Posted on 11 July 2012 by Laxman | Email|Print
Emaar Properties, builder of the world’s tallest tower Burj Khalifa, has picked banks to arrange investor meetings in London ahead of a possible new Islamic bond, or sukuk, issue.
The company, the Gulf’s largest listed developer by market value, has mandated no fewer than seven regional and international banks for the meetings which take place on July 11, and only in London………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Indonesia’s finance ministry on Tuesday failed to sell any sharia government bonds offered in an auction, the debt office said in a statement.
The ministry offered six-, 10-, 15- and 25-year project-based sukuk, as well as a six-month sharia T-bill………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Qatar is returning to the international Islamic bond market this week after an absence of nearly a decade, and initial price talk indicates it is leaving enough on the table to entice a huge investor pool - and possibly print the Gulf’s largest dollar-denominated sukuk this year.
The Gulf Arab state plans to issue a two-tranche sukuk, with early price talk in the area of 135 basis points over midswaps for the five-year portion and 175 bps over for 10-year paper………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Qatar will sell $4 billion in a two-part Islamic bond sale with pricing due on Wednesday, arranging banks said, after initial price indications were tightened due to massive demand.
The deal, Qatar’s first international sukuk in nearly a decade, has already attracted orders of about $22 billion, allowing the borrower to tap markets for the maximum $4 billion available. Profit talk for the long five-year portion was revised to 120 to 125 basis points over midswaps, from 135 basis points released earlier in the day………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Qatar has received strong investor demand for its planned dual-tranche Islamic bond, or sukuk, fuelled by the state’s initial price guidance, bankers said. Aggregate firm orders have topped $7.5bn, split roughly equally between the two tranches, one banker said.
Qatar earlier yesterday said initial profit guidance for the five-year tranche was around 135 basis points over midswaps, while for the 10-year tranche it was in the area of 175 basis points over midswaps………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
DanaInfra Nasional Bhd (DanaInfra), a wholly-owned company of Minister of Finance Incorporated, said its RM2.4 billion sukuk has been oversubscribed 5.38 times. The sukuk was issued to part-finance the construction and development of the MY Rapid Transit (MRT) project.
The RM2.4 billion Islamic Medium Term Notes, which formed part of the RM8 billion Islamic Commercial Papers/Islamic Medium Term Notes Programme, attracted demand of up to RM12.915 billion, DanaInfra said………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD, the leading bank in the region, announced today that it received the MENA Sukuk Manager of the Year award,at the 2012 Global Investor/ISF Investment Excellence Awards.
The award ceremony, held recently at the Grange St Paul’s Hotelin London, recognized the best contributions to asset management over the past 12 months. The winners were determined by a panel of seven independent judges, including Anthony Hilton,the City editor of the London Evening Standard, John Redwood,former UK cabinet minister and co-founder of Evercore Pan-Asset, and Alastair O’Dell,the editor of Global Investor/ISF magazine. (Press Release)
Posted on 11 July 2012 by Laxman | Email|Print
Key findings published from Morocco’s first independent market study, entitled Islamic Finance in Morocco – Sizing the retail market point to a very strong interest from local consumers in Islamic finance products and services. Over 80 per cent of the Kingdom’s consumers indicated their likelihood to take up a Shari’ah-compliant financing upon launch.
The study was independently commissioned and published by IFAAS (Islamic Finance Advisory & Assurance Services). It sets out the market opportunities for financial institutions interested in developing an offering for the Moroccan consumer market. It provides a full analysis of the consumer demand for Islamic retail banking, finance and Takaful and measures the likely consumer response and take-up to such products………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Senegal and members of the West African Economic and Monetary Union (also known as the UEMOA region) have completed a review of the region’s financial regulations, aiming to launch Islamic financial services later this year.
The review, completed by the international consultancy IFAAS (Islamic Finance Advisory & Assurance Services), was commissioned by the Senegal Ministry of Finance with the support of the Jeddah-based Islamic Development Bank (IDB)………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
The Islamic finance industry needs to redefine and establish the enabling environment to spur its next phase of growth, says Securities Commission executive director for Islamic capital market Zainal Izlan Zainal Abidin.
He said the industry is currently at a crucial stage as it moves to the next growth phase, which will be dominated by greater internationalisation. In the next phase, more product issues and service providers are expected to expand beyond their home markets, where investors will be seeking products or instruments with international exposure………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
Over 1,000 officials from central banks of Islamic states, chief executives and general managers of Islamic financial institutions are set to attend a key finance symposium being hosted by Al Baraka Banking Group in Jeddah.
The two-day annual ‘Symposium for Islamic Economy’ will be held on July 25 at the Hilton Hotel, said Al Baraka which has been organising the symposium every year with the broad participation of leading scholars and experts in Islamic economics………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
FNB’s Islamic Finance unit has suffered a setback after its sharia board quit, bringing the unit’s sharia compliance credentials into question.
The dispute between FNB and the sharia board overseeing its Islamic Finance unit has highlighted some of the difficulties of trying to accommodate two inherently different systems of banking in one financial institution………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
National Bank of Oman (NBO) unveiled its new Islamic banking portal, Muzn Islamic Banking to members of the media and public. This launch makes NBO the latest bank to offer Sharia compliant Islamic banking, an industry that has gone on to become one of the fastest growing in Oman. Ehab Hashish will head Muzn.
At the launch, Ahmed al Musalmi, deputy CEO of NBO, said that Muzn Islamic Banking will provide customers the option of availing a banking service that is in compliance with their religion. However, he also added that there was very limited understanding of what Islamic banking even meant………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
European investors withdrew €13.1bn from equity funds in May, while bond funds hit their lowest monthly total inflows of the year at €6.6bn, according to Lipper.
European investors withdrew €13.1bn from equity funds in May, while bond funds hit their lowest monthly total inflows of the year at €6.6bn, according to Lipper………………………………………..Full Article: Source
Posted on 11 July 2012 by Laxman | Email|Print
The Board of Directors of Al Meezan Investment Management Ltd. (Al Meezan) in its meeting held on July 09, 2012 declared final dividend for its four open-end funds for the period ending June 30, 2012 ie, Meezan Islamic Fund (MIF), Al Meezan Mutual Fund (AMMF), Meezan Islamic Income Fund (MIIF) and Meezan Capital Protected Fund-II (MCPF-II) while for KSE Meezan Index Fund (KMIF), no payout was announced.
For fiscal year 2012, the total amount of final dividends declared worth over Rs 1,247 million. Interim payouts that were made during the year for open-end funds amounted to Rs 2,603 million thus taking the total dividend distribution for all funds to over Rs 3,850 million for the fiscal year 2012………………………………………..Full Article: Source
RSS
