Majid Al Futtaim appoints banks to manage $1bn sukuk

Four banks were chosen by Majid Al Futtaim (MAF) Holding to manage its first Islamic bond issuance programme. The four banks are: Dubai Islamic Bank, Abu Dhabi Islamic Bank, HSBC and Standard Chartered.
The proceeds are anticipated to fund expansion plans worth $2bn for malls and shopping centres in Lebanon, Egypt and Syria, alongside plans for a hypermarket in Erbil, Kurdistan.

Emirates NBD's Islamic unit eyes 5-year benchmark sukuk

Emirates Islamic Bank has agreed upon an initial price whisper in the area of 350 basis points over midswaps for its five-year sukuk.
The potential sharia-compliant transaction is being launched by Emirates Islamic Bank but is backed by its parent company ENBD.
Lead managers on the EIB deal are the following banks: National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital.

Emirates Islamic selects banks for potential sukuk

National Bank of Abu Dhabi, HSBC, Standard Chartered, Citi, RBS and ENBD Capital were chosen by Emirates Islamic Bank (EIB) for a potential benchmark-sized dollar sukuk. EIB will began the investor meetings in Malaysia on January 5.

Malaysia to continue global sukuk market domination

Malaysia is awaited to continue its strong 60% contribution to global sukuk issuance next year, supported by projects under the Economic Transformation Programme (ETP).
HSBC Amanah stated that this year a significant growth in sukuk was noticed, principally driven by issuance out of the country.
HSBC remained optimistic about the future over the medium term but anticipated some challenges in 2012.

Kuveyt Türk introduces Turkey to "Sukuk" market with pioneering lease certificate issuance

Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan was present at at the signing ceremony and press conference for the second "Sukuk" issuance that accepted great interest from the Gulf Region and European investors.
Other officials from lead arranging banks also attended: Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.

Al Hilal eyes $500m sukuk in Q1 2012

Al Hilal Bank has chosen three banks to arrange its debut sukuk. The deal is forseen to emerge in the first quarter of 2012.
Standard Chartered, HSBC and National Bank of Abu Dhabi have been assigned by unlisted Al Hilal for a benchmark-sized deal under a bond programme which could be worth up to $3 billion.

First Turkish Sukuk under new regulations

This is the first Turkish Sukuk under the new Sukuk regulations presented by the Capital Markets Board in Turkey to facilitate Turkish Sukuk issuance.
The joint lead managers were HSBC, Standard Chartered, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank, and HSBC was seen as certificateholders’ representative on the issue of a $350 million (EUR 247 million) five-year Sukuk by Turkish participation bank Kuveyt Türk Kat?l?m Bankasi.

UAE Sukuk market review

Zawya Investor lists 64 UAE domiciled Sukuk going back to the $100m Tabreed Sukuk issued in March 2004. Forty-six of these have been issued, with 17 Sukuk that have already reached maturity.
There are also six Sukuk that have been announced, but not yet issued, with the last one offering on the slab being the proposed Majid Al Futtaim Sukuk, which would partially or wholly replace a cancelled $2bn conventional issue slated earlier this year, but ultimately canned due to inopportune market conditions. Majid Al Futtaim stated that it had authorized Standard Chartered and HSBC to help arrange and place the issue.

Islamic investing – from niche to mainstream?

Rob Pearce of HSBC analyzes a form of socially reponsible investing based in Shariah.
It seems that the Muslim community currently makes up approximately 4% of the UK population. This is anticipated to double to 8% over the next two decades. But the proportion of the estimated £500bn UK DC assets invested in Islamic funds is a minuscule fraction of this amount. Auto-enrolment carries many challenges and opportunities, as well as an additional five to eight million individuals who will be saving more or joining a pension scheme for the first time. With an average age of only 28, many of these new investors will be Muslims.

Kuveyt Türk starts Sukuk roadshow in Kuala Lumpur

Kuveyt Türk Participation Bank has assigned HSBC, Kuwait’s Liquidity Management House and Standard Chartered Bank to arrange a series of fixed income investor meetings.

HSBC Saudi introduces new commodity fund

HSBC's Saudi Arabia wholesale and investment banking unit has made known a new open-ended Shariah compliant fund - HSBC Amanah Commodity Index Fund. The fund is purposed at producing capital growth over the long term by investing in commodities in a Shariah compliant manner, whereby the Fund will track the performance of a commodity index.

ITFC signs up HSBC as key trade finance partner

A Memorandum of Understanding was signed between HSBC and International Islamic Trade Finance Corporation (ITFC) that implies providing help on various treasury activities such as joint trade financing and investment of liquidity and facilitating trade. This also means that ITFC customers will be able to use HSBC’s services to facilitate the issuance of Letters of Credit on behalf of ITFC for customers who import or export goods.
ITFC is also awaited to invest its liquidity in Shari’ah-compliant investment assets such as HSBC’s 'Overnight Commodity Murabaha Investment' product.

Gulf Islamic loans hit five-year low

Islamic loans from Europe, the Middle East and Africa fell to a five-year low with banks reluctant to borrow amid concerns Europe's budget crisis will roil markets as Arabian Gulf borrowers restructure debts.
Since 2007, Islamic loan issuance has slowly dropped. The main reasons are the threat of sovereign defaults in Europe and the faltering global economic recovery deter lending.
Saad Group and Ahmad Hamad Algosaibi & Brothers Co, both based in the Saudi Arabian oil-producing city of Al Khobar, are reorganizing debt. The two companies failed in 2009 after borrowing a total of $15.7 billion (Dh57.6 billion) from more than 80 banks, including HSBC and Credit Agricole SA.

Largest dual-tranche global sovereign US dollar sukuk

Clifford Chance advises on largest dual-tranche global sovereign US dollar sukuk
International law firm Clifford Chance has given advice to CIMB, Citi, HSBC and Maybank as joint lead managers and joint bookrunners on the US$2 billion dual-tranche sukukal- wakala transaction for the Government of Malaysia.
The sukuk certificates have been assigned a rating of A- by Standard and Poor’s and A3 by Moody’s.

UAE's FGB picks banks for roadshows ahead of potential sukuk

Abu Dhabi's First Gulf Bank has authorized Citi , HSBC and Standard Chartered to arrange investors meetings starting July 21 after which the lender could launch sukuk.

HSBC offers Shariah-compliant corporate banking in new countries

Companies in Bahrain and Bangladesh can choose now to use either conventional or Shariah-compliant banking products and services from HSBC. HSBC Amanah has launched a range of products and services to meet the banking needs of corporates in these countries.
Begining with this December, the following HSBC Amanah corporate banking products are available in Bahrain:
- Business accounts: Funds deposited are used only in a Shariah-compliant manner and customers get related facilities such as cheque books, debit cards and internet banking
- Investment solutions: Meets investors’ short-term investment needs in a Shariah-compliant manner
- Working capital finance solutions: Short to medium-term financing solutions for working capital and liquidity needs based on goods or commodity Murabaha concepts
- Trade finance solutions: Meet the importer's trade and finance requirements based on Murabaha

Bank Negara launches landmark Islamic note as Malaysia starts road show for sukuk

Because of the recent launch by Bank Negara Malaysia of its new Islamic monetary management instrument, the Bank Negara Monetary Notes-Istithmar (BNMN-Istithmar), the attention of the global Islamic capital market is once again on Malaysia.
It seems that at the same time, the Malaysian government has appointed the local Maybank Group, the CIMB Group, Citigroup and HSBC to lead arrange a third global sovereign US dollar sukuk offering.

HSBC sees strong pipeline for Islamic bonds in 2011

HSBC is searching for mandates for Islamic bond issuance in 2011 that are above pre-crisis levels, with at least one more sukuk expected to come to market before mid-July.
Mohammed Dawood, managing director of global capital financing at HSBC, stated that debt capital markets have experienced a comeback in recent months, as the cost of borrowing came down and liquidity levels for Islamic bonds reached the highest level they have seen been in four or five years.

68 Per Cent Of Malaysians Worried About Retirement - HSBC Survey Shows

In a recent survey, HSBC shows that 68% of the Malaysians worry about their retirement. The survey contains interviews with more than 17,000 people in 17 countries.
The survey reveiles that although 69 per cent of Malaysians are looking forward for the freedom that retirement gives you, 24 per cent are concerned about the cost of caring for their parents in their old age.

Islamic Development Bank plans dollar bond

Islamic Development Bank (IDB) is going to issue a benchmark dollar-denominated Islamic bond. So far they have limited to government-linked and high-rated bonds.
Arrangers are : BNP Paribas, HSBC, Standard Chartered and Deutsche Bank.

Syndicate content