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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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Source: Management & Business for Africa
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If Islamic finance is ever to be anything more than a poor relation of the conventional credit markets, those responsible for guiding the sector need to learn to adapt. The indecision and disputes that can delay deals at the moment will only get worse as issuers look to push into more innovative areas. Scholars that stand in the way of progress may well find themselves sidelined.
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Manama, Bahrain: ABC Islamic Bank today announced a net profit of $8.1 million for 2011, 293% higher than last year. Total operating income was US$15.1 million compared to US$15.9 million for 2010, mainly due to de-risking of balance sheet asset size. Operating expenses of US$6.2 million were higher than the previous year of US$4.9 million, mainly due to a timing recognition of staff expenses related to compensation for last year. Impairment provision of US$0.5 million for regional exposure was taken during the year compared to US$8.6 million for the previous year. Net profit for the fourth quarter was $1.4 million compared to $1.6 million in the third quarter.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.