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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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Assurances on Tuesday from Dana Gas that it intends to repay its debt obligations brought a large rally for its $1bn convertible sukuk maturing in October this year. The profit rate on the embattled firm's 7.5% notes fell nearly 20% to 52.5%, with the price of the bonds rising to just under 73 cents. Shares also rose initially on the credit-positive news, but returned to flat thereafter.
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UAE-based Ajman Bank's chief executive officer Mubashar Khokhar has resigned from the bank, effective immediately. The Ajman emirate Islamic bank cited personal reasons for his departure and said that Mohammed Amiri has been appointed as acting CEO.
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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.
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Kuala Lumpur based CIMB-Principal Islamic Asset Management, a joint venture Islamic global asset management company between CIMB Group and Principal Global Investors, has recently obtained the approval from the Central Bank of Ireland to establish CIMB-Principal Islamic Asset Management (Ireland).
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San Francisco, USA Kuala Lumpur, Malaysia January 16th, 2012 - OSK-UOB Islamic Fund Management, a joint-venture company formed between the OSK Group, one of Malaysia's leading investment bank and Singapore's UOB Group, one of Asia's leading financial institutions, announced today that it has signed a strategic agreement with IdealRatings, Inc. a global Shariah compliant fund management service provider to utilize IdealRatings' unique research based screening for their global growth strategy of equity funds. According to Mohamed Noor, CEO, OSK-UOB Islamic Fund Management, OSK-UOB Islamic Fund Management was looking to find a partner who could provide detailed analysis of the revenue breakdown for the global stock market specifically for food companies involved in any non-halal elements. "IdealRatings, did an outstanding job screening companies with their one of a kind research methodology along with their comprehensive Shariah fund management solution. We feel confident relying on IdealRatings to provide us with top quality Shariah screening data for our Global Halal Food Fund and also for the other unique funds we will be offering as part of our portfolio in the future" said Mohamed Noor.