First Gulf Bank (FGB.AD) plans to issue a $500 million, five-year Islamic bond, or sukuk, this week, the Abu Dhabi-based lender said Tuesday. The sukuk will be issued under FGB’s $3.5 billion trust certificate issuance program, the bank said in an emailed statement. Proceeds from the issue are to be used for Islamic general corporate purposes and to fund the lender’s Islamic loan book growth, FGB added.

The initial price talk for the sukuk is around 287.5 basis points over mid swaps, a banker familiar with the matter told Zawya Dow Jones. He said the books for the deal are now open, and final pricing is expected later in the week…………………………………….Full Article: Source

First Gulf Bank has mandated Citi, HSBC, National Bank of Abu Dhabi and Standard Chartered banks as joint lead managers for its five-year $500 million (Dh1.83 billion) sukuk issue.

“Proceeds from the sukuk are to be used for Islamic general corporate purposes and to fund the growth of the FGB’s Islamic loan book,” FGB said in a statement. “Subscription is set to begin on January 11,” it added. Shabbir Malek, banking analyst at EFG-Hermes told Gulf News: “This shows that FGB is aiming to diversify its funding base and securing long-term US dollar funding to grow its loan book.”……………………………………Full Article: Source

Abu Dhabi’s First Gulf Bank has issued an initial price whisper for a five-year, benchmark-sized Islamic bond, or sukuk, a document from lead managers said on Tuesday.

The whisper has been set at 287.5 basis points over midswaps, with books now open and pricing scheduled for this week, the document added. Citi, HSBC, National Bank of Abu Dhabi and Standard Chartered are the banks arranging the transaction, sources told Reuters earlier on Tuesday…………………………………….Full Article: Source

Saudi Arabia’s General Authority for Civil Aviation (GACA) is starting to meet investors on Tuesday ahead of issuing its debut Islamic bond, or sukuk, the state news agency SPA said.

The sukuk is fully guaranteed by the Saudi Ministry of Finance and will be the first in a series of Islamic bonds from the authority to help fund the 27.1 billion riyal ($7.23 billion) development of King Abdulaziz International Airport in Jeddah, SPA added…………………………………….Full Article: Source

Saudi British Bank, which is 40 percent owned by HSBC Holdings Plc, has the sole mandate to manage the sale of Islamic bonds by the General Authority of Civil Aviation, according to two bankers familiar with the deal.

The authority will start offering the sukuk today, the official Saudi Press Agency reported yesterday, without providing details of the amount the authority was seeking to raise…………………………………….Full Article: Source

Dubai’s Tamweel, a sharia-compliant mortgage provider, has launched a $300 million five-year Islamic bond, or sukuk, a document from lead managers said on Tuesday.

The transaction is guaranteed by majority shareholder Dubai Islamic Bank and follows a series of roadshows which took place before year-end. Books are currently open, with pricing due to take place this week, the document said…………………………………….Full Article: Source

HSBC Amanah Malaysia Bhd, a subsidiary of HSBC Bank Malaysia, plans to introduce an innovative sukuk this year for retail investors to maintain HSBC’s position as a leading sukuk house.

“Malaysia is one of the deepest markets for Islamic bonds but we still do not have an active retail market. We need to launch a retail bond product so that the retail investors could share the sukuk pie,” chief executive officer Rafe Haneef said…………………………………….Full Article: Source

Top Dubai lender Emirates NBD’s Islamic unit, Emirates Islamic Bank, has priced a $500 million five-year, benchmark-sized Islamic bond, or sukuk, lead managers said on Tuesday.

The transaction priced with a 4.72 percent profit rate at a spread of 350 basis points over midswaps, a document from the leads said. EIB’s sukuk is the first debt capital markets issue from the Gulf region in 2012…………………………………….Full Article: Source

Emirates Islamic Bank PJSC, a unit of Emirates NBD PJSC, will pay a profit rate of 4.718 percent on its five-year $500 million Islamic bond, according to a banker familiar with the transaction.

HSBC Holdings Plc, Standard Chartered Plc, Citigroup Inc., Royal Bank of Scotland Group Plc, Emirates NBD Capital and National Bank of Abu Dhabi arranged the sale, said the banker, who declined to be identified because the information is private…………………………………….Full Article: Source

Indonesia drew orders for double the $1.75 billion of 30-year dollar-denominated bonds it offered, a sign of investor confidence in developing economies during a record start to the year for emerging-market debt sales.

Southeast Asia’s largest economy sold notes due January 2042 with a 5.25 percent coupon to yield 5.375 percent, attracting $3.6 billion of bids, the finance ministry said. The rate was 240 basis points more than that for similar-maturity U.S. Treasuries and the sale was arranged by HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc…………………………………….Full Article: Source

Al-Iktissad Wal-Aamal is all set to organize a major Islamic Finance and Banking Conference on January 23 and 24 in collaboration with the Central Bank of Oman at Al Bustan Palace Hotel.

The conference will discuss latest developments on the heels of the granted permission for banks and financial institutions operating in the Sultanate, to provide banking and financial services compliant with Islamic law…………………………………….Full Article: Source

A leader in project and Islamic finance, Christopher Aylward has joined international law firm Baker Botts as a partner for its Middle East practice. He will be based in Dubai.

Aylward’s practice focuses on project finance, syndicated facilities and trade finance. He has been involved in the development of a number of innovative transactions, said a statement from Baker Botts…………………………………….Full Article: Source

Islamic finance banking options are increasingly being seen as a viable alternative to traditional banking services in Africa and are growing to support not only the African Islamic community but all those looking for an interest-free banking alternative.

The Islamic Finance Africa Conference, due to take place on 21 - 24 February 2012 in South Africa, is drawing together experts in the field from across the world. Key speakers from Nigeria, Malaysia and Saudi Arabia will join leading South African experts from ABSA, alBaraka Bank, KPMG and other financial institutions…………………………………….Full Article: Source

A man identified in court records as having taken $1.8 million in gold bars to Egypt and giving them to Islamic-law scholars failed to show Tuesday for a court-sanctioned discovery examination.

Joseph Adam was to testify in the receivership case of two insolvent Toronto companies that issued home mortgages conforming to an interpretation of Islamic law, or sharia. The court has now required Adam’s lawyer Joel Levitt to turn over any information he has “as to the whereabouts of Adam, including all known contact information.”……………………………………Full Article: Source

After emergency laws are lifted, constitutions are drafted, and elections are held, policymakers in the Middle East will be faced with a tough practical challenge: how to create economic opportunities for the region’s teeming millions?
Arab revolutions had a clear economic underpinning: they were fueled by poverty, unemployment, and lack of economic opportunity. At the heart of these uprisings is a search for social and economic justice. While political repression in the Middle East remains a subject of continuous discussion in media and academic circles, the scale and intensity of the region’s economic repression has gone relatively unnoticed…………………………………….Full Article: Source