IslamicFinance.de

Dar Al-Arkan Real Estate Development Company paid on time, 16th of August 2011, USD 24.2 million due as semiannual payment for its Sukuk IV issuance maturing in 2015.

Sukuk launched last July worldwide amounted to about $5 billion, down 37 percent from the previous month. The statement came from Kuwait Finance House (KFH).
It appears that the value of sukuk issued in the first half of this year has amounted to some $47 billion, exceeding the record high reached last year of $45 billion.

Standard Bank wants to begin haria-compliant banking in Nigeria this year to benefit from the needs of Africa’s largest Muslim population.
The west African country has as competitors Senegal, Egypt and South Africa, all looking to expand in the $1 trillion (R7.1 trillion) Islamic finance industry.
Central bank governor Lamido Sanusi stated in June that Nigeria wanted to be a “hub” for sharia-compliant finance in the region and planned to sell its first sukuk, or Islamic bond, within 18 months.

Kuwait Finance House (KFH) stated in a report that sukuk (financl certificates) issuance last July worldwide amounted to aproximate USD five billion, down from the previous month by 37%, where the Saudi riyal formed about 15 percent of those sukuk.
Moreover, the report underlined the fact that sukuk market for companies in the GCC countries are continuosly expanding despite the fact that the issuance of two local versions from Saudi Arabia and an international sukuk from Qatar.

Sarawak's Senari Synergy has launched an RM380m ($126m) 20-year Sukuk on August 2. Danajamin Nasional, a financial guarantee insurer owned by Malaysia's Ministry of Finance, Bank Negara Malaysia, and the country's commercial banks was the one that subscribed and underwrote it.

Meezan Bank is the first Advisor and Lead Arranger for the first ever short-term Sukuk for Kot Addu Power Company Limited (KAPCO), bringing another "first" to Pakistan’s Islamic Banking Industry.
The introduction of short-term Sukuk by Meezan Bank imprints the opening of another much needed avenue for Islamic Mutual Funds which faces a scarcity of short-term tradable instruments. The Sukuk collected an overwhelming response from investors, mainly consisting of Islamic mutual funds.

Tamweel PJSC aims to tap the debt market this year for the first time since 2008 as demand for Islamic bonds keeps borrowing costs near six-year lows.
Tamweel will launch either a benchmark-sized sukuk or a mortgage-backed security in the fourth quarter to achieve a, "long-term financing pipeline to repay liabilities and grow the business,". The statement came from Varun Sood, chief executive officer.

Gulf Investment Corporation GSC, Kuwait (“GIC”) launched on 3 August 2011 MYR750 million (USD253 million) under its existing 20year MYR3.5 billion (USD1.18 billion) Sukuk Wakalah bi Istithmar Medium Term Notes Programme (the “GIC Sukuk”).
The GIC Sukuk will authorize GIC to tap the Malaysian capital markets for long-dated funding and boost its asset-liability management, thereby mitigating and interest rate risks.

Nakheel announced that its planned Islamic bond has been delayed because of administrative reasons.
The developer overstretched itself with projects such as islands in the shape of palms. That is why the $1.63bn Islamic bond had been slated to issue.
Nakheel stated that it will launch the sukuk as soon as it will proove itself to be practical.

The Indonesian Ministry of Finance had the target to sell 45.5 trillion, but sold only IDR 15.76 trillion of debt in Q3 auctions in the third quarter.
Raising IDR 810 billion ($95.7 million) in a Sukuk auction on 2 August, it misses its IDR 1 trillion target.

Because of the financial and political uncertainty in the region, Noor Islamic Bank does not expect the Islamic bond market to ameliorate for another three years.
Hussain Al Qemzi stated that three years from now the sukuk will come back stronger.
Some companies like Sharjah Islamic Bank and HSBC Middle East were oversubscribed, therefor there was some hope that sukuk will torn around.

Gulf Investment Corp GSC, Kuwait (GIC) launched RM750mil (US$253mil) under its existing 20-year RM3.5bil (US$1.18bil) sukuk wakalah bi istithmar medium term notes programme (GIC sukuk).
This is the second issuance from the GIC sukuk and the fourth issuance from GIC in Malaysia since 2008.
The GIC sukuk has been accredited a long term rating of AAA by RAM Rating Services Bhd. This second issuance from the GIC sukuk in 2011 has a tenure of 5 years and has a semi-annual profit payment of 4.9% per annum.

First Gulf Bank PJSC, (FGB), obtained excellent investor endorsement through a six times oversubscription of its $650 million Sukuk (Islamic bonds) issuance.
The FGB Sukuk roadshow started on 21st July 2011. Between the ones invited were Fixed Income investors from the UAE, Asia and Europe.

The National Bank of Abu Dhabi (NBAD) and Abu Dhabi Islamic Bank (ADIB) finished the GCC's first ever Islamic equivalent of the conventional Repo product, a collateralized Murabaha transaction, opening the gateway to an alternative method of liquidity management in the Islamic banking sector.
NBAD and ADIB jointly starting on this initiative to formalise the Master Collateralised Murabaha Agreement (MCMA), therefor enabling Islamic banks to utilise their holdings of sukuk.

Gulf Investment Corporation (GIC) has gathered 750 million Malaysian ringgit (255 million US dollars) by selling five-year Islamic bonds at 4.90 percent.
The Sukuk, which is part of a 3.5 billion ringgit funding program set up earlier, will be launched on Wednesday to about a dozen investors.
This statement came from a source familiar with the deal, who prefers to remain unidentified as the deal has not been made yet.

Danajamin Nasional Bhd has made a guarantee to Senari Synergy Sdn Bhd’s RM380mil 20-year Islamic medium-term notes programme.
Danajamin chief executive officer Ahmad Zulqarnain Onn stated that Senari was the first company in Sarawak to be given its financial guarantee.

Malaysia's Securities Commission has launched revised Sukuk guidelines that it says will streamline the approval process and time-to-market for Sukuk issuances. The revisions take place beginning with August 12.
The MSC called for greater transparency and disclosure to investors and it stated that the revisions now line up the Islamic capital market with the country's Capital Market Masterplan II, launched in April.

PT Bank Muamalat Indonesia has pointed to a launch of a $50m Sukuk towards the end of the year.
The bank will also raise funds by selling IDR800bn ($93.8m) of subordinated debt next year to raise its capital.

Besraya is a Malaysian highway operator that is going to launch a RM700m ($233m) Mudarabah Sukuk. The statement came from the local press.
The sukuk has the purpose to part-finance the development, design and construction of the 12.3km Besraya Eastern Extension as well as other project-related expenses and working capital requirements.

Because of the need to hedge against an increase in U.S. treasury yields and the fact that investors shift toward shorter maturities, Dubai's Islamic bond due 2014 could provide better returns than its 2020 security.
The yield gap between the Dubai government's 6.396% sukuk, due 2014 and its 7.75% security due 2020 widened 11 basis points this month, led by a drop in yields on the shorter-dated notes. The statement came from Bloomberg.