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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 UK government is open to discussing new ideas and suggestions to push forward Islamic finance, the country's business secretary Vince Cable said on Tuesday. Speaking at an event hosted by law firm Norton Rose in the UK's House of Commons in London, Cable recognised that Islamic finance is a fast growing industry and expressed interest in looking at how the government could play a part in its development in the UK - citing student loans as one area in which a Shariah compliant solution could possibly be applied.
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Mobile telecommunications company Zain Saudi has extended the maturity of the outstanding Sr9bn ($2.4bn) of a murabaha financing for the sixth time, as the firm and its lenders have again failed to resolve the long running repayment saga before the agreed deadline.
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National Commercial Bank's chief executive officer, Abdulkareem Abu Alnasr, has resigned from the Saudi bank and will be replaced by Saeed Bin Mohammed Al-Ghamdi, NCB said on Wednesday. The appointment will be effective from March 1.
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Karachi, January 28, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of First Paramount Modaraba (FPM) at ‘BBB’ (Triple B). Short-term rating has also been reaffirmed at ‘A-3’ (A-Three). Outlook on the rating is ‘Stable’.
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Karachi, January 28, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the Insurer Financial Strength ( IFS ) rating of Reliance Insurance Company Limited (RICL) at 'A-' (Single A Minus). Outlook on the rating has been revised from 'Stable' to 'Positive'.
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Qatar Islamic Bank has appointed Bassel Gamal as chief executive officer. Based in Doha, he will be assume his duties in February and will be responsible for all companies and institutions affiliated with the bank.