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Islamic Finance Briefing 27.Jan 2011

Posted on 27 January 2011 by Laxman |  Email|Print

From Reuters: Emaar Properties , builder of the world’s tallest building, plans to issue a benchmark dollar-denominated bond as part its $2 billion Islamic bond program, according to a source familiar with the matter.
The pricing of the five-and-a-half year Islamic bond or sukuk, is expected to be on Thursday, a document from the source said. Benchmark bonds are typically at least $500 million in size……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Zawya Dow Jones: The books for Emaar Properties planned Islamic bond, or sukuk, sale are now open and the price whisper is in the 8.625% area, a banker familiar with the issue said Wednesday.
“The tenor is 5.5 years and the sukuk, which will likely be of benchmark size, will list on the London Stock Exchange. The final pricing is expected Thursday,” the banker, who declined to be identified, told Zawya Dow Jones……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Zawya Dow Jones: Nakheel, the real-estate unit of Dubai government-owned conglomerate Dubai World, said Wednesday it had repaid its $750 million Islamic bond, or sukuk, that matured on Jan. 16, after securing sufficient funds from the Dubai Financial Support Fund in December.
“Yes, we have paid it,” Nakheel chairman Ali Rashid Lootah said at a Dubai press briefing. The Dubai Financial Support Fund was set up last year to distribute funds to struggling government-related entities via a $20 billion sovereign bond program……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Bernama: Pengurusan Aset Air Bhd (PAAB) via its wholly-owned subsidiary, Pengurusan Air SPV Bhd (PASB), has priced RM2.7 billion the three, five and 10-year Islamic Medium Term Notes (sukuk) issued under its RM20 billion nominal value Islamic Medium Term Notes Programme guaranteed by the Malaysian Government.
CIMB Investment Bank Bhd and HSBC Amanah Malaysia Bhd are the joint lead arrangers and joint lead managers for the sukuk issue, it said in a statement……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Pengurusan Aset Air Bhd (PAAB) issuance of Islamic medium-notes was successfully priced and upsized to RM2.7bil from RM2.5bil due to strong demand from investors. These are issued under its RM20bil nominal value sukuk programme guaranteed by the Government.
The sukuk, carries a semi-annual profit rate of 3.64% per annum for the three-year tranche, 3.92% per annum for the five-year tranche and 4.43% per annum for the 10-year tranche……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Gulf-times.com: Qatar Islamic Bank (QIB) has entered into agreement with Qatar Development Bank (QDB) for the “Al Dhameen” finance assurance programme for small and medium enterprises (SME).
The scheme is aimed at providing funding opportunities for the new and existing SMEs by guaranteeing a large amount of funds offered by banks and targets projects with annual revenue turnover not exceeding QR40mn……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has become the main sponsor of Tawdheef 2011, the recruitment fair at Abu Dhabi, with a view to increase its already high Emiratisation level which stands at 44.5%.
Though it is an Emiratisation leader in the UAE banking sector, ADIB’s commitment to growth with Emirati talent will see it organizing walk-in interviews and on-the-spot recruitment during the career fair on 25-27 January 2011……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Gulfnews.com: Emirates NBD announced the launch of art advisory services for its private banking clients in association with the Fine Art Fund Group (FAFG), a London-headquartered international art investment specialist.
According to the agreement, experts from the FAFG will work closely with Emirates NBD Private Banking to provide advisory services to the bank’s high net worth clients who wish to invest in art as an asset class. Emirates NBD Private Banking clients will also gain privileged access to art events regionally and globally……………………………………….Full Article: Source

Posted on 27 January 2011 by Laxman |  Email|Print

From Bernama: The World Halal Forum 2011 (WHF 2011) will examine ways in which the universal human values that are central to both the halal industry and Islamic finance are creating a new economic paradigm that will shape the global marketplace over the coming decade.
WHF project director, Abdalhamid Evans, said the event was in line with the New Economic Model, which focused on consumer needs and business opportunities, and underlined Malaysia’s commitment to the halal industry worldwide……………………………………….Full Article: Source

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