IslamicFinance.de

John Irish and Jason Benham reported on Reuters on 20 January about the financing needs of Emaar Properties, Dubai both conventional euro medium term note and Islamic. The notes would be listed on the London Stock Exchange, with HSBC and Royal Bank of Scotland acting as lead arrangers..

Mohammed Abbas and John Irish, reported on Gulf News (Reuters) on 9 March about the Sukuk market tendencies driven by sellers issuing in local currencies at low rates. The fallen LIBOR rates due to Federal Reserve policy are above off-setting for the increased margins asked for credit clients.

Local currencies are in favour as long as speculation is around about reevaluation of the dollar peg - this also limits the foreign demand for Sukuk and exposure to Gulf credit markets. Local currency Sukuk are relying on the GCC internal demand for such paper.

Source: http://archive.gulfnews.com/business/money/10212004.html