Middle East Bonds
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Source: South China Morning Post Publishers Limited
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Egypt plans to develop an Islamic finance market through sukuk in parallel with its existing banking system, as it looks to position itself as a "Mecca for investors," said the country’s prime minister, Hisham Qandil.
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Saudi based asset manager Safa Investment Services opened for business in Riyadh this week. Safa will be a global portfolio management service delivered to the Saudi market by The Investor for Securities, a CMA-licensed investment company founded in Riyadh in 2007.
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Oman’s Capital Market Authority is preparing to publish rules on sukuk issuance as the sultanate considers making a sovereign debut. The CMA has finalised draft regulations and will post the proposed framework on its website for public consultation.
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Qatar International Islamic Bank this week issued a tightly priced $700m five-year debut international benchmark sukuk that benefited from the momentum created by a similarly-sized sukuk from its better known peer Qatar Islamic Bank the week before. But leads and investors agreed that a strong QIIB roadshow also played a big part in the result.
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10 October 2012 – Australian Islamic wealth manager Crescent Wealth today announced it has partnered with the Bank of London and The Middle East (BLME), the largest Islamic bank in Europe, in a deal that gives Australian retail investors exposure to the growing Islamic bonds market for the first time. Following the partnership, investors in the Crescent Islamic Cash Management Fund will be able to gain exposure to the US$150 billion + global market for Sharia’a-compliant bonds or ‘Sukuk’. Sukuk generate ethical returns backed by real assets. The portfolio will be managed by BLME, a leading global provider of Sharia’a-compliant fixed income product.
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