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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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International Bank of Azerbaijan ( IBA ) has opened an Islamic banking and financing window. IBA's board of directors recently approved the initiative and have appointed Benahm Gurbanzada as a director of Islamic banking.
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Turkey is looking to issue its debut sovereign sukuk this month and has hired Citi, HSBC and Kuwait Finance Hous unit Liquidity House to explore options for the sale. The dollar denominated international deal will follow an ijara (leasing) structure and is likely to be benchmark size.
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Dubai World real estate firm Limitless wants to finalise its $1.2bn Islamic debt restructuring by the end of the month, a company spokesperson said on Tuesday. "Discussions continue and we aim to conclude the deal by the end of September,' the spokesperson said. Limitless signed the murabaha financing in March 2008. Arab National Bank , Emirates Bank, Emirates Islamic Bank and National Bank of Abu Dhabi underwrote the deal. The 14-strong bank syndicate was mostly made up of Middle Eastern Banks.
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Such is the quiet of the Middle East sukuk market following the Islamic holiday period that all returning investors can hear beyond the sound of fans whirring is the faint, distant rumble of Malaysian domestic issuance. Yet despite these outward signs of serenity, there is every reason to be excited about the fresh storm of deals gathering just around the corner.
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Karachi, September 03, 2012: JCR-VIS Credit Rating Company Limited has reaffirmed the Financial Strength Rating of Takaful Pakistan Limited (TPL) at 'BBB+' (Triple B Plus).
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Despite the summer lull in Middle East Islamic finance activity, global issuance of sukuk surged past 2011's full year total last week to set a new annual record. As of the start of this week, there have been nearly $95bn worth of deals this year, up from the $92.8bn seen in the whole of last year, according to IFIS data.