13.01.2012 - Gulf issuers turn to Sukuk as European funding tightens
Tighter funding in Europe is pushing Middle East issuers to tap the still-liquid Islamic finance markets for funds. Two regional banks have sold Islamic bonds, or sukuk, this week. Dubai-based Emirates Islamic Bank issued a $500 million, five-year Islamic bond with a yield of 4.718%, while Abu Dhabi-based First Gulf Bank sold a $500 million, five-year sukuk with a yield of 4.046%. In addition, Saudi Arabia's General Authority of Civil Aviation said it plans to issue a government-guaranteed sukuk to pay for a new terminal at Jeddah airport, and Dubai-based Islamic mortgage company Tamweel announced on Thursday a five-year, $300 million sukuk...............................................Full Article: Source
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