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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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Russian-led Eurasian Development Bank wants to develop its Islamic finance business, its chief executive officer Igor Finogenov has said. The bank believes that embracing the Shariah compliant market will allow it to diversify its liability base.
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The Association of Islamic Banking Institutions Malaysia (AIBIM) has refuted allegations from The Muslim Consumers Association of Malaysia (PPIM) that Islamic banks in the country command excessive profits. PPIM had been cited in a news report calling for an immediate review of Islamic banking terms and conditions.
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Karachi, February 21, 2012: JCR-VIS Credit Rating Company Limited has assigned preliminary rating of ‘A+’ (Single A Plus) to the proposed TFC issue of Independent Media Corporation (Pvt.) Ltd. (IMCL). Entity ratings of IMCL have been reaffirmed at ‘A/A-2’ (Single A/A-Two). Outlook on the assigned ratings is ‘Stable’. The preliminary TFC rating will be finalized on review of the legal documents.
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Karachi, February 21, 2012: JCR-VIS Credit Rating Company Limited has assigned preliminary rating of ‘A+’ (Single A Plus) to the proposed TFC issue of Independent Media Corporation (Pvt.) Ltd. (IMCL). Entity ratings of IMCL have been reaffirmed at ‘A/A-2’ (Single A/A-Two). Outlook on the assigned ratings is ‘Stable’. The preliminary TFC rating will be finalized on review of the legal documents.
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Pakistan's Meezan Bank, in announcing a 106% rise in annual profit, has said that it will manage term finance certificates worth PKR15bn ($165.19m) for the country's federal government. The Islamic bank is in talks with Pakistan's finance ministry to help with sukuk issuance in the power industry, which continues to be hampered by circular debt issues. Meezan's annual profit after tax rose to PKR3.4bn in 2011, from PKR1.65bn in 2010. Earnings per share were up from PKR2.05 to PKR4.22. Meezan's total assets rose above PKR200bn for the first time in December and deposits grew by 30% in 2011 to PKR170bn.
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Dubai Holding subsidiary Tecom Investments has purchased a 25% stake in Emirates Real Estate Investment Trust (REIT) for AED170m ($46.3m). The two firms have entered into a partnership, with Tecom, in addition to acquiring the stake, providing liquidity for Emirates REIT to pursue development opportunities. The move is intended as a step towards Emirates launching an IPO.