• Iran sells $1.1 billion in bonds for South Pars projects

  Iran has sold up to 14 trillion rials (some $1.1 billion) in bonds during past week to finance the South Pars gas field's development plans, Shana news agency quoted the National Iranian Oil Company's managing director as saying. Tehran Times - 13Feb12

• MARC downgrades rating on Sprint's RM510m BAIDS, affirms RM365m BG bonds; outlook stable

  MARC has lowered its rating on Sistem Penyuraian Trafik KL Barat Sdn Bhd's (SPRINT) RM510 million Al Bai Bithaman Ajil Islamic Debt Securities (BaIDS) to A+ID from AA-ID. The rating outlook is table. Press Release - 10Feb12

• Saudi government-backed sukuk completed

  Friday, Feb 10, 2012Gulf NewsDubai Saudi Arabia yesterday completed the first government guaranteed sukuk for the General Authority of Civil Aviation (GACA) raising 15 billion Saudi riyals (Dh14.6 billion).The success of the issue and the competitive profit rate of 2.5 per cent offered on the sukuk is expected to open a barrage of Islamic bond issues in the kingdom.“As the first sukuk from a gover Gulf News - 10Feb12

• HSBC completes the first government Sukuk in Saudi Arabia

  HSBC announced that it has completed the first ever government guaranteed Sukuk in Saudi Arabia for Saudi Arabia's General Authority of Civil Aviation ("GACA"). Raising SAR 15 billion (US$4 billion) for GACA, the Sukuk achieved a profit rate of 2.5%. Press Release - 09Feb12

• Religious leaders scrutinize Goldman's sukuk

  As an emerging industry, Islamic finance has attracted much attention over the last few years. By and large, Islamic finance relies on the status and reputation of scholars to make up for the lack of governance. Arab News - 09Feb12

• Success boosts bond hopes

  Bankers expect a bumper year of bond sales in Saudi Arabia following the success of the country's first sovereign-guaranteed sukuk in January. Financial Times - 08Feb12

• Iran to issue €12.5 billion in oil bonds next calendar year

  Iran's national budget for the next calendar yea (begins on March 21) has envisaged issuing €12.5 billion in bonds for financing domestic oil projects, Mehr news agency reported on Tuesday. Tehran Times - 08Feb12

• Global sukuk issuances reached USD 20 bln last January - report

  KUWAIT, Feb 7 (KUNA) --The momentum of global sukuk issuances has continued during last January to reach USD 20.2 billion, an annual increase by 23.1 percent, Kuwait Finance House Research LTD. (KFHR) reported on Tuesday. According to the report, this huge figure of issuances is due to the USD 9.7 billion issuance announced by Plus Expressways Berhad, the biggest company in construction and operat KUNA (Kuwait News Agency) - 07Feb12

• Gulf debt sales post 34% jump

  Dubai The total amount outstanding of corporate and sovereign bonds issued by GCC entities stood at $181.9 billion (Dh667.93 billion) as of December 31, according to a new report. Gulf News - 07Feb12

• RAM ratings reaffirms AmIslamic's AA3/P1 ratings

  RAM Ratings has reaffirmed AmIslamic Bank Berhad's (AmIslamic or the Bank) long- and short-term financial institution ratings at AA3 and P1, respectively. Concurrently, the issue ratings of the Bank have also been reaffirmed (see table 1). All the long-term ratings have a stable outlook. Press Release - 03Feb12

• Pahlawan fully redeems RM450m Al-Bai Bithaman Ajil Islamic Debt Securities

  RAM Ratings has received confirmation from CIMB Investment Bank Berhad, the Facility Agent, that Pahlawan Power Sdn Bhd has fully redeemed its RM450 million Al-Bai Bithaman Ajil Islamic Debt Securities (2002/2012). Press Release - 03Feb12

• MARC affirms its AAA-IS rating on Aman Sukuk Berhad's RM10bn IMTN

  MARC has affirmed its rating of AAA-IS on special purpose vehicle Aman Sukuk Berhad's (Aman) Islamic Medium Term Notes (IMTN) programme of up to RM10.0 billion with a stable outlook. Press Release - 03Feb12

• MARC downgrades sukuk ratings on ample zone Berhad To D

  MARC has downgraded its ratings on Ample Zone Berhad's (Ample Zone) RM9.65 million Class B Sukuk Ijarah (sukuk) and RM75 million Class C sukuk to D from BB+IS and B-IS respectively. Press Release - 03Feb12

• MARC downgrades rating on Perwaja Steel Sdn Bhd's RM400m MMTN programme to A-Id

  MARC has lowered its rating on Perwaja Steel Sdn Bhd's (Perwaja) RM400.0 million Murabahah Medium Term Notes (MMTN) programme fromAID toA -ID. The outlook on the rating is negative. Press Release - 03Feb12

• MARC places Kinsteel Berhad's Islamic debt programme ratings on MARCWatch negative

  MARC has placed Kinsteel Berhad's (Kinsteel) RM100 million Murabahah Commercial Papers/Medium Term Notes Programme (CP/MTN) and RM100 million Murabahah Medium Term Notes (MTN) Programme rated MARC-2ID/AID andAID respectively on MARCWatch Negative Press Release - 03Feb12

• RAM Ratings assigns preliminary AA2 rating to Encorp Systembilt's proposed Sukuk Murabahah of up to RM1.575 billion

  03 February 2012 RAM Ratings has assigned a preliminary rating of AA2 to Encorp Systembilt Sdn Bhd's ("Encorp Systembilt" or "the Company") proposed Sukuk Murabahah of up to RM1.575 billion (2012/2028) ("proposed Sukuk Murabahah"). The long-term rating carries a stable outlook.Encorp Systembilt is the concessionaire for the development of 10,000 units of teachers' quarters throughout Malaysia, bas Press Release - 03Feb12

• Dana Gas sukuk due Oct will likely be restructured -Exotix

  Investment bank Exotix says there is a high probability that Dana Gas' $920 million sukuk due October 2012 will be restructured. Zawya Dow Jones News - 02Feb12 

• Maybank Investment Bank leads Marc's 2011 lead Managers League Tables

  Maybank Investment Bank Berhad clinched the top spots on Malaysian Rating Corporation Berhad's (MARC) 2011 Lead Managers League Tables by issue value and issue count where the bank lead-managed 12 MARC-rated sukuk/bond issues amounting to RM9.41 billion. Press Release - 02Feb12

• MAF Holding raises $400m through sukuk

  Majid Al Futtaim (MAF) Holding LLC, sole franchisee of hypermarket chain Carrefour in the Gulf and operator of malls and hotels across the Middle East, raised $400 million (Dh1.47 billion) with its maiden sukuk (Islamic bonds). Gulf News - 01Feb12

• Majid Al Futtaim Sukuk Ltd. US$ 400 million Trust Certificates due 2017

  February 1, 2012: Dubai, UAE:  Majid Al Futtaim Holding LLC (MAF), the highest rated private corporate in the Middle East, announced that it has successfully priced a US$ 400 million sukuk issue on 31 January 2012.  The transaction was priced only hours after the end of the roadshow, with strong demand from regional and international investors. The sukuk was 4 times oversubscribed with over 140 or Press Release - 01Feb12

• IIRA upgrades credit ratings of Kuveyt Turk Katalim Bankasi

  Islamic International Rating Agency (IIRA) has upgraded the foreign currency ratings of Kuveyt Turk Katalim Bankasi (KTKB) from 'BB+/A-3' (Double B Plus/A-Three) to 'BBB- /A-3' (Triple B Minus/A-Three). Press Release - 01Feb12

• Shariah and the 99%

  The challenge for Islamic finance is to choose to diverge, to deviate, and be different, writes Dr. Armen V. Papazian, chief executive of Keipr. Zawya - 01Feb12

• Multiplier effect

  January's record issuance was fueled by project finance and debt refinancing, writes Abir Atamech, Zawya's Sukuk Analyst, highlighting GCC sukuk maturing in 2012. Zawya - 01Feb12

• The unnoticed little brother

  The MENA bonds market is active, volatile and liquid. But it's still overshadowed by equity, Bassel Barbir, senior trader on the fixed income desk at MENA Invest Lebanon, tells Zawya in an interview. Zawya - 01Feb12

• When is sukuk Islamic?

  As a headline product of the Islamic banking industry, we need to take a hard look at sukuk's Shariah-compliance, writes Safdar Alam, chief executive, Solum Asset Management. Zawya - 01Feb12

• HK Financial Secretary: To Issue Up To HK$10 Bln Inflation-Linked Bonds

  Wednesday, Feb 01, 2012HONG KONG (Dow Jones)--Hong Kong Financial Secretary John Tsang said Wednesday the government will issue another batch of inflation-linked bonds to help residents cope with rising prices.Tsang said in his annual budget speech before the Legislative Council that up to HK$10 billion worth of so-called iBonds, carrying a maturity of three years, will be issued under the Governm Zawya Dow Jones News - 01Feb12 

• Iran boosts total value of bonds offered for South Pars gas

  The total value of bonds being issued to finance development of the South Pars gas field has been increased by 27 per cent, due to an anticipation of high public demand. Tehran Times - 01Feb12

• GACA sukuk offering credit-positive: Moody's

  On Jan. 18, the Saudi General Authority of Civil Aviation's (GACA) successfully closed a SR15 billion sukuk offering guaranteed by the Ministry of Finance (Saudi Arabia, Aa3 stable). Arab News - 01Feb12

• DIFC Investments needs $900m: S&P's

  DIFC Investments, the investment arm of the Dubai International Financial Centre (DIFC), will need to raise more than $900 million (Dh3.3 billion) to meet its debt maturities this year, Standard & Poor's Ratings Services said. Emirates 24|7 - 01Feb12

• MARC affirms its AAIS ratings on Diversified Venue Sdn Bhd's RM200m Sukuk Al-Ijarah Master Programme

  MARC has affirmed its AAIS rating with a stable outlook on Diversified Venue Sdn Bhd's (DVSB) RM200 million Sukuk Al-Ijarah Master Programme. Press Release - 31Jan12

• Nasdaq Dubai to widen debt market role

  Nasdaq Dubai has become the first securities exchange to join the Gulf Bond and Sukuk Association (GBSA) in a move that will strengthen the development of the region's debt markets. Arab News - 31Jan12

• SC Scorecard Q4 2011: Sukuk dominates fund-raising activities in 2011

  30 January 2012 Ringgit-denominated sukuk issuances dominated Malaysian fund-raising activities approved by the Securities Commission Malaysia (SC) for the year, accounting for RM78.9 billion out of RM118.9 billion total funds approved through the capital market.More than half of the amount to be raised from sukuk issuances was approved during the fourth quarter, through 15 Ringgit-denominated suk Press Release - 30Jan12

• South Pars bonds with 20 percent profit on sale

  Nine trillion rials (around $735 million) in bonds will be issued as of February 4 at the Tejarat Bank's branches nationwide to finance the South Pars gas field's development projects, the National Iranian Oil Company (NIOC) managing director... Tehran Times - 30Jan12

• Lessons from sukuk saga

  Goldman Sachs International allowed itself to be sleepwalked into an unnecessary and preventable controversy which to be fair to the investment bank was not of its own making, but that of its Shariah governance process, which is outsourced to Dar Al-Istithmar Limited. Arab News - 30Jan12

• LSE enhances its sukuk listing prowess

  The UK Treasury may have reiterated that a sovereign debut benchmark Sukuk is not currently prudent because it would not give "value-for-money" to UK taxpayers, but one UK entity of global repute that is enhancing its Islamic finance business is the London Stock Exchange (LSE). Arab News - 30Jan12

• Gaining more clout

  Saudi Arabia, the Gulf's largest economy and a G20 country, is the strongest and well-deserved contender for the title of Islamic banking hub and has an edge. Its financial clout and the development of the King Abdullah Economic City strengthens the case. Arab News - 30Jan12

• Bigger role for SAMA in capital market supervision

  The Saudi Arabian Monetary Agency (SAMA) is to play a bigger role in the supervision of the country's financial sector under a new agreement announced. Arab News - 30Jan12

• MARC revises outlook on Aras Sejagat Sdn Bhd's Sukuk rating on guarantor outlook change

  MARC has revised its outlook on its AA+IS(bg) rating on Aras Sejagat Sdn Bhd's (Aras Sejagat) RM500 million Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) Programme to stable from negative. At the same time, MARC affirmed the AA+IS(bg) rating on the Sukuk Ijarah. Press Release - 27Jan12

• Musteq Hydro makes early redemption on ABBA Bonds

  RAM Ratings has received confirmation from the facility agent that Musteq Hydro Sdn Bhd ("Musteq Hydro") fully redeemed and cancelled its outstanding RM108 million Al-Bai' Bithaman Ajil Fixed-Rate Serial Bonds (2002/2017) ("ABBA Bonds") on 26 January 2012, before the final maturity date of 30 January 2017. Press Release - 27Jan12

• MARC affirms AAAID/MARC-1ID and AAAIS ratings on Putrajaya Holdings SDN BHD'S RM8.97b Islamic debt facilities and programmes

  MARC has affirmed its AAAID /MARC-1ID and AAAIS ratings on Putrajaya Holdings Sdn Bhd's (PJH) Islamic debt issuances as follows. Press Release - 26Jan12

• Berlian Laju Tanker Tbk. ratings lowered

  PEFINDO lowered the ratings of PT Berlian Laju Tanker Tbk's (BLTA or the Company) corporate rating, the Company's Bond III/2007 and Bond IV/2009 to "idCCC" from "idBBB-". PEFINDO also lowered the ratings of BLTA's Sukuk Ijarah I/2007 and Sukuk Ijarah II/2009 to "idCCC(sy)" from "idBBB-(sy)". Press Release - 26Jan12

• Malaysia central bank to sell MYR4bn July 2015 Sukuk on Feb. 2

  The size of the Islamic bond is within market expectations of between MYR4bn and MYR4.50bn. Zawya Dow Jones News - 26Jan12

• Dubai's DP World sells stake in container services co for $75.48m

  DP World Limited has sold all 34% of its shares in Tilbury Container Services Limited (operator of Tilbury Container Terminal in the United Kingdom) to a subsidiary of Otter Ports Holdings Ltd, owner of Forth Ports Limited for a total consideration for the shares of £48.45 million ($75.48m). Press Release - 25Jan12

• GCC sukuk issue triples despite global turmoil

  The issuance of sukuk (Islamic bonds) in Gulf hydrocarbon producers nearly tripled in 2011 despite the global downturn but other investment tools, including IPOs and conventional bonds were stifled. Emirates 24|7 - 25Jan12

• Deutsche Bank awarded for its Islamic Finance business

  Deutsche Bank has won Islamic Finance news "Best Islamic Trustee/Custodian 2011" Award. In addition, Deutsche Bank received the awards for "Project Finance Deal of the Year 2011" and "Saudi Arabia Deal of the Year 2011" recognizing Deutsche Securities Saudi Arabia's successful execution of Saudi Aramco Total Refining and Petrochemical Company (SATORP) Sukuk Certificates. Press Release - 24Jan12

• Fitch: Sukuk Demand Still Outweighs Supply

  Fitch Ratings-London-23 January 2012: Fitch Ratings says plans by sovereigns outside the Middle East and other largely Islamic regions to tap the sukuk market could meet pent-up demand from Islamic institutional investors and banks to diversify their bond holdings, making the sukuk market a useful source of additional funding over time.The opportunity to buy shariah-compliant debt from investment Press Release - 23Jan12

• Energy Stocks: Companies Focus On Debt Restructuring

  Energy Stocks: Companies Focus On Debt RestructuringPetrochemical and energy companies in the Gulf are starting off the year with a focus on debt restructuring. The Abu Dhabi Energy Company (TAQA) is planning to issue a bond this year after issuing two bonds worth a total of $1.5bn in December. The company also reached an agreement in late December to sell its oil and natural gas assets in Canada, MEES - 23Jan12 

• Tamweel Sukuk Limited - Periodic Profit Distribution

  23 January 2012 Tamweel Sukuk Limited is pleased to  announce the periodic profit distribution amount of AED 10,517,452.00 for the periodic distribution period commencing  23rd January 2012 to but excluding 23rd April 2012 on its AED 1,100,000,000/- Trust Certificates due 2013. The periodic profit distribution amount is based on 3 Month Eibor at 1.5325 % p.a. calculated on 18th January 2012.© Pres Press Release - 23Jan12

• CBB Sukuk Al-Salam Securities fully subscribed

  The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18 million issue, which carries a maturity of 91 days, has been subscribed by 208%. Press Release - 23Jan12

• NASDAQ Dubai and DFSA hold bond and Sukuk listing forum

  NASDAQ Dubai and the Dubai Financial Services Authority (DFSA) explained the advantages of listing conventional bonds and Sukuk on the region's international exchange, at a forum attended by leading investment banks and law firms.  Press Release - 23Jan12