Posted on 25 August 2010 by Laxman | Email|Print
From Bloomberg: The Islamic Development Bank, a Saudi Arabia-based multilateral lender, plans to sell $1 billion of Islamic bonds to fund development projects in its member countries, Vice President Abdul Aziz Al Hinai said today.
The five-, seven- and 10-year sukuk, part of the IDB’s $3.5 billion Medium-Term Note program, will be issued in the fourth quarter and listed in London and Kuala Lumpur, Al Hinai told reporters in the Malaysian capital after registering a separate ringgit issuance on the local exchange. CIMB Group Holdings Bhd. and four international banks will manage the sale, he said…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Theborneopost.com: The Islamic Development Bank (IDB) yesterday listed its RM1 billion sukuk medium-term note (MTN) programme on Bursa Malaysia in Kuala Lumpur.
The exercise marked the country’s first multi-lateral development bank to list its ringgit-denominated sukuk on the exchange. The sukuk was issued via IDB’s special purpose vehicle, Tadamun Services Bhd……………………………………..Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
Global sales of sukuk fell 25 percent to $8.3 billion so far this year, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Bernama: CIMB Islamic sees a healthy pipeline of Sukuk issuance before the year-end and is confident the value of sukuk raised will surpass that of last year.
“So far, US$9.76 billion worth of sukuk were raised this year and 26 per cent of them were led by CIMB Group,” said CIMB Islamic Chief Executive Officer Badlishah Abdul Ghani…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Bloomberg: Aldar Properties PJSC’s Islamic bonds, the worst-performing debt among Abu Dhabi-linked companies this year, are rebounding on speculation the government will support the company.
The 5.767 percent convertible Islamic notes due in November 2011 from Abu Dhabi’s biggest real-estate developer rose 1.81 cents on the dollar from a 16-month low reached on Aug. 11, cutting the yield to 9.589 percent from 11.142 percent, according to data compiled by Bloomberg. The securities probably will advance to par, according to Algebra Capital Ltd…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Bloomberg: Sovereign Islamic bonds from Asia to the Persian Gulf are beating returns on corporate sukuk for the first time in three months as accelerating economic growth and rising oil revenue shore up state finances.
Government debt that complies with the religion’s ban on interest gained 1.6 percent so far this month, according to the HSBC/NASDAQ Dubai Sovereign US Dollar Sukuk Index, more than the 1.2 percent advance in bonds issued by companies…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Bloomberg: Dubai’s government has no immediate plans to seek a credit rating or sell bonds, the emirate’s finance department said ahead of meetings with fixed-income investors in Asia this week.
“Usually, when an organization doesn’t want a credit rating it is because it feels that the rating agencies wouldn’t do justice to its story,” said Abdul Kadir Hussain, chief executive officer at Mashreq Capital DIFC Ltd. in Dubai. “It may be a timing issue, but a rating will be beneficial as it could open an offering to a wider variety of investors.”……………………………………Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Arabianbusiness.com: Bahrain’s Islamic lender Al Baraka said on Tuesday it planned to enter the Saudi Arabian market through an acquisition of an Islamic investment company there, valued at around 300 million Saudi riyals ($80m).
“The group is in the process of obtaining approval from Saudi authorities to enter the kingdom this year through acquiring one of the companies operating in the Saudi market,” the lender said in a statement on the bourse website…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Kippreport.com: Abu Dhabi Islamic Bank said on Tuesday it signed a $300 million loan facility with Al-Jaber Energy Services to finance the Shah gas project.
Al Jaber Energy Services is part of Abu Dhabi-based privately owned Al Jaber Group. It won contracts from Abu Dhabi Gas Development Company to build infrastructure as part of the $12 billion Shah gas project…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Btimes.com.my: Kuwait Finance House (Malaysia) Bhd (KFHM), the country’s first foreign Islamic bank, expects retail banking assets to account for a fifth of its total assets by year-end. Currently, the retail banking side accounts for some 4 per cent of KFHM’s total assets.
The bank, a wholly-owned unit of Kuwait Finance House KSC, also targets retail banking assets to account for half of its total assets by 2015…………………………………….Full Article: Source
Posted on 25 August 2010 by Laxman | Email|Print
From Zawya.com: Daman Investments, the Dubai-based investment management company, said its funds continued to perform well despite negative market conditions.
The company on Sunday announced the performance results of its Daman Second Emirates Fund, Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for the month of July 2010…………………………………….Full Article: Source
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