Islamic Finance

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 …
The Sukuk are compliant with Islamic Sharia, and were issued through a private placement offer
6 June 05:34 PM Saudi Investment Bank issues SAR285m Sukuk
Riyadh - Mubasher: The Saudi Investment Bank announced on Tuesday that it has successfully closed its transaction of issuing SAR 285 million subordinated Tier I Sukuk, according to a bourse filing. The Sukuk are compliant with Islamic Sharia …
SRB will function as the Sharia adviser across Saudi Arabia
1 June 05:04 PM GLFL assigns SRB as Sharia adviser in KSA
Riyadh – Mubasher: Gulf Lifting Financial Leasing (GLFL) assigned Shariyah Review Bureau (SRB) to facilitate the management of Sharia-compliant certification and practices across the former’s leasing products and portfolio accounts. SRB will …
The sukuk will be listed on the Irish Stock Exchange, the bank said
1 June 01:28 PM Islamic Sukuk 5 times oversubscribed - Al Baraka
Mubasher: Al Baraka Banking Group has reported that its Islamic Sukuk issue was five times oversubscribed, reaching an amount of $1.6 billion. The value of the issue was initially $300 million, but was increased to $400 million on 23 …
Photo Credit: Arabianeye-Reuters
22 May 02:36 PM CBB Islamic securities oversubscribed
Mubasher: The Central Bank of Bahrain (CBB) announced that the monthly issue of Sukuk Al-Salam Islamic securities has been oversubscribed by 205%. CBB noted that BHD 88 million worth subscriptions were received for the BHD 43 million issue, …
Photo Credit: Arabianeye-Reuters
16 May 01:28 PM Al Baraka sets meeting to plan USD sukuk issue
Mubasher: Al Baraka Banking Group will hold a meeting with a consortium of banks to arrange the issue of US dollar-denominated sukuk, according to a bourse statement issued on Tuesday. Al Baraka has mandated Standard Chartered Bank as the global …