Saudi International Petrochemical Co (Sipchem) has been given regulatory approval to issue an Islamic bond, or sukuk, it said on Sunday. The company said it would decide the size at a later stage after it got approval from Saudi Arabia’s Capital Market Authority.

Sipchem said in December it planned to raise at least 1.5 billion riyals ($400 million) through a sukuk issue by the first quarter of 2011 to finance new projects………………………………………Full Article: Source