Middle East Bonds

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

CEEMEA investors eager for inaugural borrowers have a trio of debut corporate bonds to look forward to. In Latin America, meanwhile, buyers have borrowers at both ends of the rating scale to choose from, with Mexico’s América Móvil and the Province of Buenos Aires in the market.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

Emirates Telecommunications Corporation (Etisalat) has mandated Deutsche Bank, Goldman Sachs International, HSBC and RBS to arrange a dollar and/or euro denominated Reg S bond.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

Saudi Arabian fashion retailer AlHokair began meeting with local investors on Tuesday as it looks to issue a debut sukuk. AlHokair has asked Samba Capital to arrange the deal.

The Central Bank of Bahrain has sold BD36m ($95.5m) of short term sukuk al salam at a tighter yield of 0.73% and with more orders than last month’s issue.

Russian Sberbank Asset Management and Invest AD, the Abu Dhabi Investment Company, have signed a Memorandum of Strategic Cooperation. The document establishes areas of co-operation between the two companies in Russia, the CIS, and Middle East.

Luxembourg’s KBL Private Bankers dropped out as a dealer when International Islamic Liquidity Management Corporation (IILM) returned to the market on Thursday with its rolling $490m short term sukuk.

Turkiye Finans looks set to become Turkey’s first participation bank to enter the Malaysian sukuk market as it received an AA3/Stable rating for its proposed MR3bn ($930m) sukuk programme from RAM Ratings.

Two key growth areas for international capital markets are set come together in the first green and socially responsible sukuk offerings, writes Dan Alderson. The World Bank is endorsing the product through involvement in two new projects due this year.

This week’s unveiling of socially responsible investment and green sukuk projects at the Islamic Financial Services Board by the World Bank put an inspiring twist in the essence of what Islamic finance is meant to be about — ethical investment, lest anyone had forgotten. But it also illuminated the catchword the IFSB most wants to promote: inclusivity.