IslamicFinance.de

DP World Sukuk confirmed the payment of its periodic distribution for $1,500m trust certificates due 2017.
Profits from the beginning of July to the end of December will be distributed to Sukuk Holders on 4 January.

Dubai developer seems to be working towards achieving the required 95% approval for restructuring.
Nakheel has achieved 91 per cent acceptance from its trade creditors for restructuring its debts and is working to reach the threshold limit of 95 per cent.

Family-related companies in the UAE and other Gulf oil producers reeled under a tight funding environment in 2010 as a result of strict bank lending policies triggered by the 2008 global fiscal distress and regional debt defaults.
Some believe that the default problems in the region has created what they described as a confidence crisis between banks and family entities.

It is a limited company whose future subscribed capital is 15,000,000 dinars.
The company's purpose in Tunisia and abroad is to operate in accordance with the principles and values that it adopted especially those relating to Takaful and Re-Takaful: its vocation is to carry out or participate in any industrial, commercial, financial, agricultural, or real estate operations, related directly or indirectly to any objects defined above.

Jabal Omar Development Company signed a SR3.4 billion contract with a construction company on Tuesday to carry out the vital project.
The project was previously scheduled to be completed in 2011 but was delayed due to the global economic recession.

Kuwait's central bank has rejected a request by Islamic lenders to grant them exceptions from liquidity ratio requirements and allow for the withdrawal of excess liquidity. This is the second time the central bank has rejected such a proposal.

Islamic Corporation for the Insurance of Investment and Export Credit is seeking to increase its capital resources to meet the growing demand.
It is a clear indication that trade and investment flows are currently very strong in member countries.

Bank Negara Malaysia is offering up to two new Islamic banking licences to foreign firms to set up banks with at least $1 billion of paid-up capital. The industry hopes that this will spur more lending and create bigger Islamic banks that can compete with global lenders.
Bankers say the bid to create a well-capitalised Islamic bank has been fraught with difficulties such as a struggle to raise sufficient capital and disagreement as to where the lender should be located.

Abu Dhabi Islamic Bank (ADIB) had arranged a syndicated Dh1.14 billion Islamic financing deal for the Majid Al Futtaim (MAF) Group.
ADIB acted as the initial mandated lead arranger, sole bookrunner, investment bank and security agent bank for the deal. Other banks that participated in the financing deal include Al Khaliji Commercial Bank as mandated lead arranger, Al Hilal Bank, First Gulf Bank and United Arab Bank as lead arrangers and Ajman Bank as arranger.

The following borrowers are expected to sell Islamic bonds: MALAYSIA, YEMEN, DUBAI, GULF INVESTMENT CORP., FRANCE, SAUDI INTERNATIONAL PETROCHEMICAL CO., GENERAL ELECTRIC CO., PALESTINE MONETARY AUTHORITY, NAKHEEL PJSC, SABAH CREDIT CORP., CREDIT AGRICOLE SA, NOOR ISLAMIC BANK, NATIONAL COMMERCIAL BANK, KPJ HEALTHCARE BHD., EMIRATES TELECOMMUNICATIONS CORP., SENEGAL, ALBARAKA BANKING GROUP., ISLAMIC DEVELOPMENT BANK, THAILAND, KNM GROUP BHD., CAGAMAS BHD., SAUDI ARABIAN OIL CO., GAMUDA BHD., EGYPT, PT BANK MUAMALAT INDONESIA, SENAI-DESARU EXPRESSWAY BHD., MALAYSIA DEBT VENTURES BHD, INDONESIA, TURKEY, KAZAKHSTAN, PHILIPPINES, SAUDI ELECTRICITY CO., EMIRATES INTEGRATED TELECOMMUNICATIONS CO., LAFARGE MALAYAN CEMENT BHD..

The UAE Central Bank has issued Dh3.5 billion worth of Islamic certificates of deposits (CDs) for Shariah-compliant banks in the UAE to create new investment tools and keep those banks away from the foreign markets.
The Central Bank had started issuing the country’s first Islamic (CDs) as part of a plan to create a new investment tool for Shariah-compliant banks in the country, the second largest Arab economy.

The Central Bank of UAE has told banks to allocate provisions of 80 per cent of their exposure to the collapsed Saudi family business conglomerates Saad and Algosaibi by the end of 2010.
Central bank governor Sultan Al Suwaidi said central bank's approval of the banks' audited results for 2010 would be conditional on those provisions.

Saudi Hollandi Capital has introduced five new investment funds to investors in the Saudi market, bringing the total number of investment funds to 22, including 10 Islamic Sharia-compliant funds.
These investments represent an attempt to maximize total return to investors at current growth rates achieved by the economies of these markets.

Nigerian Jaiz International PLC is working to launch its banking operation by August 2011with technical support from the Islami Bank Bangladesh Limited (IBBL).
An agreement on technical services was signed between the IBBL and Jaiz Bank in the capital Friday in this connection.
The IBBL will make available suitable, qualified and experienced personnel required for the efficient operation of the business, develop capacity building programmes for the training and development of the workforce, design and implement appropriate procedures for all processes, transactions and products to ensure smooth operations of the proposed Nigerian bank.

DP World Sukuk Limited confirms the the payment of its periodic distribution for DP World Sukuk Limited, USD 1,500,000,000 Trust Certificates due 2017.

The downgrade reflects Fitch's revised view of potential support from its majority shareholder, Bahrain-based Albaraka Banking Group (ABG). While Fitch believes ABG has a strong propensity to support, its ability to do so cannot be relied upon, given its structure as a group of diversified subsidiaries spread across different sub-investment grade countries and Albaraka Turk's large size relative to the group.
The 'B+' Long-term IDR reflects the bank's small size and concentration risks in its loan book, particularly in construction sector lending.

The Islamic Finance Program (IFP) Manager at Harvard University Nazem Ali stated that Kuwait Finance House achievements in numerous projects and its innovation in the Shariah compliant products and services that it offers are taught to the students and researchers taking part in the IFP at the University.
After meeting several Legal Department employees at KFH the diversification in KFH's operation fields is an important source of studies in the forum that is associated with the IFP that the university has been organizing for the past nine years.

Last week in Jeddah was signed a memorandum of understanding (MoU) between the Islamic Development Bank (IDB) and the African Development Bank (AfDB) to cooperate in co-investment in projects in member countries mutual to both multilateral development banks (MDBs).
The two MDBs will commit to contribute $500 million each in a $1 billion cooperation spanning three years starting in 2011 and based on the AfDB's medium term strategy and the IDB special program for the development of Africa (SPDA), whose main focus is to assist in scaling-up interventions in Africa in agriculture, infrastructure, water and sanitation, education and healthcare.

India's Bombay Stock Exchange launched a share index of sharia-compliant companies on Monday in an attempt to open stock-trading to more Muslims.
The BSE TASIS Sharia 50 consists of the largest and most liquid sharia-compliant stocks within the BSE 500 index.
The index would attract Islamic and other "socially responsible" investors both in India and overseas.

Yemen will increase a planned 2011 Islamic bond to $500 million, but investors will have to pay high premiums.
The bond issue was delayed to the first quarter of next year to give the government more time to iron out technical aspects of the sale.
Analysts, however, expect the issue to draw thin investor appetite.