Sovereign Sukuk Beating Company Debt First Time Since May: Islamic Finance

Sovereign Islamic bonds from Asia to the Persian Gulf are lowering returns on corporate sukuk for the first time in three months.

Malaysia’s Lembaga Tabung Haji fund, France’s BNP Paribas Investment Partners and Duet Mena Ltd. in Dubai forecast government debt will outperform until property prices in the Persian Gulf recover from a slump that prompted credit-ratings companies to downgrade corporate bonds.

Sukuk pickup seen in H2 - HSBC Amanah

Razi Fakih, HSBC Amanah deputy chief executive, says the company is optimistic and sukuk is unlikely to fade out. HSBC has already served as Islamic bond manager on 13 sukuk issues in the first half of the year according Reuters Data. Research firm Oliver Wyman expects industry growth to about 20% until 2012.









Bahrain’s IIFM May Issue Global Guidelines for Islamic Bonds

The International Islamic Financial Market, the Bahrain-based organization seeking to set standards for Islamic securities, may issue new global guidelines to facilitate the sale of Shariah-compliant bonds, an official at the industry body said.

Lootah appointed Nakheel's new chairman of the board

Property developer Nakheel, a subsidiary of Dubai World, on Tuesday named Ali Rashid Ahmad Lootah as its new chairman in a restructuring that also added four other members to the board. Lootah is also the vice-chairman of mashreq.

Indonesia sells 620 bln rph sukuk, below target

Indonesia's finance ministry raised 620 billion rupiah ($68.24 million) in a sukuk auction on Tuesday, well below target, as investors demanded high yields to compensate for a lack of trading liquidity in the paper.

UK banks, govt bodies launch Sharia finance lobby

A group of British Islamic banks and government bodies launched on Wednesday a lobby group to further the industry's development and push for the issuance of the first UK sovereign Islamic bond. The UK Islamic Finance Secretariat will incorporate Islamic finance experts currently operating within committees of government organisations such as the UKTI, the government's international business development organisation, the Treasury and the Financial Services Authority (FSA), to strengthen the UK's position as an Islamic finance hub.

Launch of International Islamic Finance Journal from Dubai

Press Release

Today sees the launch of a new Journal on Islamic finance from dedicated Islamic finance media entity Yasaar Media.

The Journal, called So Far – the Journal of Strategic Thinking in Islamic Finance, is written and edited by members of an Islamic finance Think Tank and is modelled on traditional academic journals. The difference with So Far is that the members of the Think Tank are predominantly practitioners rather than academics.
Member of the Think Tank are drawn from the ranks of committed Islamic finance professionals around the world and range from the Gulf and the Far East to the USA and Europe.

Each issue of So Far is dedicated to a single topic of core importance to the Islamic finance industry – and the launch issue looks at the thorny issue of the problems facing the Sukuk market. Unlike many other journals So Far is distributed free in PDF format and is available from a variety of sources including Yasaar Media thus guaranteeing maximum readership and exposure.

Allianz Takaful in talks on sukuk issue - CEO

Allianz Takaful is in talks with a regional Islamic institution, urging it to issue a sukuk bond earmarked for the industry, as it struggles to find long term issues in the market, its chief executive said. It has been difficult for takaful - or sharia compliant - insurers to sell products like annuities and pension plans because of the lack of long term Islamic bonds to match such liabilities.

Deutsche Bank to bring major sukuk to ME market

Deutsche Bank expects to bring to the market a "major" Islamic bond in Saudi Arabia by the end of the first quarter, as part of a wider push into the world's largest oil exporter, a company executive said on Tuesday.

Gulf banks seen launching sukuk funds

Several banks in the Gulf region are considering launching Islamic bond, or sukuk, funds, some likely in the first half of the year, a top fund manager said on Wednesday.

Nakheel sukuk unlikely to be paid, all options open-source

Dubai World which is in talks to restructure some $22 billion debt, is unlikely to pay off developer Nakheel's $980 million Islamic bond, a source familiar with the matter said on Monday, and all options are open.

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