IslamicFinance.de

It seems that the Emaar Properties PJSC agreed on an $800 million Islamic loan with three banks that pays 3.5 per cent more than the benchmark rate.
The developer of the world’s tallest tower will also pay fees for the facility, which is supplied by Dubai Islamic Bank PJSC, Standard Chartered Plc and National Bank of Abu Dhabi PJSC. The financing is backed by Emaar’s flagship Dubai Mall.
The so-called profit rate is about 4%, compared with a yield of 8.55% on November 30 on Emaar’s Islamic bond maturing August 2016.

Press Release

DUBAI, April 30, 2009--Standard & Poor's Ratings Services today said it had placed the ratings on the following Dubai-based government-related entities (GREs) on CreditWatch with negative implications: DIFC Investments LLC, DP World Ltd., Jebel Ali Free Zone (FZE), the Dubai Multi Commodities Centre Authority (DMCC), Dubai Holding Commercial Operations Group LLC (DHCOG), and Emaar Properties PJSC (collectively, "the Rated GREs"). In addition, we placed the notes issued by Thor Asset Purchase (Cayman) Ltd. (Thor), which are securitized by cash flows from a revolving pool of existing and future receivables originated by Dubai Electricity and Water Authority (DEWA; not rated), as well as the notes issued by JAFZ Sukuk Ltd. (collectively, "The Notes"), on CreditWatch with negative implications (see Ratings List below).