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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
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Date posted: 13 December 2012
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Karachi, December 12, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Kashf Foundation (Kashf) at ‘BBB/A-3’ (Triple B/A-Three).
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Munich-based financial services company FWU Group recently issued a $55m sukuk – the first of its kind by a German corporate and the largest Islamic deal yet to come out of Europe. In another industry first, the ijara (leasing structure) deal used a computer software programme and intellectual property rights as underlying assets.
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Nakheel Properties claims to be on course to make a Dh201m ($54.8m) sukuk payment to holders which is due on Saturday. The Dubai based company, which was hit hard during the Middle East financial crisis, said on Wednesday that it has made the necessary arrangements to enable paying agent Deutsche Bank to make the third profit payment on the notes.
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Assets invested in compliance with Shariah will increase by 38.5% to reach $1.8tr globally in 2013, according to Ernst & Young . In its latest World Islamic Banking Competitiveness report, the accounting and financial services firm said that Saudi Arabia has become the largest market for such assets, with around $207bn last year, while Malaysia had $106bn and the UAE around $75bn.
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Global sukuk issuance in 2012 has reached $138.5bn, according to the IFIS Sukuk Database, with a run of Asian deals this month taking the market further into record territory. The running total represents a 49% increase on the $93bn issued throughout the whole of 2011.