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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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Karachi, April 18, 2013: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of UBL Government Securities Fund (UGSF) at ‘A+(f)’ (Single A Plus (f)).
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Karachi, April 18, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Savings Income Fund (USIF) at ‘AA-(f)’ (Double A Minus (f)).
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Saudi Arabian engineering firm Abdullah AM Al-Khodari Sons Co has continued its busy 12 months as a borrower, signing a SR1.04bn ($277m) Islamic finance facility. Saudi Hollandi Bank will provide the financing. The loan consists of new credit facilities and a refinancing portion for existing loans. The deal is split across four types of financing. A total of 52% of the loan has been documented as murabaha or tawarruq, while 42% is documented as trade finance documentary credits and multi-callable bonds. Abdullah AM will use the facility to fund engineering projects. Repayment schedules will vary, depending on the lives of the projects being funded, but are expected to range between two and five years. In January, Abdullah AM signed a SR156.24m Islamic financing addendum with Banque Saudi Fransi , to add to the $305m-equivalent Shariah-compliant deal it had signed with the same bank in June 2012. And in November 2012, the borrower signed a SR400m Islamic financing facility from Riyad Bank .
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Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, plans to follow the recent example of 'participation' peer Bank Asya in issuing a 10 year callable five year tier two sukuk. -
The Islamic Development Bank has signed a memorandum of understanding with the governor of the State of Khartoum, Sudan, to identify waqf (Islamic endowment) projects. Abdul Rahman Al Khidhir has agreed to cooperate with IsDB group chairman, Ahmad Mohamed Ali, on identifying strategic projects for investment, training and exchange of information.
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Oman’s Al Izz Islamic Bank aims to begin operations in the third quarter of this year. The bank, which was floated in an initial public offering in October, has been putting in place the key structures and roles it needs to function as an Islamic bank. On Sunday Al Izz appointed a Shariah supervisory board during its second general meeting. The bank launched its OR40m IPO in September.
