continued... - Islamic Finance News

Islamic Finance news Guide 2008
Fresh from its roadshow, Qatar Real Estate Investment Company’s
fi ve-year Sukuk was issued to the tune of US$300 million and priced
at 73 basis points over the three-month LIBOR.
Dubai Islamic Bank charted a 113% leap in net profi ts to AED1.5
billion (US$408.7 million), while assets rose by 51%, standing at
AED75.5 billion (US$20.5 billion) as at the 30 th June.
Tabarak Partners received authorization from the Dubai Financial
Services Authority to act as a fully Shariah compliant institution,
providing structuring, advisory and distribution services out of the
Dubai International Financial Center.
Tamweel Residential’s Sukuk Ijarah fl oating rate notes acquired a
listing on the Irish Stock Exchange.
Dana Gas postponed pricing its highly publicized US$1 billion Sukuk
to wait out the current global credit market volatility attributed to
weakening US sub-prime mortgages.
Dubai Islamic Bank agreed to fund Abyaar Real Estate
Development’s AED125 million (US$34 million) Acacia Avenues
project on an Ijarah Mutanhiyah Bitamliq basis with a two-year
tenure.
Kuwait Finance House Labuan’s Al Nibras Islamic Real Estate Fund
bought two villa apartment blocks in Refl ections at Keppel Bay in
Singapore for US$286 million.
HSBC concluded its two-month summer internship program which
saw participation of students from Carnegie Mellon, Qatar University
and the London School of Economics.
Islamic Development Bank, along with the Saudi Exports Financing
Fund, commenced talks to fi nance the 40-year-old Sudanese
Cotton Company’s US$50 million reparation costs to accommodate
increasing cotton production.
National Bank of Bahrain signed a US$82 Murabahah project
fi nancing agreement with Riffa Views to fi nance the construction of
the remaining phase of the Riffa Views project.
International Islamic Union Bank stated that it will not come to
Yemen until there is a change in the Islamic banking legislation.
Saudi Arabia’s Capital Market Authority raised the ceiling cap for
domestic Sukuk from SAR5 billion (US$1.33 billion) to SAR8 billion
(US$2.13 billion) following the SAR8 billion (US$2.13 billion) issued
by Saudi Electric Company.
MSCI Barra launched the MSCI Global Islamic Indices designed to
refl ect Shariah investment principles while retaining replicability for
international investors.
Boustead’s Al Hadarah Islamic real estate investment trust earned
revenues of RM17.5 million (US$5.04 million) in a span of eight
months.
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AUGUST news briefs
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Bank Simpanan Nasional set aside RM596,278.83
(US$171,850.78) from its Islamic banking profi ts to pay zakat.
Bank Islam Brunei Darussalam reported a 49% leap in profi ts.
Bank Muamalat Malaysia launched the Shirkah Mutanaqisah home
fi nancing targeting the secondary property market.
BMB Investment Bank saw a whopping increase by 233% in net
income to US$12.8 million from US$3.8 million.
The Dubai Centre for Corporate Values highlighted the importance
of corporate social responsibility in line with the facets of Islamic
fi nance.
Jordan Islamic Bank tied up with Western Union to allow money
transfers across a network spanning 200 countries and territories.
Post-launch, shares of Kingdom Holding hit a high of SAR14.5
(US$3.86) from its initial opening at SAR13.5 (US$3.6).
Investment Dar was launched in Bahrain, increasing the number of
Islamic fi nancial providers in the country to 27.
Bank of Scotland, Standard Chartered and First Gulf Bank completed
a US$50 million Islamic lease fi nancing facility for Topaz Energy and
Marine.
Central Bank of Sudan signed an MoU to aid the development of
ABC Investments’ Islamic trade and fi nance operations.
Global Investment House’s fi rst-half profi ts hit KWD46.7 million
(US$165.6 million), with earnings per share of 56 fi ls.
QNB Al Islami signed a QAR300 million (US$82.42 million) Wakalahbased
agreement with National Leasing Company.
Deutsche Bank closed its retail customer operations in Iran due to
the adverse effects of international regulations and sanctions.
Gulf Finance House’s US$1 billion Sukuk was listed on the London
Stock Exchange.
Mashreq posted fi rst-half profi ts of US$260.3 million, at a 45% hike.
Amanah xData signed an agreement with the Dubai International
Financial Exchange to distribute the bourse’s market data, including
share prices.
Shuaa Capital posted profi ts of US$20.3 million, 20 times higher
than those achieved in the fi rst half of 2006.
Malaysia’s International Trade and Industry minister Rafi dah Aziz
called for more halal linkages between Australia and Malaysia.
Sharjah Islamic Financial Services opened a branch in Abu Dhabi.
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