Markaz: GCC Bonds and Sukuk Market Survey (H1-13)

The total value of new issuances in the Aggregate Gulf Cooperation Council (“GCC”) Bonds and Sukuk market, during the first half of 2013 (“H1 2013”) was USD 45.5 billion, a 4.6% increase in comparisonto the respective period of 2012 (“H1 2012”).

Dealing with Bankruptcy in the GCC

The paper makes an attempt to understand how the balance sheets of various sectors of GCC got impacted due to the financial crisis. There is also an attempt to understand why Bankruptcy laws in GCC are inadequate and what lessons can be learnt post Global Financial crisis to deal with Bankruptcy in GCC region. Estimation has been made to understand the current size of problem in GCC and we have included studies of Investment companies seeking to restructure their debt.

Guernsey: Shariah-Compliant Guernsey PCC is Launched

Investment manager Argyll Investment Services Limited has launched the World Shariah Funds PCC Limited, a Guernsey-based suite of Islamic-compliant investments which will be listed on the Channel Islands Stock Exchange (CISX) and distributed globally. The World Shariah Funds have brought together three major Islamic investment teams within a single fund structure: From Malaysia, Reliance Asset Management (Malaysia); the south-east Asian CIMB Principal Asset Management Berhad ; and Markaz of Kuwait. The fund launch follows Argyll's participation in the Guernsey Finance presence at the Fund Forum Middle East conference in Bahrain last year at which Legis and the fund's legal advisers, Ogier, were also present. Stuart Place, of Argyll, delivered a presentation on 'Innovation vs. Conservatism: How to achieve results in a post-credit-crunch market' following which the Guernsey parties were introduced to a Middle East fund promoter.

Markaz expects 50 % surge in Saudi demand after mortgage law

The total demand for residential units in Saudi Arabia will be in the range of 500,000 to 800,000 during the period 2009-13. The currently planned organised supply will provide about 73,000 units during 2009-13 and the rest will be tapped by current and future projects by smaller size developers and major projects planned in future.

Markaz completes structuring of Arbun Call Option

Kuwait Financial Centre 'Markaz' released on 23 April that they developed an Arbun contract, functioning similar to an American option. Kuwait Stock Exchange is trading conventional options since 2005.

The Arbun (downpayment with revocation option) can be both cash and physically settled at anytime on or before the maturity date. The product has been submitted to the Kuwait Stock Exchange for their review and approval.

Mr. Hussein Zeinnedin is Assistant Vice President - Derivatives at Kuwait Financial Centre 'Markaz'.


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