Posted on 17 May 2012 by Laxman | Email|Print
Banque Saudi Fransi (BSF), the lender part-owned by Credit Agricole, launched a $750 million five-year Islamic bond Tuesday at the tighter end of price guidance, which indicated strong investor demand for the issue.
Saudi Fransi, the Kingdom’s fifth largest bank by market capitalization, launched the sukuk at a spread of 185 basis points over midswaps, arranging banks said, at the lower end of the range indicated earlier in the day………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
The Royal Bank of Scotland Group plc (RBS) hopes to advise foreign clients to issue four to six ringgit-based sukuk over the next 12 months while it concentrates on building its wholesale banking business in Malaysia.
The clients will be from Europe and Central Asia, RBS officials said without giving specific details………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
The Royal Bank of Scotland (RBS) intends to focus on the debt capital markets, in particular sukuk, over the next 12 months, said head of corporate coverage in Malaysia, Ho Weng Yew.
“In our pipeline right now, we are looking at at least four to six potential issuances, spread out over nine to 12 months,” he said. He added that the potential issuance would be of sizeable amount, coming from Central Asian and European countries through financial institutions and conglomerates from different kinds of sectors………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Islamic Development Bank (IDB) is seeking partners to bring investment in a Shariah-compliant megabank, as it plans to issue $1 billion worth of Islamic bonds or sukuk in June to fund the project, the bank’s president Ahmad Mohamed Ali said.
“IDB practice is usually a five-year issue in the amount range between $500 million and $1 billion, so in June it will be in this range, as usual,” Ali said. He said the Jeddah-based operation was currently in talks with the banks that will arrange the deal that would be global, indicating the sukuk would be 144a-compliant and, therefore, open to investors from the US………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Dana Gas said it wanted to find a consensual deal to repay the remainder of a $1 billion sukuk maturing in October, and confirmed it had hired advisers to weigh up various options for the repayment.
The Abu-Dhabi-listed natural gas producer’s share price has been battered by concerns over how it will find the cash to repay the outstanding $920 million of the sukuk, issued in 2007, on time and in full. Its stock has dropped 40 per cent in the past year………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Bond traders are betting that the United Arab Emirates may soon see the country’s first public restructuring of an Islamic bond.
The yield on the $920m sukuk from Dana Gas , the Sharjah-based energy company, has soared this week as the price sunk, highlighting investors’ concern over Dana ’s ability to repay the debt………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
RAM Ratings has reaffirmed the respective AAA, AA2, A1, A2 and AAA ratings of Menara ABS Bhd’s Tranche A1, Tranche A2, Tranche A3, Tranche A4 (Tranche A Sukuk) and Tranche B Sukuk Ijarah.
The rating of Tranche B Sukuk carries a “stable” outlook while the outlook on ratings of Tranche A Sukuk has been revised to “negative” from “stable”………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Dubai Islamic Bank has released roadshow dates for its sukuk, undeterred by worsening market conditions in the conventional bond space.
The meetings start in Kuala Lumpur tomorrow, moving to Singapore on Friday, Abu Dhabi on Sunday and finish in London on Monday. A dollar Reg S sukuk benchmark could follow………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Brunei needs to encourage more Syariah graduates to enter the finance sector if it wants to become a legitimate player in the Islamic finance industry, said an expert.
Executive Director of Malaysia-based International Syariah Research Academy for Islamic Finance Dr Mohamad Akram Laldin said building human capacity is the key to developing Brunei’s niche in the market………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Across the Middle East and South-East Asia, Islamic financial institutions hold aggregated assets estimated to be worth $50 billion. To some, this cash-rich sector represents a huge opportunity for growth and investment.
But perhaps, what Islamic banks can really offer is a set of guiding principles that can enhance financial stability, four years after the crisis………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Islamic banks should be more “entrepreneur-friendly”, said His Royal Highness Prince Hj Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office, by offering a variety of Syariah-compliant financing methods that will help Muslim businesses become successful.
“Such efforts support His Majesty’s wishes to enhance the ‘Ease of Doing Business’ in the country,” he said……………………………………….Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office in a sabda called the Islamic banking sector in the country to be more “entrepreneur-friendly” through the provision of various “Syariah-compliant” financing instruments.
The Crown Prince believed that this will provide more opportunities for Muslim entrepreneurs to be active in their respective entrepreneurial interests………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Islamic banking is a fast growing industry world over. Worldwide growth rate is more than 15 per cent while it is about 40 per cent in Pakistan. With every passing day, its penetration in every society is increasing, covering more and more areas.
The developments during the last ten years in the field have drawn attention of the people on individual level and in business and corporate sectors. But our ratio is low. Therefore, when we show it in figures it is fewer………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
The State Bank of Pakistan (SBP) is playing a major role in spreading the market of Islamic banking in Pakistan and we salute their efforts. The conventional banks are also exploring the avenues in the Islamic sector due to the promotion of parallel banking by the State Bank in 2002.
So unlike the concept, which was introduced in 1970s when the customers were forcefully being pushed towards Islamic banking, now the concept is effectively evolving when the customers have a free choice because more industry players are becoming visible………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Citi has appointed Usman Ahmed as its new head of corporate and investment banking in the Philippines. He is replacing Kristine Braden who is leaving Asia to take on the role as global subsidiaries group head in Europe.
Ahmed will remain Asia-Pacific head of global Islamic banking alongside his new role as head of corporate and investment banking in the Philippines………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
In a move that reflects Qatar Islamic Bank’s (QIB) sound financial position and business strategy, Standard & Poor’s recently assigned its ”A-” long-term and ”A-2” short-term counterparty credit ratings to QIB with a stable outlook rating on the long-term.
S and P, which rates QIB for the first time, hailed the bank’s business position, its leading position in the fast-growing Qatari Islamic banking segment and its business model and management. S and P views QIB’s capital and earnings are “strong………………………………………..Full Article: Source
Posted on 17 May 2012 by Laxman | Email|Print
Dubai-based regional investment bank Ridge Capital has bought 100 per cent of Egyptian asset management firm El Rashad Holding, which is expanding its Islamic financing business, its financial adviser said on Tuesday.
Rashad manages two funds, one for Misr Iran Bank and the other for National Bank of Egypt, and last month launched a third in Bahrain that specialises in Islamic investments, Karim Amin of Sempra Capital, which acted as Ridge’s adviser on the deal, told Reuters………………………………………..Full Article: Source
RSS
