Posted on 26 May 2011 by Laxman | Email|Print
Nakheel properties has no plans to change a 10 per cent profit rate on its Dh4.8 billion sukuk (Islamic bonds) which it intends to issue towards the end of June, a newspaper said on Wednesday.
The Arabic language daily Al Khaleej quoted an unnamed responsible source in Nakheel as saying market reports about an imminent change in the profit rate were incorrect……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
Nakheel’s trade creditors may have to offer yields of more than 15 percent to lure buyers to Islamic bonds they will receive as part of the Dubai-based developer’s $10.5bn debt restructuring.
While Nakheel plans to issue the sukuk with an annual return of 10 percent, the new owners will have to offer about five percentage points more to attract buyers, according to Dubai- based Mashreq Capital DIFC Ltd estimates……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
The Islamic Development Bank (IDB) plans to increase its $3.5 billion sukuk program to as much as $8 billion and issue a sukuk bond worth $600 million by year-end, its Vice President Abdul Aziz Al-Hinai said.
He said $2.9 billion of the current program had been issued and the rest would be out by Dec. 31, adding that the IDB was studying how large the program would become……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
As part of its Resource Mobilization Plan, the Islamic Development Bank (”IDB”), rated Aaa/AAA/AAA (with stable outlook) by Moody’s, S&P and Fitch, conducted a Road Show to Asia, Middle East and Europe.
On the conclusion of the Road Show, Dr. Abdul Aziz Al-Hinai, Vice President Finance commented: “We are delighted with the outcome of the deal, which achieved our main objectives for the transaction to build on the success of last year’s deal to establish another liquid benchmark and further position IDB in line with its Supranational peer group. I am particularly happy to see a number of new accounts come into an IDB trade for the first time, and would like to thank the lead managers for delivering a deal that met all our objectives.” (Press Release)
Posted on 26 May 2011 by Laxman | Email|Print
Malaysia will sell 4.0 billion Malaysian ringgit ($1.3 billion) of government bonds due in 2016, the central bank said on Wednesday.
The tendering for the paper will close on May 30 the central bank said on its website. The bonds will mature on Nov 15, 2016……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
State electricity firm PT PLN is mulling the issuance of global bonds worth between US$1.5 billion and $2 billion to help finance its capital expenditure. The decision on whether to issue the bonds would be made by the end of June, PLN president director Dahlan Iskan said in Jakarta on Wednesday.
He added that it was possible the company would issue sharia-based bonds (sukuk), or seek loans from local banks……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
RAM Ratings has reaffirmed the AA1 rating of Segari Energy Ventures Sdn Bhd’s (SEV or the Company) RM930 million Sukuk Ijarah (Sukuk), with a stable outlook. SEV is an independent power producer (IPP) established to develop and own the Lumut Power Project, which consists of a 1,303-MW combined-cycle, gas-turbine power plant in Lumut, Perak.
The rating remains supported by the IPP’s strong business profile. In FY Dec 2010, SEV performed within the operating parameters of its Power Purchase Agreement. It had also fully passed through all fuel costs to its sole off-taker, Tenaga Nasional Berhad. Similar to all other IPPs, however, the rating remains moderated by regulatory and single-project risks. (Press Release)
Posted on 26 May 2011 by Laxman | Email|Print
RAM Ratings has assigned a final rating of A3 to Bank Muamalat Malaysia Berhad’s (Bank Muamalat or the Bank) proposed Islamic Subordinated Sukuk Programme of up to RM400 million (Islamic Subordinated Sukuk); the long-term rating has a stable outlook. This rating announcement follows on from RAM Ratings’ earlier press release on the Bank, dated 9 May 2011. Bank Muamalat currently carries A2/stable/P1 financial institution ratings.
The 1-notch difference between Bank Muamalat’s A2 long-term financial institution rating and the A3 rating of its Islamic Subordinated Sukuk reflects the subordination of the Islamic Subordinated Sukuk to the Bank’s senior unsecured obligations. (Press Release)
Posted on 26 May 2011 by Laxman | Email|Print
Malaysian Islamic financial group BIMB said on Wednesday it was unable to consider a merger between its unit Bank Islam with rival Bank Muamalat at this juncture.
“BIMB wishes to announce that, after careful consideration of Bank Islam Malaysia Berhad’s current strategic plans and positioning, the company is unable to consider a merger exercise at this point of time,” BIMB said in a stock exchange filing……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
A Standard Chartered Plc (STAN) affiliate, Qatar Islamic Bank SAQ and Oversea-Chinese Banking Corp. are among bidders for a controlling stake in PT Bank Muamalat Indonesia, the country’s oldest Islamic bank, people with knowledge of the matter said.
Shareholders of privately held Bank Muamalat plan to sell more than 50 percent of the lender in a deal that may value it at as much as $600 million, one of the people said, declining to be identified because the talks are private……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
Top shareholders of Indonesia’s PT Bank Muamalat are looking to sell at least a 51 percent stake in the unlisted Islamic lender, in a deal that may be valued at about $300 million, sources with knowledge of the plans said on Wednesday.
Bank Muamalat confirmed the sale process and said several investors have conducted due diligence to buy the stake. Singapore’s second-biggest lender Oversea-Chinese Banking Corp had looked at the bank in the first round, but is no longer interested, two sources told Reuters……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
HSBC Holdings will close its Islamic banking unit HSBC Amanah in Qatar by the end of the year, Europe’s biggest bank confirmed Tuesday.
Staff working at HSBC Amanah will be “absorbed” into the conventional business with no job cuts predicted, the bank said in an emailed statement……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
Noor Islamic Bank, which is in its fourth year of operation, is poised to break even this year, CEO Hussain Al Qemzi said. “Going by our performance during the first four months of this year we are confident that we will have a positive net income to report during the current year,” Al Qemzi said.
The Noor Islamic chief executive said yesterday that the bank, year to date, has posted a net profit of Dh58 million as its operating income grew Dh113 million. Its capital adequacy ratio was 18 per cent year to date……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
Amana Takaful, the pioneer of the Takaful way of insurance has announced thelaunchof Sri Lanka’s first Sharia’h compliant Unit Linked Insurance Plan. The product, branded “Amana Takaful Prosper”, is the first of its kind, where the customer will be able to obtain aTakaful(insurance) cover as well as enjoy a choice of Sharia’h compliant investment options.
“We felt the time was right for us to make available this option for all Sri Lankans as part of our expansion plans of product offerings in the backdrop of a peaceful environment and apt economic conditions……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
Kuala Lumpur-based Alfalah Consulting, is organising the KL Conference on Islamic Wealth Management 2011 over two days from July 6 here.
The company is an international consulting and training provider specialised in the area of Islamic finance, business, management, personal and professional development and motivation……………………………………….Full Article: Source
Posted on 26 May 2011 by Laxman | Email|Print
Islamic Finance is a growing industry expected to reach over $2 million dollars by 2012 and is rapidly growing as an internationally renowned financial tool in global worldwide trade.
Islamic products and services for the corporate segment have also evolved over time. Basic account services have given way to the need for more complex solutions. Historically, a small range of Islamic financing, investment, cash management and treasury solutions limited the ability of a corporate treasury to mitigate foreign exchange, rate, funding, payment, commodity price and business protection risk in a Sharia-compliant manner……………………………………….Full Article: Source
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