Islamic Finance News
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Nakheel PJSC’s plan to pay more than $1 billion of bank debt early may herald further gains for the Dubai real-estate developer’s Islamic bonds.
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Debut Islamic bonds from governments and companies seeking to cut financing costs will drive sukuk sales next year, according to HSBC Holdings Plc, with issuance probably rebounding to a record.
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The United Arab Emirates is in the final stages of creating debt issuance and listing regulations that will help develop a domestic credit market and encourage the sale of Islamic bonds, the market regulator said.
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Dubai sales of Shariah-compliant debt are set to surge should the emirate win Expo 2020 as the sheikhdom finances the building of roads, railways and an airport expansion for the event.
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Turkey’s first global fund dedicated to Islamic investors will beat returns from Shariah-compliant bank deposits and will lure inflows of $1 billion during the next three years, its chief executive officer said.
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Dubai and Abu Dhabi are finding that outperforming stock markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
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Dar Al Arkan’s Islamic bonds have returned more than three times the regional average as the property developer benefits from Saudi Arabia’s plan to build at least 500,000 new homes.
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Sullivan & Cromwell LLP, Morris Manning & Manning LLP, Venable LLP, Wachtell Lipton Rosen & Katz and Proskauer Rose LLP advised on American Realty Capital Properties Inc.’s agreement to buy Cole Real Estate Investments Inc. for about $6.85 billion as it seeks to become the largest owner of U.S. single-tenant buildings.
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As spotless black sedans shuttled World Expo officials through Dubai’s streets last week, yields of Islamic bonds from local developers Emaar Properties PJSC and Nakheel PJSC dropped to record lows.
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Prime Minister David Cameron said the U.K. plans to become the first country outside the Muslim world to sell a Shariah-compliant bond as soon as next year.
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