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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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Dubai Islamic Bank has increased its sukuk holdings rapidly over the last nine month but is still on the hunt for more paper. On its wish list is supply from Africa and South East Asia, two regions into which it is planning to expand. -
DIFC Investments — Dubai International Financial Centre’s investment arm — has set roadshow dates, beginning on Thursday, for its second ever benchmark sukuk sale.
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Islamic banks in the Gulf Co-operation Council states are suffering from a perception problem, according to a report from Price Waterhouse Coopers (PwC) published on Tuesday. The firm found that although the banks have huge potential, existing and likely customers often believe that Islamic banks are not true to Shariah values.
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The UK government is not intending to issue another sukuk but is trying to chivvy corporations into following its example, according to people who attended a private UK Treasury seminar held last week.
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The UK’s Chartered Institute of Public Finance and Accountancy (CIPFA) is looking into how local authorities and public bodies could use Islamic finance as a source of borrowing. Sukuk issuance is likely to prove overly complex, but mudaraba and murabaha loans could be a good match, a CIPFA official told IFIS.
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Fund and asset manager London Central Portfolio (LCP) will close its second ever shariah complaint residential mortgage fund at the end of November and its hoping to place up to a third of the £100m target with Muslim investors.
