Islamic Finance

“We are delighted to have received the approval of all key stakeholders"
21 June 04:13 PM Dana Gas’ shareholders OK its $700m sukuk restructuring plan
Abu Dhabi - Mubasher: Dana Gas has announced that all shareholders present or by proxy voted unanimously in favour of the consensual restructuring of its $700 million Sukuk al-Mudarabah at a general assembly meeting held on Thursday. The current …
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 …
UAE's SCA mulls issuing sukuk at AED 10 – AED 20 soon – CEO
17 June 04:16 PM UAE's SCA mulls issuing sukuk at AED 10-AED 20 soon – CEO
Abu Dhabi – Mubasher: The UAE's Securities & Commodities Authority (SCA) has started discussions with a domestic institution to issue and offer sukuk at a value of AED 10 and AED 20 during the coming period. These sukuk will contribute to …
Qatar’s international and domestic debt instruments reached $17.1bn in a year on the back of the Arab rift.
5 June 11:49 AM Qatar issues $12bn bonds in June
Mubasher: Qatar Central Bank (QCB) has issued government bonds and sukuk on 3 June with a total amount of $12 billion. Qatar offered 5- and 8-year debt notes, according to QCB’s recent statement. The five-year tranche amounted to QAR 4.5 billion …
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, …
The additional issues were divided into three tranches
24 May 10:32 AM Saudi Arabia reopens 6th sukuk issue – MoF
Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) announced finishing receiving investors’ additional bids for its local sukuk issue by reopening the six Islamic bond issuance, a part of the government SAR-denominated sukuk programme. The six …
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 issuance of international sukuk is growing
21 May 04:57 PM Sukuk prices defy changes in oil
By: Amr Fouad Dubai – Mubasher: Sukuk issues are usually oversubscribed due to the increased demand from Islamic financial institutions, wealthy Muslims, and investors in general. Sukuk are the investment of the future and a strong rival to bonds, …
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 …
The recent listing supports the bank's growth
16 May 02:32 PM Nasdaq Dubai welcomes $500 sukuk listing by Noor Bank
Dubai – Mubasher: Nasdaq Dubai has welcomed the listing of $500 million sukuk by Noor Bank, a UAE-based leading Sharia-compliant bank. The recent listing supports the bank's growth as an Islamic bank provides a variety of products and services, …
The Jordanian Islamic Microfinance firm has investments amount to $7 million
15 May 03:24 PM Jordan’s Ethmar for Islamic Microfinance eyes Egypt entry – CEO
Cairo – Mubasher: Jordan-based Ethmar for Islamic Microfinance is planning to invest in Egypt in the coming three or five years, CEO Zayad Al Refai has said. About 40% of credit seekers in the North African nation want to obtain sharia-compliant …
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 …
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27 April 09:57 PM Dana Gas ordered to hold dividends in English bank
Dubai - Mubasher: A British court has ordered Dana Gas to pay dividends into an English bank account where the funds must be held until a dispute over its $700 million Islamic bond is resolved, as reported by Reuters. Last year, the company halted …
Drake & Scull’s new shares' par value not final
25 April 06:24 PM Drake & Scull’s new shares' par value not final - Advisor
Dubai – Mubasher: The issue price of Drake and Scull International’s (DSI) new shares is not final, Ziad Makhzoumi, the advisor to the Dubai-listed developer’s board, told CNBC Arabia on Wednesday. Earlier in April, DSI’s ordinary general meeting …