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Islamic Finance Briefing - Category | New Launches more

Oman’s first Mena-focused Islamic fund to be launched next week

Posted on 15 May 2013 by Laxman  |  Email|Print

Al Hilal Mena Fund (AHMF), an open-ended fund based on Mudaraba structure, operating in accordance to the principals of Sharia is set to be launched on May 22, 2013. The initial subscription period will continue up to June 20, 2013.
Al Hilal Mena Fund (AHMF) will be the first Sharia complaint fund to be launched by an Omani bank and ahlibank is the sponsor of the fund, said a bank release. With the launch of Al Hilal Mena Fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles…………………………………..Full Article: Source

Sharjah Islamic Bank launches ‘Zone’ package for companies in Al Hamriya Free Zone

Posted on 15 May 2013 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB), in collaboration with the Al Hamriyah Free Zone Authority-Sharjah, has launched its latest banking programme, the ‘Zone’ package for companies registered in Al Hamriyah Free Zone in Sharjah, to facilitate and further ease banking procedures and transactions for companies and investors while enabling them to access exceptional services.
The new package enables new customers to obtain a book of 50 vouchers that allows registered companies and investors in the Al Hamriya Free Zone to make use of a number of free banking services, including postponed cheque depositing, ‘Cheque collection’, ‘Swift’ transfers, issuance of Watani Prepaid Cards, issuance of banking cheques and two cheque books, among other privileges. (Press Release)

Mauritanian gets new Islamic bank

Posted on 14 May 2013 by Laxman  |  Email|Print

A new financial institution, Mouamalat Assahiha Bank, has been established in Mauritania to operate exclusively according to the Islamic finance code. “The new bank, with a US$20 billion capital, was set by young and successful Mauritanian business people,’ according to a statement from the bank.
The bank will target both individuals and corporate organisations, and base its operations on the highest ethics and standards of the country’s financial industry………………………………………..Full Article: Source

Malaysia: Exim Bank plans non-ringgit sukuk this year

Posted on 10 May 2013 by Laxman  |  Email|Print

Export-Import Bank of Malaysia Bhd (Exim Bank) plans to sell non-ringgit denominated Islamic bonds, or sukuk, in global markets this year to help fund future growth, its managing director Datuk Adissadikin Ali said. He, however, declined to say how much will be issued, except that it will be “significant”.
“We plan to issue the sukuk this year as the timing is right,” he told pressmen after a collaboration signing ceremony between Exim Bank and Indonesia’s PT Senagan Energi. The sale would be Exim Bank’s second foray into the international debt arena after the US$1.5 billion (RM4.5billion) multicurrency medium term note programme (MTN) issued last year…………………………………….Full Article: Source

Asiya Investments launches Islamic trade finance fund

Posted on 10 May 2013 by Laxman  |  Email|Print

Asiya Investments (Asiya), the Asia specialist investment firm, announced on Thursday the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East.
The Fund aims to capture a unique set of opportunities that exist in today’s market. Key among these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East. Annual intra-Asia trade is expected to quadruple from almost $5 trillion to $20 trillion by 2020. Similarly, trade between the GCC and emerging Asia is growing at a rate of 25 percent per year…………………………………….Full Article: Source

Now a Shariah Index for financial inclusion of Indian Muslims

Posted on 10 May 2013 by Laxman  |  Email|Print

Followers of Islam, the second largest faith in the world with an estimated 1.7 billion believers, can now be surer when an Indian firm stands the pre-requisites for observant Muslims. The Shariah index launched by the Bombay Stock Exchange (BSE) is a new measure in town, assuring compliance with the Islamic canonical law.
Besides giving Islamic mega funds a surer handle on Indian markets, the aim of the S&P BSE 500 Shariah Index is financial inclusion of Indian Muslims - around 177 million in number and hitherto wary of stock markets - and attract them to “correct” equities…………………………………….Full Article: Source

Saudi dairy firm Almarai eyes $500 mln sukuk sale - CFO

Posted on 09 May 2013 by Laxman  |  Email|Print

Saudi Arabian dairy producer Almarai Co plans to raise at least $500 million from the sale of a debut international Islamic bond to help to finance ambitious growth plans, a senior executive said on Wednesday. The company, which is the Gulf’s largest dairy firm, has previously sold two Islamic bonds, or sukuk, in local currency, open only to Saudi institutional investors.
“We’re looking at how to get financing internationally. We’re targeting at least $500 million and this should be out in the next 12 months,” Paul Louis Gay, Almarai’s chief financial officer, told reporters………………………………………..Full Article: Source

Saudi’s SABIC says to issue Sukuk for projects

Posted on 08 May 2013 by Laxman  |  Email|Print

Saudi Basic Industries Corp (SABIC), the world’s biggest petrochemicals group, will issue a Sukuk late this year or next year to fund coming projects, a senior company official said on Tuesday.
SABIC has 40 billion riyals ($10.7 billion) worth of projects over the next few years and the company prefers to fund these with sukuk, although “not at any cost”, Chief Financial Officer Mutlaq al-Morished said on the sidelines of a financial conference………………………………………..Full Article: Source

Dubai says looking at alternate plan for debt repayment

Posted on 08 May 2013 by Laxman  |  Email|Print

Dubai may issue another sovereign bond this year and is looking at alternate means to repay its debt if asset sales don’t materialise, a top official said on Tuesday.
“The market is right, the price is right, then why not?” Sheikh Ahmed bin Saeed al-Maktoum, a close advisor and uncle to Dubai’s ruler, said when asked whether the emirate might make a second sovereign debt issue this year………………………………………..Full Article: Source

Asiya Investments launches Islamic fund

Posted on 08 May 2013 by Laxman  |  Email|Print

Asiya Investments, the Asia specialist investment firm, announced today the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East.
The Fund aims to capture a unique set of opportunities that exist in today’s market. Key amongst these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East………………………………………..Full Article: Source

Batu Kawan proposes RM500mln Sukuk programme

Posted on 07 May 2013 by Laxman  |  Email|Print

Batu Kawan Bhd has proposed to raise up to RM500mil from an Islamic medium-term notes Sukuk programme. It said on Monday the Securities Commission had approved the Sukuk programme which would have a tenure of 10 years.
“Proceeds from the Sukuk programme will be utilised by the company to finance its Shariah-compliant investments, general corporate purposes (including operational and capital expenditure requirements) and working capital needs,” it said………………………………………..Full Article: Source

Crescent Wealth launches Shariah-compliant super fund

Posted on 07 May 2013 by Laxman  |  Email|Print

It has developed its own platform for its four investment options and has appointed Corporate Combined Superannuation (CCSL) as trustee. The Shariah-compliant funds - Australian equities, international equities, income fund and Australian infrastructure and property - were previously only available on the Association of Independently Owned Financial Planners Personal Choice Private e-wrap platform, after they were launched late last year.
The company is also in talks with industry super funds to white-label the product as an ultra-ethical investment option. ……………………………………….Full Article: Source

Kuwaiti firm launches Islamic trade finance fund

Posted on 07 May 2013 by Laxman  |  Email|Print

Kuwait-based Asiya Investments has launched an Islamic trade finance fund with $20 million in seed capital, aiming to cater to small Asian manufacturers. Asiya, whose largest shareholder is sovereign wealth fund Kuwait Investment Authority, aims to fill a gap left by Western banks that are scaling back their trade finance business, making credit scarce for small and medium-sized firms.
“We engage those companies that are already banked but whose credit lines are limited - we are complementing their financing,” said Sulaiman Alireza, executive director of Asiya’s investment management arm in Hong Kong………………………………………..Full Article: Source

National Bank sets up an Islamic banking window

Posted on 03 May 2013 by Laxman  |  Email|Print

National Bank of Kenya has launched a new Islamic banking window with plans to launch a fully-fledged subsidiary in future. The window, called ‘National Amanah’ is targeted at retail, SME and corporate clients offering banking products and services in compliance with Islamic Shariah.
NBK Managing Director Munir Ahmed said the launch of ‘National Amanah’ was in line with the bank’s continued focus on re-aligning its business in an increasingly competitive environment………………………………………..Full Article: Source

Garuda issues $630mln worth of Shariah bonds

Posted on 03 May 2013 by Laxman  |  Email|Print

PT Garuda Indonesia’s debut $630-million Islamic loan, which follows sukuk by Emirates Airlines and Malaysian Airline System Bhd., is a test that may pave the way for more Shariah funding, the carrier’s chief executive said.
The state-owned company announced an agreement last week with Kuwait’s Aviation Lease and Finance Company KSCC, which will finance two Boeing 777-300 Extended Range aircraft, CEO Emirsyah Satar said in an April 26 interview from Jakarta. Pricing for the 12-year facility was “competitive” and it will help Garuda gain access to a wider pool of investors, he said, adding that it may consider issuing sukuk in the future………………………………………..Full Article: Source

Tatarstan prepares Sukuk, to discuss Islamic banking with Moscow

Posted on 02 May 2013 by Laxman  |  Email|Print

The Russian republic of Tatarstan is preparing to make Russia’s first issue of Islamic bonds and will discuss ways to facilitate the growth of Islamic finance with authorities in Moscow, Tatarstan’s president said on Wednesday.
“We are getting ready - it all depends on the financial market,” Rustam Minnikhanov, speaking through a translator, said in an interview while on a visit to the United Arab Emirates, where he is seeking investment in Tatarstan………………………………………..Full Article: Source

Bombay Stock Exchange launches broad-based Islamic index

Posted on 02 May 2013 by Laxman  |  Email|Print

The Bombay Stock Exchange (BSE) has launched an Islamic equity index based on the wide-measure S&P BSE 500 index, providing a new benchmark for Islamic investors in one of the world’s largest stock exchanges.
The new index comprises the largest 500 companies in the BSE, out of more than 5,000 listed, which fit Islamic finance principles such as bans on investing in alcohol, tobacco and gambling-related businesses………………………………………..Full Article: Source

Simmons & Simmons advises on launch of unique Shariah-compliant funds platform

Posted on 26 April 2013 by Laxman  |  Email|Print

SEDCO Capital is a full-service Shariah-compliant wealth and asset management firm serving third-party institutional and private clients.The Simmons & Simmons team was led by specialist Islamic Funds and Finance partner Muneer Khan. He was supported by Funds partner Neil Simmonds, Tax partner Nick Cronkshaw, counsel Ahmed Butt, managing associates James Oussedik and Mohammed Majid, supervising associates Nicole Suignard and Candice Nichol and associates Kristi Lehtis and Robert Nield.
Commenting on the launch, Muneer Khan, said: “This is a unique platform with a number of very innovative new features, including the fact that it covers both liquid and illiquid investment strategies within a single legal structure. This is the largest and most diverse Shariah-compliant platform to be launched in Luxembourg………………………………………..Full Article: Source

First Saudi firm issues sukuk in Malaysia

Posted on 25 April 2013 by Laxman  |  Email|Print

Riyadh-based Al Bayan Holding became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit, paving the way for more corporations from the Kingdom to tap into Malaysia’s market, the world’s biggest for sukuk.
Al Bayan issued 200 million ringgit ($65.4 million) as the first tranche of a newly established 1 billion ringgit program, a statement from Guidance Financial Group, the company’s advisers, said Wednesday. Pricing details were not immediately available………………………………………..Full Article: Source

Mashreq Capital to set up $ 100mln Islamic equity fund

Posted on 25 April 2013 by Laxman  |  Email|Print

Dubai-based Mashreq Capital plans to set up an Islamic equity fund of up to $ 100 million in the third quarter of this year to invest in stocks across the Gulf region, given lower returns in the bond market, the company’s chief executive said.
“We think there is demand in high-dividend sharia equities,” particularly with interest rates currently very low, Abdul Kadir Hussain said at Zawya’s MENA Asset Management conference in Dubai.“Equities have very attractive yields in this region,” he added………………………………………..Full Article: Source

Transnet eyes issue of sukuk, samurai bonds

Posted on 22 April 2013 by Laxman  |  Email|Print

Transnet, the transport parastatal, is seeking to cut borrowing costs in an R86 billion funding drive by considering sales of samurai bonds and sukuk along with loans from China.
“The more sources of funding you have, the better position you are in” to reduce debt service payments, chief executive Brian Molefe said at Transnet’s headquarters in Johannesburg’s Carlton Centre on Monday. Transnet is considering selling yen-denominated debt after Bank of Japan governor Haruhiko Kuroda doubled monthly bond purchases, sending the nation’s bond yields to record lows. South Africa and Nigeria are among African nations weighing Islamic financing as a source of funds………………………………………..Full Article: Source

$200mln sukuk eyed

Posted on 19 April 2013 by Laxman  |  Email|Print

Bahraini lender Al Baraka Bank’s Turkish unit plans to issue a $200 million, 10-year subordinated sukuk by the end of April or early May, the Bahraini bank’s chief executive Adnan Ahmed Yousif said.
Al Baraka Turk, which signed a $450m murabaha loan in September, has appointed BNP Paribas, Al Hilal Bank, Barwa Bank, Emirates NBD and Japan’s Nomura for the Tier 2 sukuk………………………………………..Full Article: Source

UBL introduces Islamic Principal Preservation Fund

Posted on 19 April 2013 by Laxman  |  Email|Print

Launched under the Siraj umbrella, UBL Funds introduced the UBL Islamic Principal Preservation Fund on April 1st, 2013.
For the first time in Pakistan, investments can be made in a Shariah Compliant investment scheme with 100% exposure into the stock market while benefiting from the principal preservation advantage. This scheme can be a gateway for all prudent investors to the Pakistani stock market has that has given an absolute return of 525% in the last ten years (DEC 2002-2012)………………………………………..Full Article: Source

Oman’s Alizz Islamic Bank eyes Q3 launch

Posted on 17 April 2013 by Laxman  |  Email|Print

Alizz Islamic Bank, the second full-fledged Islamic bank in Oman, plans to begin operations in the third quarter of this year, chief operating officer Jamal Darwiche said. Oman is the last country in the Gulf Cooperation Council to introduce Islamic finance; it granted licenses to Alizz Islamic Bank and Bank Nizwa late last year and rolled out detailed regulations in December.
“We are currently on track for the launch of our products and services during the third quarter of 2013,” Darwiche said. “We are taking a careful approach, gaining valuable market insight and further refining our products and service offering.”……………………………………Full Article: Source

QIB launches the “International Sukuk Portfolio” investment product

Posted on 15 April 2013 by Laxman  |  Email|Print

QIB - the leading Islamic bank in Qatar - has announced the launching of a new investment product “International Sukuk Portfolio”. This will be QIB’s new flagship product aiming to introduce investors to the long-neglected Sukuk asset class. QIB capitalizes on the Group’s strong expertise in the Fixed Income market to offer customers the opportunity to diversify into sukuk. The product will be managed on a discretionary basis by a team of experts from QIB-UK.
QIB believes that aligning the Investment Manager’s approach with investor interest is key to creating a mutually rewarding long-term relationship. The Product’s philosophy is therefore designed to pay close attention to this belief ensuring that client objectives are met at every stage: Income generation, downside protection and upside participation. (Press Release)

Turkey’s Ziraat to set up Islamic bank

Posted on 15 April 2013 by Laxman  |  Email|Print

Ziraat Bank, Turkey’s largest state-run lender, is planning an Islamic bank, known locally as a “participation bank”, and would consider going into partnership with a foreign lender, General Manager Huseyin Aydin. After proceeding slowly with the development of Islamic finance for years, partly because of the sensitivities of its secular political system, Turkey has recently begun to tap the sector, issuing its first sovereign sukuk last September.
The development of Turkey’s sukuk, or Islamic bond, market is of interest to countries around the world, since Turkey’s fast-growing economy could become a major issuer of Islamic debt and influence trends throughout the industry. “Ziraat Bank is working towards establishing a participation bank, we have set some people to work on this subject………………………………………..Full Article: Source

IBA starts rendering Islamic banking services

Posted on 10 April 2013 by Laxman  |  Email|Print

The International Bank of Azerbaijan, the country’s biggest bank, has announced provision of new services to clients through the first and so far only “Islamic window” in Azerbaijan.
IBA, founded in January 1992 and 50.2 percent-owned by Azerbaijan’s Ministry of Finance, holds a 35 percent share of banking assets in the country. It offers Sharia-compliant products through an Islamic window, which follow religious principles such as a ban on interest and on pure monetary speculation………………………………………..Full Article: Source

Islamic finance body plans bond after Saudi pullout

Posted on 08 April 2013 by Laxman  |  Email|Print

The International Islamic Liquidity Management Corp (IILM), a body backed by central banks from the Middle East and Asia, announced plans to issue its first Islamic bonds after an unexpected pull-out by Saudi Arabia from the body.
The IILM aims to issue up to $500m of sukuk in the second quarter of this year, helping to create a liquid cross-border market for Islamic debt - a major step in developing the rapidly growing Islamic finance industry………………………………………..Full Article: Source

Emirates Islamic Bank launches new value-packed Reward Credit Card

Posted on 08 April 2013 by Laxman  |  Email|Print

Emirates Islamic Bank announced today the launch of the new Emirates Islamic Bank Rewards Credit Card, which is designed for customers looking to manage their day to day expenses. The new, fully Shari’ah compliant Rewards card offers flexibility and a range of benefits to its customers, and is available in Classic, Gold Platinum, as well as Infinite.
In addition to the wide array of features and benefits, the Rewards Card also offers card holders the ability to earn Choice Points on all purchases. Customers accumulate points at an accelerated rate – getting two points for every dirham spent, which can then be redeemed at a range of high profile retail partners, including Sharaf DG, Damas, Joyalukkas, Abu Dhabi Mall Carrefour, Spinneys and Home Center………………………………………..Full Article: Source

Australia’s first Islamic investment forum announced

Posted on 05 April 2013 by Laxman  |  Email|Print

Amanie Advisors Australia is marketing what it claims will be Australia’s first Islamic investment forum. The forum, ear-marked for Melbourne on 16 April, is intended to bring together political, finance and industry figures along with global investors and higher ranking Shariah scholars.
Commenting on the upcoming forum, Amanie Advisors Australia head Mark Darras said the event had the support of the Victorian Government and would provide the opportunity for Australian companies to put their case before some of the biggest investors in the Islamic world………………………………………..Full Article: Source

Tunisia plans 1bln dinar sukuk

Posted on 04 April 2013 by Laxman  |  Email|Print

Tunisia is hoping that the country’s first government sukuk, or Islamic bond, scheduled for later this year could spur companies in the North African country to raise Islamic debt and boost its sharia-compliant finance industry.
The government is working alongside the Islamic Development Bank – the multilateral lender – to pave the way for a 1bn dinar ($700m) sukuk sale that would set a benchmark for companies seeking to tap the Islamic debt markets, Elyes Fakhfakh, finance minister, told the Financial Times………………………………………..Full Article: Source

Saudi’s Sedco Capital plans Islamic equity, sukuk funds

Posted on 04 April 2013 by Laxman  |  Email|Print

Jeddah-based investment firm Sedco Capital aims to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia.
The plan adds momentum to the Gulf’s Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar’s QInvest, which aims to launch 30 funds. Sedco Capital, a fully owned subsidiary of Sedco Holding, intends to raise assets under management on its Luxembourg fund platform to US$1.6bn by year-end from US$1bn now, said CEO Hasan Aljabri………………………………………..Full Article: Source

SIB plans to launch dollar sukuk sale

Posted on 04 April 2013 by Laxman  |  Email|Print

Sharjah Islamic Bank, or SIB, a lender part-owned by the UAE emirate of Sharjah, plans to sell a dollar-denominated Islamic bond, or sukuk, and has picked four banks to arrange meetings with fixed income investors, lead arrangers said on Tuesday.
Sharjah Islamic, which converted into an Islamic bank in 2002, chose Abu Dhabi-based Al Hilal Bank, HSBC Holdings, Kuwait’s Liquidity Management House and Standard Chartered to lead the roadshows, which begin on Thursday and will take place in Asia and Europe. A dollar-denominated, benchmark-sized sukuk may follow the meetings, subject to market conditions. Benchmark size is understood to mean at least 500 million………………………………………..Full Article: Source

Franklin Templeton launches new Shariah retail funds in Singapore

Posted on 04 April 2013 by Laxman  |  Email|Print

Franklin Templeton Investments has launched three new Shariah-compliant funds in Singapore. The three Funds – Franklin Templeton Global Sukuk Fund, Templeton Shariah Global Equity Fund and Templeton Shariah Asian Growth Fund – are sub-funds of the recently-launched Franklin Templeton Shariah Funds umbrella domiciled in Luxembourg.
The portfolio team that manages the Franklin Templeton Global Sukuk Fund are led by Mohieddine (Dino) Kronfol, Dubai-based chief investment officer for MENA fixed income and global sukuk, and Stephen Dover, international chief investment officer of Franklin Templeton Local Asset Management Group………………………………………..Full Article: Source

SEDCO Capital plans more Islamic funds

Posted on 04 April 2013 by Laxman  |  Email|Print

Jeddah-based investment firm SEDCO Capital aims to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia. The plan adds momentum to the Gulf’s Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar’s QInvest, which aims to launch 30 funds.
SEDCO Capital, a fully owned subsidiary of SEDCO Holding, intends to raise assets under management on its Luxembourg fund platform to $ 1.6 billion by year-end from $ 1 billion now, said Chief Executive Hasan Al-Jabri………………………………………..Full Article: Source

$500 mln global halal fund launched

Posted on 04 April 2013 by Laxman  |  Email|Print

Former Malaysian Prime Minister Abdullah Badawi revealed plans for a $500 million private equity fund focused on global opportunities in the halal industry.
The fund is expected to be raised in stages and the aim, through a “roll-up” strategy, is to acquire, convert (non-halal companies) and grow companies in the food and agri-business sectors so as to have global reach as well as offer a diverse range of high quality quick service restaurant (QSR) products and services………………………………………..Full Article: Source

AmInvest launches AmPRS fund

Posted on 04 April 2013 by Laxman  |  Email|Print

AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million-sized retirement fund (AmPRS).
AmBank chairman Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later.“We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund………………………………………..Full Article: Source

Petronas Gas planning Malaysia’s biggest sukuk offering this year

Posted on 03 April 2013 by Laxman  |  Email|Print

Petronas Gas Bhd is planning Malaysia’s biggest sukuk offering this year, at a time when top-rated corporate bond yields are at a nine-month high. The unit Petroliam Nasional Bhd (Petronas) invited pitches from banks to arrange as much as RM5bil of Islamic debt, three people with knowledge of the matter said on March 28, asking not to be named as the details are private.
The yield on Malaysia’s three-year AAA-rated notes climbed three basis points in 2013 to 3.56%, the highest since June 29, a central bank index shows………………………………………..Full Article: Source

Sharjah Islamic plans dollar Sukuk as issues surge to July high

Posted on 03 April 2013 by Laxman  |  Email|Print

Sharjah Islamic Bank (NBS) is planning to sell dollar-denominated sukuk after offerings of the securities in the U.S. currency reached an eight-month high in March. Bond risk in Asia was little changed.
The lender, from the third-largest of the seven emirates in the U.A.E., is planning to meet investors in Asia and Europe from April 4 ahead of a possible sale of Islamic securities, according to a person familiar with the deal, who asked not to be identified because the matter is private………………………………………..Full Article: Source

Turkey’s Kuveyt Turk plans 100 mln lira sukuk in Sept-Oct - CEO

Posted on 03 April 2013 by Laxman  |  Email|Print

Kuwait Finance House’s Turkish unit Kuveyt Turk plans to issue a lira sukuk worth 100 million lira ($55.40 million) in September or October, Chief Executive Ufuk Uyan said on Tuesday.
Kuveyt Turk, which issued a $350 million sukuk, or Islamic bond, in 2011, will also raise capital by 960 million lira to 2.06 billion lira, it said in a statement………………………………………..Full Article: Source

Saudi’s Sadara raises $2bln from sukuk sale

Posted on 03 April 2013 by Laxman  |  Email|Print

Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical, raised SR7.5bn ($2bn) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the kingdom. The Islamic bond, or sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said on Tuesday.
The sale is part of a $12.5bn debt to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016………………………………………..Full Article: Source

AmInvest launches AmPRS fund

Posted on 03 April 2013 by Laxman  |  Email|Print

AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million sized retirement fund (AmPRS).
AmBank chairman Tan Sri Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later. “We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund………………………………………..Full Article: Source

Deloitte kicks off Islamic finance research

Posted on 03 April 2013 by Laxman  |  Email|Print

The Deloitte Middle East Islamic Finance Knowledge Centre (IFKC) based in Bahrain has launched a collaborative research initiative with INCEIF — The Global University of Islamic Finance, Malaysia and the Henley Business School, University of Reading, UK.
This initiative will pave the way for research as well as thought leadership pieces in the Islamic finance sector that will enhance the knowledge and skills of market participants and promote leading business practices through thought leadership programmes. INCEIF and Henley Business School are already strategic academic collaboration partners and are now expanding their partnership to the industry in association with Deloitte’s IFKC………………………………………..Full Article: Source

Russell and IdealRatings team up on new Shariah-compliant index series

Posted on 03 April 2013 by Laxman  |  Email|Print

Global index provider Russell Indexes and IdealRatings, a provider of Islamic finance information, have introduced the Russell-IdealRatings Islamic Index Series, a new index series aimed at Islamic investors seeking Shariah-compliant benchmark solutions.
The new equity indices, which are based on the Russell Global Index universe of over 10,000 securities, combine the methodology of Russell Indexes with the Shariah oversight of IdealRatings. IdealRatings applies its extensive experience in Shariah-compliant investing to ensure the exclusion of non-compliant businesses according to Shariah law. IdealRatings’ oversight includes specific sector- and financial-based filters. It also includes monitoring and approval by a board of Islamic scholars………………………………………..Full Article: Source

Saudi Electric launches $2bn sukuk

Posted on 27 March 2013 by Laxman  |  Email|Print

Saudi Electricity Co (SEC), the Gulf’s largest utility, has launched an offer of a $2 billion dual-tranche Islamic bond, or sukuk, with pricing due later on Tuesday, a document from lead managers said.
The offer is split between a $1 billion 10-year tranche and a $1 billion 30-year portion, with price guidance set at 155 basis points and 190 bps over benchmark US Treasuries. Orders worth $13 billion have been pledged by investors for the deal, which should price in the morning New York time, the document added………………………………………..Full Article: Source

Bank Asya raises $250mln through 10-yr subordinated sukuk

Posted on 26 March 2013 by Laxman  |  Email|Print

Turkish Islamic lender Bank Asya has raised $250 million in international markets through a subordinated sukuk issue with a ten-year maturity, the bank’s chief executive Ahmet Beyaz said on Monday.
Strong investor demand and a need to improve capital adequacy ratios (CAR) are causing Turkey’s Islamic banks to consider issuing subordinated sukuk, bankers and analysts told Reuters last month. Beyaz said in a statement this issue would raise its CAR to around 16 percent from 13 percent. The notes priced at par to yield 7.5 percent………………………………………..Full Article: Source

Marafiq plans debut riyal bond

Posted on 26 March 2013 by Laxman  |  Email|Print

Marafiq, a utility services provider to two industrial cities in Saudi Arabia, may conduct a debut local currency bond issue after picking HSBC’s Saudi Arabian arm to advise it on raising new corporate debt.
“It is likely to be a debt capital markets transaction,” a company spokesman told Reuters by email in response to questions. He said HSBC had been appointed to advise on the fund-raising but that a target amount had not yet been decided. The company, which counts SABIC and Saudi Aramco as shareholders, will use the money for general business activities, three banking sources said………………………………………..Full Article: Source

CBJ plans to issue sovereign Islamic sukuk

Posted on 25 March 2013 by Laxman  |  Email|Print

The Central Bank of Jordan (CBJ) is examining mechanisms to issue sovereign Islamic sukuk in the primary market in order to widen the base of investment tools that can be traded in the secondary market on the one hand and, on the other, to come up with a new method for financing the treasury besides the traditional financing means.
CBJ Governor Ziad Fariz underlined the importance of coming up with new financing tools in accordance with Sharia (Islamic law) to accelerate the economic growth, the state news agency, Petra, reported………………………………………..Full Article: Source

QInvest launches world’s first Shariah-compliant account platform

Posted on 25 March 2013 by Laxman  |  Email|Print

QInvest, Qatar’s leading investment bank, announced the launch of the QInvest Managed Account Platform (QMAP). QMAP is the world’s first open architecture Sharia’a compliant managed account platform and provides investors with the opportunity to select from a range of high quality funds that are managed by top tier professional teams.
QMAP brings the capabilities of some of the best managers in the world to investors, who would like to adhere to the principles of Sharia’a, through an institutional standard infrastructure. QInvest is already working with some of the best in class investment managers having launched with Eagle Capital Management, Edgewood Management and GAM and have built the platform’s operational processes in conjunction with Nomura International. (Press Release)

Saudi Binladin plans sukuk sale

Posted on 22 March 2013 by Laxman  |  Email|Print

Saudi Binladin Group, one of the largest construction firms in the kingdom, is currently meeting fixed income investors as it plans to issue a new local currency Islamic bond, or sukuk, sources aware of the matter told Reuters.
Roadshows are due to take place this week and next, at which point the size and pricing of the deal would be determined, a banking source said, speaking on condition of anonymity as he was not authorised to speak to media. All-in pricing is likely to be around 2.5 percent, a second banking source said, giving a spread over the three-month Saudi interbank offered rate (Saibor) of around 150 basis points………………………………………..Full Article: Source

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