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*محتوى هذا البريد الإلكتروني مخصص للمستلم المحدد في الرسالة فقط. يمنع منعا باتا مشاركة أي جزء من هذه الرسالة مع أي طرف ثالث ، دون موافقة خطية من المرسل. إذا تلقيت هذه الرسالة عن طريق الخطأ ، فيرجى الرد على هذه الرسالة ومتابعتها بحذفها ، حتى نتمكن من ضمان عدم حدوث مثل هذا الخطأ في المستقبل.* On Sun, Aug 3, 2014 at 9:59 AM Maan Barazy <[email protected]> wrote: > > Opening of Saudi Market will fuel speculation on SUkuk > > Saudi Arabia’s plan to open its $531 billion stock market to foreigners is > prompting analysts’ speculation that Islamic bonds will be next. > > The government’s approval of overseas financial institutions to trade > equities may herald a similar relaxation of rules in the local-currency > primary debt market, according to Mashreq Capital DIFC Limited and Rasmala > Investment Bank Limited. > > Saudi Arabia capital market authority said last week that the stock-market > change would take place in the first half (H1) of next year. > > The world’s biggest exporter of oil and de facto leader of OPEC is > removing barriers to one of the most restricted major stock exchanges as > the government pursues a $130 billion spending plan to boost non-energy > industries. > > The move may lead to the country’s inclusion in MSCI indexes, which are > used to measure performance by money managers with an estimated $9 trillion > of assets. > > “Capital markets are a package, you can’t have one part without the > other,” John Sfakianakis, chief investment strategist at Riyadh-based > investment company MASIC, told Bloomberg on phone last week. “The fact is > that Saudi sukuk eventually should also be open to everyone.” > > Opening the local-currency sukuk market would give foreign investors > access to companies that sold 42 billion riyals ($11.2bn) through a dozen > sales in the past year. That’s more than three times the amount of dollar > Islamic bond sales, which are open to overseas buyers. > > In the 12 months through Friday, only four dollar-denominated sukuk have > been sold in Saudi Arabia. Those came from two issuers, Dar Al Arkan Real > Estate Development Co. and Saudi Electricity Co., according to data > compiled by Bloomberg. Twelve different borrowers, including National > Commercial Bank and Almarai Co, each issued a riyal-denominated Islamic > security in the period. > > “It’s a step in the opening up of Saudi capital markets overall, and that > benefits sukuk investors because there will be more potential product if we > can get access,” Abdul Kadir Hussain, who oversees about $700 million as > chief executive officer at Mashreq Capital in Dubai, said in a phone > interview. It will also make it easier for domestic borrowers to issue > Islamic bonds, he said. > > > > Access to the kingdom’s debt market may appeal more to investors wanting > to broaden their exposure than to those seeking yield, according to Doug > Bitcon, a Dubai-based fund manager at Rasmala. > > Following are major Islamic bond issues in the global pipeline. > > The Thomson Reuters Global Sukuk Index .TRUSDALL is at 113.99163 points, > up from 113.54307 at the end of last month and 109.78969 at the end of last > year. The Thomson Reuters Investment Grade Sukuk Index .TRUSDIG is at > 111.52093 points, against 110.93472 at end-June and 107.28036 at the end of > 2013. > > > > PAKISTAN - The Pakistan government is looking to raise $1 billion from a > U.S. dollar sukuk and plans to finalise arrangers within two weeks, a > finance ministry official said on July 22. The government has shortlisted > four banks and plans to launch the deal as early as September. > > > > LUXEMBOURG - In early July, Luxembourg's parliament passed a bill that > will allow the AAA-rated government to issue its first sukuk later this > year; the bill lets Luxembourg securitise three government properties to > back sukuk worth 200 million euros ($275 million). > > > > SHARJAH - The emirate of Sharjah, part of the United Arab Emirates, is > planning its first foray into international bond markets with a debut sukuk > deal, bankers said in July; it is rumoured to have appointed banks to > manage the transaction and could launch it as early as September. > > > > HONG KONG - The Hong Kong government has mandated HSBC, Standard > Chartered, CIMB and National Bank of Abu Dhabi for its first Islamic bond > issue, sources close to the deal said; it is expected to occur in > September. The sukuk are expected to be between $500 million and $1 billion > and have a tenor of five years. > > > > AQUASAR - Malaysia's Aquasar Capital will open bookbuilding on a > multi-tranche, ringgit-denominated sukuk in the week of July 6 via sole > lead RHB Investment Bank, bankers said; the issuer hopes to raise up to 1.5 > billion ringgit ($468 million) for Sarawak State's sewerage system. > > > > ADIRA DINAMIKA - Indonesia's PT Adira Dinamika Multi Finance ADMF.JK plans > to raise at least 500 billion rupiah ($42 million) with ringgit-denominated > sukuk in Malaysia by the end of the year, bankers said. > > > > BUMI ARMADA - Four Malaysian banks are providing a 1.5 billion ringgit > unrated sukuk facility for Malaysian oil field services firm Bumi Armada > BUAB.KL, sources said in late June. Terms are being finalised; the deal > will be privately placed. > > > > K-ELECTRIC - Karachi-based utility K-Electric KELE.KA plans to raise as > much as 22 billion rupees ($223 million) through sukuk to refinance > existing debt, the company said in late June. > > > > LIBYA - Libya's central bank is proposing to issue Islamic bonds to help > fund the country's budget and offset a loss of oil revenues that could > create a deficit of $25 billion this year, a bank official said in June. > > > > KENYA - Kenya plans to issue another international bond and may consider a > debut sukuk issue, the finance minister said in late June, after a > successful debut $2 billion eurobond closed. > > > > BANK MUAMALAT - Malaysia's Bank Muamalat BUKHCM.UL, a unit of sovereign > fund Khazanah and auto-to-property conglomerate DRB-Hicom Bhd DRBM.KL, will > raise up to 2 billion ringgit with Islamic bonds, credit agency Malaysian > Rating Corp said in late June. > > > > DOGUS - Dogus Varlik Kiralama, an asset leasing company, applied in late > June to the Capital Markets Board to issue Turkey's first corporate Islamic > bond. The sukuk would be worth up to $400 million and sold in the > international markets. > > > > BAHRI - National Shipping Co of Saudi Arabia (Bahri) 4030.SE plans to > arrange long-term sharia-compliant financing in the next year to replace a > bridge loan backing its $1.3 billion acquisition of Saudi Aramco's marine > unit, Bahri said in June. Banking sources prebiously told Reuters Bahri was > looking at a potential debut sukuk issue to replace the bridge loan. > > > > SOCIETE GENERALE - Societe Generale SOGN.PA completed the roadshow for > the first issue in its 1 billion ringgit multi-currency sukuk programme in > Malaysia, and would decide on the size in days, the bank said on June 18. > In early July, banking sources said Societe Generale was still seeking a > window to launch. > > > > IFC - The International Finance Corp, the World Bank's lender to the > private sector, is considering a return to the Islamic bond market, an IFC > official said. A sukuk issue is still in the early stages of discussion but > would likely be in the fiscal year starting in July 2014. > > > > JORDAN - Jordan's government is studying a proposal to issue its first > Islamic bond as early as next year, possibly raising over $1 billion in > multiple currencies, but a preference for concessionary loans from aid > donor countries could hinder the plan, government sources said. > > > > MALAYSIAN RESOURCES CORP - Malaysian Resources Corp MYRS.KL, a local > construction firm, said on June 12 it would issue Islamic bonds to raise up > to 680 million ringgit for land acquisitions and working capital. > > > > AKTIF BANK - A special purpose vehicle of Turkish lender Aktif Yatirim > Bankasi [CALIKB.UL} said on June 6 it would issue up to 200 million lira > ($96 million) of sukuk. It did not give details. > > > > RAS AL-KHAIMAH - The emirate of Ras al-Khaimah, part of the UAE, has > invited banks to pitch for arranger roles on a potential dollar-denominated > sukuk, sources said in early June. A deal isn't expected until at least the > third quarter of this year. > > > > BOTM - Bank of Tokyo-Mitsubishi UFJ 8306.T said on June 5 it was seeking > to raise as much as $500 million through a multi-currency Islamic bond > programme in Malaysia, becoming the first Japanese bank to use sukuk for > fund-raising. > > > > UEM SUNRISE - Malaysian property developer UEM Sunrise UMSB.KL has > mandated CIMB and Maybank to lead a potential issuance off a 2 billion > ringgit sukuk programme; bookbuilding is likely to kick off over the next > couple of weeks after the borrower and its leads sound out investors, > bankers said in early June. > > > > BANGLADESH - The central bank is seeking to amend rules on its existing > sukuk programme to broaden its use and allow for sovereign issuance by the > government, a central bank spokesman said in June. > > > > BANK ISLAM - Malaysia's Bank Islam plans to raise 1 billion ringgit by > selling Islamic bonds to fund organic growth as well as a potential > acquisition in Indonesia, two people involved told Reuters in early June. A > 300 million ringgit Basel-III compliant Tier 2 sukuk is awaiting approval > from the central bank and the Securities Commission for issue in July. > > > > AL OTHAIM - Saudi Arabia's Al Othaim Real Estate and Investment Co, owner > of five shopping malls in the kingdom, plans to issue its debut local > currency sukuk as early as in June, sources aware of the matter said at the > start of the month. The transaction is likely to be worth between 500 > million and 1 billion riyals ($133-267 million), one of the sources added. > > > > INDONESIA - Indonesia mandated HSBC HSBA.L, Standard Chartered STAN.L and > CIMB Group CIMB.KL to arrange a sovereign sukuk issue of up to $1.5 > billion, sources aware of the matter told Reuters on May 26. > > > > AL BARAKA - Bahrain-based Al Baraka Banking Group BARKA.BH said in > mid-May that it was considering issuing subordinated Islamic bonds through > its South African and Pakistani units to boost their regulatory capital. > > > > TUNISIA - Tunisia will sell its first sovereign Islamic bond in September > after months of delays, raising $140 million, its finance minister said in > mid-May. The ministry had previously planned a $500 million sukuk and gave > no reason for the reduction in size. > > > > IDB - The Islamic Development Bank plans to issue a benchmark-sized sukuk > around May next year, close in size to a $1.5 billion, five-year sukuk > which it issued in February this year, president Ahmad Mohamed Ali said. > > In February, a senior executive said the IDB also aimed to issue its first > short-term sukuk this year. > > > > JEDDAH ECONOMIC CO - Saudi Arabia's Jeddah Economic Co said in mid-May it > was in talks with local banks to raise funds for the 14 billion riyal first > phase of its Kingdom City project. For part of the money, "we are looking > at the bonds and sukuk market but this will need a structure in place, > which we are working on," chief executive Mounib Hammoud said. > > > > IOI PROPERTIES - Kuala Lumpur-listed IOI Properties IOIP.KL is considering > an offer of Islamic bonds; it is looking to raise up to 750 million ringgit > off a 1.5 billion ringgit sukuk programme, the company said in early May. > > > > BANK MUSCAT - Bank Muscat BMAO.OM plans a dual-currency U.S. dollar and > rial sukuk issue worth around $300 million that would be the first sukuk > sale by an Omani bank. The issue, which could carry tenors of three to five > years, would be part of a 500 million rial ($1.3 billion) sukuk programme > which shareholders approved in March, Sulaiman Al Harthy, group general > manager of Meethaq, Bank Muscat's Islamic operation, told Reuters in early > May. > > > > PELABURAN MARA - Malaysia's Pelaburan MARA, the investment arm of Majlis > Amanah Rakyat, plans to issue sukuk worth up to 1 billion ringgit this year > or next to finance its investments in the oil and gas and technology > sectors, group chief executive Nazim Rahman was quoted as saying in April > by The Edge Financial Daily. > > > > HUA YANG - Malaysian property development firm Hua Yang Bhd HUAY.KL said > on April 29 it had won approval from the securities commission to raise up > to 250 million ringgit with an Islamic bond programme. > > > > GULF FINANCE HOUSE - Bahrain-based Gulf Finance House GFHB.BH said on > April 15 it had obtained shareholder approval to issue sukuk or arrange new > debt facilities worth up to $500 million to restructure liabilities, > develop projects and fund possible acquisitions; no time frame was given. > > > > SABAH - Malaysia's Sabah Credit Corp, a unit of the Sabah state > government, will raise up to 1.5 billion ringgit in musharaka sukuk, RAM > Ratings said on April 7. > > > > OMAN - Omani central bank executive president Hamood Sangour al-Zadjali > said in March that the government would probably make its first sovereign > sukuk issue at the end of this year. > > > > FIRST GULF BANK - Abu Dhabi's First Gulf Bank FGB.AD, the third-largest > bank by assets in the United Arab Emirates, plans to raise up to 3.5 > billion ringgit with Islamic bonds in Malaysia, RAM Ratings said in March. > > > > SOUTH AFRICA - The South African Treasury said in February that it was > confident of issuing its first sukuk in the coming few months. > > > > KILER REIT - Turkish real estate investment trust Kiler GYO KLGYO.IS > plans to issue a five-year sukuk worth at least $100 million in the second > half of this year, parent company Kiler Holding's chief financial Officer > Kaan Aytogu said in February. > > > > BANK ASYA - Turkish Islamic lender Bank Asya ASYAB.IS said in January > that it was planning sukuk issues worth $500 million and 800 million lira > this year, dependent on obtaining regulatory approval. > > > > ACWA - Last December, Saudi Arabia-based water and power project developer > ACWA Power said it had raised a 1.77 billion riyal Islamic loan from four > local banks to help finance investments including acquisitions and act as a > bridge to a sukuk issue in 2014. > > > > ADB - The Asian Development Bank said in December that it was considering > an Islamic bond issue as early as in 2014. > > > -- > > > *_________________________________________* > > *sender : Maan Barazy* > > *Economist - Visionary entrepreneur - Certified Shari'a Adviser and > Auditor (CSAA- AAOIFI Certified) - **MA Islamic Comparative Jurisprudence > - **BS International Economics **Managing Partner And CEO of Data and > Investment Consult-Lebanon – * > > *check our websites: datainvestconsult.com > <http://t.signauxcinq.com/link?url=http%3A%2F%2Fdatainvestconsult.com%2F&ukey=agxzfnNpZ25hbHNjcnhyGAsSC1VzZXJQcm9maWxlGICAgO7B1McIDA&k=eac7f41b-3cf9-4ddc-96fc-83e7c65204f3>; 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To post to this group, send email to [email protected] To unsubscribe from this group لفك الاشتراك من المجموعة أرسل للعنوان التالي رسالة فارغة, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kantakjigroup?hl=en سياسة النشر في المجموعة: ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة. --- You received this message because you are subscribed to the Google Groups "Kantakji Group" group. 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