Dana Gas PJSC (DANA) hired Blackstone Group LP, the world’s largest private-equity firm, to advise on the $1 billion restructuring of Islamic bonds maturing in October, three people familiar with the matter said.

Deutsche Bank AG (DBK) is also advising the company, two people with knowledge of the matter said in January. Dana Gas, whose parent Crescent Petroleum Co. owns 3 percent of Hungarian refiner Mol Nyrt., (MOL) said Jan. 17 it would continue to meet debt obligations and appointed an unidentified financial adviser………………………………………..Full Article: Source

Dubai plans to launch a dual-tranche Islamic bond imminently, the banks arranging the issue said on yesterday, and is expected to attract healthy investor demand. The five- and ten-year benchmark sukuk is Dubai’s first Islamic bond since 2009. Initial guidance was seen around 5 and 6.5 per cent respectively for the two tranches.
Sources told Reuters earlier yesterday that the emirate had mandated four banks — Citigroup, HSBC, National Bank of Abu Dhabi and Dubai Islamic Bank — for a bond that could raise up to $1.5 billion (Dh5.5 billion)………………………………………..Full Article: Source

Dubai is returning to the bond markets for the first time in almost a year with a planned US$1 billion (Dh3.67bn) debt sale. The emirate has hired four banks to handle the sale of the Islamic bonds, known as sukuk, as it emerges from a financial crisis that culminated with the $24.9bn restructuring of Dubai World debt between 2009 and 2010.
“The move could lead to lower borrowing costs for UAE companies if the Government’s bond sale meets with high demand,” said Debashis Dey, the head of capital markets at Clifford Chance, a law firm………………………………………..Full Article: Source

The government of Dubai has announced guidance on a US dollar dual-tranche sukuk at 5% area for a five-year tranche and 6.50% area for a 10-year.

The deal is Reg S only format and will be listed on the Dubai Financial Market. Citigroup, Dubai Islamic Bank, HSBC and NBAD are the lead managers. Timing is as soon as possible………………………………………..Full Article: Source

Saudi Arabia’s Al Rajhi Bank, the world’s largest Islamic lender, is turning to the ringgit-denominated debt market for its debut sukuk sale to fund the opening of new branches in Malaysia.
The Riyadh-based bank was considering the issuance as it planned a 20% increase in annual profits in the country by adding to 23 existing outlets, Azrulnizam Abdul Aziz, chief executive officer of Al Rajhi’s Malaysian unit, said in an interview………………………………………..Full Article: Source

Indonesia raised 1.82 trillion rupiah ($198.12 million) in a sukuk auction on Tuesday, above a 1 trillion rupiah target, the finance ministry said in a statement. It sold six and 15-year project-based sukuk, with no winning bids for 10 and 25-year project-based sukuk.
Foreign investors bought 930 billion rupiah of sukuk as of April 5, after selling 550 billion rupiah in March, the latest data from the debt office shows………………………………………..Full Article: Source

Saudi Electricity Company, rated A1/AA-/AA- (all Stable) and the largest utility in the Middle East, has announced the successful closure of a $1.75 billion dual-tranche Sukuk issue, comprising $500 million with a five year maturity and $1.25 billion with a 10 year maturity.
The transaction led by Deutsche Bank and HSBC is the inaugural international Sukuk issuance by SEC and the largest international debt capital markets issuance from Saudi Arabia………………………………………..Full Article: Source

In light of the ongoing global financial climate, most world markets and sectors continue to be adversely impacted, including the Islamic finance sector, which is currently facing regulatory and practice-related reforms.
report recently published by the Deloitte Middle East Islamic Finance Knowledge Center (IFKC), entitled Empowering Risk Intelligence in Islamic finance: Managing Risk in Uncertain Times addresses and investigates the important issues in practice and regulation in Islamic finance in the current market challenges………………………………………..Full Article: Source

In light of the ongoing global financial climate, most world markets and sectors continue to be adversely impacted, including the Islamic finance sector, which is currently facing regulatory and practice-related reforms.
report recently published by the Deloitte Middle East Islamic Finance Knowledge Center (IFKC), entitled Empowering Risk Intelligence in Islamic finance: Managing Risk in Uncertain Times addresses and investigates the important issues in practice and regulation in Islamic finance in the current market challenges………………………………………..Full Article: Source

Deputy Prime Minister Tan Sri Muhyiddin Yassin launched a RM2 billion syariah-compliant financing fund for small and medium enterprises (SMEs). Muhyiddin said the loan scheme, announced by Prime Minister Datuk Seri Najib Tun Razak in the 2012 Budget, reflects the private sector’s seriousness in supporting the federal government’s efforts to promote economic growth.

The scheme will be managed by 13 Islamic banking institutions with the federal government providing a two per cent rebate of the bank’s profits, he said when launching the scheme at Sekolah Menengah Kebangsaan Datuk Perdana ……………………………………….Full Article: Source

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a $180m syndicated structured Murabaha Agreement with Societe Anonyme Marocaine de l’Industrie du Raffinage (SAMIR) in Morocco, for the import of crude oil and petroleum products.

The agreement was signed by Eng. Hani Salem Sonbol, Acting CEO of ITFC and Eng. Jamal Ba’amer, General Manager of SAMIR in the presence of H.E El-Sheikh Mohammed Hussei Al-Amoudi, Chairman of the Board of SAMIR………………………………………..Full Article: Source

Syarikat Takaful Malaysia Bhd (Takaful Malaysia), was listed among the top five companies in the 2012 edition of OSK Top Malaysia Small Cap Companies - 30 Jewels, launched today.Takaful Malaysia has recently concluded its 2011 financial year on a high note with record profits exceeding the RM100 million mark for the first time.

In its report, OSK Research gave Takaful Malaysia a fair value of RM4.42 per share pegged at 10 times financial year 2013 price earnings multiple…………………………………………Full Article: Source