Reuters – Fawaz Abdulaziz Alhokair Co., the Saudi retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, is studying three to five acquisition targets in the United States and United Kingdom, a company official said on Monday. The firm, the largest listed retailer on the Saudi stock market, also aims …
Reuters – Bahrain’s central bank will release a new regulatory framework for Islamic insurance (takaful) this quarter, in an overhaul of standards which the regulator hopes will attract new business in a sector it helped to pioneer. The kingdom has been a major hub for Islamic finance in the Gulf but in the last few …
Potential demand for sukuk among cash-rich Islamic investors in the Gulf and Southeast Asia has exceeded supply for at least several years, analysts estimate.
Galal said the subject has so far received more attention than necessary and he sought to address the issue in an appropriate manner.
Central bank called on to mirror Sharia-compliant banking practices
Ministry to collaborate with public and private institutions to draft law; will also provide training courses on its application
The Finance Ministry has previously used similar financial tools as measures to test the performance strength of Islamic bonds and the extent to which they will be attractive for investors.
Egypt hosting the summit reflects confidence in the country’s economic future, said keynote speaker and minister of finance, Al-Morsi Hegazy
The sovereign sukuk law is intended to organise the financing of the government, state budget, national projects and public institutions. It was released by the government but opposed by Al-Azhar and Islamic parties.
By Bernardo Vizcaino / Reuters DUBAI: Issuance of Islamic bonds will be stimulated by a tightening of yields versus conventional bonds as banks chase a finite amount of quality sukuk instruments, HSBC’s Islamic arm Amanah said on Tuesday. HSBC has previously forecast global sukuk volume of $44 billion in 2012, up from $26.5 billion last year. …
By Reuters DUBAI: Conglomerate Dubai Investments may look to raise up to 1 billion dirhams ($272.3 million) in 2012 through sale of a sukuk, or Islamic bond, to finance the expansion of its manufacturing units and repay debt. The company, in which emirate’s sovereign wealth fund Investment Corporation of Dubai (ICD) owns an 11.5-percent stake, is …
By Seda Sezer and Nevzat Devranoglu / Reuters ISTANBUL: Turkey’s government plans its first-ever issue of Islamic bonds this year, overcoming sensitivities about Islamic finance in the secular republic as it seeks to tap a rich pool of investors flush with oil money. A sovereign sukuk issue from an economy regarded as one of the most …
DUBAI: The Egyptian government, seeking to head off a funding crisis, is preparing to raise about $2 billion through its first issue of Islamic bonds, an Islamic scholar familiar with its planning said on Tuesday. "The Egyptian government is convinced that a foreign currency sukuk will fund the country’s development projects and can also bridge …
