IslamicFinance.de

Credit Agricole SA (ACA) has two mandates to administer Islamic bond sales in Saudi Arabia. The statement was given by c the bank's global head of Islamic banking.
He added the fact that one of the issues will be denominated in U.S. dollars.

The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
SAUDI ARABIAN OIL CO.: Saudi Aramco, the world’s largest state-owned oil company, and Total SA plan to sell Islamic bonds valued at $1 billion this year to fund construction of their joint oil refinery in Jubail, said Simon Eedle, global head of Islamic banking at Credit Agricole SA, the lead arranger of the sale.
ABU DHABI ISLAMIC BANK PJSC: The United Arab Emirates’ second-biggest Shariah-compliant lender hired HSBC Holdings Plc, Standard Chartered Plc and Barclays Plc to help sell bonds, according to two bankers familiar with the plan. The bank has a $5 billion sukuk trust certificate program, according to a prospectus dated July 8 posted by the company on the London Stock Exchange’s website.
PT BANK MUAMALAT INDONESIA: The Islamic lender plans to sell 1 trillion rupiah ($112 million) of Islamic bonds in the second half of 2011, Andi Buchari, director of compliance and corporate planning at the Jakarta-based bank, was quoted as saying by the Investor Daily newspaper last week.

Saudi Aramco and France's Total will launch $1 billion Islamic bond (Sukuk) in the Q4 to build 400,000 barrels per day crude refinery in Jubail.
Simon Eedle, global head of Islamic banking at Credit Agricole, said the long delayed $1 billion Sukuk which was part of the financing for the Jubail refinery will launch in the Q4. Credit Agricole, Deutsche Bank and Samba Financial Group are the lead arrangers for the Sukuk.
Global Islamic bonds are poised to extend gains after climbing to a record this week, buoyed by Asian economic growth and a pickup in Gulf issuance.
Gulf sales of Sukuk, which pay asset returns, are rising after Dubai World reached an agreement with creditors last month to change terms on $24.9 billion of debt. Companies in the region plan to issue about $5.8 billion of Islamic debt in the fourth quarter, the most for the period in three years.

Gatehouse Bank, London-based Shariah-compliant wholesale bank, is planning to launch a £70 million (Dh410m) Islamic bond (sukuk) next month.
In an exclusive interview with Emirates 24|7, Fahed Boodai said the sukuk is targeted at the UK corporates and is expected to be completed in November.
Simon Eedle added that the time is also right for sukuk issuances outside of the Gulf region and he expects more investment money from the West to tap the Islamic finance market in 2011.

The launch of the first template for an over-the-counter Islamic derivative contract is "imminent" and will encourage more companies to hedge their risks, an executive at a bank involved in its creation told Reuters on Tuesday. The contract, which is expected to pave the way for quicker and cheaper Islamic risk management and more frequent cross-currency transactions, was initially due to be launched a year ago.