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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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Wakala and hybrid structures have been the two fastest growing in the sukuk market since 2010. But the ijara structure may see a boost later this year as new sovereign issuers in the market pursue this kind of trade.
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Dubai bonds and sukuk traded up on Monday, after United Arab Emirates authorities revealed that its recently rolled over debt was refinanced on better than expected terms.
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Bahrain’s General Council for Islamic Banks and Financial Institutions (Cibafi), has named Abdelilah Belatik as its secretary general. He began in the job on Sunday.
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Jamal Darwiche, acting chief executive officer of Alizz, has resigned. The Omani bank’s chief financial officer, Saif Al Yarabi, will take over as interim CEO until the bank finds a replacement.
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Saudi Arabia’s Southern Province Cement Co has signed a SR700m ($185.7m) Islamic financing with National Commercial Bank.
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Emaar Properties, the Dubai-based property developer, is set to raise up to Dh9bn ($2.45bn) through listing its shopping centre and retail subsidiary, a deal that will see the secondary offering of up to 25% of the company’s equity.