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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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Karachi, January 26, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn the entity ratings of ‘BBB/A-3’ (Triple B/A-Three) with a ‘Negative’ Outlook, assigned to Gujranwala Food Industries (Pvt.) Limited, with immediate effect, on account of non-renewal of contract.
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Indonesia plans to issue a globally syndicated sukuk along with bringing an IDR2tr ($223.13m) project based sukuk to its domestic market in the first half of 2012. The country managed to sell $1bn in the international market in November on strong demand, but previously struggled to find investors for a domestic deal in October.
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Albaraka Turk, the Turkish banking unit of Bahrain-based Albaraka, has confirmed it intends to issue a sukuk within the first quarter of this year. The bank previously said, earlier this month, that it may look to increase the transaction's $200m target size if it opted to wait until Q2.
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UAE-based shopping mall developer and operator Majid Al Futtaim (MAF) has established a $1bn sukuk trust certificate issuance programme. The company will conduct a series of fixed income investor meetings in the UAE, Asia and Europe from January 29 as it lines up the first tranche – thought to be up to benchmark $500m in size.