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Mashreq Al Islami stated that it is in discussions with three entities including corporates and government related entities to establish sukuk programmes.
Moinuddin Malim, Chief Executive of Mashreq Al Islamic, stated that there is enough liquidity in the market and therefor they are trying hard to establish a local currency denominated sukuk market. They are talking at this point with three entities who have the potential for benchmark-sized ($500 million upwards) sukuk issuance.

It seems that Citi has led the first ever exchange, tender and consent solicitation ever executed in the Sukuk market. It has also led the first Islamic deal ever done in Turkey, that was a US$100 million issue. The statement came from The Banker.

It appears that Elaf Bank has accessed sharia-compliant bond mandates worth at least $1.5 billion from three Malaysian firms. The sukuk is being planned for the first quarter of 2012.

AmIslamic Bank has launched the first tranche of its proposed RM2bn ($627m) subordinated Sukuk program, the notes being launched under a Musharakah contract.
The Sukuk program has been assigned a long-term rating of A1 by Malaysian-based RAM Rating Services.

The Islamic Bank of Thailand is awaiting clarification from government regulators on tax breaks for Shariah-compliant bonds before advancing with the country’s first sale of baht-denominated sukuk.
Thailand’s only Islamic bank originally calculated to sell 5 billion baht ($161 million) of sukuk, which pay returns on assets to follow the Islam’s ban on interest, in the third quarter.
Furthermore, the lender plans to sell $150 million of sukuk in the Southeast Asian nation’s first global offering once the baht issue has been closed.

Oman’s corporate sector is anticipated to come out with sukuk or Islamic bond issues to carry out their funding requirements, once the market watchdog Capital Market Authority (CMA) issues regulations.
Ahmed bin Saleh Al Marhoon, director-general of the Muscat Securities Market (MSM), stated that Al Madina Real Estate Company had approached CMA for floating sukuk last year, but because of the fact that sukuk was not permitted at that time, they didn't get the acceptance.

It is possible for Turkey to appear as a key market for Islamic finance while Asia continues to drive the industry’s growth but markets are still evaluating the full impact of the global downturn on the sector.
Because of the recent growth of the sector together with the launch of several Islamic funds and a law granting tax neutrality to sukuk products, it is tought that Turkey will be the next growth market for sharia finance.

The first project-based Sukuk will be offered by Indonesia in an auction on Oct. 11. This act will raise the supply of Sharia instruments in the less-developed local Sukuk market.
The ministry will launch project-based Sukuk with maturities of six and 21 years, six-month Sharia T-bills, and 14-year and 25-year Sukuk, with a total target of 500 billion Indonesian rupiah (56 million Us dollars) in the last Sukuk auction this year.

Real Estate Development Company may have problems to pay its debt among a slump in profits.
Investors are worried that the company may adress to "asset liquidation, which may result in sales of assets below market price". A decline in profit of for 10 consecutive quarters was noticed by the developer after demand for land in the kingdom fell.

Tamweel will launch a $300-$500 million sukuk in the fourth quarter. The statement was given by Varun Sood, the acting chief executive of Tamweel.
He added that they are depending on the fact that there is demand for Islamic paper.
Three banks were chosen for the sukuk, but no details were given.

The banks that will advise the sukuk sale of Bahrain are: Citigroup, BNP Paribas and Standard Chartered. This is chasing Bahrain's government raising the public debt ceiling by BD1bn ($2.65bn) to BD3.5bn.

Nakheel revealed the fact that he wants to construct 102 beachfront townhouses on the Palm Jumeirah, and at the same time the company exposed that the value of its sukuk is undervalued on the marketplace.
Rashid Ali, Nakheel’s chairman, stated that its aim is to have the same as last year. He also added that Nakheel is confident of delivering new projects over the next few years.
Although Nakheel has successfully completed its financial restructuring, it is aspiring to extend its retail business and increase community services such as the expansion of Dragon Mart Mall and the construction of two new Neighborhood Community Centers.

Global Islamic fund assets under management (AuM) advanced 7.6 % to $58 billion in 2010, with concentration in equities accounting for 39 per cent of the assets, but fetching new money into equities is demanding and difficult.
The growth is owed to market performance and partially on account of new money inflows.
The year 2010 was a record for Sukuk having issuance of $50bn.
The addressable world for Islamic fund managers is beyond $500bn, growing by 10-15pc annually. In the GCC, for example, liquid wealth of Sharia sensitive investors is anticipated to add more than $70bn to Islamic funds by 2013.

Most of the land backing a $1.03bn sukuk bond from Dubai property developer Nakheel is unreclaimed seabed, assigning trade creditors holding the paper with scant recourse to tangible assets in the event of a default.
The sukuk is part of Nakheel's $16bn debt restructuring deal which gives trade creditors 40 % in cash and 60 percent via the bond back.
The sukuk prospectus does not sketch out the assets assigned to support the sukuk but a term sheet distributed to creditors details the area.

It seems that Khazanah Nasional Bhd. hired BOC International, CIMB Group Holdings Bhd and Royal Bank for a sale of the world's first yuan-denominated Islamic bonds in Hong Kong.
The offering will help Malaysia maintain its strengt and position as the world's biggest launcher of sukuk.

Yields on Islamic bonds of Jebel Ali Free Zone FZE and DIFC Investments LLC have boosted since April as investors shunned risky assets and refinancing prospects worsened.
It appears that th two companies also have sukuk maturing in 2012.
Gus Chehayeb, a Dubai- based associate director at investment bank Exotix Ltd., stated that the only one that he is worried about is Jafza.

It seems thst Islamic financial institutions in general are waiting to see what will happen to Egypt, one of the laboratories of the contemporary Islamic finance movement and currently in political and economic transition with elections — both parliamentary and presidential — due later this year.
This is happening although in June the board of directors of the Egyptian Financial Supervisory Authority (EFSA) approved a proposal to amend the Executive Regulation of Capital Market Law No. 95 of 1992 regarding the rules governing issuing and trading in sukuk, in other words the law is in the process of being amended to facilitate the issuance of sukuk primarily to support economic development and investment in the country.

Khazanah Nasional is planning to launch renminbi-denominated sukuk, making it the first-ever Islamic financing in Hong Kong’s booming Dim Sum market.
It seems that Khazanah's target is 500 million renminbi (US$77.5mil) with a tenor of five years, although a three-year piece was also in discussion.

The 2nd Quarter 2011 issue of the Malaysian ICM quarterly bulletin published by the Securities Commission Malaysia (SC) is now available online at:
http://www.sc.com.my/eng/html/icm/11_2Q_msianicm.pdf

Indonesia aims to begin investor meetings next week for a global sukuk issue of about $1 billion.
Agus Martowardojo, the country's finance minister, stated that the government had met with arrangers of the Islamic-bond issue and would start visiting "global financial hubs" next week, raising the prospect of imminent issuance.