Middle East Bonds
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Manama, Bahrain -15th May 2012 - The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 175%.
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Manama, Bahrain –15th May 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 175%.
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Airport retailer Dubai Duty Free was close to finalising its debut international loan facility on Thursday afternoon.
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With Dubai Islamic Bank gearing up to launch a benchmark sukuk before the end of May, investors have warned of what could be significant hazards facing the borrower, foremost among them questions around the bank’s assets.
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Islamic banks face being shut out of one of the year’s landmark events in sukuk, as Qatar’s expected push for tight pricing on its upcoming debut Islamic bond risks putting the deal beyond their reach.
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Saudi Arabia’s National Industrialisation Company (Tasnee) and Sahara Petrochemical Company, part owners of closed joint stock company Tasnee & Sahara Olefins Company, this week signed a SR5.09bn ($1.357bn) Islamic loan agreement with nine local banks.
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Saudi Arabia's National Industrialisation Company (Tasnee) and Sahara Petrochemical Company, part owners of closed joint stock company Tasnee & Sahara Olefins Company, have signed a SR5.09bn ($1.357bn) Islamic loan agreement with nine local banks.
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Dubai Islamic Bank (DIB) plans to issue a benchmark sukuk before the end of May and has asked four banks to join it in managing the sale.
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Having issued $750m of sukuk in November, the Kingdom of Bahrain plans to sell a $1.25bn conventional bond, with a seven or 10 year maturity, before the second week of June. It has asked Citi, Gulf International Bank, JP Morgan and Standard Chartered to arrange the sale.
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Emirates Islamic Bank (EIB) plans to issue more than $500m of sukuk this year and complete a merger with Dubai Bank, a fellow Islamic banking unit of Emirates NBD, before the end of 2012.
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Dubai’s Pacific Control Systems (PCS) has signed a Dh265m ($72.2m) loan with a syndicate of banks to build a data recovery centre in Dubai. This is the IT firm’s first ever syndicated facility.