Islamic Finance

Tabreed to begin dollar-denominated sukuk roadshow

17 October 03:41 PM Tabreed to begin dollar-denominated sukuk roadshow

Dubai – Mubasher: National Central Cooling Co. “Tabreed” on Wednesday announced plans to launch fixed-rate US dollar-denominated sukuk and begin a roadshow to market the sukuk. The seven-year sukuk will be marketed through a series of fixed income …

Sukuk and Islamic Finance

Dana Gas to trim sukuk by October 2019

15 October 12:18 PM Dana Gas to trim sukuk by October 2019 - IR head

By: Mahmoud Gamal Abu Dhabi – Mubasher: Dana Gas now has to reduce the value of its sukuk to $397 million by October 2019, the company’s head of investor relations told Mubasher on Monday. This plan comes as part of its deal with sukuk holders, …

Sukuk and Islamic Finance

This cancellation would bring the total outstanding of Nile Delta sukuk certificates to around $431 million

15 October 11:27 AM Dana Gas repurchases $99m sukuk; to cancel later

Abu-Dhabi - Mubasher: Dana Gas on Monday announced that it has bought back $99 million of 4% Nile Delta sukuk certificates this month. The repurchased sukuk will be delivered to Bank of New York Mellon, which is the principal paying agent of the …

Corporate Actions

DIFC eyes expansion in Islamic finance; registered firms rise in H1 - CEO

11 October 02:22 PM DIFC eyes expansion in Islamic finance; registered firms rise in H1 - CEO

By: Bedour El Raie Dubai – Mubasher: In the first half of 2018, the Dubai International Financial Centre (DIFC) saw over 150 firms join the centre, CEO Arif Amiri has said. The number of active companies registered with the DIFC rose by around 8% …

Companies Investments

Riyad Bank to redeem SAR 4 billion sukuk

8 October 05:36 PM Riyad Bank to redeem SAR 4bn sukuk

Riyadh – Mubasher: Riyad Bank on Monday said it was planning to redeem its SAR 4 billion sukuk due in 2020. The redemption will be made “in full, at their face value [which is] 100% of the issue price at their face value at the end of year five, …

Sukuk and Islamic Finance

ADIB has raised $750 million of additional Tier 1 capital

8 October 02:49 PM ADIB’s AED 1bn rights issue subscription to close on 9 October

Mubasher: The subscription period for Abu Dhabi Islamic Bank’s (ADIB) AED 1 billion rights issue will close on 9 October, according to an official statement. The allocation of ADIB’s new shares will be announced a week later form the closing date. …

Banking and Finance

Officials from the ADX and Aldar Investments during the bell-ringing ceremony on Sunday

7 October 02:43 PM ADX lists Aldar Investments’ $500m sukuk Sunday

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) on Sunday announced ringing the market bell for listing Aldar Investments’ $500 million sukuk. The bell-ringing marks the listing of the first corporate sukuk ever to be listed on the …

Trading Activities

Photo Archive

5 October 05:57 PM Morocco’s sukuk signal increased demand

Mubasher: Morocco’s began the selling of its first Islamic sovereign bonds issuance worth MAD 1.1 billion ($116.6 million), as tapping the sukuk market is a way for the government to access an alternative source of long-term financing via a …

The total value of the issuance will be SAR 12.245 billion ($3.26 billion)

2 October 04:42 PM Saudi MoF sells SAR 4.8bn local sukuk

Riyadh – Mubasher: The Saudi Ministry of Finance (MoF) on Tuesday has announced closing a SAR 4.78 billion ($1.27 billion) tap issue of the sukuk offering with the number (07-2018) under the government SAR-Denominated Sukuk Programme. The total …

Management Decisions

The Islamic bonds were issued in 2008 to finance the iconic Villamar project in the Kingdom of Bahrain

2 October 10:49 AM GFH Group acquires $200m sukuk from Al Rajhi Bank

Dubai – Mubasher: GFH Financial Group, listed on Bahrain Bourse, Boursa Kuwait, and the Dubai Financial Market (DFM), has signed an agreement to acquire $200 million sukuk of Villamar Company Limited from Al Rajhi Bank. The Islamic bonds were …

Sukuk and Islamic Finance

Tabreed shareholders nod to $1bn bond, sukuk issue

30 September 12:53 PM Tabreed shareholders nod to $1bn bond, sukuk issue

Dubai – Mubasher: National Central Cooling Co. (Tabreed) on Sunday said its shareholders had approved the issuance of non-convertible bonds or sukuk. The bonds or sukuk may reach up to $1 billion or its equivalent, Tabreed said in a statement to …

Banking and Finance

Dubai is considered the world’s largest centre for sukuk listings

27 September 12:16 PM Nasdaq Dubai marks $1.3bn sukuk listing by Islamic Development Bank

Dubai – Mubasher: Nasdaq Dubai has welcomed the listing of a $1.3 billion Sukuk by Islamic Development Bank (IDB), the largest Sukuk issuer on the exchange in terms of value, with total listings of $11.8 billion. The current listing is IDB’s …

Sukuk and Islamic Finance

The new listings by the global trade enabler include $1 billion sukuk

26 September 01:53 PM Nasdaq Dubai welcomes DP World’s $3.3bn sukuk, bonds

Dubai – Mubasher: Nasdaq Dubai has welcomed four sukuk and conventional bonds listings by DP World equal $3.3 billion. The new listings by the global trade enabler include $1 billion sukuk and three conventional bonds whose value amount to $1 …

Bonds

The first tranche of the Islamic bonds amounted to SAR 3 billion ($800 million)

25 September 10:39 AM SEC closes SAR 7.5bn sukuk issue

Riyadh – Mubasher: The Saudi Electricity Company (SEC) has closed a SAR 7.5 billion ($2 billion) sukuk issue. The first tranche of the Islamic bonds amounted to SAR 3 billion ($800 million) with a 4.22% yield, maturing on 27 January 2024, …

Sukuk and Islamic Finance

Egypt is expected to issue Islamic bonds in both the local and foreign currencies in the following years

20 September 03:23 PM Egypt likely to issue $1bn sukuk – Moody’s

Cairo – Mubasher: Moody's Investors Service (Moody's) said that Egypt is likely to issue sukuk worth $1 billion within the next 18 months. The North African nation is expected to issue Islamic bonds in both the local and foreign currencies in the …

Sukuk and Islamic Finance

Al Hilal Bank's issuance was nearly three times oversubscribed

19 September 01:37 PM Al Hilal Bank closes $500m senior 5-yr sukuk

Abu Dhabi – Mubasher: Al Hilal Bank has successfully issued $500 million five-year senior sukuk, which are considered the UAE’s first senior public sukuk since April. The transaction was the result of the bank’s extensive marketing strategy that …

Sukuk and Islamic Finance

The Islamic bond issue may be offered in one tranche or multiple tranches based on the market’s conditions

13 September 09:48 AM Saudi Electricity mulls sukuk issue

Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Thursday announced that it has begun holding meetings with fixed-income investors to discuss the possibility of issuing sukuk in the coming period. The Islamic bond issue may be offered in …

Sukuk and Islamic Finance

DP World plans to repurchase $650 million sukuk

11 September 12:32 PM DP World plans to repurchase $650m sukuk

Dubai – Mubasher: DP World on Tuesday announced plans to repurchase $650 million of its outstanding sukuk due in 2019. The company will pay $1,032 for every $1,000 worth of sukuk owned, in principal amount, it said. "The offer will expire at 4:00 …

Sukuk and Islamic Finance

“The issue will refinance a $750 million outstanding sukuk"

10 September 01:44 PM Aldar Properties hires banks for $750m sukuk issue

Dubai – Mubasher: Aldar Properties has reportedly hired a group of banks to arrange a US dollar-denominated sukuk issue at a minimum value of $750 million. The lenders involved in the deal included JPMorgan, Standard Chartered, First Abu Dhabi …

Banking and Finance

Islamic financing in Egypt to reach EGP 230bn by 2018-end

9 September 01:10 PM Islamic financing in Egypt to reach EGP 230bn by 2018-end – EIFA

By: Eslam Fadl Cairo – Mubasher: Islamic financing in Egypt is expected to grow to EGP 230 billion ($12.85 billion) by the end of 2018, the head of the Egyptian Islamic Finance Association (EIFA) told Mubasher. Total Islamic financing grew 29.4% …

Sukuk and Islamic Finance

The bank has performed strongly in recent years

27 August 01:16 PM ADIB’s shareholders OK capital hike, sukuk issuance

Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank’s (ADIB) general assembly has approved a proposal for a rights issue of AED 1 billion to increase both the paid and the issued capital through a tradable rights issue of 464 million new shares to the …

Sukuk and Islamic Finance

Tabreed reported a 10% YoY increase in net profit

20 August 11:58 AM Tabreed’s shareholders to consider raising $1bn in bonds

Dubai – Mubasher: National Central Cooling Company (Tabreed)’s board is planning to propose raising $1 billion (AED 3.67 billion) through bonds, sukuk, or other instruments. The company’s general assembly meet is slated for Wednesday, 19 September …

Sukuk and Islamic Finance

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 …

Sukuk and Islamic Finance

Photo Archive

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 …

Sukuk and Islamic Finance

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 …

Banking and Finance