IslamicFinance.de

Capital Management House stated that it has performed the second distribution of dividends to GCC investors of its aircraft leasing investment fund for the period ending 30 June 2011.
The dividends are paid on a quarterly basis and have been calculated at 10% per annum. They a number of high net worth individuals, family offices and institutions from across the region.
The fund has been coordinated around a transaction concluded with Emirates Airlines, one of the world's leading carriers, which was announced in January 2011 and consists of the acquisition of a Boeing 777-200ER aircraft from the airline and an agreement whereby it has been rented back to Emirates.

Dear All,

as salamu alaikum wa Ramadan Karim,

May I kindly ask you to consider signing a petition against hunger, which has already more than 3 million signatories:

www.1billionhungry.org/gassner/

The rational behind it is explained on the website with materials, actions and videos; it is a joint initiative of various organisations and inshallah it will help to support the cause.

Let our fasting also lead to feel with those who do not have to eat at Iftar, let us sign all this petition right away and share it with friends.

Wa at taufiq min Allah,

Best regards,

Michael Saleh Gassner

Islamic loans from Europe, the Middle East and Africa fell to a five-year low with banks reluctant to borrow amid concerns Europe's budget crisis will roil markets as Arabian Gulf borrowers restructure debts.
Since 2007, Islamic loan issuance has slowly dropped. The main reasons are the threat of sovereign defaults in Europe and the faltering global economic recovery deter lending.
Saad Group and Ahmad Hamad Algosaibi & Brothers Co, both based in the Saudi Arabian oil-producing city of Al Khobar, are reorganizing debt. The two companies failed in 2009 after borrowing a total of $15.7 billion (Dh57.6 billion) from more than 80 banks, including HSBC and Credit Agricole SA.

Gulf Investment Corporation GSC, Kuwait (“GIC”) launched on 3 August 2011 MYR750 million (USD253 million) under its existing 20year MYR3.5 billion (USD1.18 billion) Sukuk Wakalah bi Istithmar Medium Term Notes Programme (the “GIC Sukuk”).
The GIC Sukuk will authorize GIC to tap the Malaysian capital markets for long-dated funding and boost its asset-liability management, thereby mitigating and interest rate risks.

Nakheel announced that its planned Islamic bond has been delayed because of administrative reasons.
The developer overstretched itself with projects such as islands in the shape of palms. That is why the $1.63bn Islamic bond had been slated to issue.
Nakheel stated that it will launch the sukuk as soon as it will proove itself to be practical.

First Gulf Bank PJSC, (FGB), obtained excellent investor endorsement through a six times oversubscription of its $650 million Sukuk (Islamic bonds) issuance.
The FGB Sukuk roadshow started on 21st July 2011. Between the ones invited were Fixed Income investors from the UAE, Asia and Europe.

Gulf Investment Corporation (GIC) has gathered 750 million Malaysian ringgit (255 million US dollars) by selling five-year Islamic bonds at 4.90 percent.
The Sukuk, which is part of a 3.5 billion ringgit funding program set up earlier, will be launched on Wednesday to about a dozen investors.
This statement came from a source familiar with the deal, who prefers to remain unidentified as the deal has not been made yet.

Danajamin Nasional Bhd has made a guarantee to Senari Synergy Sdn Bhd’s RM380mil 20-year Islamic medium-term notes programme.
Danajamin chief executive officer Ahmad Zulqarnain Onn stated that Senari was the first company in Sarawak to be given its financial guarantee.

Adnan Ahmed Yousif, the chief executive of Al Baraka Bank, stated that discussions are still on about whether a long-touted $3bn Islamic megabank is going to be based in Bahrain or Qatar although a final decision has not yet been made.
It seems that it is more likely that the bank will be based in Bahrain.

G Capital in partnership with Gürmen Group, has taken into posession Adabank in Turkey for US$ 75 million.
GFH, the parent company of G Capital, has already had a key role in establishing following institutions: Arab Finance House (Lebanon 2003), Solidarity (Bahrain - 2004), First Leasing Bank (Bahrain - 2004), Khaleeji Commercial Bank (Bahrain - 2005), Asian Finance Bank (Malaysia - 2006), Qinvest (Qatar - 2006) and First Energy Bank (Bahrain -2008).

Although sales have doubled this year, it seems that global Islamic bonds are approaching record lows. Yields dropped for a fifth month to an average 3.66 per cent on July 29.
PT Danareksa Investment Management and Franklin Templeton Investment Management Ltd stated that Asia and the Middle East will keep attracting foreign investment as economic growth outpaces that in developed markets this year. As oil prices are being kept above the five-year average, demand for sukuk in the Gulf Cooperation Council (GCC) nations after Dubai World and Nakheel PJSC restructured debt is more an more.

The new development bank is named Al-Emar Bank (the Construction Bank) and is founded under the support of the Organisation of Islamic Conference (OIC).
It is expected to formally be launched during the OIC meeting in the State of Qatar December 2011.

The Investment Dar Company stated that the investors' coordination and liaison committee has been concluded.
The committee will mediate with the company at regular face-to-face meetings, establish regular reporting processes and will assign a qualified individual to be the first contact point for all TID banks and investors to disseminate information.
Some of the members of this committee are: Al-Rajhi Bank, Bank of Bahrain & Kuwait, and Arab Banking Corporation.

The Investment Dar (TID) Investors' Coordination and Liaison Committee (the Committee) has been finished.
TID stated that the Committees task is with coordinating with the company through regular meetings in order to establish regular reporting processes in addition to appointing an individual to become the main contact for all TID banks and investors for information and updates.
According to media reports, TID has been busy getting ready for the implementation of the debt restructuring deal after Ramadan, as the company will start repaying its debts to some creditors. Local reporters say that TID is reportedly looking to set relevant mechanisms in light of the verdict issued in May, which allows the company, which is listed on the Kuwait Stock Exchange (KSE) to benefit from the Financial Stability Law.

Because of the need to hedge against an increase in U.S. treasury yields and the fact that investors shift toward shorter maturities, Dubai's Islamic bond due 2014 could provide better returns than its 2020 security.
The yield gap between the Dubai government's 6.396% sukuk, due 2014 and its 7.75% security due 2020 widened 11 basis points this month, led by a drop in yields on the shorter-dated notes. The statement came from Bloomberg.

At the recent International Takaful Summit 2011 the experts from Takaful stated that they expect to reach $12 billion by the end of this year.
Ernst & Young think that emerging markets will be the key actors leading Takaful’s growth.
Saudi Arabia, the UAE and Malaysia are currently the top three Takaful markets. They are followed by c, Bangladesh, Sudan, and Pakistan.

Central bankers from Malaysia, Indonesia have met in Jakarta on 18 July 2011 and discussed the need to improve cooperation in order to boost the development of Islamic finance in the two countries.
Governor Tan Sri Dr Zeti Akhtar Aziz of Bank Negara Malaysia and Governor Darmin Nasution of Bank Indonesia agreed on the need for joint initiatives to create an ‘enabling environment’.

Tabreed stated that it fully repaid a 200 million US dollar Islamic bond. It seems that the total amount paid to certificate holders of the bond was 735 million UAE dirhams.
Dubai-listed Tabreed is one of the many Gulf companies which has to restructure its debt after an economic boom, fuelled by record-high oil prices and easy credit, ended abruptly and caused a property market crash.

Before engaging in any financial project there should be taken into consideration two very important factors: Corporate Social Responsibility and protecting the environment.
Dr. Mustafa Al Sayyed is the one that underlined this in an economic session. He added that all stakeholders should work collectively to ensure that the above factors are considered.

Clifford Chance advises on largest dual-tranche global sovereign US dollar sukuk
International law firm Clifford Chance has given advice to CIMB, Citi, HSBC and Maybank as joint lead managers and joint bookrunners on the US$2 billion dual-tranche sukukal- wakala transaction for the Government of Malaysia.
The sukuk certificates have been assigned a rating of A- by Standard and Poor’s and A3 by Moody’s.