Posted on 26 March 2012 by Laxman | Email|Print
On the surface, the Islamic finance industry in the Gulf has never been healthier. When Emirates Airline looked at the markets last year to secure financing for yet another tranche of new aircraft, it decided against its traditional option; the European banks.
“We were kind of planning for finance from European banks, but it’s just a bit difficult now,” Emirates president Tim Clark told Reuters in November. “We still have the Islamic finance market to go with, and other funding options are always open for us.”……………………………………….Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Mohammad Al-Tuwaijri, regional head of global banking and markets at HSBC in the Middle East and North Africa (MENA): “Sukuk is an asset class, which is firing on all cylinders. Last year saw a record volume of issuances and this year, we expect the market to hit another high. Globally, we think we’ll see an increase of 66 percent in sukuk issuance this year to $44 billion. MENA, which is also set for a good year, should contribute 32 percent, or $14 billion, of issuances.”
“What is going to fuel this strong performance is the abundant liquidity, which is looking for Islamic homes. If you set this against a historically limited supply and the euro zone debt credit, you’ll see why we are so bullish.”……………………………………….Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Dar Al Arkan Real Estate Development Co. is confident it will be able to repay a $1 billion Islamic bond maturing in July, Arabian Business reported, citing the company’s chairman.
Saudi Arabia’s largest property developer has been building up cash reserves to repay the bond and is able to use assets and land as collateral to secure funding in the case of a shortfall, the Dubai-based magazine reported, citing Yousuf Bin Abdullah Al Shelash………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Nasdaq Dubai yesterday announced the removal of TID Global Sukuk 1 Limited from admission to trading. The exchange said in a statement posted on its website that the security has been removed from trading with immediate effect following the Dubai Financial Service’s (DFSA) announcement to delist the sukuk.
The DFSA announced its decision to delist TID Global Sukuk 1 Limited from its official list securities pursuant to Article 19 (1) of the Markets Law 2004………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Malaysian firm Pembinaan BLT has unveiled plans for a third issue of MYR 1.35 billion ($439 million) Islamic medium-term notes, expected to carry lower rates than its previous issues.
The latest issue is part of a MYR 10 billion nominal value of Sukuk being made via Aman Sukuk, a wholly-owned subsidiary of Pembinaan BLT. The first Sukuk issue of MYR 1.1 billion was made in Q1 2011 with rates ranging from 3.73 per cent for a three-year tranche to 5.05 per cent for a 15-year tranche……………………………………….Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Saudi Electricity Co (SEC), the kingdom’s national electricity provider, began roadshows this week ahead of potentially issuing its debut international sukuk.
Proceeds will be used to support SEC’s expansion plans, as Saudi Arabia struggles to supply uninterrupted electricity amid industrial expansion and population boom………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Moody’s Investors Service has assigned an A1 rating with a stable outlook to the proposed issuance of trust certificates (sukuk) by Saudi Electricity Global Sukuk Company, a special purpose vehicle of Saudi Electricity Company (SEC).
Moody’s considers the sukuk, which follows the structure of an ‘Ijarah’ transaction, to be a senior unsecured obligation………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Bank of America Merrill Lynch is believed to have an advisory role in Noble’s crack at opening the sukuk market for its funding needs. Noble recently set up a M$3bn (US$981.7m) multi-currency sukuk Murabahah programme, the first draw down of which is likely to be a debut ringgit issue.
AmInvestment Bank and Standard Chartered are thought to be joint leads on the upcoming issue. No details on timing, size or tenor were available………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
EFH Global Sukuk Plus Fund, managed by Dr Aleksandar Devic of QIB (UK), reached its third anniversary on 18 March 2012. The Fund operates under a SICAV-SIF umbrella incorporated in Luxembourg. It was seeded by Qatar Islamic Bank with $30 million and the assets under management are now at $205.5 million.
The fund’s investors include Islamic banks, Takaful companies, corporates and high-net-worth individuals. To the best of our knowledge, it is now the world’s largest global Sukuk fund available to investors………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Emirates NBD, on 21st March 2012, priced a 5-year $1bn fixed rate bond. The $1bn issue was three times over-subscribed with orders received from 205 investors.
The bond has a coupon of 4.625% and a reoffer price of 99.335 %. Good demand was seen from Asia (19%), GCC & Mena (49%) whilst Europe and other areas took 32% of the deal………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Standard Chartered Bank and Noor Islamic Bank announced yesterday that they have acted jointly as initial mandate lead arrangers and structuring banks for a five-year $175 million (Dh642.77 million) senior secured club facility for Stanford Marine Group.
The club of banks funding this transaction was Standard Chartered, Noor Islamic Bank, Barwa Bank of Qatar, Mubadala GE Capital and Abu Dhabi Commercial Bank (ADCB). Standard Chartered Bank acted as facility agent, investment agent, and hedging bank………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Oman’s central bank has approved the planned merger of HSBC Holdings’ operations in the tiny Gulf Arab state with local lender Oman International Bank, the central bank said on Sunday.
Both HSBC and OIB said in October last year they were in talks about merging their operations inOman, without providing details on the structure of the transaction………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Dar Al Sharia Legal and Financial Consultancy, Dubai Islamic Bank’s (DIB) Sharia consultancy and Sharia advisory subsidiary, announced that it has entered into an agreement to provide consultancy services to Bank Sohar, the fourth largest bank in Oman.
Following last year’s decision by the Central Bank of Oman to allow banks in the Sultanate to offer dedicated Islamic banking windows, Dar Al Sharia will help Bank Sohar to bring authentic Sharia-compliant banking products and services to customers in Oman. (Press Release)
Posted on 26 March 2012 by Laxman | Email|Print
ICS Financial Systems (ICSFS), the market provider of banking software, is pleased to announce that Military Credit Fund (MCF) has gone live on ICS BANKS Islamic in a record breaking time.
ICS BANKS Islamic is considered as one of the most sophisticated and efficient systems on a global scale. (Press Release)
Posted on 26 March 2012 by Laxman | Email|Print
Kuwait’s cabinet has approved Mohammad Al-Hashel as the new governor of the country’s central bank, promoting him from his position as deputy and marking the first change at the helm in over two decades.
The 37-year-old replaces his former mentor Sheikh Salem Abdul-Aziz Al-Sabah, a member of the ruling family who resigned last month after 25 years in the job, protesting at a rapid rise in government spending………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Bahrain’s banking sector has come under intense scrutiny after one of its flagship investment banks filed for bankruptcy protection.
Arcapita Bank sought protection under Chapter 11 of the US Bankruptcy Code on Monday after it failed to secure agreement from its creditors on a US$ 1.1 billion (Dh4.04bn) debt facility that was due to mature this month………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Takaful insurance is forecast to post noticeable growth at the international level as part of overall development witnessed in sector of Islamic banking following eruption of the global debts crisis, according to an eminent Kuwaiti academic.
However, at the local level, this sector might “face a tsunami,” unless the 2005 bill, issued by the National Assembly, was effected, and current status of the takaful insurance sector was altered, warned Dr. Mahmoud Behbehani, professor of insurance and actuarial science at Kuwait University, in an interview with KUNA………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Takaful in Kuwait could ‘face a tsunami’ unless proposed legislation put forward in 2005 is brought into effect, according to Dr. Mahmoud Behbehani, professor of insurance and actuarial science at Kuwait University.
Speaking to Kuwaiti national news agency KUNA, Dr. Behbehani noted that Takaful insurance is forecast to post noticeable growth at the international level but warned of potential difficulties in the domestic market-place in Kuwait………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
The country’s Takaful industry must energize and solidify itself to be competitive, dynamic and resilient to withstand the challenges faced by globalization and liberalization of the financial market.
Takaful Malaysia Association (MTA) President Datuk Syed Moheeb Syed Kamarulzaman said Malaysia can become a hub for the banking industry and Global Islamic Finance by stimulating the Takaful industry to be strong, sustainable and counter productive to withstand any financial crisis………………………………………..Full Article: Source
Posted on 26 March 2012 by Laxman | Email|Print
Syarikat Takaful Malaysia has invested MYR 3 million ($975,000) on an IT system that will allow it to operate in a paperless environment.
The Document Management System is designed to streamline operating procedures, increase productivity and help the company expand its business through improved efficiency. Group Managing Director Datuk Mohamed Hassan Kamil said Takaful would further invest to convert all operations to be paper-free by the end of this year………………………………………..Full Article: Source
RSS
