Posted on 29 October 2009 by Laxman | Email|Print
From Bloomberg: Dubai raised $1.93 billion in its first Islamic bond sale, the biggest from the Gulf region this year, as the emirate benefits from rising demand for Shariah- compliant debt.
The Persian Gulf emirate sold $1.25 billion of dollar- denominated, five-year, fixed-rate Islamic bonds, or sukuk, priced to yield 6.39 percent, the government said today in an e- mailed statement………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Gulf-times.com: Dubai’s government placed almost $2bn in new five-year Islamic bond issues yesterday, and bankers said the successful subscription would boost investors’ confidence in the debt-laden emirate.
The global financial crisis hurt Dubai, a UAE member and the Gulf financial hub, leaving the markets guessing whether it would be able to restructure its debt pile, stemming from past years’ real-estate fuelled boom………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Maktoob.com: Dubai will have no difficulty in raising funds to repay loans on maturity, the head of debt and equity advisory at Rothschild said on Wednesday, as bankers revealed a $2.5 billion government bond has been oversubscribed.
“I think as part of the UAE there is no question they will be able to raise the funding necessary to address the debt maturity (as and when it falls due),” Paul Reynolds told Maktoob Business………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Forbes: Dubai’s five-year Islamic bonds book closed on Wednesday, with the dollar tranche attracting $4.9 billion and the dirhams tranche receiving 5.4 billion dirhams ($1.47 billion), a banker involved in the deal told Reuters.
Earlier another banker said the price guidance on Dubai’s new five-year Islamic bond issues was set at 375 basis points over benchmarks………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Khaleejtimes.com: Dubai on Wednesday successfully placed nearly $2 billion in new five-year Islamic bonds, the biggest sukuk sale from the Gulf region this year, which received a hearty response reflecting renewed investor confidence in the emirate and lifting doubts about its ability to meet its debt obligations, analysts and bankers said.
Bankers said the dollar tranche of the issue was finalised at $1.25 billion, while the dirham note was closed at Dh2.5 billion or about $680 million. The book for the bonds closed at with the dollar tranche attracting $4.9 billion of bids and the dirham tranche receiving Dh5.4 billion………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Business24-7.ae: The price guidance on Dubai’s new five-year Islamic bond issues was set at 375 basis points over benchmarks and attracted bids totalling about $6.6 billion, a banker involved in the deal said on Wednesday.
The dollar tranche of the Islamic bond received around $5 billion, while the UAE dirham tranche attracted about Dh6 billion ($1.63 billion)………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Oxfordbusinessgroup.com: Dubai’s government is returning to the open bond market, unveiling plans to raise at least $6.5bn through a mix of conventional and sharia-compliant instruments, looking to bank on renewed investor interest and growing confidence in the emirate.
On October 26, the Zawya Dow Jones news agency reported that the Dubai government had released a preliminary prospectus for a Euro Medium-Term Note (EMTN) programme to raise $4bn, with the funds to be used for infrastructure, financing and general budgetary purposes………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Aawsat.com: Al Rajhi Capital, the investment banking arm of the biggest Saudi Islamic lender, Al Rajhi, is arranging two large Islamic bonds, or sukuk, for Saudi firms, executives said on Monday.
“We have two mandates at this stage right now,” said Joseph Rodriguez, managing director of the leveraged finance unit, declining to identify the firms or sectors………………………Full Article: Source
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From Zawya.com: The Ministry of Finance (MoF) is planning to tap Islamic sukuks (bonds) in a bid to attract more capital to finance government projects.
Essa Saleh, the assistant secretary general and spokesperson of the MoF, told The Jordan Times on Monday that the plan seeks to encourage Islamic banks and financial institutions in Jordan to invest in sukuks as interest-bearing bonds are not permissible under Islamic investment principles………………………Full Article: Source
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From Aawsat.com: The strength of Saudi Arabia’s public finances should not prevent the government from issuing sovereign Islamic bonds — or sukuk — which will be critical to the development of corporate sukuk issues, bankers said.
Kamal Mian, head of Saudi Hollandi Bank’s Islamic banking unit, also said that any of Saudi Arabia’s 130-plus listed firms can tap the sukuk market, but the high financial cost linked to ratings from international agencies makes bank funding “always cheaper.”……………………..Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Arabnews.com: Regional Islamic investment banking company Gulf Finance House (GFH) has sold a 10 percent stake in Qatar’s leading investment bank Qinvest to Qatar Islamic Bank (QIB) for $50 million.
GFH launched Qinvest in partnership with QIB in 2007 and had retained an initial 15 percent stake. GFH confirmed it will still keep the remaining third. The bank said it did not foresee the sale affecting its third quarter financial results for the current fiscal year………………………Full Article: Source
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From Tradearabia.com: Gulf Finance House (GFH), a leading Islamic investment bank, has announced that receipts from its rights issue have now passed the $200 million mark.
GFH has now met its stated target of raising between $200 and $300 million in fresh capital from the rights issue, two days before its close on October 29………………………Full Article: Source
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From Reuters: Bahrain-based Islamic lender Gulf Finance House (GFH) wants between 30 to 40 percent of its revenues to come from its investment management division, the chief executive of the unit said.
The lender is trying to diversify its revenue stream by expanding its asset management and entering investment banking advisory services through a joint venture under discussion with Australia’s Macquarie Group ……………………..Full Article: Source
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From Presstv.ir: The Islamic Development Bank (IDB) has agreed to grant four Iranian banks a total of €46 million ($68 million) in shot-term facilities.
Ahmad Jamali, an official with Iran’s Ministry of Economy and Finance, said on Wednesday that the Jeddah-based bank is to extend €15 million to the Bank of Industry & Mines, €15 million to Bank Melli Iran, €10 million to Bank Parsian and € 6 million to Bank Karafarin………………………Full Article: Source
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From Maktoob.com: National Bank of Ras Al-Khaimah, or RakBank, Wednesday posted a 10.5% rise in third quarter net profit despite increasing provisions and said it continues to seek new lending in retail and small banking.
The bank made a profit of 186.8 million U.A.E. dirhams ($50.8 million) in the third quarter, up from AED169 million in the year earlier period. The bank did not give quarterly figures, which were calculated from Zawya.com data………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Tradearabia.com: Arab Orient Insurance Company (AOIC), a member of the Al-Futtaim group, has launched its new range of seven life insurance products.
AOIC will offer comprehensive life assurance plans with a variety of income and death benefits that are tailored to help consumers meet their financial and insurance needs………………………Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Eng.24.kg: Kyrgyzstan hopes for getting into the Islamic market and lays account on investment inflow from the Arab countries, Akylbek Japarov, the first Vice Prime Minister of Kyrgyzstan said on Wednesday prior to the round table discussion with the Arab Coordination Group in Bishkek.
Kyrgyz side will present the Middle East business circles 25 projects in different spheres-energetics, industry, agriculture, education, transport and communication, estimated at $250-300 million………………………Full Article: Source
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From Thepeninsulaqatar.com: The Qatar Faculty of Islamic Studies (QFIS), a member of Qatar Foundation hosted a group of Executive MBA participants from HEC Paris.
In their study trip to Doha, the HEC Paris EMBA students were engaged in a study that aims at understanding the region’s present and future role in the global economy from the perspective of its own people………………………Full Article: Source
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From Allafrica.com: Dr. Frederick Faseun needs little or no introduction in Nigeria. A medical doctor and self-styled President/Founder of the Odu’a Peoples’ Congress (OPC), the ethnic militia that claims to be the defender of the Yoruba, he is a veteran of the organization’s intermittent civil wars and of its battles against the regime of late General Sani Abacha and any one or group it regarded as anti-Yoruba.……………………..Full Article: Source
Posted on 29 October 2009 by Laxman | Email|Print
From Bhatkallys.com: In a major development today in efforts to start Islamic Banking system in India, Union Finance Minister Pranab Mukherjee assured a delegation of Indian Centre for Islamic Finance that he would soon discuss the feasibility of interest-free Islamic banking system in India with Reserve Bank of India Governor.
To discuss about the feasibility of interest-free Islamic banking in India, a delegation headed by H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance (ICIF), New Delhi, met Pranab Mukerjee today at his home in Kolkata, and submitted a memorandum to him………………………Full Article: Source
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