortgage providers, has started to repossess defaulted properties and intends to apply much stricter rules when it starts lending again. (more...)

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