From Reuters: The government of Malaysia on Thursday sold $1.25 billion worth of 5-year sukuk at par with a yield spread of 180 basis points over U.S. Treasuries, according to a market source familiar with the transaction.
The deal, Malaysia’s first global bond in eight years, priced at the tighter end of revised yield guidance of 180-190 basis points……………………………………….Full Article: Source

From Dow Jones: Demand for Malaysia’s five-year $1.25 billion Sukuk bond issue, launched earlier Thursday at 180 basis points over comparable U.S. Treasurys, has swelled to $4 billion, according to a person familiar with the deal.
The order volume indicates that despite market volatility, demand for emerging market notes remains high, the person said. Indeed, Malaysia initially planned to sell $1 billion in bonds……………………………………….Full Article: Source

From Bernama: CIMB Group Bhd, one of the joint lead managers and bookrunners for the sale of Malaysia’s US dollar-denominated five year Islamic bond, is keeping mum on the launch date for the sukuk.
When asked if there would be a delay in launching the sukuk, its Group Chief Executive Datuk Seri Mohamed Nazir Tun Razak responded with a “No comment”……………………………………….Full Article: Source

From Themalaysianinsider.com: Bank Negara and the Securities Commission will introduce a new master plan to make Malaysia the region’s leader in non-ringgit sukuk and other financial services.
“Our regulators have put in place policies, established institutions and provided incentives to encourage the development of such a market,” said Finance Minister II Datuk Seri Husni Hanadzlah……………………………………….Full Article: Source

From Arabianbusiness.com: Dubai-listed refrigeration and cooling company Tabreed on Thursday said it did not make distribution payments on its AED1.7bn ($462.8m) Islamic bond due in 2011. The payment was due on May 19, it said in a statement on Dubai’s bourse website.
Tabreed, also known as the National Cooling Co, deferred payment on the bond in April, sparking concerns the state may step in again and bail it out……………………………………….Full Article: Source

From Bloomberg: National Central Cooling Co., the refrigeration company that delayed payments on an Islamic bond, is in talks with banks to restructure about 3.7 billion dirhams ($1 billion) in loans, the chief financial officer said.
“We are in discussions with about a dozen banks,” Stephen Ridlington said in a phone interview from Abu Dhabi today. “We don’t have a proposal on the table yet. Banks need to see the business plan we are developing.”………………………………………Full Article: Source

From Expressindia.com: Shariat-compliance is fast catching on Down Under too. Australia will outline laws in the second half of 2011 to equalise the tax treatment of Islamic finance and conventional banking, a government official said on Thursday.
The comments from Nick Sherry, Australia’s assistant treasurer, mark the first time that the government has indicated a timeline for the change. Australia joins a growing number of non-Muslim countries, which include Hong Kong, looking to develop their Islamic finance sector by changing regulations to attract investors who can only put their money in sharia-compliant assets……………………………………….Full Article: Source

From Investordaily.com.au: Islamic finance products are not just limited to a Muslim audience, but could attract the same client base as socially responsible investment (SRI) products, according to assistant treasurer Nick Sherry.
“There are an increasing amount of people in our community interested in socially responsible investments and Islamic Shariah finance is in one sense a form of socially responsible investment,” Sherry said……………………………………….Full Article: Source

From Globalarabnetwork.com: The global market for Islamic financial services, as measured by sharia compliant assets, is estimated by IFSL to have reached $951bn at end-2008, 25% up from $758bn in 2007 and three quarters up on the 2006 total. However, 2009 may have seen a pause following strong growth of previous years.
Commercial banks account for the bulk of the assets with investment banks, sukuk issues, funds and takaful making up the balance……………………………………….Full Article: Source

From Tradearabia.com: The Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, dropped 11.7 per cent month-to-date, closing at 1869.50 as on May 25.
In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a loss of 12.24 per cent, month-to-date closing at 150.37……………………………………….Full Article: Source

From Peopledaily.com.cn: Malaysian financial institutions are urged to seek international cooperation to boost their Islamic wealth management services.
As a leading power in global Islamic finance industry, local institutions should seek the possibility of forging partnerships and joint ventures with world-class asset management companies to explore the potential in this segment, said Malaysia’s Second Finance Minister Ahmad Husni Hanadzlah……………………………………….Full Article: Source

From Arabianbusiness.com: Cash-strapped Dubai developer Nakheel is not in arrears to Arabtec as much as some analysts fear, said Ziad Makhzoumi, chief financial officer of the largest builder in the United Arab Emirates.
Arabtec, which expects to receive an overdue payment by end-June following developer Nakheel’s debt restructuring, is well-funded after managing its cash resources carefully during the downturn, Makhzoumi told Reuters Insider……………………………………….Full Article: Source

From Gulf-daily-news.com: Despite the economic downturn in the aftermath of the global financial crisis, the Islamic finance industry has been growing strongly with the opening of new markets such as the Commonwealth of Independent States.
The industry is poised to reach $1 trillion this year, a major landmark. Crossing this threshold could possibly ignite a new growth path for the industry, which according to some estimates has the potential to become a $5trn industry……………………………………….Full Article: Source

From Thepeninsulaqatar.com: Dubai International Capital (DIC), the private equity unit of the emirate’s flagship conglomerate Dubai Holding, sought a three-month debt repayment delay yesterday, in another blow to the emirate’s financial image.
“Dubai International Capital and a coordinating committee of banks today presented to lenders a request for a three-month extension to 30 September 2010 of certain maturities,” the company said in a statement……………………………………….Full Article: Source

From Cpifinancial.net: According to Kamal Ahmed, Chief Operating Officer of the Bahrain Economic Development Board (EDB), Bahrain plays a leading role driving forward the development and growth of the Islamic finance industry.
The conference is designed to give the international Islamic finance industry a collaborative platform to highlight and discuss pertinent industry issues as well as to help facilitate AAOIFI’s role in the development of new standards and the review of existing standards. Discussions at the Conference will be led by eminent Shari’ah scholars and members of Shari’ah Board of AAOIFI……………………………………….Full Article: Source