The Pakistani unit of Bahrain's Al Baraka Banking Group has raised two billion rupees ($19.5 million) via the country's first issuance of subordinated sukuk, or Islamic bonds, a bank official said.
With Basel III global ba
Bahrain-based Al Baraka Banking Group said it is considering issuing subordinated Islamic bonds through its South African and Pakistani units to boost their regulatory capital.
The Islamic bank's plans come at a time when sove
Dubai's government hopes its first 15-year sukuk issue - an unusually long tenor for an Islamic bond - will pave the way for long-term debt sales by its state companies, the Department of Finance said.
Dubai drew $2.3 billion
A gap between global supply and demand for Islamic bonds is likely to peak in 2014 and then shrink gradually for several years as issuance grows, a study by Thomson Reuters predicted.
Potential demand for sukuk among cash-rich Isl
Egypt has approved a draft law to allow sovereign Islamic bonds (sukuk), the country's finance minister said on Wednesday, as the government searches for new ways to finance an unsustainable budget deficit.
The Islamist-led ad
Qatar plans to issue up to $4 billion in Islamic bonds, or sukuk, through two companies that the Gulf state will set up through a decree issued by the Crown Prince, local daily Al Watan newspaper said on Monday.
Qatar, the world's biggest
Saudi investors are warming to a sale of $2 billion of Islamic bonds by US investment bank Goldman Sachs, banking sources told Reuters, lending support to a sukuk which has run into controversy over whether it complied with Islamic principles.
The Turkish unit of Bahrain's Albaraka Banking Group said on Thursday it had postponed a planned issue of Islamic bonds, saying the yields investors expected were too high.
"Because of the negative environmen
Oman may in future consider issuing Islamic bonds or sukuk, the country's central bank head Hamood Sangour Al-Zadjali said on Monday.
Al-Zadjali was speaking at a financial forum in Kuwait. Oman opened its do
UAE lender First Gulf Bank raised $650 million from the sale of five-year Islamic bonds, or sukuk, on Tuesday, in a significantly oversubscribed deal that benefited from solid global demand for Sharia-compliant paper.