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Wednesday, 24 February 2016

Khazanah bookbuilds for US dollar 5-year sukuk

HONG KONG: Malaysian sovereign wealth fund Khazanah Nasional Berhad is marketing five-year US dollar sukuk in the US Treasuries plus 190bp area.

CIMB, DBS and Standard Chartered are lead managers for the deal that is expected to price today.

The Reg S senior unsecured bonds will list in Malaysia and Singapore under English and Malaysian law.

The sukuk will be issued through Danga Capital Berhad, a special purpose vehicle, with the SWF acting as obligor. They will be issued off a multi-currency Islamic securities issuance programme.

(The Star Online / 23 February 2016)
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Banks: Tunisian Zitouna invests on Islamic finance

TUNIS, FEBRUARY 23 - Tunisian Islamic bank Zitouna was the first to succeed in placing on the national financial market in December 2015 the Islamic bonds sukuks for a value of 22.5 million euros. The result exceeded expectations - set at 20 million euros - the management of Zitouna said Monday at a Forum on Islamic finance held at Kram in Tunis.

The Forum was attended by several protagonists of the Tunisian economic and financial scenario like central bank governor, Chedly Ayari, the president of Cmf, Salah Sayel and former finance minister, Jalloul Ayed. Zitouna bank, on behalf of its president Ezzedine Khoja, has announced it is launching a new business plan in 2016-2020 with the objective of becoming the bank of reference in Tunisia and a leading Islamic bank in Africa. The emission of Islamic financial bonds, like the sovereign Sukuks, will consolidate the bank's funds and support growth, according to the central bank governor who stressed the need to support Zitouna's new project.

Ayari added that the sovereign sukuks are current practice also in a number of countries that are not Arab nor Muslim, like the UK and Ivory Coast, announcing that a new bill on banks will be examined soon in a government meeting. The new code on banks will include 207 articles with a chapter entirely dedicated to Islamic banks.

(Ansa Med / 23 February 2016)
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JIC chief promotes Kingdom's Islamic banking, halal food

AMMAN — Jordan Investment Commission (JIC) President Thabet Al Wir highlighted the Jordanian experiments in Islamic banking and halal food as a gate for cooperation with Germany to support the Kingdom's investment and economic environment. 

At a meeting with a German delegation representing the Federation of German Industries (BDI) and the German Federal Ministry of Finance, Wir described the Jordanian expertise in Islamic banking as  top at the regional and international levels.

The Kingdom is also among the first countries to accredit the Islamic banking system, he said.
The presence of many Muslim communities in Germany provides a chance for the country to benefit from the Islamic system in its banking sector, the JIC president added.

There are many Jordanian industries that follow modern, developed methods in preparing and manufacturing halal foods, he continued, noting that several relevant businesses are present in European and East Asian countries as well as the US. 

Wir and the delegates also discussed ways to enhance economic relations between Jordan and Germany according to the outcomes of the London conference, stressing the significance of applying these results to support the Jordanian economy through providing jobs for Jordanians in the first place and then for Syrians. 
The German delegates, who are currently visiting the Kingdom to discuss ways to apply the outcomes of the London conference, had a firsthand look at investment opportunities in the King Hussein Development Zone in Mafraq.

The delegates stressed the importance of enhancing economic cooperation with the Kingdom, and providing investment opportunities to both countries' businesspeople, especially in the banking and food sectors, highlighting the need to support small- and medium-sized sectors to generate new jobs.

(The Jordan Times / 22 February 2016)
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