IslamicFinance.de

Global sales of Islamic bonds were almost double in October as progress toward a resolution to Europe’s debt crisis helps push yields to a one-month low.
Khazanah Nasional Bhd., a Malaysian state-owned investment company, Kuala Lumpur-based Property Holdings Bhd. and Turkish Islamic bank Kuveyt Turk Katilim Bankasi AS have sold global bonds that fulfill Islam’s ban on interest this month.

The list following borrowers are anticipated to sell Islamic bonds: Indonesia, ABU DHABI NATIONAL ENERGY CO, QATAR INTERNATIONAL ISLAMIC BANK (QIIK), TENAGA NASIONAL BHD. (TNB), MIDCITI RESOURCES SDN BHD., AL HILAL BANK, EMERY OLEOCHEMICALS GROUP, PT BANK MUAMALAT INDONESIA, INTERNATIONAL ISLAMIC LIQUIDITY MANAGEMENT CORP., ACWA POWER INTERNATIONAL, ISLAMIC BANK OF THAILAND, PT BANK SYARIAH BRI, Russia, Senegal, TOURISM DEVELOPMENT & INVESTMENT CO., KUVEYT TURK KATILIM BANKASI AS and many others.

Kuveyt Turk Katilim Bankasi AS is planning a second sale of Shariah-compliant debt for 2012. Kuveyt Turk, the Istanbul-based bank owned by Kuwait Finance House KSC, may sell more than $100 million of five-year sukuk. Islamic bond offerings may accelerate in the next 18 months, led by countries new to the market, Mohamed Damak, a Paris-based credit analyst at Standard & Poor’s. Policies to promote assets that follow Islamic law are spreading to Europe from Asia.