Bahrain's Baraka May Issue Sukuk Worth $200M By Year-End

Tuesday, Aug 31, 2010

BEIRUT (Zawya Dow Jones)--Bahrain's Al Baraka Banking Group, which is mainly owned by Saudi investor Saleh Kamel, Tuesday said it may issue sukuk worth $200 million before the end of this year.

The Islamic investment bank said in a statement posted on the Bahrain bourse's website that it had plans to issue the sukuk earlier but the move was delayed due to the market slump.

Issuing the Islamic bonds by the end of this year remains an uncertain expectation and it still requires the approval of the authorities, Al Baraka, which was clarifying a media report, said in the statement.

-By Shikrallah Nakhoul, Zawya Dow Jones; +961 1 985757; shikrallah@zawya.com

(END) Dow Jones Newswires

31-08-10 1541GMT