RAKIA Sukuk (continued...) - Islamic Finance News

Zulkifl i Ishak, Prudential Fund Management
Ha j Terminal Financing
Di ferent Models of Takaful in the Global Market
A
Product
TERMSHEET
INSTRUMENT
ISSUER
OBLIGOR
PRINCIPAL ACTIVITY
PROGRAM SIZE
National Industries Group
Sukuk Mudarabah
National Industries Group Sukuk, incorporated in the Cayman Islands
National Industries Group Holding Company
Investment holding company
US$1.5 billion
DATE OF ISSUE 16 th August 2007
ISSUE PRICE
US$475 million
MATURITY Periodic distribution date falling in, or nearest to, August 2012
COUPON
PAYMENT SCHEDULE
JOINT ARRANGERS
JOIN BOOKRUNNERS
LEGAL COUNSEL
TRUSTEE
SHARIAH ADVISERS
METHOD OF ISSUE
PURPOSE OF ISSUE
RATINGS
3-month LIBOR + 105 bps pa
Quarterly
BNP Paribas, Citi, NBK Capital, Standard Chartered Bank and WestLB
BNP Paribas, Citi, NBK Capital, Standard Chartered Bank and WestLB
Allen & Overy (English law);
Law Offi ce of Bader Saud Al-Bader & Partners (Kuwait law);
Al-Sarraf & Al-Ruwayeh (Kuwait Law)
National Industries Group Sukuk, incorporated in the Cayman Islands
Shariah boards of StanChart and Citi Islamic Investment Bank
Reg S issue listed on the London Stock Exchange
General corporate purposes
Baa2 (stable) by Moody’s
Vol. 5, Issue 4 1 st February 2008
The World’s Global Islamic Finance News Provider
HONG KONG
Tsang woos Arabs to Fragrant Harbor
In an effort to develop a market for Islamic should capitalize on their fi scal freedom. In
fi nance, Hong Kong’s chief executive Donald Kuwait, he signed a letter of intent for the
Tsang went on a three-nation tour to Kuwait, development of bilateral trade relations
the UAE and Saudi Arabia. Accompanied during the two countries.
by a high-level business delegation,
Tsang created deep impressions with In Saudi, he announced that all Saudi
his persuasive words and determination citizens would have the opportunity to
to explore business ties with the three receive a one-month free visa to Hong Kong
countries.
to encourage locals and businessmen to
visit the Asian business hub.
In Abu Dhabi, Tsang praised UAE’s sovereign
wealth funds and said that the two countries (Also see IFN Reports on page 14)
ASIA
Lawyers want standardized regulation
Members of the International Bar Association’s focused on the latest developments of Islamic
who attended the recent “Islamic Finance fi nance in the Middle East. In highlighting the
in the Middle East” conference were nearly issue, Husam Hourani, who is partner and
unanimous about the need to apply some level head of the banking and fi nance department
of consistency in Islamic finance laws across the at Al Tamimi & Company, said: “There is an
GCC countries in order to establish regionallyaccepted
regulatory standards.
and awareness of Islamic fi nance and
urgent need to deepen our understanding
ensure that sound regulatory frameworks
The conference, which was attended by 70 are implemented on the ground for effi cient
banking professionals and legal experts, fi nancial intermediation.”
QATAR/UK
Qataris own 80% of London Bridge Quarter
A consortium of Qatari investors has designed by the award-winning international
acquired 80% of the building of the London architect, Renzo Piano.
Bridge Quarter, which includes the famous
“Shard of Glass” new London Bridge Tower. The consortium members will each hold
The four Qatari institutions — QInvest, Sellar 20% in the newly formed London Bridge
Property Group, Qatar National Bank, Qatari Quarter Holdings Ltd. Sellar Properties of
Islamic Bank and Barwa — are to undertake London will retain the remaining 20% of the
the £2 billion (US$4 billion) development deal.
In this issue
Islamic Capital Markets Briefs ................ 1
Islamic Ratings Briefs ..............................12
IFN Reports ................................................13
Hong Kong Forging Ahead with
New Venture ..............................................15
Will Hong Kong Stand Up to
the Competition? ...................................... 17
Malaysian Tax Incentives for Islamic
Finance — Trends and Issues ..................19
The UK Approach to Taxation of
Islamic Finance .........................................21
Fitch on Rating it Right ............................23
Meet the Head ..........................................26
Term Sheet ................................................27
Takaful News Briefs..................................28
Takaful Report ..........................................29
Moves .........................................................32
Deal Tracker ..............................................33
Islamic Funds Tables ................................34
Dow Jones Islamic Indexes .....................35
Malaysian Sukuk Update .........................36
Islamic League Tables .............................37
Events Diary...............................................40
Subscriptions Form .................................. 41
Country Index ............................................ 41
Company Index ......................................... 41
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