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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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Masraf Al Rayan has reported a net profit of QR1.08bn for the first three quarters of 2012 – up 7% on the same period last year. The bank also saw its total assets grow by almost 26%, from QR48.9bn to Qr61.4bn.
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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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Banque Saudi Fransi has obtained approval from the Saudi central bank to issue up to SR2.5bn ($667m) of sukuk. The Riyadh based bank, which is part owned by Credit Agricole, will look for a maximum maturity of five years and put proceeds of the sale towards capital and lending.
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Saudi-based Islamic Development Bank (IsDB) issued a $500m five-year sukuk earlier this month and, separately, has teamed up with the World Bank to help develop Islamic finance.
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Malaysian reinsurer MNRB Holdings plans to set up an MR150m sukuk mudarabah programme and has agreed a MR200m revolving credt-i (Islamic credit) facility from Standard Chartered Saadi.