Tagged: Global Islamic Finance

JPMorgan Touts Nakheels Sukuk Saying Default Doubtful: Islamic Finance

JPMorgan Touts Nakheels Sukuk Saying Default Doubtful: Islamic Finance

<p>JPMorgan Chase &amp; Co. is advising clients to buy Nakheel PJSC&rsquo;s Islamic bonds as new projects boost the Dubai developer&rsquo;s earnings, while government backing makes a default improbable. State-run Nakheel&rsquo;s 4.27 billion dirhams ($1.2 billion) of sukuk yielded 9.88 percent at 12:30 p.m. in Dubai, down seven basis points this month, after surging 179 basis points in June. That&rsquo;s more than twice the average gain in yields on corporate Islamic debt tracked by HSBC/Nasdaq Dubai indexes. JPMorgan listed Nakheel in a July 4 research note as its &ldquo;top overweight recommendation&rdquo; among Dubai real-estate debt. Nakheel will manage to pay or refinance as much as half of the $3 billion of debt due in 2016 as it generates at least $1 billion from new projects and land sales.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-sukuk-saying.html" title="http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-sukuk-saying.html">http://www.global-islamic-finance.com/2013/07/jpmorgan-touts-nakheels-su…</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5377" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;count=horizontal&amp;via=&amp;text=JPMorgan%20Touts%20Nakheels%20Sukuk%20Saying%20Default%20Doubtful%3A%20Islamic%20Finance&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5377" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;t=JPMorgan+Touts+Nakheels+Sukuk+Saying+Default+Doubtful%3A+Islamic+Finance" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;title=JPMorgan+Touts+Nakheels+Sukuk+Saying+Default+Doubtful%3A+Islamic+Finance" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;t=JPMorgan+Touts+Nakheels+Sukuk+Saying+Default+Doubtful%3A+Islamic+Finance" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;title=JPMorgan+Touts+Nakheels+Sukuk+Saying+Default+Doubtful%3A+Islamic+Finance" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;title=JPMorgan+Touts+Nakheels+Sukuk+Saying+Default+Doubtful%3A+Islamic+Finance&amp;summary=JPMorgan+Chase+%26amp%3B+Co.+is+advising+clients+to+buy+Nakheel+PJSC%E2%80%99s+Islamic+bonds+as+new+projects+boost+the+Dubai+developer%E2%80%99s+earnings%2C+while+government+backing+makes+a+default+improbable.+State-run+Nakheel%E2%80%99s+4.27+billion+dirhams+%28%241.2+billion%29+of+sukuk+yielded+9.88+percent+at+12%3A30+p.m.+in+Dubai%2C+down+seven+basis+points+this+month%2C+after+surging+179+basis+points+in+June.+That%E2%80%99s+more+than+twice+the+average+gain+in+yields+on+corporate+Islamic+debt+tracked+by+HSBC%2FNasdaq+Dubai+indexes.+JPMorgan+listed+Nakheel+in+a+July+4+research+note+as+its+%E2%80%9Ctop+overweight+recommendation%E2%80%9D+among+Dubai+real-estate+debt.+Nakheel+will+manage+to+pay+or+refinance+as+much+as+half+of+the+%243+billion+of+debt+due+in+2016+as+it+generates+at+least+%241+billion+from+new+projects+and+land+sales.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5377&amp;title=JPMorgan+Touts+Nakheels+Sukuk+Saying+Default+Doubtful%3A+Islamic+Finance" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

Tunisia plans 1bn dinar sukuk

Tunisia plans 1bn dinar sukuk

Tunisia’s government is working alongside the Islamic Development Bank to pave the way for a 1bn dinar ($700m) sukuk sale scheduled for later this year. According to finance minister Elyes Fakhfakh, it would set a benchmark for companies seeking to tap the Islamic debt markets. He said the government would target 80 per cent external investors and 20 per cent domestic. However, the lost of the investment-grade rating, slow economic growth and bank liquidity concerns may put investors off the government’s sukuk. The country is also seeking a $1.7bn loan from the International Monetary Fund to help stabilise the economy and plans to issue US government-backed bonds.

Sukuk: A ‘new’ option of aircraft financing

Sukuk: A ‘new’ option of aircraft financing

Several airlines have indicated that they are exploring the possibilities of financing new fleet acquisitions and expansion through the issuance of sukuk or other suitable Shariah-compliant financing instruments. Bankers in the UAE and Malaysia stress …

IFC Makes First Islamic Finance Investment in Sub-Saharan Africa

IFC Makes First Islamic Finance Investment in Sub-Saharan Africa

IFC has announced the investment of $5 million equity in Gulf African Bank, one of Kenya’s two Islamic Banks. The bank will use IFC’s financing to increase finance for retail and corporate customers, develop programs for women entrepreneurs and extend more services to small and medium businesses. Jamal Al Hazeem, Chairman of Gulf African Bank, welcomed IFC’s decision to take up a 15% shareholding stake in Gulf African Bank. In addition to the equity investment, a further $3 million trade line will be made available to Gulf African Bank under IFC’s Global Trade Finance Program.

Qatar Financial Centre (QFC) Islamic finance tax regime ‘friendliest in Mena

Qatar Financial Centre (QFC) Islamic finance tax regime ‘friendliest in Mena

The Qatar Financial Centre (QFC) has a tax system that enables sukuk transactions to be carried out without excessive tax costs, according to a study conducted by the experts Mohamed Amin, Salah Gueydi and Hafiz Choudhury. The study reviewed the tax treatment of four common Islamic finance structures ‘murabaha’, ‘sukuk’, ‘salaam’ and ‘istisna’ in the eight Mena countries. Mr. Amin said the study shows clearly that the additional transactions required by Islamic finance are at risk of being subject to taxes, and can make Islamic finance transactions prohibitively expensive. Only Turkey and the QFC have modified their tax laws to facilitate Islamic finance.