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TID Global Sukuk I Limited - Financial Restructuring Update

The Investment Dar Co.The Investment Dar Co.held its latest financial restructuring update meeting in Dubai on Monday 8 June 2009 with its banks and investors. The firm expects its audited results soon. Morgan Stanley is appointed by the steering committee for debt restructuring as their financial advisor.

Saad Group Sukuk down at 25 % of nominal value

Saad Trading Contracting & Financial Services Co.’s debt securities, known as sukuk, are trading for 25 cents on the dollar compared with this year’s high of 79 cents on Feb. 26, data compiled by Bloomberg show. Saad Group on June 2 appointed BDO Capital Finance to advise the company on restructuring plans after the Saudi central bank last month froze bank accounts of al-Sanea and his family members, reported Haris Anwar on Bloomberg.

Al Hilal Islamic Bank to be opened in Kazakhstan

The Governments of Kazakhstan and the United Arab Emirates signed the agreement on opening of Al Hilal Islamic Bank in Kazakhstan; Aigul Tulekbayeva on Kazinform reports. The Bank’s nominal capital will make up over AED 100 mln and it will be opened in Astana and Almaty.

Seminar for Charities held in USA

Noreen S. Ahmed-Ullah reported on 12 June in the Tribune about a seminar for charities to comply with US provisions in their country.

The Internal Revenue Service, the MacArthur Foundation and a group of lawyers called Muslim Advocates instructed Chicago-area leaders in proper ways to report the collection of foreign funds, keep bookkeeping transparent and otherwise reassure U.S. officials that the money they raise never will end up in the hands of terrorists. The initiative has been inspired by a new generation of leaders and by what many Muslims perceive as a new climate under President Barack Obama, who mentioned the issue of charity, or zakat, during his landmark speech to the Islamic world from Egypt last week.

PT Bank Rakyat Indonesia Syariah aims to double assets by year end

Indonesian Islamic financer PT Bank Rakyat Indonesia Syariah (BRI Syariah) expects its assets to double to 3 trillion rupiah by the end of the year.

Bahrain Sukuk oversubscribed

Bahrain's USD 750 mn sovereign sukuk issue attracted an order book of about USD 4 bn and the size was increased to USD 750 mn. The sukuk was priced at the low end of expectations at 340 basis points over US Treasuries. Some 55 % of the issue went to Middle Eastern investors, with Europe accounting for 26 % and Asia for 15 % of the investor base of almost 200 accounts.

Kuwait Assets of Saad Group

Saudi billionaire's firm denies that Kuwaiti assets are frozen; as Kuwaiti newspaper Al Rai had reported previously.

Tamweel rejects media report about the financing needs

Tamweel says that it does not agree with media report rejected a media report saying it needed USD 1.55 bn to restart its financing operations.

Saudi bond market starts

Saudi Arabia said it launches its new market for Islamic bonds, or sukuk, and bonds.Tadawul currently trades Islamic bond issues by only two listed firms - Saudi Basic Industries Corp and Saudi Electricity, which will launch sukuk on Saturday worth 5 billion saudi riyals. The government is a major shareholder in both firms.

Albaraka puts USD 120 mn for acquisitions aside

Bahrain's Al Baraka Banking Group plans to spend up to USD 120 mn on acquisitions this year as asset valuations drop amid a global financial crisis.

HSBC: Saudi Arabia needs 1m new houses in the next 5 years

Saudi Arabia needs 1 million new houses by 2014 to meet the needs of its growing population but house prices are seen falling in the short term due to the global credit crisis, HSBC said in a report. The bank forecast a 15 % decline in house prices and rents in the kingdom's capital Riyadh in 2009 due to credit shortage , with a slow recovery expected in 2010. The rapidly growing population means there are shortages in residential, commercial, retail and hospitality property in Riyadh, Jeddah, Makkah, Madinah and the Eastern Province according to the report.

First Islamic real estate fund in Australia

The first onshore Shariah-compliant real estate fund in the Australian market, The LM Australian Alif Fund, was officially launched at end of May in Bahrain. The fund is managed by LM Investment Management Ltd., a specialist Australian income funds manager operating internationally and which is aimed at Islamic investors who are looking for opportunities in alternative investments and in new markets.

Mushtak Parker interviewed Ken Scott-Hamilton, general manager (Middle East), LM Investment Management Ltd., for Arab News about the rationale behind launching the fund and the opportunities and challenges for Islamic finance in Australia.

ADB, IDB setting up Islamic fund to finance infrastructure

To speed up the development of infrastructure projects, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) have agreed to set up Asia's first major multi-country USD 500 mn Islamic infrastructure fund.

The 12 targeted countries are Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.

Tawarruq controversy, Mohammad Akram Laldin approves of it

Sharia scholar Mohammad Akram Laldin rules organised tawarruq as not violating Islamic law principles.

New Central Bank President in Nigeria appointed

Newly confirmed Central Bank Governor is Sanusi Lamido Sanusi.

Sanusi, 47, got his BSc degree in economics from Ahmadu Bello University (ABU) in 1981 and Masters Degree also in economics from the same institution in 1983.

He later read Sharia and Islamic Studies at the International University of Africa in Khartoum in 1991 and began his working career at ABU from 1983 to 1985 as a graduate assistant.

His banking career started when he joined Icon Ltd (Merchant Bankers) and later worked with UBA where he rose to the rank of general manager in 2005.

“What we need to do is open the interbank market, to improve the bank open position limits, to go back to wholesale debt auction, and to reverse the emergency measures that were taken, which were temporary, as quickly as possible,” Sanusi is quoted by the newspaper.

Dubai Islamic Bank purchases outstanding Sukuk through cash tender offer

Dubai Islamic Bank announced that it has purchased USD 50.6 mn from the partial cash tender offer to retire USD 200 mn of outstanding Sukuk. DIB purchased the certificates at 88 % of the face value.

Global to sell stake in Al Salam Bank

Global Investment House plans to sell a 14.1 % stake in Al-Salam Bank in a June 11 auction to reduce its holdings. The company expects 6.4 million dinar in profit.

Global said in January that it defaulted on most of its loan repayments.rg.net

Markaz expects 50 % surge in Saudi demand after mortgage law

The total demand for residential units in Saudi Arabia will be in the range of 500,000 to 800,000 during the period 2009-13. The currently planned organised supply will provide about 73,000 units during 2009-13 and the rest will be tapped by current and future projects by smaller size developers and major projects planned in future.

Bahraini Saudi Bank takeover approved

Bahrain's Al Salam Bank has announced that Bahraini Saudi Bank's shareholders had accepted its takeover offer.

CMA Approved Saudi Electricity Company’s Request for SUKUK Public Offering

The CMA announced on 7 June that Saudi Electricity Company’s request to offer Sukuk in the period from (13/6/2009) G to (28/6/2009) G. More details will be published in the prospectus to the public.

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