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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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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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The sukuk market is rumbling back into life, with Dubai Electricity & Water Authority having mandated banks as it eyes up to $1bn of sukuk this month. Several other issuers are also lining up deals, meaning the Islamic market's frozen pipeline could soon thaw. State-owned utility company Dewa has asked Abu Dhabi Islamic Bank , Citi, Dubai Islamic Bank , Emirates NBD , Royal Bank of Scotland and Standard Chartered to arrange the sale.
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Dewa is not the only borrower eyeing a return to the sukuk market (see Dewa story). Qatar International Islamic Bank wants to set up a $2bn sukuk programme and has asked its general assembly to approve the plans. The recommendation comes ahead of QIIB's annual general meeting, which will is due to be held on March 10 in Doha.
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Bahraini private sector investment authority Tamkeen has signed a BD1m ($2.66m) agreement with Family Bank to add to its microfinance support scheme. This will bring the total value of the portfolio to BD2m.
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The United Nations is to partner with the Islamic Development Bank in trying to tackle the challenges of food security in so-called dry land countries.
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Al Khaleej Takaful Insurance & Reinsurance Co has reported a Qr78.2m ($21.48m) profit for 2012 – up from Qr63.4m the year before. The company’s earnings per share rose from Qr4.46 to Qr5.50.