Sunday 23 November 2014

Bahrain’s Mumtalakat prices $600m sukuk

Bahrain Mumtalakat Holding Company has successfully priced a $600 million seven-year sukuk with a four per cent profit rate. Mumtalakat is rated BBB (stable) by both Fitch and Standard & Poor’s, said a report in the Gulf Daily News (GDN), our sister publication


Advanced Petrochemical sells $266m debut sukuk

Saudi Arabia's Advanced Petrochemical Company has completed the sale of a SR1 billion ($266.5 million) Islamic bond, the company said in a bourse filing on Tuesday, its debut sukuk issuance. The five-year offering received investor orders worth SR2.43 billion ($647.6 million)


Arcapita completes $100m equity raise

Arcapita, a global alternative investment manager, has raised its targeted $100 million in equity capital from shareholders in the GCC region to fund its growth strategy. Arcapita is now focused on two clear areas of opportunity: asset management of an existing $3 billion investm


‘Standardisation vital for Islamic finance sector'

The standardisation of Islamic finance and the future of the industry were discussed at a key conference in Bahrain yesterday (November 17). Representatives of the Islamic banking sectors from more than 35 countries converged on the Diplomat Radisson Blu Hotel, Residence and Spa


Snapchat to launch mobile payment service

Mobile messaging company Snapchat is launching a new service that lets users send money to each other, in a partnership with online payments company Square. The service, dubbed Snapcash, allows Snapchat users to link their debit cards to their account and quickly send money to a


Iraq eyes 2015 budget on $80 per barrel oil price

Opec producer Iraq expects to base its 2015 budget on an oil price of $80 per barrel, Oil Minister Adel Abdel Mehdi told parliament on Monday. Oil prices have fallen to below $80 on abundant and weak demand from $115 a barrel in June. Scepticism that Opec will cut supply when it


Big UAE banks shun credit bureau over liability row

Some of the biggest banks in the United Arab Emirates are refusing to use an organisation set up to help them assess potential borrowers, the head of the Gulf state's banking lobby group said. Authorities see the recently-opened Al Etihad Credit Bureau as a safeguard against


Mumtalakat sets initial price guidance for $600m sukuk

Bahrain sovereign fund Mumtalakat has opened order books after setting initial price guidance for an up-to-$600 million seven-year Islamic bond offering, a document from lead managers said. The firm has set initial price thoughts in the area of 237.5 basis points over midswaps fo


Bahrain Travelex customers cash in

Travelex, a leading foreign currency exchange specialist, is handing out cash rewards to lucky winners of its Cash Prize promotions across all Bahrain branches. Ladan Khan, a truck driver from Kerala, is one of two grand prize winners who pocketed BD1,000 ($2652) for using everyday mon


Oil slide won't impact Saudi budget: Minister

The recent plunge in oil prices will not have a direct impact on Saudi Arabia's budget as the kingdom takes precautions to handle all possibilities when planning its finances, Finance Minister Ibrahim Alassaf was quoted as saying. Asked by Saudi newspaper Okaz if cheaper oil

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