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Islamic Finance

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  • Albaraka Turk launched a new syndicated murabaha facility on Thursday, and is looking for up to $150m split between euros and dollars. The borrower expects to sign the loan in September, but will be paying more than it did for its one year facility last year thanks to political volatility in the region.
  • National Bank of Abu Dhabi is set to embark on a hiring push as it makes its bid for the top in loans, bonds and sukuk origination.
  • Turkey’s capital markets board has not rejected an application from Bank Asya to sell sukuk despite media claims, an official at the bank told IFIS. But the board will not give its approval until uncertainty over the bank’s ownership is resolved.
  • Malaysia Airport Holdings (MAHB) has picked banks for its first ever perpetual sukuk and plans to launch the ringgit denominated deal after investor meetings that start this week.
  • The Jordanian government’s sukuk committee meets next week to discuss the Kingdom’s sovereign sukuk plans, including which structures and assets the country might use, an official at the country’s ministry of finance told IFIS.
  • Pakistan’s financial regulator has approved The United Insurance Company of Pakistan’s (UIC) plan to establish a takaful business, and the firm plans to start offering Islamic insurance this week. UIC is one of growing number of conventional insurers in the country lining up for permission to offer Shariah-compliant insurance services, a senior official at the Securities and Exchange Commission of Pakistan (SECP) told IFIS.