IslamicFinance.de

Eileen A. Mencias reported in Manila Standard Today on 15 April that the Philippine Government plans a USD 900 - 1000 mn 5-year sukuk through Al-Amanah Islamic Bank to provide a long-term financing package for the acquisition of the Metro Rail Transit-3 project along Edsa to replace bridge finance by the Development Bank Philippines (DBP). First Metro is teaming up with the DBP to arrange the Sukuk bonds. DBP is in the process of taking over control of Al-Amanah Islamic Bank. CIMB and Islamic Development Bank are supposed to assist in structuring.

Juanchito Dispo is executive vice president of First Metro Investment Corp.

Source: http://www.manilastandardtoday.com/?page=business2_april15_2008

Deal Journal reported on 10 April about potential ambitions of Hong Kong based corporations to issue Sukuk. Those companies cited include the Airport Authority Hong Kong, which is wholly government-owned. The Chinese newspaper Mingpao is cited that the other firms are rail operator MTR Corp. and Hong Kong Mortgage Corp.

MTR denied it is planning an Islamic bond issue.

Source: http://blogs.wsj.com/deals/2008/04/10/hong-kong-considers-islamic-bonds/

Talal Malik reported on 7 April 2008 that the Bahrain-based International Islamic Financial Market (IIFM) said to finalise soon the standardisation for a Master Murabaha Agreement called Master Agreement for Treasury Placement (MATP). The Agreements are under final review by Sharia scholars.

Khalid Hamad is chairman of IIFM.

Source: http://www.arabianbusiness.com/515834-bahrains-iifm-drawing-up-islamic-f...

The Peninsula reported on 27 March about the Musharaka Sukuk USD 137.5 mn arranged by Qatar Islamic Bank on behalf of the ‘Salam Bounian Development Company Limited’. Qatar National Bank Al Islami, the Islamic branch of Qatar National Bank and ALSAFA, the Islamic banking division of the Commercialbank of Qatar QSC, were joint lead managers and bookrunners for the issue. Only Qatari financial institutions participated for the first time. The Sukuk will be listed in Luxembourg and traded by the Qatar Islamic Bank and its affiliates, European Finance House and Asian Finance House.

Source: http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&...

John Irish reported on Monday, 24 March in ArabianBusiness that Dubai-based mortgage lender Amlak Finance plans to sell as much as 1.8 billion dirhams convertible and 3 billion dirhams non-convertible Sukuk this year to help finance expansion.
 
The CEO, Arif Al-Harmi confirmed the approval to Reuters given by the extraordinary general meeting of the board and the Chairman, Nasser Al-Shaikh, revealed that the total plans are to raise 6 billion dirhams this year. Amlak, an affiliate of Emaar Properties, will launch operations in Qatar and Jordan this year and has applied for a licence in Bahrain, Al-Harmi said. Syria is in discussion state.
 
Amlak delayed a sale of Sukuk late 2007 because of unsecure demand situation caused by the US credit crisis.
 
Source: http://www.arabianbusiness.com/514474-amlak-to-sell-islamic-bonds-worth-...

ABC Islamic Bank (the Initial Mandated Lead Arranger and Bookrunner) launched general syndication for Kuwaits Munshaat Real Estate Projects Company ("Munshaat"). ABC Islamic Bank had successfully closed the senior phase of the US$100 million, 3-year Syndicated Revolving Murabaha Financing Facility.
 
Prior to general syndication BNP Paribas, Emirates Bank International PJSC, and Saudi British Bank joined the facility as Mandated Lead Arrangers at the senior stage.
 
This is the debut syndication for Munshaat and the funds will be used to finance development of prime properties in the Holy Haram area in Makkah and Madinah in Saudi Arabia. Athman Investment Company, Kuwait is acting as the financial advisor to Munshaat Real Estate Projects Company for this financing.
 
Summary of the facility is as follows:
 
Borrower: Munshaat Real Estate Projects Company K.S.C.
 
Amount: US$100 million
 
Facility Type: Revolving Murabaha Financing Facility Purpose: Financing of prime properties in Makkah & Madinah
 

Arthur Macdonald reported in Gulf Daily News that the Sukuk market has suffered from the global financial crisis, but it is likely to recover. It impacted pricing and access to investors. Further the discussion on the Dollar peg of Gulf currencies created addtional uncertainties. Nevertheless the market has grown in ten years from millions to billions, participants of a Sukuk conference in Bahrain said.

Source: http://www.gulf-daily-news.com/Story.asp?Article=211884&Sn=BUSI&IssueID=...

AME Info published a press release on 18th March stating that Fitch Ratings has today assigned ratings to Amman-based Jordan Islamic Bank for Finance and Investment (JIB) of Long-term Issuer Default (IDR) 'BB-' (BB minus), Short-term IDR 'B', Individual 'C/D', Support '3' and Support Rating Floor 'BB-' (BB minus). The Outlook is Stable.

Source: http://www.ameinfo.com/150487.html