IslamicFinance.de

Islamic investment firm Arcapita is the first Gulf company to emerge from U.S. bankruptcy under Chapter 11 rules. Arcapita’s plan is to transfer its assets into a new holding company which will dispose of them over time to pay off creditors and gradually wind-down the firm. Arcapita’s creditors include Barclays, CIMB, Royal Bank of Scotland, Standard Bank, Standard Chartered and the Central Bank of Bahrain – its largest creditor with $255.1 million owed.

Efforts to make Bahrain and its economy more business friendly has attracted growing interest from the Gulf and beyond, Rasheed Al-Maraj, the Governor of the Central Bank of Bahrain (CBB), told CNBC Europe’s “Closing Bell” programme in an interview from the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed. Subscriptions worth BD63m were received for the BD12m issue, which carries a maturity of 91 days. The expected return on the issue, which begins on 27 January 2010 and matures on 28 April 2010, is 1.05%.