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Saturday, 7 June 2014

Zakat Council approves Rs40m for students

Punjab Zakat Council has granted approval to release around Rs 40 million for boy and girl students of 409 educational institutions of 17 districts of Punjab while over Rs 6.6 million will be given to 2,451 deserving boy and girl students of 25 seminaries of two districts for the year 2013-14.

This decision was taken in a meeting presided over by Chairman Provincial Zakat Council Akhtar Hassan on Thursday. Habib-ur-Rehman Gillani, Secretary Zakat and Ushr Muhammad Yousaf Butt, Administrator Zakat Punjab, Shabbir Hussain, Deputy Secretary Zakat and Ushr Department, members of the council Hafiz Fazal Raheem Ashrafi, Hafiz Zubair Ahmed Zaheer, Azhar Farooqi, Mohtarma Tanveer as well as officers of Local Government, Finance and Social Welfare Departments were present. The Zakat Council decided to give extension up to 31 August 2014 to such District Zakat Committees the tenure of which is ending in June-July 2014. The Provincial Zakat Council directed the completion the process of constitution of Local Zakat Committees according to the rules and regulations in the districts where Local Zakat Committees have not been formed.

The council also gave approval to the nomination of Ch Awais, son of Abdul Hameed and Sh Muhammad Afzal, son of Haji Muhammad Amin as Member District Zakat Committee for the remaining period on vacant posts of Member District Zakat Committee in district Sahiwal.

The council also decided to launch publicity campaign and take other steps for making the system of payment of Zakat fund easy and increasing the receipt of Zakat voluntarily.

(The International News / 06 June 2014)
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Dubai Emaar’s Malls Unit Eyes Potential Debut Sukuk Issue

The malls unit of Dubai’s Emaar Properties will hold meetings with fixed income investors ahead of a potential benchmark-sized sukuk issue, Emaar said on Thursday, in what would be a debut debt market transaction for the subsidiary.

Dubai Islamic Bank, Emirates NBD, Mashreq, Morgan Stanley, First Gulf Bank, National Bank of Abu Dhabi, Noor Bank and Standard Chartered will be arranging the meetings on Emaar’s behalf, a statement to the Dubai bourse said.

Roadshows, which will be handled by two teams, will commence in the United Arab Emirates on June 8, before moving to Singapore and London on June 9, ending with investor meetings in Hong Kong and London on June 10, a source with direct knowledge of the matter said on condition of anonymity.

A maiden sukuk issue for the unit may follow, subject to market conditions. Benchmark size is traditionally understood to be worth at least $500 million.

The parent company has sold two sukuk previously, both worth $500 million. The latest deal, a seven-year trade issued in July 2012, was quoted in the secondary market to yield around 3.54 per cent at a z-spread of 188.9 basis points at 1045 GMT, according to Thomson Reuters data.

Emaar Malls was making efforts to establish a “sustainable capital structure” in preparation for a stock market flotation later this year, Moody’s said on Monday when it assigned the firm a rating of Baa2, two notches above the parent’s score.

The largest listed developer in Dubai plans to sell 25 per cent of the unit to the public and list the business on the Dubai Financial Market in a deal expected to be worth around Dhs8 to Dhs9 billion ($2.18-$2.45 billion).

Emaar Malls, which owns Dubai Mall, one of the largest shopping centres in the world, also intends to repay its external secured debt of Dhs3.5 billion and shareholder loans through a new Dhs5.5 billion seven-year loan, the rating agency said.

(Gulf Business / 05 June 2014)
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