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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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Bank of London and the Middle East, a UK headquartered Shariah compliant bank, has completed five property development deals, bringing its UK property portfolio to over آ£200m.
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Construction company Saudi Binladin Group has sold SR1bn ($267m) of 364 day sukuk at a profit rate of 2.5%. HSBC acted as the sole arranger for the privately placed deal and was advised by law firm Clifford Chance.
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Bahrain – 7 August 2012: United Gulf Bank B.S.C. (c) (UGB), the asset management and investment banking platform of the KIPCO Group, today announced a net profit of US$ 16.5 million for the six months ended 30 June, 2012 – a 24% increase over same period last year.
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Standard Chartered has bolstered its Islamic banking credentials in south Asia by providing Shariah compliant financing for firms in both Bangladesh and Pakistan.
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Indonesia sold Rp540bn ($57m) of sukuk on Tuesday in its latest domestic auction, surpassing its Rp500bn target. This is an improvement on the amount it sold late last month, although it had to pay a marginally higher profit rate to do so.
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A unit of MMC Corp is set to issue MR4.5bn ($1.44bn) of sukuk to finance its Tanjung Bin Power subsidiary after Malaysia's Securities Commission gave the 17-year programme its approval. The first tranche must be issued within two years of the August 6 approval, according to a Bursa Malaysia filing by MMC.