IslamicFinance.de

Saudi Arabian Mining Company received revolving credit worth SAR 9 billion to upsize the facility as well as to increase its financial flexibility. The credit was provided by a syndicate of 11 local and international banks.

Kuwait's central bank appointed a temporary supervisor to monitor debt restructuring and compilation of financial results at Islamic firm Investment Dar.

Dubai Islamic Bank (DIB) announced the official re-launch of Jordan-based Industrial Development Bank (IDB) following the completion of a private placement of 26 million shares of IDB, valued at USD 100 mn. As part of the re-launch, IDB has been transformed into an Islamic financing institution to be known as Jordan Dubai Islamic Bank (JDIB).

The parties involved in the private placement transaction include Jordan Dubai Financial (JD Financial), the investment arm of Jordan Dubai Capital, DIB and Dubai International Capital. The private placement was valued at JOD 2.750 per share, based on the pricing equation adopted by the bank's Shareholders General Assembly, wherein the strategic partner, Mesc Investment, covered the entire placement.

Moody's may downgrade its debt and Sukuk ratings of six Dubai companies, including DP World and Emaar Properties by as much as two notches each following a review in the coming weeks.

In addition to Emaar and DP World, Moody's said it was reviewing ratings of DIFC Investments, Dubai Holding Commercial Operations Group, Dubai Electricity and Water Authority (DEWA) and the Jebel Ali Free Zone (JAFZA).

Shariah consultancy Yasaar has announced the launch of a dedicated Islamic finance media entity called Yasaar Media. Yasaar Media recognises that there is a serious need for an information provider in the Islamic finance industry that produces in-depth reports and studies on specific market niches, asset classes and countries.

The people behind Yasaar Media are Paul McNamara and Majid Dawood.

Dubai`s corporate bonds pricing in further economic difficulties according to Nish Popa, ING Investment Management. The yield on the 3-year Sukuk issued by Nakheel Development, soared to 32% from 5% in January 2008.