continued... - Islamic Finance News

Amlak Finance delayed a sale of US$260 million in Sukuk, citing
turmoil in international credit markets and increased corporate
borrowing rates.
The Arab Chamber of Commerce & Industry launched an Islamic
index for China and Hong Kong companies comprising 50 companies
mainly from the utilities and transport sector.
The Philippines began to look into the business of halal food
products.
International Finance Corporation began mulling whether to
fund Islamic banks in Kenya following the licensing of two Islamic
institutions in 2007.
Deutsche Bank closed an Islamic profi t rate collar structure with
Dubai Islamic Bank amounting to US$500 million.
The Dubai Multi Commodities Center and Shariah Capital signed
an agreement to explore the development of Shariah compliant
investment products based on hard assets such as commodities
and precious metals.
JPMorgan Japan revealed plans to double assets under management
for Japanese individuals and open branches in the country to handle
a greater share of household wealth.
Global Investment House launched the Global Real Estate Ijarah
Fund, capitalizing on the Middle East and North Africa real estate
sector and Islamic fi nancing competencies.
Masraf Al Rayan was awaiting approval to raise the portion of its
shares open to foreign ownership from 31% to 49%.
Commercial Bank of Kuwait denied reports on the sale of its 20.2%
holding in the Bank of Bahrain and Kuwait to an unnamed Kuwaiti
investor.
ICICI Bank attributed US$300 million worth of Gulf investments into
India through its private banking unit in Dubai.
Asian Finance Bank and AmanahRaya Investment Bank teamed up
to develop and manage Malaysia’s fi rst Islamic marine fund based
on Bai Muajjal.
Palestine Islamic Bank received warnings from Israel on its dealings
with Hamas.
Islamic Bank of Thailand revealed plans to boost its credit service
for pilgrims of the Haj.
Dubai Bank revealed plans to expand its capital base and seek
regional expansion via acquisitions.
Kuwait Finance House established a Sukuk company at KWD100
million (US$357 million) to bolster secondary market trading.
Etihad Airways confi rmed a sum of US$1.5 billion in borrowings to
fund 16 aircraft.
OCTOBER news briefs (continued...)
www.islamicfi nancenews.com
Islamic Finance news Guide 2008
Liechtensteinische Landesbank and ABN Amro launched the fi rst
Islamic exchange-traded index trackers linked to the performance of
the LLB MENA indices.
Jadwa Investment received approval from the Saudi Arabia Capital
Market Authority to launch a Global Sukuk Fund to satisfy the fi xedincome
asset class.
Dana Gas issued its highly anticipated Sukuk which however fell
short of US$135 million to US$875 million from its pre-planned
amount of US$1 billion.
Cirrus Developments partnered with Badr Al Islami to deliver a trust
management account protecting property buyers.
The Islamic Finance Company signed an agreement with the Ministry
of Labor to begin implementing the Daman & Aman program in the
UAE.
The value of shares and bonds bought by foreign investors at the
Dubai Financial Market reached AED2.46 billion (US$669 million)
at 39.1%.
Boubyan Bank posted a third-quarter net profi t rise of 143.5%
compared to the previous corresponding period. Its net profi ts grew
to KWD4.53 million (US$15.35 million) from KWD1.86 million
(US$6.68 million) last year.
Ras Al Khaimah-based RAK Properties revealed plans to sell up to
US$2 billion of Islamic bonds in early 2008 to fi nance new projects.
The entity was in the process of selecting banks to arrange the
sale.
Standard Chartered Bank revealed plans to increase its investments
in Malaysia, concentrating on high growth sectors including oil and
gas, tourism and hospitality industries.
Gulf International Bank reported a dip in post-tax consolidated net
income at US$184.5 million.
DRB-Hicom commenced talks with Bukhary Capital to acquire a
70% stake in Bank Muamalat Malaysia.
The Malta Institute of Management and Malta Union of Bank
Employees organized a seminar on Islamic banking.
Nakheel PJSC revealed plans to sell company shares before its
US$3.52 billion Sukuk hits maturity in 2009.
The committee of experts on Islamic fi nance from the UK Treasury
were doubtful of the country’s Sukuk plans after the departure of
Economic Secretary from the committee.
Abyaar Real Estate Development revealed plans to sell up to US$1
billion in Sukuk in 2008 to fi nance projects, including a Dubai
development.
Devon Bank announced the expansion of its Islamic fi nancing
program along with added investor support.
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