Islamic Finance

The total value of the sukuk sale amounts to GBP 250 million ($347.53 million)
14 February 04:33 PM Al Rayan Bank-UK issues $347.5m sukuk
 Mubasher: Al Rayan Bank-UK, a 68.84% owned by the Qatar-based Masraf Al Rayan, on Wednesday announced that it is on the verge of completing its first ever sukuk issuance through residential mortgage-backed securities. The total value of the sukuk …
The company offered to pay off 10% of the sukuk in cash
14 February 09:35 AM Dana Gas creditors reject $700m sukuk restructuring proposal
Abu Dhabi – Mubasher: Dana Gas’ creditors have rejected the UAE-based energy producer's new proposal to restructure its $700 million sukuk and are waiting for better terms, Reuters reported on Tuesday, citing two sources familiar with the matter. …
Bahrain’s Ibdar Bank to manage $1bn sukuk issue for Saudi developer
13 February 02:25 PM Bahrain’s Ibdar Bank to manage $1bn sukuk issue for Saudi developer
Riyadh – Mubasher: Saudi Arabia-based Salman Abdullah Bin Saedan Real Estate Group plans to issue the first tranche of its $1 billion sukuk in the coming period, Reuters reported, citing Ibdar Bank, the sukuk arranger. Saedan will allocate sukuk …
The issuances included central banks local issuance
11 February 02:58 PM GCC’s bonds, sukuk market rises 4% in 2017 - Report
Mubasher: The aggregate issuance of bonds and sukuk by the GCC's entities amounted to $174.17 billion in 2017, with a rise of 3.96% from a year earlier, Kuwait Financial Centre (Markaz) said on Sunday in a report.  The issuances included central …
The issuance was oversubscribed by 175%
4 February 04:35 PM KFH Capital arranges $1bn sukuk issue for DIB
Kuwait – Mubasher:  KFH Capital, the investment arm of KFH Group, on Sunday stated that the bank has arranged the issuance of $1 billion sukuk for Dubai Islamic Bank (DIB), said KFH Capital’s chief investment banking officer Abdullah Al-Haddad. …
DIEDC's first board meeting this year
3 February 05:46 PM Islamic finance to reach $3.8tr by 2022 - DIEDC
Mubasher: Dubai Islamic Economy Development Centre (DIEDC) has convened its first board meeting for 2018, reviewing all the initiatives that had been implemented last year. UAE minister of economy and chairman of DIEDC, Sultan bin Saeed Al …
GCC issuers have raised $2.25 billion of shariah- compliant debt instruments in the period between June and December 2017
29 January 05:26 PM GCC debt issuance hit $70bn in 2017
Mubasher: The GCC’s bond and sukuk market has grown by $70 billion in 2017, with expectations of an increased investor appetite, according to a joint report released by Emirates NBD Asset Management (Dubai) and Fisch Asset Management (Zurich). In …
RiThe issue may be implemented through a lot of tranches.
25 January 10:20 AM Riyad REIT to launch SAR 1bn sukuk programme
Riyadh – Mubasher: Saudi Arabia-based Riyad Real Estate Investment Traded Fund (Riyad REIT) on Thursday announced that it will start a Shariah-compliant sukuk programme at a value of SAR 1 billion. The issue may be implemented through a lot of …
Sukukholders’ demands did not reflect the company’s financial situation
24 January 10:10 AM Dana Gas hopes for settlement in $700m sukuk case
Abu Dhabi – Mubasher: The UAE-based energy producer​ Dana Gas hoped to reach a settlement in the well-known $700-million-sukuk case, company CEO Patrick Allman-Ward told CNBC Arabiya on Wednesday.   Sukukholders’ demands did not reflect the …
Riyad Bank to tap local and overseas bond markets
23 January 01:14 PM Riyad Bank to tap local and overseas bond markets
Riyadh - Mubasher: Riyad Bank has revealed its plans to launch a programme for issuing primary and secondary bonds and debt instruments in Saudi Arabia and abroad. The issues are expected to be implemented on one tranche or in several phases and …
The sukuk sale is planned to be carried out during the coming few weeks
23 January 12:09 PM Emirates appoints 8 banks to manage $1bn sukuk sale
Dubai – Mubasher: Emirates authorised eight banks including HSBC Holdings, Standard Chartered, Citigroup, BNP Paribas, and Emirates NBD to manage about $1 billion sukuk sale, informed sources told Bloomberg. The sukuk sale is planned to be carried …
The bonds and sukuk will be issued in both local and foreign currencies
22 January 08:45 PM Noor’s OGM approves bond, sukuk issue
Kuwait – Mubasher: Noor Financial Investment’s ordinary general meeting (OGM) on Monday approved the issuance of bonds and sukuk in Kuwait or abroad within the limit set by the Kuwaiti law. The bonds and sukuk will be issued in both local and …
Dana Gas suggested to buy back around $200 million sukuk at $0.85
22 January 04:22 PM Dana Gas - $700m sukukholders talks hit dead end
Abu Dhabi – Mubasher: The negotiations between Dana Gas and the holders of disputed $700 million sukuk were suspended, following the UAE-based company’s offer to drop 15% of the debt, informed sources told Bloomberg. Dana Gas suggested to buy back …
In 2017, the UAE-based energy firm refused to redeem $700 million of maturing Islamic bonds,
18 January 10:27 AM Dana Gas-creditors sukuk dispute settlement goes nowhere
Abu Dhabi – Mubasher: Talks between Dana Gas and some local holders of a disputed $700 million sukuk have failed to reach an agreement, sources told Reuters. The failure of talks will leave a “potentially protracted legal battle as the only …
This is the fifth consecutive year for Bahrain to rank the second globally
14 January 04:46 PM Bahrain tops MENA states in Islamic finance development
Mubasher: Bahrain came in the second place globally, while ranked the first in the Middle East and North Africa (MENA) region in the fifth edition of the Islamic Finance Development Report and Indicator (IFDI) by Thomson Reuters and the Islamic …
The total canceled amount stands at approximately SAR 17.3 million
14 January 12:47 PM Saudi GAZT cancels SAR 9.84m from Al Tijaria’s unit claim
Mubasher: The Commercial Real Estate (Al Tijaria) announced that the zakat and tax consultancy office has notified Al Tijaria’s associate, Hajar Tower Real Estate, that the Saudi General Authority of Zakat and Tax (GAZT) – Jeddah branch has …
This issuance aims to diversify the firm's funding sources
11 January 11:28 AM Emirates to issue $1bn sukuk in H1-18
Dubai – Mubasher: Dubai-based Emirates is holding discussions with banks to issue sukuk that may reach $1 billion during the first half of 2018. This issuance aims to diversify funding sources of the world’s largest airline by international …
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11 January 01:55 AM Emirates could offer $1bn sukuk in H1-18
Dubai - Mubasher: Emirates is in negotiations with banks regarding the possibility of raising around $1 billion through the sale of Islamic bonds (Sukuk) during the first half of 2018. The Emirati airline joins a list of regional issuers seeking …
Sukuk is considered a key financing tool by governments and corporates
7 January 04:14 PM KFH records $16.6bn sukuk in 2017
Mubasher: Kuwait Finance House (KFH) achieved a growth of 45% in the sukuk market at a value reaching $16.6 billion in 2017, according to the bank’s report on Sunday. KFH has acquired a controlling stake in the secondary sukuk market, head of …
The issue will be offered in Kuwaiti dinar or any foreign currency
4 January 01:54 PM Noor’s shareholders to consider bonds, sukuk issue
Mubasher: Noor Financial Investment will hold its ordinary general meeting (OGM) on Monday, 22 January to consider issuing bonds and sukuk inside and outside Kuwait with the legal maximum level. The issue will be offered in Kuwaiti dinar or …
The company’s shares increased to 608.25 million shares
4 January 12:02 PM SCIDC issues 55.3m shares to Sharjah Social Insurance Fund
Abu Dhabi – Mubasher: Sharjah Cement and Industrial Development Company (SCIDC) on Thursday announced the conversion of its convertible sukuk, which were subscribed by Sharjah Social Insurance Fund, and the issuance of 55.29 million ordinary …
The board also approved a proposal to increase the company’s capital
2 January 10:21 AM Gulf Navigation approves $250m sukuk issue
Dubai – Mubasher: Gulf Navigation announced that its board had approved the launch of $250 million sukuk in phases under a schedule based on the company’s strategic expansion. The board also approved a proposal to increase the company’s capital to …
The board will also discuss the company’s operations
25 December 2017 04:58 PM Gulf Navigation to discuss $250m sukuk issue
Dubai – Mubasher: Gulf Navigation on Monday announced that it had set 28 December to hold a board meeting to discuss the issue of $250 million sukuk. The company will discuss the unanimously-voted general meeting’s resolution on 15 June to set the …
Subscribing to this sukuk issue exceeded expectations
20 December 2017 00:01 PM Kuwait’s Warba Bank issues $400m sukuk for Emirates REIT
Mubasher: Warba Bank has arranged and issued Islamic sukuk on behalf of the UAE company Emirates REIT for a total value of $400 million (KWD 120 million). Emirates REIT is the first UAE-based real estate investment trust that is in in compliance …
SIB expects the conversion to be completed before 31 December 2017
19 December 2017 02:21 PM Sharjah Islamic to issue AED 226.81m convertible sukuk
Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB) on Tuesday announced entering into an agreement to issue AED 226.805 million sukuk convertible into ordinary shares. The deal signed with the Sharjah Social Security Fund involves the conversion of …