Islamic Finance

The MoU targets promoting Islamic capital markets products and solutions
1 hour ago Nasdaq Dubai to help launch Kenya's sukuk sector
Dubai – Mubasher: Nasdaq Dubai and the Nairobi Securities Exchange (NSE) on Thursday signed a memorandum of understanding (MoU) to create a Sukuk sector in Kenya. While no sukuk has been issued in the East Africa, the Kenyan government expressed …
Al-Roshood and AlSumait with Arslan
19 November 12:47 PM KFH inks Euro Vostro deal with Germany’s KT Bank
Mubasher: Kuwait Finance House (KFH) announced that it signed Euro Vostro account agreement with KT Bank AG to provide Euro clearing and settlement services for KFH, according to a recent statement. KT Bank is considered the first bank in Germany …
The stock lost 4%
19 November 12:06 PM Dana Gas' stock sheds 4% on sukuk-related court ruling
Abu Dhabi – Mubasher: Dana Gas' stock dropped on the Abu Dhabi Securities Exchange (ADX) on Sunday after the London High Court ruled against it in the well-known $700 million-sukuk case. By 1:00 pm UAE time, the stock lost 4% to AED 0.69 after …
By the end of last week, Dana Gas’ stock fell 1.4% to AED 0.72
19 November 10:13 AM New UK ruling to hurt Dana Gas’ stock - Report
Abu Dhabi – Mubasher: Dana Gas’ stock is likely to resume its decline this week to below AED 0.45 and AED 0.50 after the London High Court’s ruling in favour of sukuk holders and against the company, an analyst told Mubasher. On Friday, the London …
Dana Gas described the London Court’s ruling as “flawed”
19 November 09:13 AM Dana Gas appeals UK court, judge decisions
Abu Dhabi – Mubasher: Dana Gas on Sunday announced that it has submitted an appeal to the English Court of Appeal following the London High Court’s decision last week in the company’s sukuk case. On Friday, the London High Court ruled in favour of …
Dana Gas will appeal the court ruling
17 November 06:14 PM London high court rules against Dana Gas
Dubai – Mubasher: London High Court on Friday ruled in favour of the sukuk holders in Dana Gas’ $700 million-sukuk case. “All the grounds on which Dana Gas has sought to challenge the validity and enforceability of the trustee’s rights under the …
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5 November 05:34 PM GCC sees four IPOs in 2017 - Report
Mubasher: The third quarter of 2017 witnessed a total of four IPOs in the Gulf Cooperation Council (GCC) region, slightly increasing compared to the previous quarter, according to a recent report by PricewaterhouseCoopers (PWC). Proceeds raised …
BSF to redeem SAR 1.9bn sukuk mid-December
2 November 06:08 PM BSF to redeem SAR 1.9bn sukuk mid-December
Riyadh – Mubasher: Banque Saudi Fransi (BSF) on Thursday announced its plans to redeem its 2012 sukuk in full at their par value (100% of issue price) by on 18 December 2017 at a value of SAR 1.9 billion. The sukuk will be redeemed by the end of …
The ITFC is a member of Saudi-based Islamic Development Bank Group
2 November 05:21 PM Moody’s assigns 1st-time A1/P-1 rating to ITFC
Riyadh – Mubasher: Moody's Investors Service on Thursday announced assigning a first-time long-term issuer rating of A1 and short-term issuer rating of P-1 to the International Islamic Trade Finance Corporation (ITFC), while giving the institution …
Jabal Omar hired two banks to manage a sukuk sale of SAR 4 billion in Q1-18
2 November 03:01 PM Jabal Omar assigns 2 banks for sukuk sale early 2018
Riyadh – Mubasher: Jabal Omar Development has appointed two banks to manage a sukuk sale of SAR 4 billion ($1.07 billion) in the first quarter of 2018, sources told Reuters. The real estate company has hired Al Bilad Bank and GIB Capital to …
Dubai is a leading international centre for sukuk activity
2 November 01:28 PM APICORP lists $500m sukuk in Nasdaq Dubai
Dubai – Mubasher: Nasdaq Dubai on Thursday announced a $500 million sukuk-listing by Arab Petroleum Investments Corporation Bank (APICORP). This listing follows another $500 million sukuk-listing on Nasdaq Dubai in January 2016, issued under a $3 …
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31 October 11:04 PM Emirates REIT to issue $300m Sukuk
Dubai - Mubasher: Emirates REIT plans to issue a debut Islamic bond (sukuk) of at around $300 million by the end of this year, according to a statement issued by Nasdaq Dubai. The sharia-compliant real estate investment trust will issue US dollars …
The case is projected to resume by 13 November
31 October 01:00 PM Dana Gas refuses to redeem $700m sukuk
Abu Dhabi – Mubasher: Dana Gas will not redeem its disputed $700-million sukuk upon maturity date, Reuters reported on Tuesday, citing an informed source as saying.   Claiming that there were changes in the interpretation of Islamic finance in the …
This certification will enable current and new shareholders to trade Tabreed’s shares
31 October 11:05 AM Tabreed’s shares become sharia-compliant
Dubai – Mubasher: The National Central Cooling Company (Tabreed) on Tuesday announced that its shares were awarded the sharia compliance certification. Under the sharia compliance certification, the company was listed on Dubai Financial …
IDB’s sukuk were listed on 27 September 2017
24 October 02:33 PM IDB marks $1.25bn sukuk listing on Nasdaq Dubai
Dubai – Mubasher: Islamic Development Bank’s (IDB) vice president of finance and chief financial officer Zamir Iqbal on Tuesday rang the market-opening bell for the listing of $1.25 billion sukuk on Nasdaq Dubai. With a total of $10.25 billion …
AUB will pay the yield on the period from 26 April to 25 October
24 October 01:24 PM AUB Kuwait pays $5.5m sukuk yield
Mubasher: Ahli United Bank – Kuwait (AUB Kuwait) announced the second periodical distribution of yields on its perpetual sukuk for the Ahli United Sukuk Limited at a total value of $200 million. Total yields stood at $5.5 million, with an annual …
Moody's said that the negative outlook reflects the negative outlook of Oman's sovereign rating
23 October 11:02 PM Moody's assigns Baa2 rating to Mazoon's sukuk
Mubasher: Moody's Investors Service has assigned a Baa2 rating to the proposed senior unsecured sukuk certificates that will be issued by Mazoon Assets Company, according to a report issued on Monday. Moody's has also assigned a Baa2 foreign …
Islamic banking adequacy ratio hovers over 17% according to the UAE Central Bank
23 October 07:59 PM Islamic banks dominate 20% of UAE banking sector's assets
Abu Dhabi - Mubasher: Eight Islamic banks have accounted for approximately 20% of total assets in the Emirati banking sector, which comprises 23% of total domestic credit as of the end of August, according to the UAE Central Bank. "The growth of …
Tarapore further noted that DAE “intends to be a repeat benchmark issuer in the US debt market”
16 October 04:30 PM Dubai Aerospace to tap sukuk by mid-2018
Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) is said to be planning to tap the sukuk market in the next nine months in the context of it diversifying its funding resources, Reuters reported on Monday, citing DAE CEO Firoz Tarapore as saying. …
Dubai Investments has new investments in educational projects and hospitals
16 October 01:05 PM Dubai Investments may issue $3m sukuk – CEO
Dubai – Mubasher: Dubai Investments’ managing director and CEO Khalid Bin Kalban on Monday said he expects his company will issue $3 million in sukuk in the coming period. Some investment funds will participate in the issue of those sukuk, bin …