IslamicFinance.de

Islamic Development Bank, or IDB, gave out a $750 million five-year, benchmark sukuk with a price guidance of 35 basis points over mid-swaps.
One of the banks that is leading the sale told Dow Jones that BNP Paribas SA, Deutsche Bank AG, HSBC Holdings PLC and Standard Chartered Bank were joint bookrunners on the transaction.

Kuwait Finance House Research Limited (KFHR) has written a report on the Islamic Sukuk market and the fact that in month of April it has been the lowest year to date.
The inaugural sukuk was structured as an Ijarah transaction with a maturity of seven years. The sukuk was subscribed for by a number of leading Islamic and commercial banks including Capital Bank, Cairo Amman Bank, Islamic International Arab Bank, Union Bank, Jordan Kuwait Bank, Bank of Jordan, and Arab Islamic Bank.

After the regulatory approval given by the UAE Ministry of Economy on 17th May 2011 approving its planned capital increase in relation to its 08 Sukuk, and the earlier approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th March 2011, National Central Cooling Company PJSC Tabreed reveals that it has completed the tender offer in relation to its 08 Sukuk by way of delivery of the relevant shares.

Mohammed Abdullah, CEO of Sharjah Islamic Bank (SIB), stated that the bank will issue a global dollar-denominated Sukuk that will be listed on the London Stock Exchange.
The size of the issue is yet to be decided as they are waiting for market response after the investor road show which is taking place in the Middle East, Asia and Europe.

Bolat Zhamishev, finance minister, stated that the government would consider the size and timing of the issue after senators clear the regulation on Islamic financing. The process is expected to be completed in a month.

In spite of the fact that the Gulf bond market remains controlled, demand is still there, especially for sharia-compliant investments. The proof comes from an oversubscribed bond offering from a small Emirati bank.
Issuance in the GCC so far this year have been largely limited to sovereigns or sovereign-backed entities. The main reasons for this are the unrest in the Middle East.
Standard & Poor’s shows that only 6% of sukuk in the first quarter of the year were from corporate.

Al Baraka Banking Group wants to sell sukuk worth $300 million (Dh1.1 billion) in September if possible, in order to try to clear up its balance sheet. It also aims at a target of a 15 per cent jump in profit this year by attracting new customers.

The Islamic Development Bank wants to launch a dollar-denominated sukuk. The sukuk is expected to be launched after the completion of its fixed income investor meetings in the Middle East, Asia and Europe.

Sharjah Islamic Bank's investors want to sell as much as $500 million (Dh1.8 billion) of sukuk.
Bloomberg's dates show that sales of Islamic bonds from the six-member Gulf Cooperation Council (GCC) slumped 58 per cent to $964 million so far this year, compared with the same period of 2010.
The HSBC/Nasdaq Dubai GCC Sukuk Financial Services US Dollar Sukuk Index reveales yields on Islamic bonds of GCC financial services groups fell to a record 3.29 per cent on May 5. The rate was at 3.33 per cent Thursday.

While waiting for parliamentary authorisation to utilize a set of state-controlled underlying assets to guarantee the issue, Indonesia's finance ministry delayed the sell of sukuk that was programmed on the 10th May.
The Ministry has not revealed the size of the offering.

The statement of Yves Mersch, governor of the Banque Centrale de Luxembourg, revealed the fact that the Luxembourg government is in no hurry to issue a sukuk because there are currently no serious reasons for doing so.
The government doesn't need to borrow at this point, so no sukuk will be sold.
But Ernst & Young, Theisen Law and Lux Global Trust Services organized summit on "Islamic Finance in Luxembourg" and if he had participated, he may have a had different oppinion.

In order to reduce debt payments, Qatar Islamic Bank is going to sell sukuk this year. The sukuk will have a maturity for over 5 years.
Qatar’s central bank cut interest rates last month for the first time in eight months after a slowdown in credit growth.The bank lowered the benchmark overnight lending rate by 50 basis points to five percent and the deposit rate by the same amount to one percent.

Bank Muamalat was given A3 by RAM Ratings. Bank Muamalat Malaysia’s respective long- and short-term financial institution ratings were also reestablished at A2 and P1.
RAM Ratings expects the bank's credit costs to restrain as a more rigorous credit-risk-management infrastructure has been put together to guarantee stricter financing origination while efforts to clean up legacy troubled credits are almost completed.

HSBC Holdings Plc (HSBA) and Standard Chartered Plc (STAN) were employed to take care of the sale of Islamic bonds for Sharjah Islamic Bank (NBS) PJSC.
The bank announced that the dollar-denominated sukuk will be sold subject to market conditions and after fixed-income investor meetings in the Middle East, Asia and Europe.

The Egypt’s Freedom and Justice Part will be set up this year by the Muslim Brotherhoodto run in this year’s parliamentary election. They propose that the government sells Islamic bonds for the first time.
The Arab world’s most populous country, where 90 percent of the people are Muslim, has never sold sovereign Islamic debt.

The hope of selling Islamic bonds worth 765 million pounds is taking over Sudan, after the split from the south that is going to take place in July.
The African country relies on the domestic debt market as U.S. sanctions mostly deny access to international markets.
Azhari Eltayeb Elfaki stated that the demand is bigger than they thought it would be.

The newest purpose of Jordan is to submit a draft law helping the sale of sukuk to parliament in June. The statement was given by the country’s finance minister.
The kingdom sold $750 million of five-year bonds in November to help finance the budget gap.

Sudan began to sell sukuk worth 765 million Sudanese pounds ($286 million). The statement was given by an official, He added that the offering is going to run for ten days.

Beginning with 26 April 2011 Central Bank of Bahrain on behalf of the Government of the Kingdom of Bahrain will put out BHD 200 million sukuk. The sukuk will mature in aproximatly 5 years.

Capital Investments – the investment banking arm of Capital Bank - succeeded the first issuance of Islamic Sukuk in Jordan for the benefit of Al-Rajhi Cement – Jordan.
It was signed by a number of leading Islamic and commercial banks, including Capital Bank, Cairo Amman Bank, Islamic International Arab Bank, Union Bank, Jordan Kuwait Bank, Bank of Jordan, and Arab Islamic Bank.