Islamic Finance

The figures include central banks' local issues, GCC sovereign and corporate issuances
31 July 06:37 PM GCC debt instruments grow 10% in H1 - Report
Mubasher: Primary bond and sukuk issues in the GCC countries went up 9.64% in the first half of the year, according to a recent report by the Kuwait Financial Centre (Markaz). The figures include central banks' local issues, GCC sovereign and …
The facility was settled by making a $34 million payment
29 July 11:15 AM GFH Financial Group settles $200m sukuk
Dubai – Mubasher: GFH Financial Group has announced that it fully paid the amount of $200 million sukuk. Drawn in 2007, the facility, which is scheduled to be paid in several tranches with its final maturity in July 2018, was settled by GFH after …
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26 July 06:53 PM Saudi German Hospital inks SAR 700m Islamic loans
Riyadh - Mubasher: Middle East Healthcare (Saudi German Hospital) on Thursday announced two Islamic financing agreements. The company signed an SAR 500 million Musharka agreement with Alinma Bank, with the loan availability period lasting until …
ADIB's board proposed a capital hike via a rights issue and sukuk
26 July 03:20 PM ADIB proposes AED 1bn rights issue, AED 2.75bn sukuk
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank's (ADIB) board on Thursday recommended raising the bank's capital through a rights issue by issuing 464 million new shares at a nominal value of AED 1 per share added to an issuance premium of AED 1.16 …
The first tranche will stand at SAR 2.1 billion
26 July 11:45 AM Saudi Arabia closes SAR 3.47bn sukuk issue requests – MoF
Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) announced finishing receiving investors’ requests to participate in its three-tranche SAR 3.4 billion local sukuk issue during this month.  The first tranche will amount to SAR 2.1 billion, …
Stellar is the first blockchain protocol to receive Sharia compliance certification
17 July 05:35 PM Stellar.org receives Sharia compliance certification
Mubasher: The nonprofit Stellar.org, which promotes financial access and inclusion, announced on Tuesday that it has a received Sharia compliance certification for the Stellar network, according to a recent statement. The Shariyah Review Bureau …
“Dana did not want to be in a litigation"
12 July 04:04 PM Dana Gas seeks to complete sukuk settlement
By: Mahmoud Gamal Abu Dhabi – Mubasher: Dana Gas is keen on fulfilling all the legal requirements for the settlement in the sukuk case in the UAE and UK by the end of the month, head of investor relations Mohammmed Mubaideen told Mubasher. In …
Al Khodari Sons renewed an Islamic facilities agreement with Riyad Bank worth SAR 231.377 million
12 July 09:57 AM Al Khodari Sons renews SAR 231m Islamic loan
Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons Company on Thursday said it has renewed an existing Islamic facilities agreement with Riyad Bank at a value of SAR 231.377 million ($61.7 million). The loan aims to provide bonding …
The board authorised the executive administration to complete regulatory procedures
4 July 10:18 AM Union Properties to issue AED 500m sukuk
Dubai – Mubasher: The UAE-based Union Properties’ (UPP) on Wednesday announced that the board of directors had approved an AED 500 million sukuk issuance during a meeting held the previous day. The board authorised the executive administration to …
The credit classification of this sukuk program is at “A1” by Moody’s
20 June 04:36 PM KFH gets Kuwait C.bank nod to $1bn sukuk issue
Mubasher: Kuwait Finance House (KFH) has obtained the final agreement by the Central Bank of Kuwait (CBK) of the first issue of $1 billion or less sukuk out of a total $3 billion sukuk financing program. KFH noted, in a bourse statement on …
Gulf Navigation nods to issue AED 100m sukuk
18 June 11:05 AM Gulf Navigation nods to issue AED 100m sukuk
Dubai – Mubasher: Gulf Navigation Holding’s board of directors has approved issuing senior unsecured mandatory convertible sukuk. The sukuk’s value will be AED 100 million, according to a statement to the Dubai Financial Market (DFM). The company …
The CEO described the agreement as a “good deal”
5 June 11:39 AM Holders of Dana Gas’ disputed sukuk nod to restructuring plan
Abu Dhabi - Mubasher: Dana Gas has announced that its offer to restructure and refinance $700 million contested sukuk was approved by 96.7% of the sukukholders. “We are extremely pleased to have received consent from an overwhelming majority of …
Dana’s directors called for a general assembly meeting
30 May 11:35 AM Dana Gas’ board elects chairman, vice chairman
Abu Dhabi – Mubasher: Dana Gas’ board has elected Hamid Jafar as chairman and Rashid Al-Jarwan vice chairman for the new board. The board also approved the terms and conditions of refinancing its present sukuk and the issuance of new sukuk, …
Fitch noted that the ratings apply only on senior unsecured sukuk certificates
24 May 10:00 AM Fitch places provisional “A+/F1” to KFH’s sukuk programme
Mubasher: Fitch Ratings has assigned provisional “A+/F1” rating to Kuwait Finance House’s (KFH) $3 billion trust certificates programme of KFH Sukuk Company, as reported by Al Qabas Newspaper. The ratings assigned to these sukuk certificates are …
Dar Al Arkan also stated that it has bought back a part of the Islamic sukuk at a value of SAR 381 million in 2017 and 2018
23 May 03:58 PM Saudi Dar Al Arkan to repay SAR 1.687bn sukuk Thursday
Riyadh – Mubasher: Saudi Arabia-based Dar Al-Arkan Real-Estate Development Company has announced that it will repay sukuk at a combined value of SAR 1.687 billion ($450 million) to Nasdaq Dubai, due on Thursday, 24 May. Dar Al Arkan also stated …
These sukuk assets will form part of 'Wakala' and 'Murabaha' portfolios
22 May 03:03 PM Moody's assigns provisional (P)A1 to KFH’s sukuk programme
Mubasher: Moody's Investors Service has assigned provisional (P)A1 senior unsecured long-term ratings, both foreign and local currency, to the $3 billion trust certificates program of KFH Sukuk Company, a special purpose vehicle incorporated in …
The OGM also approved the launch of sukuk
20 May 11:09 AM Union Properties nods to foreign sharehold limit hike, AED 1bn sukuk
Dubai – Mubasher: Union Properties’ ordinary general meeting (OGM) has approved a proposal to increase the foreign shareholding ceiling to 49% from 25%. The OGM also approved the launch of sukuk at a maximum value of AED 1 billion with no more …
Nasdaq tower image during Damac's listing in April 2017
13 May 01:05 PM Nasdaq Dubai welcomes AED 1.5bn sukuk listing by Damac’s unit
Dubai – Mubasher: Nasdaq Dubai has welcomed the listing of AED 1.5 billion ($400 million) sukuk by Damac Real Estate Development (DRED), a wholly-owned subsidiary of Damac Properties. The recent listing will support Damac Properties’ capital …
Dana Gas reaches deal with $700 million sukuk holders
13 May 11:03 AM Dana reaches ‘consensual’ deal with $700m sukuk holders
Abu Dhabi – Mubasher: Dana Gas on Sunday announced reaching an agreement with the Ad-Hoc committee of Sukuk holders over the terms and conditions of the restructuring and refinancing of its $700 million Sukuk Al-Mudarabah. As of Sunday, over 52% …
Dana reportedly reaches deal with $700 million sukuk holders
13 May 09:10 AM Dana reportedly reaches deal with $700m sukuk holders
Abu Dhabi – Mubasher: Dana Gas’ one-year-long sukuk battle may have come to an end. On Sunday, sources told news agency Bloomberg that the Abu Dhabi listed gas company may have reached an agreement with its $700 million sukuk holders. “A committee …
The UAE-based SIB listed two $1 billion sukuk on the Nasdaq Dubai exchange
9 May 12:48 PM Nasdaq Dubai welcomes Sharjah Islamic Bank’s $500m sukuk listing
Dubai – Mubasher: The Nasdaq Dubai exchange has welcomed the listing of $500 million sukuk by Sharjah Islamic Bank (SIB). The listing came as a part of the bank’s expansion across the UAE, according to a bourse statement released on Wednesday. …
The sukuk can be issued in the UAE or abroad
8 May 10:59 AM Manazel Real Estate's OGM nods to AED 2.6bn sukuk issue; withhold 2017 dividends
Abu Dhabi – Mubasher:  Manazel Real Estate’s ordinary general meeting (OGM) has approved a proposal to issue sukuk at a maximum value of AED 2.6 billion. The five- and seven-year sukuk can be issued in the UAE or abroad, according to a bourse …
The sukuk yield stood at 6.625%
1 May 06:50 PM Damac names KAMCO joint lead manager for $400m sukuk issue
Kuwait - Mubasher: KAMCO Investment Company has announced that it acted as a joint lead manager for Damac Properties’ $400 million 5-year sukuk sale, according to a company statement released on Tuesday.  In April, Damac launched an AED 1.47 …
The board elected Abdulla Atatreh as chairman
29 April 06:40 PM DSI’s board chooses convertible sukuk to increase capital; elects new chairman
Dubai – Mubasher: Drake and Scull International’s (DSI) board has opted for the issuance of sukuk convertible to shares as a means to increase the company’s capital instead of the partnership option. The UAE-based developer’s board will contact …
An English court ordered Dana to pay dividends into an English bank account
29 April 11:48 AM English court puts Dana Gas’ dividends on hold
Abu Dhabi – Mubasher: Dana Gas announced that an English Court had refused the company’s application to dismiss the court’s order that restrains the UAE-based energy producer from distributing any dividends for 2017. On 19 April, the company’s …