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

Middle Easter buyers increasing in Malaysia, research suggests

Posted on 13 October 2011 by Laxman  |  Email|Print

Economic uncertainty and the availability of Islamic finance is driving Middle Eastern real estate investors to look East to markets such as Malaysia, it is claimed.
Middle Eastern investment into Malaysian real estate projects has risen 11.4% in the third quarter of 2011 compared with the same period in 2010, according to figures from IP Global, , a property investment company which specialises in emerging and recovering markets. Malaysia’s well regulated real estate market has grown 5.3% and Kuala Lumpur is the country’s hotspot with a property house index growth of 11.4% year on year, it says in its latest report……………………………………….Full Article: Source

Islamic Development Bank’s envoy to visit Kabul for finalizing projects

Posted on 12 October 2011 by Laxman  |  Email|Print

Dr. Ahmad Mohammad Ali Al-Madani, Governor of Islamic Development Bank in a joint news conference with Afghan Minister of Finance yesterday stated that the bank’s envoy is to visit Kabul soon for finalizing projects launched through the bank in Afghanistan.
Dr. Ahmad Mohammad Ali Al-Madani, Governor of Islamic Development Bank in a joint news conference with Afghan Minister of Finance yesterday stated that the bank’s envoy is to visit Kabul soon for finalizing projects launched through the bank in Afghanistan……………………………………….Full Article: Source

Development of mortgage finance key to growth of housing

Posted on 12 October 2011 by Laxman  |  Email|Print

R Lakshmanan, Chief Executive Officer of Bahrain-based Sakana Holistic Housing Solutions the Islamic mortgage finance provider was one of the panel speakers about “developing an advanced mortgage finance market to drive growth” at the recently held Cityscape Global Focus Forums held in Dubai, UAE.
Mr. Lakshmanan said that mortgage finance industry has grown significantly over the last decade in the region with the advent of freehold property. This has resulted in establishment of numerous dedicated mortgage finance companies and introduction of mortgage product offerings by retail banks. Prior to freehold, mortgages were primarily provided by Government Housing Finance institutions to its nationals. (Press Release)

IDB funds 20 Gambia projects

Posted on 10 October 2011 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) is to finance 20 projects in various sectors of Gambian economy, to the tune of about $470 million.
IDB’s West Africa Division Country Operations Department Manager, Musa Sillah said after a meeting with Gambia’s Vice-President, Isatou Njie-Saidy. Sillah is on a working visit to the West African country in a bid to further the cooperation agreement between IDB and the Gambia……………………………………….Full Article: Source

Grosvenor links up with Islamic bank in US real estate drive

Posted on 05 October 2011 by Laxman  |  Email|Print

The fund management arm of the Duke of Westminster’s property company, Grosvenor, has formed an investment partnership with one of the world’s leading Islamic finance banks.
Grosvenor Fund Management, a fund manager with £3.9bn of funds under management, and Kuwait Finance House will together invest £380m in US healthcare-related real estate. It is the second partnership deal of its kind between the two companies……………………………………….Full Article: Source

Al Arkan Sukuk surges as profit falls

Posted on 04 October 2011 by Laxman  |  Email|Print

Real Estate Development Company’s Islamic bond yields surged to a record last week on investor concern. Saudi Arabia’s biggest property company by assets may struggle to pay its debt amid a slump in profits.
The yield on the 10.75 per cent sukuk due February 2015 gained 96 basis points, or 0.96 of a percentage point, last week to 14.45 per cent on Friday, Bloomberg prices show. “The market is speculating about Dar Al Arkan’s capacity to repay its debts,” Jitendra Garg, a Riyadh-based financial analyst………………………………………Full Article: Source

Nigeria: ‘Islamic banking to facilitate real sector devt’

Posted on 03 October 2011 by Laxman  |  Email|Print

The Special Adviser to the Governor of the Central Bank of Nigeria (CBN), Dr. Bashir Umar, has said that the proposed introduction of Islamic banking in the country would stimulate the growth of the real sector in the country.
Umar said this while presenting a speech titled: “Overview of Conceptual Issues of Non-Interest Banking in Ngeria,” at the 16th CBN annual seminar for journalist in Yola……………………………………….Full Article: Source

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Emaar seeks $800 mln loan backed by Dubai Mall

Posted on 30 September 2011 by Laxman  |  Email|Print

Dubai’s Emaar Properties , builder of the world’s tallest tower, is using four of its shopping malls including the Dubai Mall as collateral for an $800 million two-tranche loan, banking sources said on Thursday.
The facility, which consists of a five-year tranche and an eight-year amortising loan, is being arranged by Dubai Islamic Bank , National Bank of Abu Dhabi and Standard Chartered , four sources told Reuters. ………………………………………Full Article: Source

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Islamic property deals buck the trend in UK investment gloom

Posted on 26 September 2011 by Laxman  |  Email|Print

With stock markets the world over recording huge losses over the last week and the volatility in the markets set to continue due to the euro zone sovereign debt crisis, concerns over the down grading of the US credit rating and the weak US and EU growth figures, investors are pondering which asset class to seek refuge in.
Do they place safe by moving their funds into cash or commodities such as gold, or do they stay put in bonds and equities, or go for investments in “bricks and mortar” property investments?………………………………………Full Article: Source

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Malaysia’s KLCC Property to issue Islamic notes

Posted on 16 September 2011 by Laxman  |  Email|Print

Malaysia’s KLCC Property Holdings Bhd said on Thursday that 2 of its units will issue an 880 million ringgit ($285.9 million) Islamic medium-term notes programme.

KLCC said proceeds raised from the sukuk programme will be used by one of its units, Midciti Resources Sdn Bhd to purchase and cancel its existing debt securities which were utilised for Shariah-compliant purposes……………………………………….Full Article: Source

Holy land status leads to $68mln Dubai dispute involving Nakheel

Posted on 02 September 2011 by Laxman  |  Email|Print

Land designated for a mosque is at the centre of a US$68 million (Dh249.7m) dispute between a hotel developer and Nakheel, the Dubai property giant.Greenfield Trading paid Dh200m in June 2008 for a plot in Dubai Waterfront, the Nakheel development that would create a new business and resort district.

Greenfield planned to build a mixed use hotel and resort on the site. But two months after Greenfield bought the property, Nakheel disclosed that part of the parcel was classified as holy land and had served as a site for a mosque for 30 years, Greenfield alleges in a claim filed with the Dubai World Tribunal……………………………………….Full Article: Source

ICRC boss seeks Islamic finance guideline for N32trln infrastructure

Posted on 29 August 2011 by Laxman  |  Email|Print

Following the successful use of Islamic finance to fund infrastructure globally, Director General of the Infrastructure Concession Regulatory Commission, Mansur Ahmed, is seeking a regulatory framework to help bridge Nigeria’s N32 trillion infrastructure deficit.
Approval by the Central Bank of Nigeria (CBN) for the operation of the first Islamic bank in Nigeria, has been trailed by vehement opposition to the banking policy, which President of the Christian Association of Nigeria (CAN), Ayo Oristajafor, believes, is an attempt to Islamize the country in contravention of the constitution……………………………………….Full Article: Source

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Developers keep bonds on hold in deflated market

Posted on 26 August 2011 by Laxman  |  Email|Print

The UAE’s developers and contractors may struggle to tap the bond market until a glut of homes that’s weighing on prices is sold off.
Arabtec Holding, the country’s biggest construction company, mall-developer Majid Al Futtaim Group and Abu Dhabi’s Tourism Development and Investment Co. were forced to delay plans to issue bonds……………………………………….Full Article: Source

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Happy days—Is the storm finally over for Nakheel?

Posted on 26 August 2011 by Laxman  |  Email|Print

With the announcement of Dh4.8 billion sukuk and the promise of a gazillion units across Dubai, things are finally looking up for Nakheel.
“It has been a tough 18 months — a period in which we have managed to successfully restructure our debts and the company” were the cherished words to leave Nakheel chairman Ali Rashid Lootah’s mouth late last week, when the company announced a Dh4.8 billion sukuk to its trade creditors to be listed on Nasdaq Dubai……………………………………….Full Article: Source

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Islamic Bank loans Senegal $95 mln for power unit

Posted on 10 August 2011 by Laxman  |  Email|Print

The Islamic Development Bank has agreed on a 67 million euro ($95 million) loan to Senegal to help finance the purchase of a power generator to fight chronic shortages, an official said on Tuesday.
“The loan will help Senegal acquire a new power unit of 70 megawatts,” said Amadou Lamine Sy, senior official at the country’s international cooperation ministry……………………………………….Full Article: Source

Al-Hadharah REIT net profit up 50pct in Q2

Posted on 10 August 2011 by Laxman  |  Email|Print

Al-Hadharah Boustead REIT’s net profit increased 50 per cent to RM24 million in the second quarter ended June 30, 2011 from the RM16 million achieved in the same quarter last year.
The Islamic plantation-based real estate investment trusts’ (REIT) pre-tax profit rose to RM23.9 million from RM15.9 million, while revenue was higher at RM27.7 million compared to RM18.1 million previously. ………………………………………Full Article: Source

Foreign investors willing to invest in Islamic gas pipeline

Posted on 05 August 2011 by Laxman  |  Email|Print

Managing Director of the National Iranian Gas Company (NIGC) Javad Oji said on Thursday seven foreign investors have voiced the willingness to make investment in ‘Islamic gas pipeline.’
Oji underlined that the negotiations are underway with the foreign investors for construction of ‘Islamic gas pipeline’ which transfer 110 million cubic meters of natural gas from Iran to Syria and Iraq per day……………………………………….Full Article: Source

The nitty gritty of supporting Islamic finance, from MIGA

Posted on 03 August 2011 by Laxman  |  Email|Print

MIGA recently closed its second transaction supporting a project with an Islamic financing structure—the first was for a port project in Djibouti back in 2007.
For this new project, MIGA provided political risk insurance to two financial institutions, Deutsche Bank Luxembourg and Saudi British Bank, for their $450 million financing to the Indonesia telecoms company PT Natrindon Telepon Selular, or NTS.The company is majority-owned by Saudi Telecom, and the deal formed part of an overall $1.2 billion financing to help NTS greatly expand its GSM network in Indonesia……………………………………….Full Article: Source

Developers of Islamic center try a new strategy

Posted on 03 August 2011 by Laxman  |  Email|Print

A year after controversy engulfed plans to build a Muslim community center and mosque in Lower Manhattan, the project’s developers are quietly moving ahead: In recent months they have hired a paid staff, started fund-raising drives and continued holding prayers and cultural events in their existing building two blocks from ground zero.
But they have also embraced what they call a slower, more deliberate and more realistic approach to the project, acknowledging it will take years of hard work to determine what kind of facilities Muslim and non-Muslim visitors want and need, to raise money, and to build public support……………………………………….Full Article: Source

Project Sukuk beckons infrastructure market

Posted on 01 August 2011 by Laxman  |  Email|Print

Sukuk and infrastructure should be a natural fit. While the sukuk market has flourished over the last four years, these have concentrated more on raising finance for balance sheet purposes; refinancing existing more expensive debt including very often conventional finance debt; overcoming the mismatch between short-term deposits and longer term liabilities by raising longer term financing; and providing working capital and funds for expansion.………………………………………Full Article: Source

IIROSA to build 29-floor hotel tower in Makkah

Posted on 01 August 2011 by Laxman  |  Email|Print

The International Islamic Relief Organization-Saudi Arabia (IIROSA) Sunday signed a contract with National Construction Company to build a residential hotel tower at Ajyad area in Makkah to use its returns to finance its social programs sponsoring the orphans inside the Kingdom and abroad.
Speaking to the media after signing the contract, Dr. Adnan Bin Khalil Basha, Secretary General of the IIROSA, said the tower will further enhance the ability of the organization to finance its various projects and programs in favor of the poor, needy and distressed people in the world……………………………………….Full Article: Source

‘Islamic pipeline’ seeks Euro gas markets

Posted on 26 July 2011 by Laxman  |  Email|Print

Iran, Iraq and Syria say they’re set to sign an official contract to construct a natural gas pipeline connecting Iran’s South Pars field to European customers.
Iran’s state-run Press TV announced that a deal between Iran’s interim Oil Minister Mohammad Aliabadi and his Iraqi and Syrian counterparts — the biggest of its in the kind in the Middle East — would be signed at Asalouyeh, Iran……………………………………….Full Article: Source

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Taxing property is “haram” in Islam, claims Salaf NGO

Posted on 26 July 2011 by Laxman  |  Email|Print

Religious NGO Jamiyyathul Salaf has claimed that imposing taxes on a Muslim’s property without his or her consent is haram (forbidden) in Islam.
“Without doubt, using a person’s property or profiting from the property without the consent of the owner is haram in Islam,” the NGO said today in a press release. “Only the compulsory Zakat (alms for the poor) portion can be taxed from a Muslim’s property.”………………………………………Full Article: Source

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Shariah finance: Student accommodation in the West emerges as attractive asset class

Posted on 25 July 2011 by Laxman  |  Email|Print

Fahed BoodaiStudent accommodation as a commercial property asset class is making a comeback in Shariah-compliant financing whether through individual transactions or through a dedicated property fund.
While student accommodation is big business in conventional real estate financing and private equity deals especially in the major metropolitan university towns and cities, it has been markedly limited in the Islamic finance space despite the fact that its is an ideal asset class to finance or even bundle for securitization……………………………………….Full Article: Source

Britain’s “Islamic Emirates project”

Posted on 22 July 2011 by Laxman  |  Email|Print

A Muslim group in the United Kingdom has launched a campaign to turn twelve British cities – including what it calls “Londonistan” – into independent Islamic states. The so-called Islamic Emirates would function as autonomous enclaves ruled by Islamic Sharia law and operate entirely outside British jurisprudence.
The Islamic Emirates Project, launched by the Muslims Against the Crusades group, names the British cities of Birmingham, Bradford, Derby, Dewsbury, Leeds, Leicester, Liverpool, Luton, Manchester, Sheffield, as well as Waltham Forest in northeast London and Tower Hamlets in East London as territories to be targeted for blanket Sharia rule……………………………………….Full Article: Source

Tamkeen and BSB to provide Shariah-compliant financing for private sector projects

Posted on 18 July 2011 by Laxman  |  Email|Print

A Shari’ah-compliant agreement was signed between Tamkeen and the Bahraini Saudi Bank (BSB) by which the bank will provide Shari’ah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed Abdul Hameed Al-Shaikh, Tamkeen’s VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB’s Chairman of BSB. BSB is a subsidiary of Al-Salam-Bahrain Bank……………………………………….Full Article: Source

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Nigeria: Infrastructure - ICRC seeks framework for Islamic bonds

Posted on 14 July 2011 by Laxman  |  Email|Print

Citing the success stories of Islamic finance in infrastructure development the world over, the Director General of the Infrastructure Concession Regulatory Commission, Engineer Mansur Ahmed has called for a regulatory framework that could facilitate such successes in Nigeria.
“The critical imperatives for the successful issuance of Islamic bonds (otherwise known as Sukuk) in Nigeria will include the right regulatory and taxation framework, transparent transaction structure, credit rating, marketing, risk and mitigation measures, appropriate technical capacity and guarantees,” he said……………………………………….Full Article: Source

Islamic finance: Saudi Telecom’s Axis scores record deal

Posted on 12 July 2011 by Laxman  |  Email|Print

Indonesia’s Axis completes $1.2 billion deal -One of the biggest and most complex Islamic financing was completed last month after nearly two years’ work.
The Indonesian subsidiary of Saudi Telecom raised $1.2 billion through a triple-tranche transaction that involved China’s development bank, Sweden’s export credit agency and the World Bank. The financing required a Shariah-compliant structure that included a political risk guarantee and risk management solutions to mitigate currency and interest-rate risks……………………………………….Full Article: Source

Islamic finance eyes Thai infrastructure funding

Posted on 01 July 2011 by Laxman  |  Email|Print

The Islamic finance industry is interested in tapping Middle Eastern oil money to help fund Thai infrastructure projects, which could help it gain a foothold in a market with only a small Muslim population, bankers said.
The fledgling Islamic finance industry was propelled into the global spotlight in the aftermath of the financial crisis as it was seen as a more ethical, less leveraged way of banking……………………………………….Full Article: Source

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IDB approves $716.7mln funding for new projects

Posted on 29 June 2011 by Laxman  |  Email|Print

The board of directors of the Islamic Development Bank (IDB) Group has approved new finances worth $716.7 million for new development projects in member countries. The board met here Tuesday on the sidelines of the IDB annual conference.
IDB President Ahmed Mohamed Ali said the meeting approved two projects worth $198 million in Bangladesh, a $191 million water project in Bahrain, a $95 million electricity project in Senegal and a $66 million electricity project in Syria……………………………………….Full Article: Source

Turkmenistan to borrow $240 mln for water, rail link

Posted on 28 June 2011 by Laxman  |  Email|Print

Turkmenistan plans to borrow more than $240 million on favourable terms from the Islamic Development Bank and the Asian Development Bank for railway and water-supply projects, a government source said on Monday.
“The loans will be used to develop the Turkmen part of a rail link to Iran and for providing water to Balkan province in the west of Turkmenistan,” the source told Reuters………………………………………..Full Article: Source

IDB to help finance Egypt projects for $2.5 bln

Posted on 16 June 2011 by Laxman  |  Email|Print

Jeddah-based Islamic Development Bank is setting aside $2.5 billion for development projects in Egypt over the next three years to support its economy after the ouster of its leader, the bank said on Wednesday.
“To assure the role of the banking group in supporting the development efforts in Egypt, the group decided to offer $2.5 billion in financing over the next three years, that will be intended to finance development projects,” the bank said in a statement……………………………………….Full Article: Source

$10trn needed to fund global energy projects

Posted on 16 June 2011 by Laxman  |  Email|Print

Project finance will have to raise around $10 trillion between now and 2030 to fund energy and infrastructure globally, said a finance expert at a bankers’ meeting in Bahrain. Some $7.2 trillion will be needed for energy projects along with a further $2.8 trillion for infrastructure projects, Charles Russell international finance partner Nicholas Polley said.
He said that Islamic finance could play an important role in this with funding for a project or asset that had to be constructed using a Sharia-compliant Istisna vehicle. For a project that has already been completed, a Ijara leasing structure arrangement should be used……………………………………….Full Article: Source

Gulf Finance House to push ahead with Mumbai Economic Development Zone

Posted on 15 June 2011 by Laxman  |  Email|Print

Gulf Finance House BSC (GFH or the Bank), the Bahrain-based Islamic investment bank, said it has signed a partnership aagreement with Wadhwa Group, an eminent real estate developer in India to develop core infrastructure of the Bank’s Energy City Navi Mumbai (ECNM) and Mumbai IT and Telecom City (MITTIC) projects (together termed as the Mumbai Economic Development Zone), and also secure a successful exit for investors.

Following the infrastructure development GFH and Wadhwa will together develop integrated homes, affordable housing, hotels and malls on the two sites, which hold a strategic location on the outskirts of Mumbai……………………………………….Full Article: Source

Oman’s realty sector set to benefit from Islamic banking

Posted on 14 June 2011 by Laxman  |  Email|Print

Leading property management and consultancy firm Hamptons International has welcomed the government’s decision to allow the introduction of Shariah-compliant Islamic financial services in the domestic banking system — a move it says promises to impart a much-needed fillip to the real estate sector.
The recent Royal Directive authorising the offering of Islamic banking services — for the first time in Oman — has the potential to jumpstart a recovery of the once-vibrant property market, according to the reputable realty management firm……………………………………….Full Article: Source

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Realty sector to benefit from Islamic banking

Posted on 13 June 2011 by Laxman  |  Email|Print

Leading property management and consultancy firm Hamptons International has enthusiastically welcomed the government’s decision to allow the introduction of Shariah-compliant Islamic financial services in the domestic banking system - a move it says promises to impart a much-needed fillip to the real estate sector.

The recent Royal Directive authorising the offering of Islamic banking services - for the first time in Oman - has the potential to jumpstart a recovery of the once-vibrant property market, according to the reputable realty management firm………………………………………Full Article: Source

$ 5 bln railway plan to transform Jordan into a regional trade hub

Posted on 07 June 2011 by Laxman  |  Email|Print

A $5bn railway plan to transform Jordan into a centre for regional trade and commerce received a major boost recently when the Islamic Development Bank (IDB) announced that it is in talks with global financial institutions to fund the mega-project.
The IDB said on May 27 that it was working with the World Bank and the European Investment Bank on the deal………………………………………..Full Article: Source

Islamic bank co-finances GenSan water district

Posted on 07 June 2011 by Laxman  |  Email|Print

Al Amanah Islamic Investment Bank of the Philippines (Amanah Islamic Bank) is co-financing an P80-million term loan for the General Santos City Water District.
The Development Bank of the Philippines (DBP) is the co-financier of the project that plans to provide potable and affordable water supply in the progressive city. DBP is the majority stakeholder of Amanah Islamic Bank………………………………………..Full Article: Source

Islamic trusts could revive Gulf property market

Posted on 03 June 2011 by Laxman  |  Email|Print

Jordanian Ashraf Hamdan began investing in Dubai’s real estate market in 2006, with a few modest rental investment forays before turning his sights on flashier projects as a wave of luxury developments hit the market.
The real estate bust in 2008 left investors like Hamdan with half-finished projects sitting in the desert sun and losses that were unlikely to be recouped……………………………………….Full Article: Source

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IDB funds drive for $5bln Jordan rail project

Posted on 31 May 2011 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) said Monday that it was negotiating with a number of regional and international finance institutions including the World Bank, the European Investment Bank to mobilize funds for Jordan’s $5 billion mega railway project.
The railway, which is expected to change the region’s transportation pattern and boost trade between IDB member countries, will link Jordan with Syria, Turkey, Iran, Iraq, Lebanon, Saudi Arabia and other GCC countries as well as the European rail network……………………………………….Full Article: Source

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Bangladesh Govt, IDB sign $140mln loan deal on Padma Bridge

Posted on 25 May 2011 by Laxman  |  Email|Print

The government Tuesday signed a US$140 million loan agreement with the Islamic Development Bank (IDB) to finance the Padma Multipurpose Bridge Project. Finance Minister A M A Muhith and visiting IDB President Dr Ahmad Mohamed Ali signed the deal at the Ministry of Finance (MoF).
The length of the proposed Padma Bridge is 6.15 kilometres, and its total estimated cost is US$ 2.9 billion. After construction, the bridge would connect the country’s 19 south-western districts with the capital……………………………………….Full Article: Source

US$140mln loan deal with IDB

Posted on 24 May 2011 by Laxman  |  Email|Print

After the World Bank and Japan, the government will enter another loan agreement of $140 million with the Islamic Development Bank (IDB) today to finance the Padma Multipurpose Bridge Project.
The agreement will be signed at the finance ministry around 9:30am in presence of Finance Minister AMA Muhith and visiting IDB President Dr Ahmad Mohamed Ali, who arrived here yesterday. The two sides will sign another $14.84m deal to implement a water supply and sanitation project in cyclone-prone coastal areas……………………………………….Full Article: Source

BLME launches first Islamic fund to invest in sustainable property

Posted on 23 May 2011 by Laxman  |  Email|Print

Bank of London and The Middle East (BLME) has launched its Light Industrial Building Fund (LIBF), a Shari’ah-compliant UK real estate fund which invests in sustainable property assets.
The LIBF, which targets institutional investors, invests in carefully selected light industrial buildings across the UK. The target cash on cash yield is eight per cent to 10 per cent per annum, with quarterly cash dividends paid to investors. Target IRR (Internal Rate of Return) is 15 per cent for the five-year duration of this closed-ended fund……………………………………….Full Article: Source

Emaar profit seen hit by Dubai Bank write-off

Posted on 20 May 2011 by Laxman  |  Email|Print

Emaar Properties said it will write off its investment in Dubai Bank, valued at about 172 million dirhams ($46.8 million), a move expected to further erode the company’s profits in the short-term, analysts said.
The decision comes after the Dubai government announced on Monday that it would take over the troubled Islamic lender, thereby completely diluting the holdings of Dubai Bank’s current shareholders……………………………………….Full Article: Source

Shariah compliant property purchases allow Gulf investors to buy into Britain

Posted on 13 May 2011 by Laxman  |  Email|Print

Gatehouse Bank plc, the City of London-based wholesale investment bank, has acquired a 541,962 sq ft core manufacturing and logistics facility in Glasgow, Scotland which is let to Rolls Royce plc. The deal was worth £52.7m and was completed using a Shari’ah compliant structure.
The site was bought in a corporate purchase from a fund managed by Evans Randall, the privately held UK investment banking and private equity group. The sellers were advised by Davenport Lyons. Financing for the transaction was provided by Helaba, who were advised by Taylor Wessing………………………………………Full Article: Source

Gulf firms plan Shariah-compliant REIT debuts

Posted on 05 May 2011 by Laxman  |  Email|Print

Arabian Gulf companies are planning their first Shariah-compliant real-estate investment trusts, after shares in Singapore’s debut offering recovered from the lowest level since it was started in November.
The city-state’s Sabana Shariah Compliant Industrial REIT has advanced 2.2% to 94 Singapore cents since the shares reached a low of 92 cents on March 31……………………………………….Full Article: Source

Madayen starts fund to build 35 Islamic hotels, Al Bayan says

Posted on 04 May 2011 by Laxman  |  Email|Print

Madayen Holding started a fund to invest in building 35 Islamic hotels in the next three years, Al Bayan reported, citing chairman Omer Al Thahiri.

The Abu Dhabi-based company will build 70 percent of those hotels in Saudi Arabia and the rest in the United Arab Emirates. Madayen plans to expand its two, three and four star hotels into Turkey and Malaysia, the newspaper said……………………………………….Full Article: Source

Mazaya to raise Marina Mall funds through equities, sukuk

Posted on 15 April 2011 by Laxman  |  Email|Print

Mazaya Qatar is planning to raise funds through equities and sukuk for its QR1bn Marina Mall project.
However, the QR1bn capital-based company, in which Qatar Foundation holds a 21.19% stake, is planning to finance in-house its other two projects – Housing Complex for Qatar National Convention Centre and Sidra residential project: all the three belong to Qatar Foundation………………………………………Full Article: Source

Dubai’s first REIT may list in Emirate within a year, DIFC says

Posted on 11 April 2011 by Laxman  |  Email|Print

Emirates REIT, Dubai’s first real- estate investment trust established in November 2010, may list on Nasdaq Dubai within a year. Emirates REIT is a joint venture between Dubai Islamic Bank PJSC (DIB) and France’s Eiffel Management, which is based in the DIFC and governed by the Dubai Financial Services Authority.
“That could happen easily within one year,” Marwan Ahmad Lutfi, deputy chief executive officer, told reporters at an Islamic insurance conference in Dubai today……………………………………….Full Article: Source

Indonesia: Financing opportunities

Posted on 06 April 2011 by Laxman  |  Email|Print

The Islamic financial sector in Indonesia is hoping a mix of state-backed infrastructure projects and regulatory reforms will help the country’s sharia-compliant lenders to continue their rapid expansion, allowing the industry to realise its full potential and to come out of the shadows of other regional banking powers.

Indonesia was a relative late-comer to the Islamic finance sector, only ratifying legislation to clear the way for sharia-compliant services a quarter of a century after Malaysia had opened the door to Islamic banking and associated activities……………………………………..Full Article: Source

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