Posted on 11 December 2009 by Laxman | Email|Print
From Dawn.com: Banks in Pakistan were stunned at the information that a major cement company has expressed inability to payback Rs8 billion Sukuk bonds and has asked the creditors to restructure the payment schedule.
Banking sources said in a meeting held on Friday last with the bankers and income fund managers, Maple Leaf which issued the Sukuk, asked the bankers to restructure the financing………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Khaleejtimes.com: GE Capital has listed a $500 million sukuk on NASDAQ Dubai, the first such listing by a major US company and a vote of confidence in Dubai as a regional financial centre, executives said on Thursday.
GE Capital, the finance arm of Connecticut-based General Electric Company, sold the sukuk, or Islamic bond, to investors in the Middle East, Asia and Europe on November 27………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Iflr.com: GE Capital’s $500 million sukuk programme is the first investment grade sukuk by a US corporate and it will increase the appetite amongst US companies for Islamic finance
GE Capital’s $500 million sukuk programme is the first investment grade sukuk by a US corporate and it will increase the appetite amongst US companies for Islamic finance………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Zawya Dow Jones: Dubai Electricity & Water Authority, or DEWA, has a payment coming up next week on a 3.2 billion U.A.E. dirhams ($872 million) Islamic bond that isn’t guaranteed by the government, according to the debt prospectus.
The Islamic bond, or sukuk, is due in 2013 and pays semiannual distribution payments on June 16 and December 16, the prospectus, dated June 2008, shows………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Business24-7.ae: Dubai Electricity and Water Authority (Dewa) has shrugged off reports saying it may have to repay $2 billion (Dh7.34bn) of bonds earlier than the maturity as purely speculative.
A senior official from the utility firm said there is no possibility for lenders to ask for an early repayment according to terms originally agreed………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Khaleejtimes.com: As a fund manager, I cannot afford the luxury of letting go any opportunity to expand the frontiers of my own ignorance in the chaos of world financial markets. So why find new ways to lose money when the old ways were working just fine—punting oil, gold, FX, NASDAQ hotties, Chinese IPOs and Valley software Cinderellas?
Because, there are moments in life you have to take a stand, to not hedge/fudge/dodge/fumble the ball. This is such a moment, a defining moment for all of us who live in and love Dubai………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Business24-7.ae: Emirates Investment Services (EIS), the asset management arm of Emirates NBD, yesterday announced the closure of Sukuk Fund and said it generated a total return of 15 per cent in seven months.
The closed-ended fund had an initial life of four years and began trading in March this year………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
The Zawya Collaborative Sukuk Report aims to provide professionals with an agenda setting document for growth and development of the industry, bringing transparency on the following issues: What is the distribution of current and potential investors and what is their appetite?, What is the appetite of the Supply side and what drives their need to issue?
The download is free after providing contact details to Zawya:……………………………..Full Article Download: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: A global downturn, Dubai’s debt and uncertainty over Shariah have hurt the industry, writes Robin Wigglesworth.
The Islamic finance industry may have recently breached the symbolically important $1,000bn mark in assets, but the past year been far from plain sailing, in spite of claims that the industry’s model is inherently more robust than conventional finance………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
Islamic banks could be facing new pressures in the wake of the financial crisis that hit Dubai last month. The Islamic financial system expanded around the world during 2009 thanks to the relative immunity it appeared to enjoy as the conventional banking business was engulfed by the crisis triggered by a meltdown in the US housing market about 18 months ago.
However, the image of the booming Islamic finance sector seemed to have been marred by the state-run Dubai World conglomerate move at the end of November to ask creditors of two of its flagship real estate firms-Nakheel World and Limitless World-for a standstill on debt worth 59 billion dollars………………………………Full Press Release: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Telegraph: Elite global funds are snapping up the bonds and debt derivatives of energy rich countries across the Gulf, taking advantage of the Dubai storm to accumulate rock-solid assets at bargain prices.
Roy Maurer, managing-director of Qatar’s QNB Capital, said panic flight from the region had led to an indiscriminate sell-off of quasi-sovereign bonds from oil and gas states with vast wealth and very low levels of debt………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Business24-7.ae: Arab banks need to develop units to better manage financial crises after they failed to anticipate the latest global fiscal distress and many of them suffered huge losses, a senior Arab banker said.
Fouad Shaker, Secretary-General of the Union of Arab Banks (UAB), blamed what he described as ignorance and fear of taking decisions for the recent spate of economic and financial crises throughout the world………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Saudigazette.com.sa: Saudi Arabia’s oil minister told a Dubai conference Wednesday that Gulf economies remain strong, even as the emirate’s stock market spiraled downwards over debt default fears.
“I want to emphasize that the overall economy of the Gulf region as a whole remains strong,” Ali Al-Naimi told the fourth Gulf Petrochemicals and Chemicals Association Forum………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Bloomberg: Dubai, whose Dubai World unit plans to restructure $26 billion of loans, must take “credible” steps to address the problem of indebtedness, Abdulrahman Al Saleh, director general of Dubai’s Department of Finance, said today.
Market reaction to the announcement was “softening,” Al Saleh told a conference in Dubai………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Arabtimesonline.com: A Gulf economic official said here on Wednesday that Arab countries were in need of new legislations to attract investments as they possess the resources and human cadres that qualify them to regain their position at the international level.
Chairman of the General Council of Islamic banks and financial institutions Saleh Kamel said that “despite the ability of Arab countries to provide this change, but there are some routine laws and administrative corruption that corrode the body of the Arab economic entities, which prevent achievement of these capabilities.” ……………………………..Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Moody’s Investors Service has today downgraded the ratings of three Dubai-based banks — Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank PJSC.
These ratings were placed under review in August 2009 in response to a weakening of economic conditions in Dubai………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Moody’s Investors Service has today downgraded the supported ratings of two Bahraini banks.
National Bank of Bahrain BSC’s (NBB) long-term local currency deposit rating was downgraded by one notch to A2, while BBK BSC’s local and foreign currency deposit ratings were similarly downgraded by one notch to A3/Prime-2 and its senior and subordinated debt ratings to A3 and Baa1, respectively. All ratings now have a stable outlook………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Khaleejtimes.com: Kuwait’s Global Investment House said on Thursday it had agreed to reschedule $1.7 billion in debt with its creditors, making it the second Kuwaiti investment firm this week to come to a deal with creditors.
Global said in a statement it had entered into new three year facilities with each of its 53 lending banks………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Lloydslist.com: Global Shariah Shipping Fund, jointly sponsored by Cyprus-listed SFS Group and Kuwait Finance House (Malaysia), is being launched within the next few days with the aim of raising $150m for the acquisition of offshore vessels and other types of ship.
According to the fund, which is being established as a limited partnership in the Cayman Islands, it………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Thisislondon.co.uk: Government efforts to make Britain the home of Islamic finance continued in the Pre-Budget Report.
Small print reveals that a property sale for the purposes of refinancing will not give rise to Capital Gains Tax………………………………Full Article: Source
Posted on 11 December 2009 by Laxman | Email|Print
From Maktoob.com: Muslim men who force their wives to wear the full Islamic veil should not be granted French citizenship, Justice Minister Michele Alliot-Marie said Thursday.
Wading into the debate over whether to ban the burqa, Alliot-Marie said the government would await the recommendations of a parliamentary panel considering possible legislation to bar Muslim women from wearing the full veil………………………………Full Article: Source
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