Sukuk and Islamic Finance

The bank's stock saw a turnover of AED 890 million in the first ten session this month
17 July 12:02 AM DIB expected to see more gains in upcoming period - Analysis
By: Mahmoud Gamal Dubai - Mubasher: The stock of Dubai Islamic Bank (DIB) has been seeing noticeable gains since the beginning of July amid speculations of a rise in semiannual profits to near AED 2 billion. In the first ten sessions of the month, …
Photo Archive
16 July 10:05 PM KFH is world’s biggest in Sukuk issuance - Chairman
Kuwait - Mubasher: The chairman of Kuwait Finance House (KFH) said that the group is the biggest Sukuk issuer in the world, as demand is rising on the sharia-compliant product. Hamad Abdulmohsen Al Marzouk added in a statement issued on Sunday …
Gulf Navigation Holding plans to issue sukuk worth $250 million in September to fund buying new ships
10 July 04:40 PM Gulf Navigation to issue $250m sukuk in September – CEO
By: Amr Adel Dubai – Mubasher: Gulf Navigation Holding plans to issue sukuk worth $250 million in September to fund buying new ships, CEO Khamis Juma Buamim said on Monday. The firm plans to expand in Abu Dhabi, Fujairah, and Khor Fakkan in the …
Nine sukuk, collectively worth $8.5 billion, were issued on Nasdaq Dubai in the first half of 2017
10 July 10:33 AM Nasdaq Dubai sees 9 sukuk issues worth $8.5bn in H1 – CEO
Dubai – Mubasher: Nine sukuk, collectively worth $8.5 billion, were issued on Nasdaq Dubai in the first half of 2017, Albayan newspaper said, citing Nasdaq Dubai’s CEO Hamed Ali as saying. The Indonesian government issued the largest listing with …
The company also reviewed an outline of the proposed framework of the restructured sukuk and the next steps in the process
9 July 03:26 PM Dana reveals details of call with sukuk holders
Abu Dhabi – Mubasher: Dana Gas issued the text of the call held on 6 July to provide details of the current situation concerning its Al-Mudarabah sukuk, according to a statement. The company discussed its current financial position in the context …
Budget spending for Q2-17 was lower than forecasts, while revenues were higher, the minister revealed
9 July 03:17 PM Saudi MoF to issue sukuk in July – Al-Jadaan
Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) will issue sukuk during July in accordance with the fiscal balance programme, Saudi minister of finance Mohammed Al-Jadaan told Al Arabiya in an interview. The budget deficit for the second …
The note is open for subscription until 24 August and offers a 3-month lock-in period
8 July 11:02 AM ADIB launches 2nd tranche of healthcare note
Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has launched a second tranche of its Healthcare Pharmaceuticals Equities Basket Note following, according to a press release. The bank said in a statement on Saturday that the moves comes due to …
Dana Gas CEO Patrick Allman-Ward
7 July 12:25 PM Dana Gas to offer new sukuk conditions in weeks – CEO
By: Amr Adel Abu Dhabi – Mubasher:  Dana Gas is planning to propose new conditions for its restructured sukuk within weeks, said CEO Patrick Allman-Ward. The company will inform the market, the Abu Dhabi Securities Exchange (ADX), of the …
Delay in payments from Egypt, Iraq and Iran created a crisis that will not solved except through negotiations with sukuk holders, Taha added.
6 July 11:45 AM Will Dana Gas’ negotiations with sukuk holders succeed?
By: Mahmoud Gamal Abu Dhabi – Mubasher: The UAE stock markets are anticipating the results of Dana Gas' conference call with holders of its Mudarabah sukuk on 6 July, amid expectations that the company will pass through a stumbling stage if it …
The sukuk will mature in 2019
3 July 08:41 AM Majid Al Futtaim to pay dividends for $500m sukuk
Dubai – Mubasher: Majid Al Futtaim Holding has decided to pay periodic dividends for its $500 million worth sukuk which will mature in 2019. The company announced that the dividends were distributed on Monday for the period from January to July …
One of Dana's projects
22 June 08:39 AM Dana Gas postpones phone conference with sukuk holders
Abu Dhabi – Mubasher: Dana Gas has decided to postpone the phone conference on Wednesday, 22 June, with its sukuk holders to discuss the plan to restructure existing sukuk, according to a statement. The company will reschedule it to a more …
S&P expects Islamic finance growth to settle at 5% for two years
20 June 05:03 PM Islamic finance assets reach $2trn in 2016 - S&P
Mubasher: A report by Standard and Poor's Global Ratings (S&P) showed that assets of the Islamic finance industry amounted to $2 trillion by the end of 2016. The rating agency expects the industry to continue to grow this year, then lose some …
Saudi Arabia raised $17.5 billion from its first international bond offering in October 2016
18 June 11:18 AM Saudi key player in GCC sovereign bond market – Fisch
By: Mahmoud Gamal Riyadh – Mubasher: The CEO of Fisch Asset Management, Philipp Good, said that Saudi Arabia acquired 50% of total GCC sovereign bond issues year-to-date. “So far in 2017, sovereigns and corporates have issued around $20 billion …
UK court issues injunction in favour of UAE’s Dana Gas in sukuk issue
18 June 10:33 AM UK court issues injunction in favour of UAE’s Dana Gas in sukuk issue
Abu Dhabi – Mubasher: Dana Gas on Sunday said it filed a pre-emptive lawsuit in the English High Court of Justice in London to protect its interests against any hostile action in connection with its Sukuk Al-Mudaraba sukukholder representatives. …
The injunction restrains any enforcement action against the company’s BVI assets
15 June 01:05 PM Court order prevents action against Dana until sukuk announcement
Abu Dhabi – Mubasher: Dana Gas was granted on 13 June an additional injunction from the commercial division of the High Court of Justice in the British Virgin Islands (BVI), according to a bourse statement. The injunction restrains any enforcement …
An initial hearing on the substantive action has been scheduled by the court for 25 December 2017
14 June 11:31 AM Sharjah court decision on Dana sukuk still pending
Abu Dhabi – Mubasher: Dana Gas said that the Sharjah Federal Court of First Instance issued an injunction pending determination of the company’s application to have its sukuk dated 8 May 2013 deemed unlawful. The injunction restrains the trustee, …
The Central Bank of Bahrain
13 June 06:59 PM Bahrain’s Islamic leasing bonds oversubscribed
Mubasher: The Central Bank of Bahrain (CBB) announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been over-subscribed by 148%, according to a statement issued on Tuesday. Subscriptions worth BHD 38.5 …
The company will issue OMR 44.61 million Sukuk
13 June 05:33 PM CMA approves Meethaq sukuk issuance hike
Mubasher: Meethaq Islamic Banking Company, a subsidiary of Bank Muscat, has obtained the approval of the Omani Capital Market Authority (CMA) to raise the volume of its Sukuk issuance to OMR 44.61 million. According to the bank’s statement to the …
The next two distributions scheduled for 31 July and 31 October cannot be paid now as the existing sukuk is unlawful.
13 June 12:30 PM Dana to discuss restructuring of existing sukuk
Abu Dhabi – Mubasher: Dana Gas will discuss on Tuesday an initial proposal for restructuring existing sukuk, according to a statement. On 3 May, Dana invited the holders of its outstanding $350 million 9% ordinary certificates and $350 million 7% …
Current market conditions have created a favourable landscape for new bond issuances
11 June 01:00 PM GCC bond issues hit $22bn in 5M
Mubasher: The total value of bond issues across the GCC in the first five months of 2017 has reached around $22 billion in sovereign and corporate bonds year-to-date, Fisch Asset Management said Sunday. The value of bonds in the six-member GCC …