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Near $1bn attrition from an order book on Tuesday shows buyers have limits
Another Dubai real estate firm priced fresh sukuk well inside its curve
After a very busy period since June began, the pipeline has thinned out
Another Saudi lender is preparing a senior debut
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A fat pipeline of sukuk and bonds before the end of the month should add to what is already one of the busiest quarters on record for Middle East dollar deals. With Ramadan and the summer slowdown approaching, this extra surge is a big test of market depth – particularly for sukuk – but it is one that that the market should pass comfortably. -
Saudi Arabian fashion retailer AlHokair signed a SR1bn ($267m) Shariah-compliant financing facility with Gulf banks on Thursday and is preparing to price a debut sukuk next week.
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Saudi Investment Bank has issued SR2bn ($533.23m) of sukuk for the first time, as the Kingdom’s banks aim to strengthen their capital bases to comply with Basel III regulations.
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Hong Leong Islamic Bank has issued MR400m ($124.5m) of 10 year sukuk as a first tranche of its MR1bn Basel III-compliant programme. The deal comes as Public Islamic Bank is readying a MR500m first tranche of its MR5bn sukuk programme.
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Turkish participation banks Albaraka Turk and Kuveyt Turk have both received permission from the country’s Capital Markets Board to issue up to $500m of sukuk to foreign investors.
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Pakistan plans to establish Islamic economic centres across the country by the end of 2014, as part of its four year road map for Islamic banking.
