IslamicFinance.de

The RM240 million Sukuk Musyarakah medium-term notes programme of Alloy Properties Sdn Bhd received affirmation on its rating of 'AAIS' with a stable outlook by Malaysia Rating Corp Bhd (MARC). The rating is a reflection of the adequacy of cash flows for the sukuk coming from the three identified payment sources. These include rental income from the company's two buildings.

Read more on: http://www.bernama.com.my/bernama/v6/newsbusiness.php?id=703913

According to an announcement by the Saudi Savola Group, its board is set to acquire the approval of shareholders on the matter of selling sukuk.

Read more on: http://www.reuters.com/article/2012/10/22/savola-brief-idUSWEA507120121022

Turkish Airlines discusses the possibility of issuing a sukuk aiming to provide financial means for the purchase of aircraft, necessary because of the company's expansion. So far, they are examining markets in order to make a decision. For the purpose considered multibillion will be needed. Last year sovereign issuance drove the sukuk market last year to a height US$85bn more than the year before, which constitutes a growth of over 90%.

Read more on: http://www.arabianbusiness.com/turkish-airlines-considering-multibillion...

According to an announcement by Samy Khallaf, the Ministry of Finance’s head of the Public Debt Unit, a preliminary agreement on the issuance of Egypt's first sukuk in Islamic markets was made. Ten international investment banks will be involved in the issuing procedures. The sukuk project will be worth between $750 million and $1 billion. The move is dependent on IMF approval of the $4.8 billion loan requested by the Egyptian government.

Read more on: http://dailynewsegypt.com/2012/10/17/news-of-sukuk-issuance-agreement-cr...

During the first eight months of this year, total sukuk issuance in Malaysia reached RM219.4bil compared with RM120.7bil during the same period in 2011. In 2012, the Islamic capital market showed encouraging performance. Moreover, the sukuk area was able to register a record in total issuance value. The Islamic equity segment was bolstered thanks to Felda Global Ventures Holdings Bhd and IHH Healthcare Bhd. The growth tendency of the Islamic capital market is true not only for Malaysia but worldwide as well.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/18/business/12187...

Until recently, sharia-compliant deals in Azerbaijan had to be conducted secretly, hidden under the appearance of conventional banking. Now, on the other hand, there are a couple of banks which openly offer a limited range of services compliant with Islamic principles. These include bans on interest and pure monetary speculation. However, the government still has not created a law in order to regulate the Islamic financial industry in the country. Such a law would enable expansion of operations of commercial banks and allow sukuk issuance.

Solar Guys, an Australian solar company, is installing a 50MW solar facility in Indonesia, the money for which is gained through sukuk. The project is part of a larger solar energy plan - a 250MW plan titled "one solar watt per person". Solar energy is an example of an area where Islamic finance can give additional value to both Muslims and non-Muslims since it is promoting greater sustainability.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

Last month the intention of issuing one or two rounds of sukuk by the end of this year by the Egyptian government was announced. The business community has a prevailing positive attitude towards the idea. Now the Egyptian government is busy figuring out the details of the proposal. Establishing rules to govern the issuance of sukuk are to be discussed.

Read more on: http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20...

This month Islamic Development Bank (IDB) issued a US$500m five-year sukuk. This is a rare example of a privately-placed transaction from this institution. Market data show that the deal was priced at 30 basis points (bps) over the three-month London interbank offered rate. The issuance is prat of bank's US$6.5bn sukuk programme.

Read more on: http://www.arabianbusiness.com/islamic-development-bank-places-500m-suku...

MNRB Holdings Bhd has planned the launch of a Sukuk Mudharabah programme worth up to RM150mil. At the same time, the company has secured a RM200mil revolving credit-i facility from Standard Chartered Saadiq Bhd. According to the reinsurer, RM120mil will be used for refinancing the short-term revolving credit facility maturing on December 10th 2012. The remaining money will flow into the group's general working capital. The Sukuk programme has a five-year tenure and will be issued without a prospectus via direct placement.

Read more on: http://biz.thestar.com.my/news/story.asp?file=/2012/10/15/business/20121...

Asa reflection of healthy demand for the sukuk deal, Qatar International Islamic Bank (QIIB) launched a US$700m Islamic bond on Thursday. The price of the issue lies at the lower end of the one revised. The spread of the five-year sukuk is 190 basis points over midswaps. The mandated arrangers on the deal are HSBC, Standard Chartered and QNB Capital.

Read more on: http://www.arabianbusiness.com/qatar-s-qiib-price-700m-sukuk-thursday-47...

Axiata launched a multi-currency sukuk programme followed closely by a dim sum sukuk issue. This is seen as a new level of flexibility for underlying assets in an individual deal. In September, an issue of RMB 1 billion ($158.7 million) was launched which is so far the largest RMB-denominated dim sum sukuk. For the programme itself $1.5 million were designated.

Read more on: http://www.iflr.com/Article/3101307/Capital-markets/Axiata-sukuk-signals...

A partnership deal between Australian Islamic wealth manager Crescent Wealth and Bank of London and The Middle East (BLME) was signed. The deal enables Australian retail investors to participate in the Islamic bonds market. The global market for Sukuk is estimated at $150bn. The partnership with BLME marks Australia as a viable growth market for Islamic funds management.

Read more on: http://www.investmenteurope.net/investment-europe/news/2215997/crescent-...

Australian investors are expected to involve in one of the most rapidly growing asset classes soon. A new tie-up between Australia's Islamic fund manager and Europe's largest Islamic bank is on the way. According to plan, the Crescent Islamic Cash Management Fund will allocate up to half of its assets to investment-grade sukuk at the beginning of 20113.

Read more on: http://www.theaustralian.com.au/business/wall-street-journal/manager-to-...

The sales of Persioan Gulf Sukuk are notably higher than Shariah-compliant loans in the Middle East, Europe and Africa. This has not happened since 2006. The reason pointed out is that borrowers seize on tumbling yields to finance roads and airports. The sukuk sales in the GCC are almost four times larger this year, to a large extent due to the sales of Saudi Arabian state-run Civil Aviation Authority and of the Qatari government. Compared to that, Shariah-compliant loans show a growth of only 57%.

Read more on: http://www.businessweek.com/news/2012-10-10/gulf-sukuk-beat-loans-for-fi...

After a period of silence, International Islamic Liquidity Management Corporation (IILM) announced that it was 85% ready to use between $300m and $500m for the issuance of US dollar Ijara Sukuk. The corporation is backed up by sovereign assets of its member countries. The issuance is expected in the very near future. According to plan, it will not be just one singular Sukuk but there will rather be a continuous supply of it. Up to $2bn is the expected amount in issuance per year.

Read more on: http://www.theislamicglobe.com/index.php?option=com_content&view=article...

A KFH research shows that sukuk have had a significant impact on the infrastructure sector during the last decade. Proceeds raised from issuances have been utilized for low as well as for high profile projects. The combination of sukuk's very nature and its flexibility makes a variety of structures possible. Thus, Islamic bonds have become a very attractive alternative financial instrument for corporate and sovereign entities. A huge amount of the money raised through sukuk funds has been used in projects of the infrastructure sector worldwide.

See more on: http://www.albawaba.com/business/sukuk-infrastructure-445240

The Islamic financial market has boomed over the last decade and is more than ever at the top of the agenda for sustainable growth and development. The world's most actively traded Islamic finance product is the Sukuk, which is becoming more and more accepted in non-Muslim countries.

See more under: http://www.ibtimes.co.uk/articles/391214/20121004/iqbal-sacranie-islamic...

Turkey's Islamic bond market continues to improve after government sold its first lira-denominated sukuk. Major domestic companies are now considering the issuance of their own corporate bonds. The government's sukuk has also lured Middle East investors aiming to diversify their portfolios which could drive the sales of Sukuk-compliant products on Turkish market.

See more under: http://www.businessweek.com/news/2012-10-03/sukuk-taking-flight-as-airli...

As part of the preparation for issuance of a dollar-denominated sukuk, Qatar Internationa Islamic Bank (QIIB) has charged QNB Capital and two international banks to arrange investor meetings which will be held in the Middle East, Asia and Europe starting on October 10th. At the moment there are no informations about the size of the sukuk or other offer details.

See more under: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=535325...