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Islamic Finance Briefing - Category | Property, Projects, Infrastructure more

Takaful Malaysia a step closer to property investments in UK

Posted on 11 September 2012 by Laxman  |  Email|Print

Syarikat Takaful Malaysia Bhd, a provider of general and family takaful, is on the threshold of investing in properties in the UK due to its better structured property leases and higher returns compared to similar investments locally.
The company is now a step closer towards setting up a wholly-owned subsidiary in Labuan International Offshore Financial Centre that will act as a special-purpose vehicle (SPV) to handle its overseas property investment………………………………………..Full Article: Source

Takaful Malaysia eyes UK property investments

Posted on 10 September 2012 by Laxman  |  Email|Print

Syarikat Takaful Malaysia Bhd, a provider of general and family takaful, is on the threshold of investing in properties in the UK due to its better structured property leases and higher returns compared to similar investments locally.
The company is now a step closer towards setting up a wholly-owned subsidiary in Labuan International Offshore Financial Centre that will act as a special-purpose vehicle (SPV) to handle its overseas property investment………………………………………..Full Article: Source

Islamic banking drives MBSB 1H profits

Posted on 07 September 2012 by Laxman  |  Email|Print

Malaysian Building Society Berhad (MBSB) posted strong growth with a pre-tax profit of RM233 million, an increase of 18 per cent or RM36 million from RM197 million for the same period last year. The improved financial results were mainly due to the increase in net income from Islamic banking operations especially in the retail segment.
“The growth in revenue from the retail segment is mostly attributed to the good response from customers towards MBSB’s personal-financing-i “transfer package” launched early this year and extended into the second quarter which enabled customers to refinance their borrowings with our lower costs of personal financing-i and at a 100 percent disbursement payout,” said Datuk Ahmad Zaini Othman, MBSB’s President and Chief Executive Officer recently………………………………………..Full Article: Source

Islamic finance to support infrastructure sector in Indonesia

Posted on 06 September 2012 by Laxman  |  Email|Print

It has been reported that Indonesia could utilize the potential of Islamic finance to fulfil its ambitious infrastructure plans, Standard & Poor’s said in a report.
The poor state of infrastructure is hindering the growth of Southeast Asia’s largest economy, the report said, while noting that the government is planning to spend more than $200 billion through 2014 to upgrade and expand infrastructure……………………………………..Full Article: Source

The compatibility of real estate and Islamic banking: Omanis take advantage of new opportunities

Posted on 06 September 2012 by Laxman  |  Email|Print

The decision to licence the operation of the Islamic banking in the Sultanate has opened up windows of opportunities for the banking sector in Oman, writes Philip Paul, Head of Agency for Cluttons Oman.
The successful launch of Bank Nizwa, an exclusive Islamic bank and the opening of Islamic banking operations windows within conventional banks is evidence that the banks plan to capitalise on the opportunities presented by the new industry and meeting the increasing demand for Shari’ah-compliant finance……………………………………..Full Article: Source

Saudi home loans almost double amid new law impetus

Posted on 04 September 2012 by Laxman  |  Email|Print

Saudi Arabian home lending grew at the fastest pace in at least four years in the second quarter, evidence that banks in the largest Arab economy are more willing to take risk as the nation’s mortgage law comes into effect.
Mortgage lending jumped 83 per cent to 48 billion riyals (Dh47 billion) from the year-earlier period, the highest on record according to central bank data. In the United Arab Emirates, home loans by banks grew less than one per cent in the year to March, while credit to Qatar’s real estate industry rose 34 per cent in the second quarter, central bank data show…………………………………………Full Article: Source

Indonesia: Islamic finance could support infrastructure sector - S&P

Posted on 29 August 2012 by Laxman  |  Email|Print

Allan RedimerioIndonesia could utilize the potential of Islamic finance to fulfil its ambitious infrastructure plans, Standard & Poor’s said in a report on Tuesday. The poor state of infrastructure is hindering the growth of Southeast Asia’s largest economy, the report said, while noting that the government is planning to spend more than $200 billion through 2014 to upgrade and expand infrastructure.
It also noted that most infrastructure projects are backed by the private sector while the government is considering various financing alternatives to fund the rest………………………………………..Full Article: Source

Turkey’s İş REIT signs $50 million syndicated Murabaha facility

Posted on 28 August 2012 by Laxman  |  Email|Print

Istanbul-based İş Gayrimenkul Yatırım Ortaklığı A.Ş (İş REIT) has signed a $50 million Murabaha facility with a syndicate of banks from the GCC. The facility carries a tenor of two years and a profit rate of LIBOR +250 bps.
QInvest acted as Sole Bookrunner and Structuring Advisor to İş REIT. Qatar Islamic Bank was the Initial Mandated Lead Arranger and is also acting as the Investment Agent with Barwa Bank, First Gulf Bank, Mashreq Bank taking the Mandate Lead Arranger roles………………………………………..Full Article: Source

QInvest advises Turkey REIT on $50mn ‘murabaha’ finance facility

Posted on 28 August 2012 by Laxman  |  Email|Print

QInvest has advised a Turkey-based Real Estate Investment Trust (REIT) on the latter’s $50mn syndicated ‘murabaha’ finance facility.
QInvest acted as sole book runner and structuring advisor to İş Gayrimenkul Yatırım Ortaklığı (İş REIT), which entered into a financing agreement with a syndicate of banks from the Gulf Cooperation Council (GCC). The finance facility carries tenure of two years and a profit rate of Libor +250 basis points………………………………………..Full Article: Source

Nakilat closes $380mln Islamic financing with QIB and QIIB

Posted on 20 August 2012 by Laxman  |  Email|Print

Qatar Gas Transport Company (Nakilat) has successfully closed $380 million of Islamic Murabaha financing with Qatar International Islamic Bank (QIIB) and Qatar Islamic Bank (QIB).
The joint arrangement is a big leap forward in enhancing co-operation between these two Islamic finance institutions, as the market demand for Shari’ah-compliant financial solutions continues to increase. QIB provided $180 million of Nakilat’s financing tranche, with QIIB providing the remaining $200 million. The signing ceremony was held at QIB’s headquarters………………………………………..Full Article: Source

Al Baraka to provide Shari’ah-compliant finance to small projects in Egypt

Posted on 17 August 2012 by Laxman  |  Email|Print

Al Baraka Banking Group has signed the first Islamic partnership contract to finance small projects in Egypt with the World Bank through the Social Fund and Al Baraka Bank Egypt.
Through its banking unit headquartered in Cairo, Al Baraka Bank Egypt, the group aims to expand finance to small projects as “this vital and important sector has become today the highest priority for countries and international financial institutions due to the bloated problem of unemployment,” it said in a statement………………………………………..Full Article: Source

BLME offers funding to UK property developers

Posted on 16 August 2012 by Laxman  |  Email|Print

Bank of London and The Middle East , the largest fully Islamic wholesale investment bank in Europe, has announced the completion of six property development deals bringing their UK property portfolio to over £200m.
The largest of the deals, with a financing facility of £16m, was with Audley Ltd, a specialist provider and manager of luxury retirement villages across the UK. The facility will be used to finance the construction of 95 one and two bedroom apartments and redevelopment of three existing properties as part of a new retirement housing development Edgbaston, Birmingham. (Press Release)

Somersault by the ADB on Bhasha

Posted on 15 August 2012 by Laxman  |  Email|Print

The Asian Development Bank (ADB) had agreed in June this year to partly fund the construction of the Diamer-Bhasha Dam through the provision of $5 billion. The rest of the funding was to come from the US, which committed to provide $1billion over five years, whereas the Islamic Development Fund and the Kuwait Funds also agreed to partly fund the project.
The dam is designed to generate 20 billion units per annum and contribute $5 million a day to the national economy. Any delay in the provision of funds would additionally cost $1.825 billion a year………………………………………..Full Article: Source

Islamic Bank allocated $185 mln for laying power line between East and West Azerbaijan

Posted on 14 August 2012 by Laxman  |  Email|Print

From 1975 Islamic Development Bank (IDB) invested 25% of its financing in energy sector development in member- countries. The bank reports that it recently approved $1,158 bn for financing power generation projects in Morocco, Tunisia, Uzbekistan, Iran and Tajikistan.
Other energy sector approvals in the Board meeting were US$ 185 million for the North-West Region Electric Power Transmission Project in Iran, which aims to improve heavy electricity transfer grid in the country’s East Azarbaijan, West Azarbaijan and Ardabil provinces………………………………………..Full Article: Source

Tunisia: IDB to fund power station in Sousse

Posted on 14 August 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) will finance the power plant of Sousse with investments of around 300 million dinars, said Riadh Bettaieb, Minister of Investment and International Cooperation at the periodic meeting of the communication cell, held Friday, August 10, 2012, at the seat of the Prime Ministry.
The Saudi Fund for Development and the OPEC Fund for International Development will contribute, in turn, with 193 million dinars and 75 million dinars, respectively………………………………………..Full Article: Source

NCB pioneers Shariah-compliant airport financing

Posted on 14 August 2012 by Laxman  |  Email|Print

The National Commercial Bank (NCB) is providing the first Islamic structured international airport financing for Prince Mohammed Bin Abdul Aziz International Airport in Madinah. Although NCB faces some challenges due to the nature of Shariah-compliant financing; government owned infrastructure, and build, transfer, and operate (BTO) structure; the bank will ensure the project is planned and executed in compliance with Shariah law.
Prince Mohammed Bin Abdul Aziz International Airport is estimated to cost $1.2 billion (SR4.5 billion) and NCB is providing a significant amount of the total funding through both senior participation and equity bridge financing. Islamic project financing of long-term infrastructure projects has largely been confined to the power and hydrocarbon sectors………………………………………..Full Article: Source

Arbatec consortium close to secure $1.1bln loan for Abu Dhabi airport project

Posted on 14 August 2012 by Laxman  |  Email|Print

Arbatec, the consortium responsible for the construction of Midfield Terminal Building (MTB) at Abu Dhabi International airport (ADI), is close to sign a $1.1bn financing deal for the project according to reports.
The Shariah-compliant financing deal is led by Mashreq and also includes First Gulf Bank, Union National Bank, Al Hilal Bank, all from Abu Dhabi, and Jordan’s Arab Bank. Out of the total financing facility, 80% will be Sharia-compliant, with the remainder planned to be secured through a conventional loan………………………………………..Full Article: Source

Emal eyes $4bln financing to expand smelter

Posted on 14 August 2012 by Laxman  |  Email|Print

Emirates Aluminium (Emal), a joint venture between Abu Dhabi’s Mubadala and Dubai Aluminium, has approached banks to arrange $4bn in financing to expand its smelter, Project Finance International (PFI) said on Monday.
The loan tranches will have a tenor of 15.5 years. Banks who commit to join the conventional and Islamic loan portions will be able to pitch for the bond mandate………………………………………..Full Article: Source

Qatar’s Nakilat signs $380mln Islamic loan

Posted on 13 August 2012 by Laxman  |  Email|Print

Qatar Gas Transport Co (Nakilat), the world’s largest shipper of liquefied natural gas (LNG), signed a $380 million murabaha-structured Islamic loan, a statement from one of the banks providing the finance said on Sunday.
Qatar Islamic Bank provided $180 million of the facility, the bank said in a bourse filing. Qatar International Islamic Bank provided the remainder of the cash. No other details of the deal were provided………………………………………..Full Article: Source

NCB pioneers shariah compliant airport financing

Posted on 13 August 2012 by Laxman  |  Email|Print

NCB has been supporting Tibah consortium for Madina International Airport. Besides providing bulk of financing, NCB is the Islamic Structuring Bank in this landmark deal. This is the first Islamically structured International Airport financing in the world. Shari’ah compliant financing is primarily asset-based. However critical infrastructure such as airports are essentially owned by governments. The private entities only receive development and operating rights for a finite period. This made the Islamic structuring all the more challenging. Despite these constraints, an unprecedented structure is designed to ensure its compliance with shariah and maintaining the project’s bankability for the sponsors at the same time.
“NCB is committed to supporting the Kingdom’s infrastructure development. Besides leading Islamic finance in other segments, I am glad NCB also maintains its leadership position in shari’ah complaint Infrastructure financing,” said Corporate Sector Head Al Sharief Khalid. (Press Release)

Abu Dhabi: Capital airport $1.1bln deal ‘close’ : Financing to be 80pct Shariah-compliant

Posted on 10 August 2012 by Laxman  |  Email|Print

The consortium building Abu Dhabi’s new airport terminal is close to securing a Dh4-billion ($1.1 billion) financing deal, which will be mainly Shariah-compliant, banking sources said.
A deal would mark the second major regional project finance venture to rely on Islamic financing facilities this month. Turkey’s TAV Insaat, Dubai’s Arabtec Holding and Athens-based Consolidated Contractors were awarded a $2.9-billion contract in June to build a mid-field terminal in the emirate………………………………………..Full Article: Source

Abu Dhabi airport contractors near $1.1 bln sharia-compliant finance deal

Posted on 09 August 2012 by Laxman  |  Email|Print

The consortium building Abu Dhabi’s new airport terminal is close to securing a 4-billion dirhams ($1.1 billion) financing deal, which will be mainly sharia-compliant, banking sources said on Wednesday.
A deal would mark the second major regional project finance venture to rely on Islamic financing facilities this month. Turkey’s TAV Insaat, Dubai’s Arabtec Holding and Athens-based Consolidated Contractors Co. were awarded a $2.9-billion contract in June to build a mid-field terminal in the emirate………………………………………..Full Article: Source

Saudi Arabia’s Jabal Omar plans to build 10 hotels in 2013 for Islamic pilgrims

Posted on 09 August 2012 by Laxman  |  Email|Print

Jabal Omar Development Co. (JOMAR) plans to open 10 hotel towers in Mecca next year to accommodate Islamic pilgrims, the Saudi Arabian company’s executive general director said.
Jabal Omar is developing 2.2 million square meters (24 million square feet) of land near the Grand Mosque, Sameer Al- Quraishi said in a phone interview last week. The site was designed to include 38 hotel towers and the country’s largest shopping mall, he said………………………………………..Full Article: Source

Role of professional real estate firms in Islamic banking

Posted on 08 August 2012 by Laxman  |  Email|Print

In the region there have been challenges to Islamic banking due to the slump in real estate, however, advocates say the system has built- in protection when compared with the conventional financial institutions as excessive risk taking is banned.
The decision to licence the operation of Islamic banking in the Sultanate has opened up windows of opportunities for the banking sector in Oman. The successful launch of “Bank Nizwa”, an exclusive Islamic bank and the opening of Islamic banking operations windows within conventional banks is evidence that the banks plan to capitalize on the opportunities presented by the new industry and meeting the increasing demand for Sharia-compliant finance………………………………………..Full Article: Source

Islamic banking crusades: $1 bln for global development projects

Posted on 20 July 2012 by Laxman  |  Email|Print

The 284th meeting of the Board of Executive Directors of the Islamic Development Bank, which convened at IDB headquarters starting Sunday 16 July, under the chairmansMmmhip of Dr. Ahmad Mohamed Ali, President, IDB Group, approved more than $ 1,158 million towards development projects financing for IDB member countries and Muslim communities in non-member countries.
This is the largest amount of approvals by a single IDB board meeting since the Bank’s inception in 1975. The approvals covered a large number of strategically important development projects comprising:……………………………………….Full Article: Source

Islamic Development Bank approves $1 bln in projects across 20 countries

Posted on 19 July 2012 by Laxman  |  Email|Print

The 284th meeting of the Board of Executive Directors of the Islamic Development Bank, which convened at IDB headquarters starting Sunday 16 July, under the chairmanship of Dr. Ahmad Mohamed Ali, President, IDB Group, approved more than $ 1,158 million towards development projects financing for IDB member countries and Muslim communities in non-member countries.
This is the largest amount of approvals by a single IDB board meeting since the Bank’s inception in 1975. The approvals covered a large number of strategically important development projects comprising:……………………………………….Full Article: Source

Islamic Development Bank to finance Bangladesh power projects

Posted on 18 July 2012 by Laxman  |  Email|Print

The Islamic Development Bank will give Bangladesh 380m dollars in loan for two power projects. The IDB and Bangladesh government signed two agreements to that effect at the IDB Headquarters in Jeddah, Saudi Arabia, on Saturday [14 July].
According to the agreements, the IDB will give 200m dollars for the “Ashuganj Power Station Efficiency Improvement Project” and 180m dollars for the “Construction of Bhola 225MW Combined Cycle Power Plant Project”………………………………………..Full Article: Source

Dubai Duty Free seals $1.75bln loan deal

Posted on 06 July 2012 by Laxman  |  Email|Print

Airport retailer Dubai Duty Free (DDF) said it has successfully closed a $1.75 billion debut financing deal with the support of leading international banks to help fund the on-going expansion of Dubai International Airport.
The six-year senior unsecured syndicated credit facility, comprising a conventional term-loan facility and Islamic facilities, was the largest syndicated facility for a debut Dubai government related entity since 2008, said a statement from DDF………………………………………..Full Article: Source

A milestone in development of public transport

Posted on 05 July 2012 by Laxman  |  Email|Print

The signing of the Islamic financing agreement between DanaInfra Nasional Bhd and four lead arrangers for the sukuk programme - AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd - on Tuesday marks another significant milestone in the development of the public transport sector in this country, which will act as a catalyst for future growth and in line with the government’s promise to provide the best facilities for the rakyat.……………………………………….Full Article: Source

SABB offering Islamic mortgages to customers buying in Alfareeda

Posted on 05 July 2012 by Laxman  |  Email|Print

In line with Saudi Arabia’s Government’s initiative to facilitate home ownership for citizens, Ewaan Global Residential Company has signed an agreement with Saudi British Bank (SABB) providing Shari’ah-compliant home financing solutions to customers wishing to buy their own home in Ewaan’s Alfareeda residential project.
Fahad Al-Mutawae, CEO of Ewaan Global Residential Company, developers of the Alfareeda residential project said, “We are especially pleased that the Saudi British Bank has agreed to make home financing available for Alfareeda customers, which reflects SABB’s confidence in the project as a wise long term investment in a real estate property in the upcoming district of New Jeddah to the north of the city”………………………………………..Full Article: Source

Home to Mecca brings you Muslim Mortgage law

Posted on 04 July 2012 by Laxman  |  Email|Print

The kingdom of Saudi Arabia has always been a little unusual when it comes to Islamic finance and banking. Banks that were otherwise quite conventional, and which both paid and received interest, were proclaimed to be Islamic because ‘all banks in the kingdom are Islamic’.
Since the KSA plays such an important place in Islam, being home to Mecca and other holy sites, it was felt that it would give off the wrong message if any banks were seen to be conventional………………………………………..Full Article: Source

SriLankan gets $175mln from Gulf banks

Posted on 02 July 2012 by Laxman  |  Email|Print

SriLankan Airlines signed a $175 million sharia-compliant loan, a statement from one of the arranging banks said on Sunday, the first time the carrier has borrowed from the international syndicated loan market.
The state-owned airline completed the four-year facility with Abu Dhabi Islamic Bank, Abu Dhabi’s Al Hilal Bank, Mashreq Bank, Dubai’s Noor Islamic Bank and United Bank Limited, a statement from Mashreq’s Islamic arm said………………………………………..Full Article: Source

UAE banks arrange $175 mln Islamic financing for Sri Lankan Airlines

Posted on 02 July 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank, Al Hilal Bank, Mashreq, Noor Islamic Bank and United Bank Limited have played a key role in arranging an Islamic structured facility for state-owned carrier Sri Lankan Airlines.
Abu Dhabi Islamic Bank, Al Hilal Bank, Mashreq’s Islamic Banking Division, Mashreq Al Islami, Noor Islamic Bank and United Bank Limited arranged the facility as Mandated Lead Arrangers and Bookrunners The facility structure is Shari’ah-compliant and was subscribed in US dollars and AED………………………………………..Full Article: Source

UK real estate is becoming a major asset class for Islamic finance

Posted on 29 June 2012 by Laxman  |  Email|Print

The inauguration of The Shard of Glass skyscraper in London has put UK real estate firmly in the spotlight as an increasingly important asset class for Islamic finance.
Perched 310 meters above the London cityscape, making it the tallest building in the European Union, the Shard has already become an iconic landmark globally. It is also a strong symbol of the rise of Islamic finance, as the project was 95% funded by the Qatar National Bank in a Shariah-compliant transaction………………………………………..Full Article: Source

Emirates Islamic Bank extends home finance to property owners in Manazil Towers in Sharjah

Posted on 28 June 2012 by Laxman  |  Email|Print

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced today that it will provide housing finance to UAE and GCC nationals buying property in Manazil Towers in Sharjah.
The announcement follows a MoU signed with the developer, Manazil Real Estate, to finance end users for its five completed towers (Manazil Tower 1, 2, 3, 4 and 5) in Sharjah. (Press Release)

Enoc secures $100mln financing

Posted on 20 June 2012 by Laxman  |  Email|Print

Horizon Terminals Ltd (HTL), the wholly-owned subsidiary of Emirates National Oil Company (Enoc) focused on terminalling operations, has signed a 10-year Islamic term financing facility of $100 million with Standard Chartered Bank, Emirates NBD and Noor Islamic Bank.
The term partly finances the construction of a second 60 km jet fuel pipeline from the new bulk liquid petroleum terminal in the Jebel Ali Free Zone to the Dubai International Airport, and its associated storage tank farm with 141,000 cubic metres of capacity. The transaction has a dual tranche of USD and AED………………………………………..Full Article: Source

Flydubai and Islamic finance sign deal

Posted on 19 June 2012 by Laxman  |  Email|Print

Flydubai, Dubai’s innovative low-cost carrier, has signed a joint partnership with leading Shariah-compliant financial services group, Islamic Finance Company (Aafaq), further expanding its network of payment options across the UAE.
The collaboration will see both companies enhance business opportunities to new audiences, while providing flydubai’s passengers with an additional window at which they can pay for flight bookings, according to a Press statement on Monday………………………………………..Full Article: Source

IDB support to develop infrastructure, agri sought

Posted on 05 June 2012 by Laxman  |  Email|Print

Participants in a consultative workshop Monday sought increased support and cooperation from the Jeddah-based Islamic Development Bank (IDB) in areas of infrastructure, agriculture and rural uplift, human resource development and also in having access to various modes of Islamic financial products and services for boosting private sector investment in Bangladesh.
They made strong pleas for extension of IDB’s support for reclamation of coastal land, rehabilitation of age-old power generation units, expansion of new capacity in power sector,……………………………………….Full Article: Source

GIS strikes Islamic finance deal to fund expansion

Posted on 05 June 2012 by Laxman  |  Email|Print

Gulf International Services (GIS) has entered into an Islamic finance agreement with four entities for $170mn (QR619mn) to part fund its expansion drive.
The funds would be partly used for completing the acquisition of Amwaj Catering Company (from Qatar Petroleum) and partly partake in another subsidiary Gulf Drilling International’s capital increase, said a GIS spokesman in a communiqué to the Qatar Exchange………………………………………..Full Article: Source

ADB’s first shariah-compliant project financing explained

Posted on 01 June 2012 by Laxman  |  Email|Print

The Asian Development Bank (ADB) has participated in its first shariah-compliant project financing for two wind farms in Sindh province, Pakistan. But the use of Islamic financial instruments was not ADB’s first option.
Though ADB has previously provided conventional debt alongside Islamic finance, this is the first time that all aspects have been shariah-compliant………………………………………..Full Article: Source

Zain Saudi said to hire four banks for $2.5 bln 5-year loan

Posted on 01 June 2012 by Laxman  |  Email|Print

Mobile Telecommunications Co. of Saudi Arabia, known as Zain Saudi, hired four banks for a five- year $2.5 billion loan to refinance its Islamic facility that matures in July, according to two bankers familiar with the matter.
The company, 25 percent-owned by Mobile Telecommunications Co. of Kuwait, mandated Al Rajhi Bank (RJHI), Banque Saudi Fransi (BSFR), Arab National Bank (ARNB) and Standard Chartered Plc (STAN) for the loan, the bankers said, who declined to be identified because the talks are private………………………………………..Full Article: Source

IDB, ADB agree to fund wind power projects

Posted on 24 May 2012 by Laxman  |  Email|Print

The Islamic Development Bank and the Asian Development Bank has agreed to a $133 million financing plan to develop two wind projects in Pakistan as the nation seeks new renewable sources to overcome power shortages.
Fauji Foundation, set up as a charitable trust for former servicemen, and the nation’s Tapal Group are backing the projects totaling 100 megawatts, according to a statement by the Islamic Development Bank………………………………………..Full Article: Source

Islamic, Asian banks agree to funding for Pakistan wind power

Posted on 23 May 2012 by Laxman  |  Email|Print

The Islamic Development Bank and the Asian Development Bank agreed to a $133 million financing plan to develop two wind projects in Pakistan as the nation seeks new renewable sources to overcome power shortages.
Pakistan’s Fauji Foundation, set up as a charitable trust for former servicemen, and the nation’s Tapal Group are backing the projects totaling 100 megawatts, according to a statement on the Islamic Development Bank website………………………………………..Full Article: Source

Barwa Bank invests in Brazil WTC

Posted on 22 May 2012 by Laxman  |  Email|Print

TFI-Hines Brazil Income Real Estate Fund, a joint initiative of Barwa Bank subsidiary, The First Investor (TFI), and the US-based Hines International Real Estate Holdings, has announced its first seed acquisition by investing in the iconic World Trade Centre complex in Sao Paulo, Brazil.
Launched in March this year, the TFI-Hines Brazil Income Real Estate Fund is the first Shariah-compliant closed-end income generating fund in Brazil, offering investors substantial risk-adjusted returns through high quality, proprietary real estate investment opportunities………………………………………..Full Article: Source

100 investment projects presented at Kazan OIC-RF forum

Posted on 22 May 2012 by Laxman  |  Email|Print

As many as 100 investment projects worth 300 billion roubles, have been presented at the 4th International Summit that opened in Kazan on Thursday.
The forum, focusing on “economic cooperation between Russia and the countries of the Organisation of Islamic Cooperation (OIC)” was organised by the government of Tatarstan, the Islamic Business & Finance Development Foundation (IBFD) with the support of the Federation Council of Russia, chairman of the organising committee, head of the Investment Promotion Agency of Tatarstan Linar Yakupov told Itar-Tass………………………………………..Full Article: Source

IDB, ADB ink $133mln accord for wind power projects in Sindh

Posted on 21 May 2012 by Laxman  |  Email|Print

Jeddah-based Islamic Development Bank (IDB) in partnership with Asian Development Bank (ADB) has signed a $133 million agreement for long-term lease finance (Ijara) facility for the development of two wind power projects in Sindh province.
A consortium of financial institutions comprising National Bank of Pakistan, Faysal Bank, United Bank Limited, Allied Bank and Meezan Bank are also participating in the transaction. Under an innovative risk participation structure between IDB and ADB, the project companies were able to raise 100 percent Islamic financing for these important infrastructure projects………………………………………..Full Article: Source

Mashreq, Al Hilal close theme park financing

Posted on 21 May 2012 by Laxman  |  Email|Print

Top financial institutions, Al Hilal Bank and Mashreq, acting as the mandated lead arrangers (MLAs) have closed a club facility, structured on Shari’ah principles to finance the construction of a theme park in Dubai.
The project is developed by the Ilyas and Mustafa Galadari Group (IMG), wholly owned by Ilyas Galadari and Mustafa Galadari, which is developing City of Arabia. Mashreq also acted as the documentation bank and is the investment agent for the transaction………………………………………..Full Article: Source

Tasnee gets $1.36 bln Islamic loan for new factories

Posted on 09 May 2012 by Laxman  |  Email|Print

National Industrialization Co (Tasnee) and Sahara Petrochemical Co have agreed a 5.09 billion riyal ($1.36 billion) loan with nine local banks to fund development of three new factories.
The 16-year syndicated loan will finance investment in a new complex producing acrylic acid derivatives, the Saudi Arabian petrochemical producers said on Tuesday………………………………………..Full Article: Source

Saudi - UK GBP 100 mln Fund closes with first Real Estate transaction

Posted on 03 May 2012 by Laxman  |  Email|Print

Sidra Capital (Sidra), a CMA regulated Shariah compliant financial services company based in Saudi Arabia and Gatehouse Bank (Gatehouse), an FSA regulated UK-based Shariah compliant bank specialising in UK real estate, have announced the first closing of The Sterling United Kingdom Real Estate Fund (SURF) and their first property acquisition in Cambridge, UK at GBP23.55m.
SURF aims to complete purchases in the Shariah compliant commercial real estate in the UK. The Fund will acquire a diverse real estate portfolio which covers the office, retail, logistics, student accommodation and light industrial sectors, to reach its target equity size of GBP 100 million. (Press Release)

Qatar Islamic Bank signs financing deal with Middle East Dredging

Posted on 24 April 2012 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB), one of the largest Islamic banks in Qatar and one of the top-five Shari’a-compliant banks in the world, has announced the signing of a deal with the Middle East Dredging Company (Medco) to finance the company’s requirements to undertake access channel dredging work at the New Port Project.
Earlier this month, the steering committee for the New Port Project awarded a key dredging contract to Medco and that company approached QIB for the financing necessary to purchase the machinery, equipment, labour and other necessary works needed to execute the contract………………………………………..Full Article: Source

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