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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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Renewed talk of Kazakhstan lining up foreign investment through a debut sukuk next year has prompted Islamic finance investors to eye up opportunities in the wider region of central Asia.
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Islamic banking assets worldwide could grow by 40% over the next five years if penetration in some of the most underdeveloped markets sees a modest increase, according to one UAE-based specialist. Speaking this week at the Islamic Investment and Finance Forum in Istanbul, Nabil Mushahwar, head of the executive office at Al Hilal Bank , earmarked Nigeria, Indonesia, Egypt and Turkey as key areas of untapped potential over coming years.
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Malaysia's biggest power producer Tenaga Nasional priced a RM4.85bn ($1.55bn) multi-tranche sukuk on Thursday after launching the deal earlier this week. Lead managers CIMB Islamic and Bank Islam marketed the deal to Asian investors in Singapore and Hong Kong.
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Karachi, October 27, 2011: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has placed the outstanding Fund Stability Rating of ABL Islamic Income Fund (formerly ABL Islamic Cash Fund) of ‘AA(f)’ (Double A (f)) under ‘Rating Watch-Developing’ status. This rating action has been taken in view of the change in categorization of the fund from an Islamic money market scheme to an Islamic income scheme. Ratings will be re-assessed on finalization of the operational investment policy of the fund.
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Has Islamic finance come of age with Goldman Sachs' sukuk plans? It's hard to know. But the bank could help the market by being a bit less mysterious about the motivations behind its highly surprising new direction.
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Riyadh-based telecoms company Mobily is in talks to conclude an Islamic refinance agreement on three loans with Saudi local banks worth around SR10bn ($2.67bn).