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Islamic Finance

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Saudi Arabian banks are stocking up on capital to fund the country's huge investment plan
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
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  • Etisalat, the Abu Dhabi telecoms firm, has signed €3.15bn-equivalent of loans from banks to finance its purchase of Vivendi's 53% stake in Maroc Telecom, reports GlobalCapital.
  • Dubai shopping mall operator Majid Al Futtaim has listed a $1bn sukuk programme on the Irish Stock Exchange through its MAF Sukuk Ltd special purpose vehicle, opening up the possibility of a return to the Islamic bond market.
  • Morocco’s parliament has delayed a vote on its draft Islamic banking bill but will hope to reach a decision by next week, said Mohamed Al Ghazwani, advisor to the standing parliamentary committees for finance and economic development.
  • Having been labelled ‘toppy’ in some quarters last week after a quick-fire 15 year sovereign sukuk, there is no sign of a retreat this week from Dubai or its neighbour Abu Dhabi. Investors have set aside nerves once again and scampered to fill their shopping carts with Majid Al Futtaim and Taqa 10 year bonds. Then again, there are plenty of reasons to brush off toppiness for now and say Dubai ain’t all bad.
  • Majid Al Futtaim and Abu Dhabi National Energy Company (Taqa) have continued the theme of United Arab Emirates borrowers issuing longer term paper, reported GlobalCapital, with both firms looking to price 10 year bonds on Tuesday.
  • Arab Petroleum Investments Corporation (Apicorp) has signed a five year murabaha facility with Saudi Arabia’s Al Rajhi Bank for SR1bn ($267m).