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The country's curve has rallied since the US and Iran agreed on a peace MoU
Most of the demand came from local investors, as one banker expected
Price was 'way off' fair value, according to a source on the deal
Rare borrowers Burjeel Holdings and Avilease also marketing deals
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The Bahrain based International Islamic Financial Market (IIFM) unveiled a new master collateralised murabaha agreement (MCMA) at a workshop in London this week. The framework is designed to offer Islamic entities a standard structure for raising low cost funding using idle Shariah compliant assets as collateral. -
The first round of oil price driven rating actions hit the Middle East this week, with Standard & Poor’s taking its knife to Bahrain and Oman and putting Saudi Arabia on negative outlook. The countries’ respective sukuk seemed safe from secondary volatility, although Bahraini paper — now on the cusp of junk — is likely to feel some pressure, said investors.
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RAM Ratings has assigned ratings to Abu Dhabi Islamic Bank’s (ADIB) planned senior and subordinated sukuk.
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The Turkish deposit insurance fund’s takeover of Bank Asya’s senior management positions has had only a minor impact on the rest of the country’s participation banks, analysts told IFIS. Even if the government does find a way to completely take over the troubled participation bank, a weakening currency and higher dollar interest rates are a far bigger issue for Turkey’s Islamic lenders than more state-owned competitors.
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International sukuk issuer Qatar International Islamic Bank (QIIB) has asked shareholders for permission to sell up to Qr3bn ($823m) equivalent in tier one sukuk.
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