Standard Chartered

#Qatar# Islamic #Bank #offers #certificates of deposit after Q2 outflow – Nasdaq

The Qatar Islamic Bank aims to boost its deposit base by offering certificates of deposit in Qatari riyals and US$, after it was hit by an outflow of money due to sanctions against Qatar by its neighbouring Gulf countries. The bank said this weekend, that it was offering 1 and 2 year CDs in its 2nd series of such papers. Its first series was launched End of 2015. Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic and transport ties with Qatar beginning of June this year, accusing the country of supporting terrorism. This prompted some firms and individuals from those states to pull money out of the Qatari banks. As a result, deposits in the Qatari banks shrank 1.8 % from the previous month in June. Qatar Islamic Bank was particularly hard hit, with its customer deposits falling to US$26.6 billion at end of June, according to its financial statements.

#Dubai: #Meraas Holding has #issued $400 million #sukuk –sources

Meraas Holding, a real estate developer in Dubai owned by the UEA government, issued a $400 million sukuk last week. It was sold privately to a select group of investors, according to sources. The Islamic bond has a five-year maturity and is at par with a 5.112 % yield on May the 26th and traded at one to 1.5 points above par shortly after that. Emirates NBD, Noor Bank and Standard Chartered jointly coordinated the transaction and served as bookrunners along with Dubai Islamic Bank, Sharjah Islamic Bank and Warba Bank.
Meraas is the parent company of the leisure and entertainment company DXB Entertainment, which owns 4 theme parks and a water park in UAE capital. It has been said, that a new entity has been set up which will manage billions of dollars of development projects for Meraas Holding and Dubai Holding. Dubai Holding is the investment vehicle of Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum. Raed Kajoor Al Nuaimi, formerly chief executive of DXB Entertainment, has been appointed to lead the new management company.

#Turkish treasury says mandates three banks for #sukuk issue

Turkish treasury mandated the Dubai Islamic Bank, HSBC, and Standard Chartered to explore opportunities for a possible sukuk issue. A series of investor meetings will be organised in the UAE on March 28, 2017. Meanwhile, the country’s monetary authority raised its highest interest rate while leaving all of the other rates unchanged. The lira rallied as the move was seen paving for they way for tighter policy and serving as insurance against bouts of currency weakness.

Coveting the Islamic finance global position

#Saadiq, synonymous with "truthful" in Arabic, is the brand name for Standard Chartered’s global Islamic banking services. Currently Saadiq provides a comprehensive range of Shariah compliant international banking services across the wholesale and consumer banking. To ensure that Standard Chartered Saadiq products comply with the principles of Shariah, it consults an independent committee comprising three of the world’s most renowned Shariah scholars – Dr Abdul Sattar Abu Ghuddah, Sheikh Nizam Yaquby and Dr Mohammed Ali Elgari.

Khazanah bookbuilds for US dollar 5-year sukuk

Malaysian sovereign wealth fund Khazanah Nasional Berhad is marketing five-year US dollar sukuk in the US Treasuries plus 190bp area. CIMB, DBS and Standard Chartered are lead managers for the deal that is expected to price today. The Reg S senior unsecured bonds will list in Malaysia and Singapore under English and Malaysian law. The sukuk will be issued through Danga Capital Berhad, a special purpose vehicle, with the SWF acting as obligor. They will be issued off a multi-currency Islamic securities issuance programme.

Albaraka Turk gets feedback in 10 % area for capital-boosting sukuk -sources

Turkish Islamic bank Albaraka Turk has received initial pricing feedback in the 10 % area for a potential U.S. dollar-denominated sukuk issue which would bolster its supplementary or Tier 2 capital, sources familiar with the matter told Reuters on Thursday.
The lender has received indications of interest totalling over $250 million, including those from joint lead managers, for the ten-year non-call five sukuk, the sources said. A potential deal is expected early next week subject to market conditions, they said.
Albaraka Turk, a unit of Bahrain-based Al Baraka Banking Group, has chosen Barwa Bank, Dubai Islamic Bank, Emirates NBD, Nomura, Noor Bank, Standard Chartered and QInvest to arrange the sukuk issue.

StanChart appointed trustee on Islamic passporting fund

Malaysia fund house Maybank Asset Management has chosen Standard Chartered as its trustee for the first sharia-compliant fund that has been approved for Asean passporting. The Maybank Bosera Greater China Asean Equity I-Fund was approved by the Securities Commission of Malaysia for distribution under the Asean Collective Investment Scheme (CIS) in March. The fund was subsequently launched for sale in the Malaysian market in April. Maybank AM has two funds from its Singapore office that are also waiting to be passported in Malaysia and Thailand. But the contract with StanChart only covers Maybank AM Malaysia.

Standard Chartered Said to Pick U.A.E. CEO, Islamic Head

Standard Chartered Plc has selected global head of audit Julian Wynter as its chief executive officer for the United Arab Emirates. Wynter’s appointment has yet to be announced officially. Wynter, based in London and previously CEO of the bank’s Malaysian business, will replace Mohsin Nathani, who resigned in April. The bank has also appointed Sohail Akbar as CEO of its Islamic banking unit, known as Saadiq. Akbar is currently based in Malaysia as group chief operating officer of consumer banking and group Islamic banking. Standard Chartered is experiencing a management exodus after Bill Winters took over as CEO from Peter Sands last month.

Bahrain Islamic Bank to hire Standard Chartered’s Bahrain CEO

It was reported that Standard Chartered PLC’s Chief Executive Officer for Bahrain, Hassan Jarrar, is leaving to head Bahrain Islamic Bank BSC. Standard Chartered confirmed his departure. Jarrar served as CEO of its Bahrain unit since November 2011, and was earlier the head of origination and client coverage for the lender’s wholesale banking unit in the UAE. Jarrar’s departure comes amid a shake-up in top management at the London-based lender after profit slumped. Chairman John Peace, CEO Peter Sands, Asia head Jaspal Bindra and Viswanathan Shankar, head of Europe, Middle East, Africa and Americas, are all leaving the bank.

Islamic Development Bank picks arrangers for dollar sukuk offering

Jeddah-based Islamic Development Bank (IDB) is set to meet fixed income investors starting Sunday ahead of a potential dollar-denominated sukuk transaction. The AAA-rated IDB has picked nine banks to arrange investor meetings in the Middle East and Asia, a benchmark offering will follow, subject to market conditions. CIMB, Dubai Islamic Bank, GIB Capital, HSBC, Natixis, NCB Capital, National Bank of Abu Dhabi, RHB Islamic Bank and Standard Chartered have been chosen to arrange the sukuk sale. IDB, which last issued $1.5 billion in five-year Islamic bonds in September, is looking to increase its issuance of sukuk, partly to raise its profile among international investors and to secure similar pricing levels to other development banks.

World Bank-linked IFFI to price dollar sukuk on Thursday - leads

The International Finance Facility for Immunisation (IFFI), for which the World Bank acts as treasury manager, plans to sell a dollar-denominated Islamic bond on November 27. IFFI will look to sell a three-year sukuk of benchmark size and pay an interest rate between 15 basis points and 17 basis points over Libor. Qatar's Barwa Bank, Malaysia's CIMB , National Bank of Abu Dhabi , the investment banking arm of Saudi Arabia's National Commercial Bank and Standard Chartered are arranging the transaction. IFFI is rated AA by Standard and Poor's and AA+ by Fitch.

IFFIm gives guidance on groundbreaking debut sukuk

The International Finance Facility for Immunisation (IFFIm) has given initial price thoughts of mid-to-high teens of basis points over three month Libor as it looks to price a debut dollar sukuk. The Reg S deal will be a three year benchmark-sized floating rate note. Standard Chartered is acting as global co-ordinator, with Barwa Bank CIMB, National Bank of Abu Dhabi and NCB Capital the other joint bookrunners. Books are open.

lydubai in sukuk talks

Low-cost carrier flydubai is in talks with its advisers for a potential bond issuance. Earlier reports citing unnamed sources, Dubai’s low cost airline had mandated seven banks — Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered — to arrange a potential debut sukuk issue

Sukuk pipeline

Pakistan's Ministry of Finance selected Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered as bookrunners for a U.S. dollar sukuk issue. An official said; the tenor of the bond and the format would be decided soon

World Bank-linked IFFI picks banks for debut sukuk issue

The International Finance Facility for Immunisation Co. (IFFI), for which the World Bank acts as treasury manager, has picked four banks for a potential U.S. dollar-denominated sukuk. Rated AA by Standard and Poor's and AA+ by Fitch, IFFI has mandated Qatar's Barwa Bank, National Bank of Abu Dhabi, and Standard Chartered to arrange investor meetings in the Middle East, Europe and Asia. A potential sukuk offer may follow the roadshows - for which a schedule has not been given - subject to market conditions before the end of the year.

Kenya leads African Islamic finance charge

With Islamic financing growing significantly in Kenya over the last five years and now accounting for 2% of the country's total banking industry, it's not surprising that Standard Charted chose Kenya as the first African nation in which to launch its Sadiq suite of Islamic banking products. Trade Finance caught up with Wasim Saifi, Standard Chartered's global head of Islamic banking, to find out what Islamic trade products it has planned for Kenya and why the bank sees Africa as the new growth frontier for the $1 trillion plus Islamic finance market.

Investment firm Arcapita emerges from US bankruptcy

Islamic investment firm Arcapita is the first Gulf company to emerge from U.S. bankruptcy under Chapter 11 rules. Arcapita’s plan is to transfer its assets into a new holding company which will dispose of them over time to pay off creditors and gradually wind-down the firm. Arcapita’s creditors include Barclays, CIMB, Royal Bank of Scotland, Standard Bank, Standard Chartered and the Central Bank of Bahrain – its largest creditor with $255.1 million owed.

Turkey mandates banks for sukuk issue

Turkey mandated banks for its second sovereign sukuk issue in international markets and will hold a series of investor meetings in the Middle East and Asia. HSBC, QInvest and Standard Chartered have been mandated to explore opportunities for a possible lease certificate issuance in the international capital markets. Turkey has borrowed $4.2 billion from international capital markets so far this year and plans to borrow a total of up to $6.5 billion through a mix of Eurobond, Samurai and sukuk issues by the end of the year.

New York financial regulator investigates European banks Turkish family dealings

The New York Department of Financial Services (DFS) has asked half a dozen European banks to submit their official records pertaining to their financial dealings with Turkey's Uzan family. The six banks covered by the order are France based BNP Paribas, Societe Generale and Credit Agricole; Commerzbank and Deutsche Bank of Germany and Standard Chartered. The state banking regulator is investigating the case over the illegal business dealings with Uzans. Standard Chartered assured its full co-operation with the regulators, while representatives of the other European banks either declined to comment or did not respond to requests for comment.

Dubai Duty Free Names Banks To Arrange $750m Expansion Loan

Dubai Duty Free (DDF) has picked Abu Dhabi Commercial Bank, Emirates NBD, and Standard Chartered to arrange a $750 million loan to fund the company’s expansion at the world’s second-busiest airport and improve its capital structure. DDF’s new dollar-denominated transaction will be priced at 225 basis points (bps) over the London interbank offered rate (Libor). This is 25 bps inside the revised pricing on the dollar tranche of the previous loan. No lifespan for the facility, which will be arranged. The loan is structured so that banks can commit to either a conventional tranche or one compliant with Islamic principles.

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