Ahmad Hamad Algosaibi & Brothers plans to make a new offer on US$7.2 billion of debt to creditors as it seeks to bounce back from the Middle East's biggest corporate default. The Saudi Arabian company, which runs a bottling plant for PepsiCo Inc. (…
<p>Standard Chartered Plc will start offering Islamic banking in Kenya as a springboard into the rest of Africa, Wasim Saifi, its global head of Islamic consumer banking said. Moreover, it may expand services in Indonesia. He said the bank would offer the services through its Islamic banking brand, Standard Chartered Saadiq, targeting the country’s official Muslim population of 4 million people, as well as non-Muslims. The new products will first be launched in Kenya, then in other countries in east Africa and west Africa, as well as further afield. Especially Indonesia is interesting to the bank because Islamic finance is set to triple or quadruple in the next five-ten years in the country. Standard Chartered currently offers Islamic banking in Indonesia through associate Bank Permata</p>
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<p><a href="http://www.euronews.com/business-newswires/2016068-standard-chartered-to-launch-islamic-banking-in-kenya-indonesia/" title="http://www.euronews.com/business-newswires/2016068-standard-chartered-to-launch-islamic-banking-in-kenya-indonesia/">http://www.euronews.com/business-newswires/2016068-standard-chartered-to…</a></p>
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<p>Saudi Arabia’s General Authority of Civil Aviation hired three banks for a local-currency sukuk. The Saudi Arabian affiliate of HSBC Holdings Plc (HSBA), National Commercial Bank’s investment banking unit and Standard Chartered Plc will manage the sukuk sale. NCB Capital and Standard Chartered bid jointly for the mandate. It was not specified how much the authority sought to raise, neither was the timing of the sale. GACA said last year it plans to issue a second tranche of notes to fund an airport expansion in the Saudi capital, Riyadh. The company sold Islamic debt last year at 2.5 percent and used proceeds to finance an airport expansion in the Red Sea port city of Jeddah.</p>
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<p><a href="http://www.bloomberg.com/news/2013-06-11/saudi-civil-aviation-said-to-pick-hsbc-ncb-stanchart-for-sukuk.html" title="http://www.bloomberg.com/news/2013-06-11/saudi-civil-aviation-said-to-pick-hsbc-ncb-stanchart-for-sukuk.html">http://www.bloomberg.com/news/2013-06-11/saudi-civil-aviation-said-to-pi…</a></p>
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Although Islamic banking has been gaining worldwide popularity in recent years, it still faces considerable challenges in raising profitability. Last year, a record US$144 billion worth of new Sukuk, or Islamic bonds, were issued worldwide and experts …
The Government of Dubai mandated five banks to arrange a benchmark-sized, dollar-denominated Islamic bond which is expected to price on Tuesday in the low four percent area. The mandated banks to arrange the deal are Dubai Islamic Bank, Emirates NBD, H…
Standard Chartered (StanChart) extends its business activities in Oman by opening of its third branch in the country. According to officials, bankhouse considers establishing Islamic banking operations in the sultanate.
Source:
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The last couple of years of financial crisis proved to be unfavourable for the international banking sector. Nevertheless, one sub-sector was growing rapidly and reached significant success – Islamic finance. The majority of people still have not enoug…
The last couple of years of financial crisis proved to be unfavourable for the international banking sector. Nevertheless, one sub-sector was growing rapidly and reached significant success – Islamic finance. The majority of people still have not enoug…
Qatar Islamic Bank (QIB) which is the largest sharia-compliant lender in the country, is arranging an issue of a five-year benchmark-sized Islamic bond. The expecting value of the sukuk shall be at least $500 million.
See more under: http://www.reuters…
Qatar Islamic Bank has made plans of issuing a sukuk in dollar denomination. The move will be part of the bank’s sukuk issuance programme worth $1.5 billion. According to a document from the lead arrangers, the banks mandated for the sukuk are Deutsche…
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