HSBC, NCB Capital, sucessfully deliver general authority of civil aviation’s sukuk

HSBC and NCB Capital announced the completion of the largest ever government guaranteed Sukuk in Saudi Arabia for the General Authority of Civil Aviation (GACA). Totaling a size of SAR 15.211 billion (US$4.056 billion), the Sukuk achieved a profit rate of 3.21% p.a. HSBC and NCB Capital acted as Joint Lead Managers and Bookrunners of the Sukuk. Additionally, HSBC acted as the Sukuk Coordinator, Sole Shari'ah Coordinator, Sukuk Holders' Agent, and Payment Administration Agent. Standard Chartered Saudi Arabia was Co-Lead Manager for the Issuance. The deal was 1.9 times oversubscribed with strong demand from a wide range of investors including banks, sovereign funds, pension agencies, insurance companies and corporates. Additionally, this issuance is also approved by the Saudi Arabian Monetary Agency (SAMA) to be eligible for repo arrangements and has also been assigned zero% risk weighting for capital adequacy calculation purpose.

Value, growth and jobs: Islamic finance shines

Together with some of the leading global managers, SEDCO Capital has worked on the development of sophisticated Shariah-compliant investments. Due to low leverage they often are even more rewarding than conventional investments. Through Islamic finance real value in the economy can be created, enabling the creation of real growth and jobs. Also, the sukuk market continuously grows on a global scale because of ncreasing interest in Islamic financing modes.

Dubai Chamber sustainability network task groups share achievements

In a seminar, organized by the Dubai Chamber of Commerce and Industry’s Centre for Responsible Business, the progress of the different groups from the Sustainability Network Task Groups and their promised deliverables and achievements were discussed with the business community. Since the launch in April this year, the aim of the groups was to provide initiatives and resources for the business community on Workplace Wellness, Community Investment, Employee Volunteering, Waste Management & Resource Efficiency, and Integrating CSR. Considerable progress of the groups was pointed out with the note that the task groups are doing a good job in providing businesses insight into strategical implementation of specific CSR and Sustainability practices in business.

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Record Islamic finance deal agreed in in Turkey

With the participation of a couple of major international banks, Al Baraka Turk Participation Bank has signed anIslamic finance deal worth $450 million making this a record. 32 banks from 16 countries are included in the facility. Among them are Standard Chartered Bank, Noor Islamic Bank, ABC Islamic Bank and Emirates NBD. Nominations for mandated lead arrangers are announced: Bank Islam Brunei Berhad Darussalam and Al Hilal Bank.

AXA announces tie-up with SALAMA for employee benefit plans

AXA has partnered with SALAMA - Islamic Arab Insurance Company to offer Group Life Solutions to AXA’s clients in the UAE.

Salama appoints CAAM as investment manager

SALAMA, the world's largest Takaful and Re-Takaful Group ties up with Crédit Agricole Asset Management Group (CAAM Group), to offer 3 Islamic funds: BRIC (Brazil, Russia, India, China) quantitative fund, an active Asian equities ex-Japan and a Global Equity fund of Islamic funds.

2008 Sees Worst Decline in Sukuk Market, Improvement in Islamic Syndicated Lending, Says IFIS

IFIS published a report on 24 January discussed on Albawaba that Sukuk or Islamic bond markets have witnessed a dramatic decline during 2008, especially during the 4th Quarter, which was the lowest since 2002, and 2008 was a worse year for sukuk than both 2006 and 2007 with no issuances even of a Dollar Sukuk and the total amount dropping to only USD 584 mn in Q4 2008. South East Asia was more severely impacted than the GCC in 2008, with issuance falling by 76% down to USD 6.57 bn for the entire year. The decline in the GCC was quite severe as well, however, with issuance falling to USD 9.06 bn, a 51% drop. The global total for sukuk issuance, USD 15.77 bn, was 66% lower than the figure for 2007. This is the first year on year drop in sukuk issuance since the year 2000.

Islamic syndicated lending expanded from USD 19.6 bn in 2007 to USD 27.2 bn in 2008, a 32% increase. But as with credit markets worldwide, Islamic syndicated lending froze almost completely in Q4 2008.

Global Investment House begins operations in Saudi Arabia

Global-Saudi is an investment bank with a capital of 50 million Saudi riyals. It carries out conventional and Islamic financial services such as the establishment and management of investment funds, portfolio management, international brokerage, private and public placement, underwriting, advisory, dealings as a principal and as an agent as well as custody. Additionally, Global-Saudi obtained approval from the Authority to launch 3 Investment Funds, which are the Global GCC Market Fund, Global GCC Equity Fund and Global Saudi Equity Fund (Noor Fund).

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