IslamicFinance.de

The standoff between Dana Gas PJSC and its bondholders carries on after the company that’s trying to void $700 million of its own debt was said to believe investors may even have to pay the company.
Dana Gas says a court battle with holders of the Islamic securities, or sukuk, may see it having to return less than 10 % of the amount it borrowed. In a second scenario, it believes creditors may have to pay it as much as $150 million, and that the case may last more than 10 years. The Gas company had announced plans to restructure the debt in May, this week retracted an offer to replace the bonds and is pursuing a resolution in court. It said in June the debt was no longer Sharia-compliant. Investors questioned the validity of the claim since neither sukuk regulations nor UAE laws governing the matter have changed since they were issued in 2013.

According to officials, Sharjah does‘nt have immediate plans for a sukuk, contrary to previous media reports. These had suggested that Sharjah had hired HSBC for a US dollar sukuk programme which could happen in the 4th quarter of 2017.
But, Tom Koczwara, Director, Debt Management Office, Finance Department at Government of Sharjah reiterated that the situation is still the same as in early May. “There is currently no immediate plan for a further sukuk issuance,” Koczwara said in an email. “The Debt Management Office reviews all financing options on an ongoing basis, assessing market conditions and the government’s financing requirements, and we will make appropriate recommendations on the different options to the relevant government authorities.“
S&P expects the Emirate’s fiscal deficit to narrow to 1.9 % of GDP in 2017 compared to closer to 3 % of GDP in 2016.

Sources say, the emirate of Sharjah has hired HSBC to set up a US-dollar sukuk programme because its government is looking into borrowing to reduce its budget deficit. A first issuance under the newly set sukuk programme is expected in the 4th quarter 2017 according to sources. HSBC has not yet commented on this. The government of Sharjah did not respond either.
Sharjah debted capital market before, having issued a $750 million 10-year sukuk in 2014 and a $500 million 5-year sukuk in January 2016. Sharjah is rated BBB+ by Standard & Poor's. The agency affirmed its credit rating and outlook last month, citing Sharjah' social and political stability, and the emirate's low external risks derived from its membership in the United Arab Emirates. The rating however is constrained by the emirate's limited monetary flexibility, due to the fact that the UAE dirham is pegged to the US dollar, and the underdeveloped domestic bond market, S&P said.

The Republic of Tunisia has sent banks request for proposals for a potential US dollar denominated sukuk transaction. The sovereign, rated Ba3/B/BB-, hopes to complete the debut Islamic bond by the end of the year and thereby becoming the fifth sovereign to issue a debut sukuk this year, after the UK, Sharjah, Hong Kong, South Africa and Luxembourg.

The main function is to create and maintain relations with existing and potential customers,identify and initiate selling and cross selling initiatives and provide ongoing high quality customer service, with the aim of achieving set targets and contributing to the profitability of SIB. To maximize product sales and grow market share to meet the bank\'s targets by meeting customer needs and actively selling, cross-selling retail banking products. Handle general customers’ queries feedback and redirecting them as appropriate to other staff area. Establish, build and maintain relationships with key customers.

Responsibilities include increasing business, deposits and profitability. Managing and guiding the team through well defined objectives and responsibilities to achieve optimum business. Maintaining regular contacts with priority banking customers, thus ensuring that customer attrition is maintained at the minimum. Skills essential for this role are: Knowledge of Arabic & English language. Knowledge and understanding of banking rules, regulations and compliance requirements. Strong interpersonal and relationship management skills.

Responsibilities include profiling existing clients in order to fulfill their banking requirements, identifying and establishing new relationships and maintaining regular interaction with existing Priority Banking customers.

You must achieve and maintain sales targets, negotiate with customers to deliver the most favorable financial terms possible for the Bank, and maintain an ongoing dialogue with customers to ensure that they are aware of all SIB products/services.

In time for the 41st UAE National Day celebrations, seventy Sharjah children will have the opportunity of a 10-day debut display of their artworks. The children are aged between 8 and 18 and attend 13 public and private schools. They are part of the 140 participants at the ongoing media arts seminar-workshops conducted by the FUNN-Sharjah Media Arts for Children and Youth. Since the establishment of FUNN under the patronage of Sheikha Jawaher Bint Mohammed Al Qasimi, children from various school all over the emirate have been taking part in the seminars and workshops on photography, digital arts, filmmaking, animation, and graphic design.

Sharjah Islamic Bank (SIB) has signed an agreement with Noor Takaful according to which the Bank will offer Noor Takaful Motor Takaful Insurance to all SIB customers through its network of 23 branches. This strategic partnership will enable SIB customers to access Noor Takaful's motor insurance plans for their currently owned or newly purchased sedans and 4x4s at preferential rates and with minimum documentation.

Sharjah Islamic Bank released that its profits declined 23 % to AED 231.59 mn in 2008, down from AED 301.83 mn in 2007.