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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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Source: The Edge Communications Sdn Bhd
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New Islamic banks set up in Oman will struggle initially to compete with established conventional banks offering Shariah-compliant services when the country opens up its banking market, according to Fitch Ratings. While there is demand for Islamic banking, and its growth across the Gulf region is likely to outpace that of conventional banking, the rating agency said that recent experience from Qatar suggests that customers in Oman will opt to get these services from established banks.
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Qatar Islamic Bank has issued a $750m five year sukuk at 175bp over mid-swaps – 15bp inside initial guidance – after receiving an order book heard by investors to be over $6bn. This put the final price roughly in line with where QIB's $750m October 2015 – the issue's only outstanding global note, launched in September 2010 – was trading pre-announcement.
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Takaful Ikhlas's president and chief executive officer Syed Moheeb Syed Kamarulzaman has retired from the firm after 10 years service. He decided to step down in September following a 38 year career in the industry, spanning Islamic financial protection as well as conventional insurance and re-insurance.
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Karachi, October 2, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the medium to long term entity rating of Grays Leasing Limited (GLL) at ‘BB-’ (Double B Minus) and short term rating at ‘B’ (Single B).
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Karachi, October 2, 2012: JCR-VIS Credit Rating Company Ltd. has assigned initial entity ratings of 'A-/A-2' (Single A Minus/A-Two) to Aisha Steel Mills Limited (ASML). Outlook on the assigned rating is 'Stable'.