The major driver of real estate expansion within the Middle East is being lead by Saudi Arabia, Qatar and, to a lesser extent, Abu Dhabi. It is estimated, for example, that Saudi Arabia will need 1.2 million new homes by 2015 (Deutsche Bank AG research paper September 2010)………………………………………..Full Article: Source ]]>
King Abdullah originally announced the housing scheme in March 2011. His plan to build 500,000 homes over several years was part of a series of official steps to improve social welfare, at a time when social discontent was prompting uprisings in other Arab countries………………………………………..Full Article: Source ]]>
The government made earlier a request to the IDB to revive its funding support for the Padma Bridge project. The ministry of finance (MoF) sources said that the lending agency that was a co-financier for the Padma Bridge project as a member of the previously formed, but now non-functional, World Bank-led consortium, has expressed interest to meet the request of Bangladesh to revive its funding support for it………………………………………..Full Article: Source ]]>
Known for its profit and loss sharing principle, Islamic finance seems to be expanding the global footprint of its funds to countries outside its original market in the Middle East. As this US$1.3 trillion industry sets sail, an untapped huge market in South America is likely to cross its path…………………………………….Full Article: Source ]]>
“We have a three-pronged approach for growth and this includes the significant redevelopment potential arising from Kompleks Dayabumi, and that is why we have not injected it into the REIT yet………………………………………..Full Article: Source ]]>
The board members concurred to raise IDB’s participation in the capital of the Istanbul-based Kuwait Turkish Participation Bank Inc. by nearly $ 18 million to stand at $ 65 million………………………………………..Full Article: Source ]]>
The board members concurred to raise IDB’s participation in the capital of the Istanbul-based Kuwait Turkish Participation Bank Inc. by nearly $ 18 million to stand at $ 65 million………………………………………..Full Article: Source ]]>
As a normal part of this process, Dana Gas today (27 March) issued an announcement on the UK Regulatory News Service confirming the launch of the consent solicitation process, a period in which the company seeks approval from holders of the Sukuk………………………………………..Full Article: Source ]]>
This is the first financing transaction in the world for an airport project structured in accordance to the Islamic law with the partnership of the public and private sectors. NCB is considered as the largest contributor to the finance deal for this megaproject, the funding of this Shariah-compliant transaction is primarily based on the assets………………………………………..Full Article: Source ]]>
The installment would cost an estimated $250m. Minister of Electricity and Energy Ahmed Imam stated that the station would operate at 1,950 MW, and would require a total of EGP 13bn in investments over the whole course of the construction project. He added it was part of Egypt’s 2012-2017 ‘five-year project plan’………………………………………..Full Article: Source ]]>
The IDB and the Ecobank allocated €342 million and €35 million, respectively, he noted. He added that 8.75 trillion rials (about $714 million) worth of bonds were issued and a major portion of which were sold to finance water supply projects………………………………………..Full Article: Source ]]>
The financing will go towards parts replacements in the Shabab and Damietta stations run by the East Delta Electricity Production Company. These improvements, according to the bank, will help increase the capacity of the national electrical grid………………………………………..Full Article: Source ]]>
Rowe, AO, the chairman of former Nicholas Bolton plaything BrisConnections, is a well-known figure in the boardrooms of Australia. Among other things he is executive chairman of Rothschild Australia and chairman of UGL, as well as being a former chairman of the Queensland Investment Corporation and of ASX………………………………………..Full Article: Source ]]>
The committee will “prepare an integrated strategic plan for the conversion of future loans in accordance with the Islamic Shariah,” the Riyadh-based company said in an e-mailed statement today. The panel will comprise Sheikh Abdullah Sulaiman Al Manee’a, an adviser to the Royal Court, Sheikh Mohamed Ali Elgari, Sheikh Ali Abdulaziz AlNashwan and Abdulah Salim AlGhamdi………………………………………..Full Article: Source ]]>
Economic Relations Division (ERD) officials said the Jeddah-based lender had given assurances about giving $8.0 billion to $11 billion in the form of short-term credit to the state-owned corporation under its proposed Member Country Partnership Strategy (MCPS)………………………………………..Full Article: Source ]]>
The Islamic world isn’t monolithic, and it’s probably worthwhile to address relatively stable oil-rich states separately from Iraq, Iran, and Libya, again separately from other Islamic states without much oil separately from Asian Islamic countries like Malaysia and Indonesia. Let’s look specifically at the stable oil rich Arab Islamic states for now………………………………………..Full Article: Source ]]>
The Finance Ministry plans to borrow up to Rp 1 trillion (US$103.5 million) through sukuk issuance to finance state projects next year, according to the 2013 state budget financial note. Sukuk should be seen as alternative source of financing for the government’s infrastructure projects, the note adds………………………………………..Full Article: Source ]]>
Emaar raised $500 million in July from the sale of seven- year Islamic bonds at a profit rate of 6.4 percent, according to data compiled by Bloomberg. The bonds traded at a yield of 4.898 percent today, according to the data………………………………………..Full Article: Source ]]>
At its core, Shariah principles favour the development and sharing of risk in physical assets, which contribute to the economic growth of society. There is therefore a natural match between the Islamic finance model and the acquisition and development of real estate assets. Moreover, Islamic finance is a flexible tool which can be used for a wide range of real estate financings………………………………………..Full Article: Source ]]>
66% of respondents reported spending over $100m on major projects in 2012 across a broad range of industry sectors, with 72% expecting to increase their spending in 2013. Released today, the report seeks to establish issues and challenges facing project owners and explore opportunity markets. The report also sheds light on project financing issues, including funding constraints, perception of private financing and the funding outlook for 2013………………………………………..Full Article: Source ]]>
Kuwait Finance House said last month it plans to boost capital by 20 percent to help finance its five-year plan and support expansion. The lender said in March it will restructure, merge or sell unprofitable units to boost earnings………………………………………..Full Article: Source ]]>
“It will benefit Brunei because we are using local banks and international banks, which are working together to come up with the structure of the financing, and that will help develop a more established Islamic capital market in Brunei later on,” Sulaiman said………………………………………..Full Article: Source ]]>
The Islamic bonds are UEM Land Holdings Bhd’s first debt issue, and could go towards the development of its projects in Nusajaya, a new economic district to the south of the capital, Kuala Lumpur………………………………………..Full Article: Source ]]>
The $178 million portfolio was acquired in partnership with the Brennan Investment Group (BIG). The properties, located in 16 cities across the Midwest, Northeast, Southeast and Southwest regions of the U.S., will be held for approximately five years, offering investors a stable projected net annual cash yield as well as an attractive IRR upon exit from the investment………………………………………..Full Article: Source ]]>
Turkish Airlines was also considering issuing sukuk — Islamic bonds — or eurobonds next year to finance its aircraft acquisition plans from 2014, they said………………………………………..Full Article: Source ]]>
Sukuk (Islamic bonds) from Dubai have attracted massive demand, partly because of a huge supply/demand imbalance among cash-rich Islamic funds. So sukuk could play a big role in Dubai’s financing activities. However, bond market traders and investors said the Dubai government might not be able to raise more than roughly $3 billion through bond issues in a single year………………………………………..Full Article: Source ]]>
The current facility will be used to finance the purchase of six Airbus A380-800, one Airbus A330- 200F and one Airbus A330-300 and other related expenses, MAS said in a filing to the exchange………………………………………..Full Article: Source ]]>
The $500 million deal, which runs for 18 months and is structured as a revolving Murabaha facility, was provided by Qatar Islamic Bank in a capacity as sole mandated lead arranger, the former monopoly said in an emailed statement. A murabaha is a sharia-compliant cost-plus-profit arrangement……………………………………….Full Article: Source ]]>
Qatar Islamic Bank took the Investment Agent and Mandated Lead Arranger roles and was joined in the facility at MLA level by a group of regional financial institutions comprising ABC (through Arab Banking Corporation and ABC Islamic Bank), National Bank of Abu Dhabi, and First Gulf Bank, with Ahli United Bank taking a Lead Arranger role………………………………………..Full Article: Source ]]>
The loan has been provided according to a deal for a period of three years, he said, adding that three projects are underway which have been financed by the IDB loans………………………………………..Full Article: Source ]]>
The bank will provide 250 million U.S. dollars for the second phase of the construction of a power station in Egypt, said the report. The bank will also provide 277 million U.S. dollars to assist Pakistan’s efforts to fight polio and 50 million U.S. dollars to improve the Yemeni job market for young people………………………………………..Full Article: Source ]]>
The agreement was signed during the Tashkent meeting of the Arab Coordination Group (ACG), which was attended by members of the Uzbek government and representatives of the financial and business sectors. The ACG includes the Islamic Development Bank, the Saudi Fund for Development and the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development and the Abu Dhabi Fund for Development………………………………………..Full Article: Source ]]>
Beginning in 1995, Qatar began to revive the spirit of historical buildings, according to archaeology expert Mohammad al-Khulaifi, 1993 winner of a prestigious award from the Organisation of Islamic Capitals and Cities………………………………………..Full Article: Source ]]>
Doha Bank, Qatar’s fifth-largest lender by market value and part-owned by the country’s sovereign wealth fund, announced plans in October to increase its share capital by 50 percent in the first quarter of next year, raising about $1.6 billion………………………………………..Full Article: Source ]]>
It will be named after Custodian of the Two Holy Mosques King Abdullah, the minister added. “The agreement was signed last week in Jeddah. The construction will start next year, in a couple of months or so,” Abed said………………………………………..Full Article: Source ]]>
There is therefore a natural match between the Islamic finance model and the acquisition and development of real estate assets. Moreover, Islamic finance is a flexible tool which can be used for a wide range of real estate financings. This ranges from residential mortgages (such as the United National Bank of Pakistan’s lease-based mortgage, the first of its kind in the UK), to large scale financings such as Qatari Diar’s acquisition of the Chelsea Barracks and the construction of the Shard of Glass in London. ……………………………………….Full Article: Source ]]>
Otherwise, complications arise due to wakaf land currently being regulated and managed under different laws and regulations within the purview of the States Islamic Religious Council — consisting of 15 states and federal territories in the country, said UDA chairman Datuk Nur Jazlan Mohamed………………………………………..Full Article: Source ]]>
It is a joint development project between Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, and the Wadhwa Group, a leading real estate developer in India. The project is GFH’s flagship development project in India………………………………………..Full Article: Source ]]>
The Solar Guys are proposing to build 250MW of solar PV under a plan it has dubbed the “One Solar Watt Per Person” campaign. The target of 250MW translates into 250 million watts, which roughly equates to Indonesia’s population………………………………………..Full Article: Source ]]>
Gatehouse acted as Investment and Shariah Adviser for the deal, which marks the Malaysian client’s first investment into the London real estate market and is a key part of its wider global investment strategy………………………………………..Full Article: Source ]]>
The very nature of Sukuk combined with their flexibility allows them to be structured in various different ways which has attracted corporate and sovereign entities to choose Islamic bonds as a viable alternative financing instrument. The infrastructure sector has seen a large portion of the raised Sukuk funds directed to development projects around the globe………………………………………..Full Article: Source ]]>
The cumulative infrastructure projects and funding needs in both the GCC and Asian regions are expected to support the sukuk market in 2012 and 2013 given that infrastructure spending has been one of the key drivers or economic growth in the GCC over the past decade. An important dimension of the infrastructure investments has centered on efforts to turn the region into an internationally significant transportation hub………………………………………..Full Article: Source ]]>
The infrastructure sector has seen a large portion of the raised sukuk funds directed to development projects around the globe………………………………………..Full Article: Source ]]>
Gulf Finance House, an Islamic investment bank from the tiny Gulf island state, said Thursday one of its Dubai-based subsidiaries will “lead and arrange the acquisition of Leeds City Holdings, the parent company of LUFC.” A person familiar with the matter said the transaction price would be about £50 million ($80.8 million), and that GFH Capital is acting on behalf of “investors from the Gulf,” without elaborating………………………………………..Full Article: Source ]]>
These discussions were highlighted as financial institutions and airlines in the Middle East have significantly increased their capital investments in new Boeing commercial airplanes over the past two years, thus realizing substantial rewards for their investors as demand for new airplanes continues to expand………………………………………..Full Article: Source ]]>
He hasn’t told about the document in details and just announced that the sides are still discussing some issues of the strategy. In his turn, at the meeting in Almaty the deputy minister of industry and new technologies Bakhytzhan Dzhaksaliyev noted that in the nearest 2 years the IDB will finance projects worth to 1 billion US dollars in Kazakhstan………………………………………..Full Article: Source ]]>
Traditionally, Islamic financiers have encountered a number of commercial and liquidity challenges associated with the high debt to equity ratios of infrastructure projects and the project durations themselves, which can take as long as 30 years to complete…………………………………….Full Article: Source ]]>
Standard and Poors the leading company stated in a report that Islamic finance was the perfect option for Indonesia in materializing its infrastructure plans.S&P credit analyst, Allan Redimerio, stated, “We believe Indonesia can emulate Malaysia’s success thus far in utilizing Islamic finance for infrastructure development. This is due to Indonesia’s large infrastructure development needs, the government’s willingness to attract private capital to fund these investments, and the rising demand for investable assets of a growing domestic Islamic finance market.”……………………………………Full Article: Source ]]>
In an era when the world’s conventional banks are producing fewer and shorter loans and companies are considering other options for finance, Standard & Poor’s believes that Islamic financial instruments could become a key funding source, especially in the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates) and Asia………………………………………..Full Article: Source ]]>
These regions, with established Islamic financial regulatory bodies, are centers of the growing estimated $1 trillion market. At the same time, Asia and the GCC are seeking huge amounts of capital to pay for their soaring needs for new infrastructure………………………………………..Full Article: Source ]]>
The company is now a step closer towards setting up a wholly-owned subsidiary in Labuan International Offshore Financial Centre that will act as a special-purpose vehicle (SPV) to handle its overseas property investment………………………………………..Full Article: Source ]]>
The company is now a step closer towards setting up a wholly-owned subsidiary in Labuan International Offshore Financial Centre that will act as a special-purpose vehicle (SPV) to handle its overseas property investment………………………………………..Full Article: Source ]]>
“The growth in revenue from the retail segment is mostly attributed to the good response from customers towards MBSB’s personal-financing-i “transfer package” launched early this year and extended into the second quarter which enabled customers to refinance their borrowings with our lower costs of personal financing-i and at a 100 percent disbursement payout,” said Datuk Ahmad Zaini Othman, MBSB’s President and Chief Executive Officer recently………………………………………..Full Article: Source ]]>
The poor state of infrastructure is hindering the growth of Southeast Asia’s largest economy, the report said, while noting that the government is planning to spend more than $200 billion through 2014 to upgrade and expand infrastructure……………………………………..Full Article: Source ]]>
The successful launch of Bank Nizwa, an exclusive Islamic bank and the opening of Islamic banking operations windows within conventional banks is evidence that the banks plan to capitalise on the opportunities presented by the new industry and meeting the increasing demand for Shari’ah-compliant finance……………………………………..Full Article: Source ]]>
Mortgage lending jumped 83 per cent to 48 billion riyals (Dh47 billion) from the year-earlier period, the highest on record according to central bank data. In the United Arab Emirates, home loans by banks grew less than one per cent in the year to March, while credit to Qatar’s real estate industry rose 34 per cent in the second quarter, central bank data show…………………………………………Full Article: Source ]]>
Indonesia could utilize the potential of Islamic finance to fulfil its ambitious infrastructure plans, Standard & Poor’s said in a report on Tuesday. The poor state of infrastructure is hindering the growth of Southeast Asia’s largest economy, the report said, while noting that the government is planning to spend more than $200 billion through 2014 to upgrade and expand infrastructure.
It also noted that most infrastructure projects are backed by the private sector while the government is considering various financing alternatives to fund the rest………………………………………..Full Article: Source
QInvest acted as Sole Bookrunner and Structuring Advisor to İş REIT. Qatar Islamic Bank was the Initial Mandated Lead Arranger and is also acting as the Investment Agent with Barwa Bank, First Gulf Bank, Mashreq Bank taking the Mandate Lead Arranger roles………………………………………..Full Article: Source ]]>
QInvest acted as sole book runner and structuring advisor to İş Gayrimenkul Yatırım Ortaklığı (İş REIT), which entered into a financing agreement with a syndicate of banks from the Gulf Cooperation Council (GCC). The finance facility carries tenure of two years and a profit rate of Libor +250 basis points………………………………………..Full Article: Source ]]>
The joint arrangement is a big leap forward in enhancing co-operation between these two Islamic finance institutions, as the market demand for Shari’ah-compliant financial solutions continues to increase. QIB provided $180 million of Nakilat’s financing tranche, with QIIB providing the remaining $200 million. The signing ceremony was held at QIB’s headquarters………………………………………..Full Article: Source ]]>