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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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The Islamic Financial Services Board has admitted seven new organisations into membership. The IFSB council agreed that Indonesia Deposit Insurance Corporation, BanqueCentrale Des Etats de L'afrique de L'ouest (Central Bank of West African States) and the Central Bank of Tunisia should come on-board. IFSB also admitted four new observer members. These are SAB (France), Finance Accreditation Agency (Malaysia), RAM Rating Services (Malaysia) and Fajr Capital (UAE).
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The Islamic Development Bank (IsDB) has agreed to $617m for funding development projects in several member countries. The projects include sectors such as education $174m for Indonesia, electricity energy development in Iran, Uganda and Bangladesh (totalling $319.6m), agriculture in Morocco ($80m), sanitation in Maldives ($15m) and health Mozambique ($10m).
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Sharjah Islamic Bank (SIB) drew some $3.2bn of orders for its $500m sukuk on Tuesday, despite pricing the deal inside its earlier official guidance range.
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Abu Dhabi Islamic Bank (ADIB) has closed a Dh302m ($82m) syndicated Islamic financing deal with the Emirates National Factory for Plastic Industries (ENPI).
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UAE based Ajman Bank has announced that it has appointed Mohammad Zaqout as the bank’s new chief executive officer. He will replace the former CEO Mohamed Amiri, who resigned earlier last week. No reasons were given for Amiri’s departure.
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Sharjah Islamic Bank (SIB) has issued its latest senior unsecured sukuk deal at a 2.95% profit rate after tightening substantially from initial price thoughts.