Posted on 13 April 2012 by Laxman | Email|Print
Indonesian toll-road operator PT Citra Marga Nusaphala Persada said on Thursday that it is planning a 1.2 trillion rupiah ($131.11 million) corporate bond issue to fund the acquisition of toll roads in Jakarta and its outskirts.
Finance director Indrawan Sumantri said the 700 billion rupiah conventional bond and 500 billion rupiah corporate sukuk would be issued in first half with a maturity of five years………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
Johor Corp Group (JCorp) will issue RM3 billion worth of sukuk wakalah to redeem the final series of bonds issued in 2002, which matures on July 31. The sukuk issuance is expected in May with the underlying assets being crude palm oil and syariah-compliant shares, and JCorp is looking at five, seven and 10-year terms.
Its president and CEO Kamaruzzaman Abu Kassim said several local investment banks have been shortlisted for the corporate exercise………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
A yearlong drought in the sales of corporate sukuk in Indonesia is ending as falling yields spur offers by Bank Muamalat Indonesia and Mayora Indah.
Bank Muamalat, the nation’s second-largest Islamic lender, will offer as much as Rp 800 billion ($87.2 million) of Shariah-compliant notes in June, finance director Hendiarto said on April 4………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
A dramatic fall in yields on the bonds of state-owned property developer Nakheel underlines how investor sentiment towards Dubai is improving, even though the outlook for the company’s own business remains tough.
Nakheel’s $1 billion (Dh3.67 billion), five-year sukuk is yielding about 14 per cent, down from levels above 21 per cent when the Islamic bond was issued to trade creditors last August as part of a restructuring of the company’s $16 billion debt………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
Oman’s economy is robust and expected to grow by 5 percent this year, the Gulf Arab country’s central bank head Hamood Sangour al-Zadjali said on Wednesday, adding that the country may issue sovereign debt of OMR200m (US$518m).
“The local economy is in an excellent condition. We expect growth of 5 percent this year. Inflation is under control, somewhere between 3.5 to 4 percent,” the sultanate’s top banker told Reuters on the sidelines of a banking conference………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
The relationship between faith-consistent (FCI) and socially responsible investing (SRI) was on the agenda of the Tenth Harvard University Forum on Islamic Finance and is a question that surfaces frequently.
As both sectors continue to increase in size and therefore influence it may be instructive to consider a few of the learnings that have emerged when this question surfaces………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
Potential buyers of Malaysia’s RHB Capital Bhd can grab an increasing share of the biggest market for Islamic bonds at a 24 per cent discount to the bank’s rivals.
RHB, whose Islamic banking profits rose ten times faster than total earnings last year, will become Malaysia’s largest stock broker after its acquisition of OSK Investment Bank Bhd, according to data compiled by Malaysia’s stock exchange………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
Banking loans are predicted to grow in Saudi market by more than 10 percent in the current year due to growth of deposits at steady rates, according to financial experts.
Financial expert Walid Al-Subaei said growth of loans rested on continuity of the Kingdom as one of key drivers of banking sector growth on predictions that the Kingdom’s gross domestic product (GDP) will grow by 6.8 percent in 2012………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
Malayan Banking Bhd (Maybank) said it is keeping its options open in bidding for Al Amanah Islamic Investment Bank of the Philippines, the country’s only Islam-oriented commercial bank, a Philippine’s based newspaper reported.
Al Amanah Islamic Bank is looking for a strategic partner through the sale of a 49% stake or the entire bank to a foreign entity with expertise in Islamic banks………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
We are assigning our ‘A-/A-2′ long- and short-term counterparty credit ratings to Qatar Islamic Bank (S.A.Q.) (QIB). Our ratings on QIB reflect our ‘bbb’ anchor for a commercial bank operating in the State of Qatar, and our view of the bank’s adequate business position, strong capital and earnings, weak risk position, average funding, and adequate liquidity.
The long-term rating also benefits from three notches of uplift, reflecting our view of the high likelihood of extraordinary government support for QIB if needed………………………………………..Full Article: Source
Posted on 13 April 2012 by Laxman | Email|Print
Jordan Dubai Islamic Bank (JDIB), a full-fledged Islamic bank based in Jordan, has selected SunGard’s Ambit for credit assessment and credit portfolio monitoring to help lay the foundation for risk-based decision-making and pricing, and for improved capital and credit risk management.
The bank will use Ambit to help improve the efficiency of its credit process, enhance its relationship management capabilities, gain better visibility into its financing portfolio and comply with requirements laid out by the Basel II/III regulations………………………………………..Full Article: Source
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