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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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Islamic investment firm Arcapita's shock chapter 11 filing this week has brought other Gulf investment banks' financial strength into acute focus. Bahrain-based firms are particularly in the spotlight as many share their local peer's emphasis on private equity and venture capital.
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Saudi Electricity Co (SEC), the kingdom's national electricity provider, began roadshows this week ahead of potentially issuing its debut international sukuk. Proceeds will be used to support SEC's expansion plans, as Saudi Arabia struggles to supply uninterrupted electricity amid industrial expansion and population boom.
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Abu Dhabi National Takaful Company has opened a new branch in Dubai. Based in Port Saeed, Deira, the office will provide a range of takaful products and services. It is intended to be a one-stop shop undertaking business transactions for both corporates and individuals, the firm said.
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Karachi, March 21, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Sukuk rating of Quetta Textile Mills Limited (QTML) from 'BBB - ' (Triple B Minus) to 'BB' (Double B). Outlook on the rating remains 'Negative'.
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Karachi, March 21, 2012: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has suspended the Insurer Financial Strength ( IFS ) rating of National Insurance Company Limited (NICL), with immediate effect. In the absence of Board of Directors, the financial statements for the year ended December 31, 2010 have so far not been approved. Furthermore, in the absence of any approving authority, interim results for 2011 have also not been shared with JCR-VIS.
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Sudan is putting in place plans to issue between $1bn and $1.5bn of sukuk this year. The country hopes to draw investment in its debt from the GCC by offering stakes in an oil pipeline.