Preloader logo

Islamic Finance News: The economic environment more attractive to raise Sukuk

The report of the total amount of issuance bonds and Sukuk in the Gulf Cooperations countries shows that 37.20 percent increase in 2015 from the previous year 2014 and a large part of the increase is attributable to the Saudi Arabian sovereign issuances.

  • Kuwait: One of the largest law firms in the Middle East Al-Tamimi & Company acted as legal counsel for Boubyan Kuwaiti Islamic Bank in its issuance of Sukuk worth $250 million. The Sukuk issue by the bank to enhance Tier 1 Capital. more
  • Dubai: The leading enabler of global trade DP World issue $1.2 billion Sukuk. The issue will be used to fund the part-repurchase of DP World’s $1.5 billion Sukuk which is due to mature in 2017 The new $1.2 billion Sukuk would sufficiently cover this revised plan.
  • Dubai-based Emirates Islamic Bank launched five years Sukuk $750 million.
  • Dubai-based Noor Bank has launched a $500 million capital-boosting Sukuk issue of five years duration.
  • Saudi Arabia: Saudi Arabia has joined Turkey, Indonesia and the Jeddah-based Islamic Development Bank (IDB) for the establishment of two regional Islamic banks based in Istanbul and Jakarta. The new entities could be operational as early as next year. more
  • Bahrain: As a step to increase the value of the bank GFH Financial Group plans to list Khaleeji Commercial Bank on (DFM) Dubai Financial Market this will help to offer fee-based financial services and diversify revenue base.
  • Turkey: Turkish regulators set a June 23 deadline for bids in the sale of seized Islamic lender Bank Asya on Tuesday the latest in a government crackdown on companies affiliated with a prominent foe of President Tayyip Erdogan. more
  • Malaysia: 1 billion ringgit ($243.4 million)Sukuk will set up by Bank Muamalat. Bank Muamalat’s new Sukuk programme has loss-absorption features to meet Basel III criteria, qualifying as Tier 2 capital rating agency RAM Ratings said in a regulatory filing.