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Islamic Finance

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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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  • Manama, Bahrain –16th October 2012 – The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been fully subscribed by 263%.
  • Mobile telecommunications company Zain Saudi said that it is in "well-advanced'‌ discussions over a new loan to replace the Sr9bn ($2.4bn) still outstanding under its existing Sr9.75bn Murabaha facility, which has already been extended three times and is now due to mature on November 28.
  • 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.
  • 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.
  • 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.