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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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Authorities in Pakistan’s north west region of Khyber Pakhtunkhwa have pledged Pr1bn ($10m) to a Shariah-compliant microfinance scheme for local entrepreneurs.
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Tajikistan’s parliament has ratified its Islamic banking law, according to an official at the National Bank of Tajikistan, the country’s central bank. -
Qatar has raised the upper limit for foreign investors in the country's stocks, making it the latest state in the Gulf to try and encourage international investment.
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Natural gas company Dana Gas is hoping improvements in money collection and receivables will convince more holders of its convertible sukuk to exchange their bonds for equity. The company’s share price has fallen and yields on its sukuk risen in recent weeks as fighting between Islamic militants and Kurdish forces has intensified. But a better outlook from its Egyptian operations and a ruling from a London court ordering the Kurdish Regional Government of Iraq to resume payments should help reassure investors, the company said.
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Pakistan will need stronger underwriting standards to address the risks stemming from sharp growth in its Islamic banking industry, according to Moody’s. The country’s Islamic banks boast higher quality assets than their conventional peers, but stricter regulation is needed if this is to remain the case.
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Saudi Arabian conglomerate Astra Industrial has signed a SR887.5m ($234m) Shariah-compliant financing facility with The Saudi British Bank (SABB), its second ever Islamic loan according to the IFIS database.
