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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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Malaysia's Eversendai Corporation is pushing ahead with its plans to issue sukuk and has received preliminary AA3 long term and a P1 short term ratings for the programme from Ram Rating Services.
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Manama, Bahrain –15 January 2013 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been subscribed by 100%.
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Saudi sugar refining conglomerate Savola Group was set to close a sukuk valued at SR1.5bn ($400m) on Monday, according to a Reuters report that cites two unnamed sources. This would be the company’s début sukuk and the first Saudi deal of the year.
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Shuaa Capital subsidiary Gulf Finance Corporation has applied to the UAE Central Bank for a licence to establish an Islamic financing business. The UAE based company, which lends to small and medium sized enterprises, plans to submit the necessary documents in the first quarter of 2013 and be ready to operate the Shariah compliant services soon afterwards.
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Bank Muscat, Oman’s biggest bank by assets, has obtained a licence from the Central Bank of Oman to open an Islamic banking business, which will operate as Meethaq Islamic Banking.
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Dubai mortgage lender Amlak Finance has begun talks with creditors to restructure as much as $2bn worth of debt. Five banks will act as a committee on behalf of the creditors, while PricewaterhouseCoopers will advise Amlak.