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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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Abu Dhabi and its companies were the centre of attention for Middle East investors this week, after it emerged that the emirate’s authorities recently approved a new policy to rein in borrowing by its deeply indebted government related entities.
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Interview of Prof Laurent Marliere, CEO of ISFIN.
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Manama, Bahrain: ABC Islamic Bank today announced that its net profit for the third quarter was US$2.8 million, 75% higher than third quarter 2011 of US$1.6 million, and 15% higher than second quarter of 2012 of US$2.4 million. Total operating income amounted to US$4.3 million compared to US$ 4 million for the second quarter of 2012. Operating expenses were kept nearly flat at $1.4 million. Net profit for the first nine months of 2012 was US$6.8 million compared to US$6.7 million for the same period in 2011.
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ABC Islamic Bank has reported a $2.8m net profit in its third quarter, a 75% increase on the $1.6m it earned in the same period last year. The result was also 15% better than its 2012 second quarter $2.4bn net profit and brings the first nine months total to $6.8m. This is up from $6.7m in the first nine months of 2011.
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Sharjah-based Dana Gas looks set to begin a protracted restructuring of its debt with creditors from next week, with the oil and gas explorer and producer having yet to find a solution to its looming sukuk maturity.
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The government of Oman is looking to amend its tax rules to facilitate Islamic finance. It has asked KPMG to advise it on the move, which it hopes will help Islamic financial institutions compete on level terms against their conventional peers.