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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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Islamic finance practitioners have welcomed a call from World Bank managing director Mahmoud Mohieldin for their industry to tackle the challenges that have stopped it from reaching its full potential.
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Saudi construction company Al-Khodari Sons has agreed SR245m ($65.3m) of Islamic credit facilities with Al-Rajhi Bank . Al Khodari will use the money to provide bonding commitments, fund capital requirements and working capital needs for both specific projects and general businesses.
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Dubai Islamic Bank's net profit rose to Dh245m ($66.7m) in the first quarter, up 11% on the Dh222m it achieved same period last year and in line with analyst expectations. The bank said gains were helped by growth in its core businesses – such as financing and investment sukuk.
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Dubai's DIFC Investments and Jebel Ali Free Zone Authority (Jafza) are both closing in on bank deals to refinance upcoming sukuk maturities and have reported a return to profit in 2011.
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National Industrialisation Company (Tasnee), a Saudi Arabian petrochemicals firm, has lined up investor meetings next week as it looks to issue a debut sukuk.