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Islamic Finance

CASE STUDY: Sultanate of Oman’s Landmark Deal Opens Oman to Islamic Finance

The Sultanate of Oman’s OMR250mn sukuk al-Ijara Trust Certificates due November 2020 helped the government set a critical funding benchmark and helped pave the way for a conventional dual-currency bond seven months later.

14 Feb 2017

CASE STUDY: Noor Bank Issues Debut Tier 1 Perpetual

Noor Bank’s debut perpetual Tier 1 perpetual sukuk issuance met with strong demand from global investors and achieved the lowest yield of any Tier 1 Basel III compliant perpetual sukuk in Dubai, despite a volatile market backdrop which saw oil prices dip below US$30 per barrel.

7 Feb 2017

CASE STUDY: Petroleum Development Oman (PDO) Makes Strong Debut with Pre-Export Loan Facility

Petroleum Development Oman’s (PDO) US$4bn senior secured pre-export term loan facility was the company’s debut credit deal, upsized on the back of strong demand from global investors, and the first ever oil pre-payment financing by the Omani government.

6 Feb 2017

Green Bonds: The Next Wave in the Middle East

The rapid growth of green finance has sparked interest from many audiences. The use of bonds to finance green projects have become an exciting market development, with demand from investors consistently outstripping supply. Across the globe, borrowers and investors are keen to engage in sustainable financing opportunities and we have seen increasing activities in Asia, paving the way for the…

1 Feb 2017

CASE STUDY: Ezdan Holding Issues Debut US$500mn Sukuk in Quest to Diversify Funding

Ezdan’s debut US$500mn 5-year fixed rate trust certificates helped the company diversify its sources of funding, and created a broader platform from which Qatar’s leading real estate developer, owner and operator can grow its business in the future.

31 Jan 2017

Interview with Fahad al Khalifa, CEO, al khaliji

Despite 2016 being a challenging year for the Qatari economy and the GCC more broadly, there are reasons for optimism in 2017. The price of oil is stabilizing and looks set to increase modestly next year; new infrastructure development spurred on in part by FIFA World Cup 2022 will boost the construction and tourism sectors, as well as demand for residential and commercial real estate; and,…

30 Jan 2017

Investors Await Debt Sale as Kuwait Seeks to Plug US$30bn Budget Hole

Ever since announcing plans for a US$10bn sovereign bond program in July, Kuwait has been courting the international debt markets with promise of a seemingly imminent debt sale. With fiscal deficit widening amid oil price slump, the newly elected government is under pressure to cut spending – and may have to go through with the bond sale sooner rather than later.

13 Dec 2016

Turkish Participation Banks Grow as Sukuk Outlook Improves

Participation banks have scaled up their retail outfits rapidly over the past few years, consistently besting average growth rates in the Turkish banking sector, and analysts are optimistic about the health of the country’s Islamic capital markets.

18 Nov 2016

The Long View from the GCC: Ahmed Al Qassim, CEO, Emirates NBD Capital

This year has seen liquidity thinning out in oil dependent markets due in large part to declining oil revenues, a particularly impactful trend in the GCC. In response, many of the region’s investment banks have gone back to basics, becoming more selective on deals and focussing on their core strengths in particular niches. But the region’s challenges have left others – particularly those with a…

7 Nov 2016

Sukuk in MENA: Two tranche or not to tranche?

This year has so far seen a rapid expansion in bonds and to a lesser extent sukuk issued from the GCC, largely led by many of the region’s sovereigns and financial institutions. Speed, standards, and liquidity concerns are keeping some issuers from tapping into the sukuk market to achieve their funding objectives, analysts suggest.

17 Oct 2016

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