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Takaful Ikhlas Targets RM 70 mn in premium from its government housing loan

Mahanum Abdul Aziz reported on 19 April on Bernama that Takaful Ikhlas Targets RM 70 mn in premium from its government housing loan scheme.

Syed Moheeb Syed Kamarulzaman is president and chief executive officer.

Source: http://www.bernama.com.my/bernama/state_news/news.php?id=327888&cat=st

Kuwaiti Abyaar to launch USD 1 bn Sukuk before year-end

Parag Deulgaonkar reported 22 April in Business 24/7 that Kuwait-based Abyaar Real Estate Development is to launch a USD 1 bnsukuk issue before year-end to finance its projects and will dual list its share on the Dubai Financial Market, for which it has appointed NBD Investment Bank as financial advisor and placement agent.

Marzooq Al Rashdan is Vice-Chairman and Managing Director of Abyaar

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

Takaful market booming in GCC

David Masters reported on 15 April about the new Ernst & Young Report in the Insurance Daily, which says that the GCC countries contribute USD 1 bn to the USD 2 bn global Takaful market, which is supposedly growing at 20 %. Worldwide there are 133 Takaful operators. 59 of these operate within the GCC countries of Saudi Arabia, Qatar, Oman, Kuwait, Bahrain and the United Arab Emirates.

Ernst & Young’s head of Islamic finance is Sameer Abdi.

Source: http://www.insurancedaily.co.uk/2008/04/15/takaful-market-booming-in-gcc/

Full study at E&Y:

http://www.ey.com/global/content.nsf/UK/_Islamic_Financial_Services

Villamar Sukuk Prices USD 190 mn 2013 Sukuk FRN At Par,Libor +2.75

Dow Jones Newswire reported on 18 April, that Villamar Sukuk Company Limited has priced USD 190 mn of 2013-dated, sukuk floating-rate-notes through Merrill Lynch and Al Rajhi Banking & Invesment Corporation. It is going to be listed at the DIFX.

Source: http://www.zawya.com/Story.cfm/sidDN20080418003227

Litrak Fully Redeems Senior And Junior Debt Issues

Bernama reported on 18 April that Lingkaran Trans Kota Sdn Bhd (Litrak) fully redeems senior and junior debt issues.

RAM said, it will maintain surveillance on the AA2 ratings of Litrak's Sukuk Musyarakah Islamic Medium-Term Notes I Programme of up to RM1.15 billion and Sukuk Musyarakah Islamic Medium-Term II Programme up to RM300 million, as well as the P1 rating of the company's Islamic Commercial Papers Programme of up to RM100 million.

All the long-term ratings have a stable outlook, it said.

Source: http://www.bernama.com.my/bernama/v3/news_business.php?id=327699

Philippine Government plans USD Sukuk

Eileen A. Mencias reported in Manila Standard Today on 15 April that the Philippine Government plans a USD 900 - 1000 mn 5-year sukuk through Al-Amanah Islamic Bank to provide a long-term financing package for the acquisition of the Metro Rail Transit-3 project along Edsa to replace bridge finance by the Development Bank Philippines (DBP). First Metro is teaming up with the DBP to arrange the Sukuk bonds. DBP is in the process of taking over control of Al-Amanah Islamic Bank. CIMB and Islamic Development Bank are supposed to assist in structuring.

Juanchito Dispo is executive vice president of First Metro Investment Corp.

Source: http://www.manilastandardtoday.com/?page=business2_april15_2008

Moody's assigns first-time IFSR of Aa3 to ICIEC

Moody's released on 14 April that Moody's assigns first-time IFSR of Aa3 to ICIEC with stable outlook stable outlook.

The Corporation was established in 1994 at Jeddah, Saudi Arabia. ICIEC provides export credit insurance and re-insurance for exports emanating from its member countries, to anywhere in the world, to cover the non-payment of export receivables resulting from commercial or non commercial risks.

ICIEC is a member of the Islamic Development Bank Group (IDB, rated Aaa by Moody's), which holds 51% of ICIEC's issued shares through its waqf fund, a special fund established by IDB.

Moody's notes that ICIEC's rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB Group member countries.

Source: http://www.ameinfo.com/153294.html

International Islamic Bank takes Tunisian company IPO

Business Intelligence reported on 13 April that International Investment Bank (IIB), a globally-focused Islamic investment bank based in Bahrain, announced the successful initial public offering of ARTES, the exclusive distributor of Renault, Nissan and Dacia in Tunisia.

Aabed Al-Zeera is Chief Executive Officer of IIB.
Mohamed Hadi Mejai is Executive Director, Investment and Business Development, IIB.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19150

Dow Jones Indexes opens Dubai Office

Talal Malik reported on 14 April in Arabian Business that Dow Jones Indexes opens its first Middle East office in Dubai.

Michael A. Petronella is president of Dow Jones.
Sumeet Nihalani is Dow Jones' senior director of sales for the region.
Imran Vohra is Head of Dubai office.
Rushdi Siddiqui is global director of Dow Jones Islamic Market Indexes.

Source: http://www.arabianbusiness.com/516453-dow-jones-indexes-opens-first-midd...

"First Persia Fund" to invest in Iranian Stock Exchange

Business Intelligence reported on 14 April that the "First Persia Equity Fund", opened its second-phase of subscription and it aims to raise Euro 250 m, the fund was established in July 2007 with Euro 34 mn.

Shares listed on the Teheran Stock Exchange, TEPIX, which advanced 3.9% so far this year, trade at an average of 4 or 5 times earnings. That compares to a multiple of 15 for the MSCI GCC Countries Index, a measure of more than 140 companies in six GCC states.

Stephen Austen is the fund's Managing Director. The fund is said to have outperformed the benchmark so far.

Source: http://www.bi-me.com/main.php?c=3&cg=2&t=1&id=19192

Turkey: Shamil Bank's Real Estate Fund

Shami Bank released on 13 April the successful closure of its USD 90 mn Shamil Bosphorus Modaraba, an investment vehicle with an expected 60 % over three years focussing on residential and mixed-use real estate developments in Istanbul, and secondary homes on the Turkish coast.

The total cost of the projects targeted is approximately USD 450 mn. Shamil Bank subscribed to 10 % of the USD 90 mn.

Abdul Hakim Al Mutawa is Investment and Private Banking Head of Shamil Bank.

http://www.arabianbusiness.com/index.php?option=com_pressreleases&view=d...

Emirates NBD Group launches Fund linked to the performance of Global Property

Property Report reported on 11 April that the Emirates NBD Group launches the Sharia compliant Emirates Islamic Global Property Fund, an open-ended daily dealing investment fund to provide investors with access to property globally.

The fund will be managed by Emirates Investment Services Ltd (´EIS´), the asset management arm of Emirates NBD group and a company licensed and regulated by the Dubai Financial Services Authority. It uses an Islamic certificate that derives its returns based on the profit from a reference index linked to the value of physical commercial property and real estate globally.

EIS has partnered with New Star Asset Management to structure this product as the manager of the reference fund to which returns of the Fund will initially be linked.

Jamal Bin Ghalaita is Head of Consumer Banking and Wealth Management at Emirates NBD.

Source: http://www.property-report.com/aprarchives.php?id=1373&date=110408

Kuwait Financial Centre launches Markaz Islamic Income Fund

Kuwait Financial Centre released on 7 April the launch of Markaz Islamic Income Fund, a Sharia compliant money market fund with a variable capital of KD 5 mn to KD 50 mn. The fund is licensed and approved by the Central Bank of Kuwait and the Ministry of Commerce and Industry the Fund shall invest its money in all available financial and money market instruments within the State of Kuwait and abroad in Kuwaiti Dinars and/or other major currencies actively traded in the financial markets. The Fund investments shall include Mudaraba Sukuk, Murabaha or Wakala, and other Sharia compliant Islamic instruments.

Source: http://www.ameinfo.com/152636.html

Sukuk from Hong Kong?

Deal Journal reported on 10 April about potential ambitions of Hong Kong based corporations to issue Sukuk. Those companies cited include the Airport Authority Hong Kong, which is wholly government-owned. The Chinese newspaper Mingpao is cited that the other firms are rail operator MTR Corp. and Hong Kong Mortgage Corp.

MTR denied it is planning an Islamic bond issue.

Source: http://blogs.wsj.com/deals/2008/04/10/hong-kong-considers-islamic-bonds/

Bank of London and the Middle East appoints Senior Advisor

Bank of London and the Middle East released on 14 April the appointment of Mahmoud Faruqui as Senior Advisor.

Having been involved in the Islamic finance industry for over 30 years, Mahmood has extensive experience in advising banks on Strategy, Governance and Sharia'a aspects of product structuring and documentation.

Mahmood has previously worked as Board Member/Advisor of Habib Bank, Alfaysal Investment bank, Faysal Bank, Faysal Islamic Bank of Bahrain, Dar-Al-Maal Islami (DMI) Geneva, and Habib Bank AG Zurich.

As a founder member and secretary at the Pakistan Banking Council, he played a key role in negotiating and obtaining authorised bank status for five Pakistani banks from the Bank of England.

Humphrey Percy is CEO of BLME.

Source: http://www.arabianbusiness.com/index.php?option=com_pressreleases&view=d...

Kuwait Finance House re-arrange investments in Bahrain

Kuwait Finance House aims to re-arrange Bahraini investments according to a report by Ulf Laessing on Reuters on 11 April, citing Al Watan newspaper. KFH shall attempt to invest USD 1.5 bn in Real Estate Investment in Bahrain.

Source: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/id...

ProLogis and Arcapita Form Venture to Provide Modernized Logistics Facilities in the GCC

ProLogis released on 8 April that they entered into a 50/50 joint venture agreement to create ProLogis Middle
East with Arcapita, an Islamic investment bank based in Bahrain. The Joint-Venture will develop and acquire a USD 1 bn portfolio of advanced
logistics warehouse space in the Gulf Cooperation Council (GCC) region.

Jeff Schwartz is chairman and chief executive officer of ProLogis.
Atif Abdulmalik is chief executive officer of Arcapita. "
Joseph Ghazal is senior vice president and head of
ProLogis Middle East. "

Companies:
http://www.prologis.com
http://www.arcapita.com

Source: http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/0...

British Islamic Insurance Holding undertakes Private Placement

Gan Yen Kuan reported on 10 April in The Edge Daily that MNRB Holdings Bhd has proposed to invest GBP 8.96 mn in the non-listed British Islamic Insurance Holdings Ltd (BIIH), being an equity stake of maximum 9.99 % based on a private placement effort. MNRB aims to diversify the business and to expand into international business and the potentially lucrative market in Europe.

MNRB is Malaysia’s largest re-insurer.

BIIH has an authorised share capital of GBP 100 mn. Its issued and paid-up share capital is GBP 4.1 mn with a share premium of GBP 42.1 mn. It is incorporated on 27 February 2006.

BIIH has two wholly owned subsidiaries, namely BIIH General Ltd (BIIG) and BIIS Ltd., both have yet to obtain permission from the UK’s Financial Services Authority (FSA) to carry out their respective business in general insurance and insurance intermediation services.

BIIH is unlisted but aims to be listed on the Alternative Investments Market in London and on one or more suitable GCC based exchanges later.

Source: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Artic...

Gulf Re targets high-value energy projects

Mohamad Al Kady reported on 12 April in Business 24/7 that Gulf Re, a newly formed joint venture between the Bermuda-based Arch Capital Group and Gulf Investment Corporation (GIC), is set to offer reinsurance services for large GCC projects in oil, gas, power and water desalination.

GulfRe starts to think about creating a re-Takaful organisation to offer Islamic reinsurance services to their clients.

Gail Norstrom is the CEO of GulfRe

Source: http://www.business24-7.ae/cs/article_show_mainh1_story.aspx?HeadlineID=...

UK: Takaful coverage for mobile phones

FoneShield UK Ltd, a UK mobile phone insurance provider, is set to launch the first mobile phones takaful coverage.

Though a 'Sharia' compliant standard for ethical insurance has been chosen to meet the upwardly-mobile European Muslim market, it is also believed to be a standard that will have a wider appeal amongst ethical consumers.

FoneShield UK Ltd is an FSA regulated insurance provider, based in London and has been operating since 2005. It is one of the first to offer an online, self-service option to mobile phone dealers and recently launched 'CaShield' to protect mobile phone cashbacks.

Amian Moaven is Director of FoneShield UK Ltd

Source: http://www.freepressreleases.co.uk/Press_Releases/Telecoms_News/Sharia_E...

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