Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UK picks HSBC for Islamic bond debut as early as this year  Join our daily free Newsletter

MENAFN - Khaleej Times - 01/02/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) Other banks will be mandated closer to the time of the sale, the official said on Thursday, asking not to be named because the information isn't public. Linklaters LLP will provide legal support for the Islamic bond, or sukuk, including its tax and real estate implications, the person said. Shani Halstead, a spokeswoman for HSBC in London, declined to comment when contacted by Bloomberg News

Prime Minister David Cameron announced the plan to sell 200 million (330 million) in securities that comply with Islam's ban on interest on October 29. The sukuk will help the UK establish itself as a global capital for Islamic finance alongside Dubai and Kuala Lumpur, Cameron said in a speech at the time. The industry is growing 17 per cent a year and may be valued at 2.67 trillion by 2017, according to PricewaterhouseCoopers LLP

The UK government has weighed the sale of sukuk since at least 2007. Robert Stheeman, chief executive officer of the Debt Management Office, said as recently as September that issuing Shariah-compliant debt would not be value for money. The sale of a Islamic bond takes "pragmatism and political will," Cameron said the following month

The 1 billion sukuk due June 2018 from Islamic Development Bank, which has Moody's Investors Service highest rating at Aaa, had a yield of 1.68 per cent on Thursday. UK bonds due in July of the same year, rated one level below the Jeddah-based bank at Aa1, yielded 1.64 per cent as of 9am in London, data compiled by Bloomberg show

In addition to acting as a bookrunner for Britain's sukuk, HSBC will provide financial advice to the DMO and the Treasury on the syndicated issue, the Treasury official said. The timing of the sale will depend on market conditions and the required preparation, the person said. A spokesman for Linklaters didn't immediately return calls seeking comment when contacted by Bloomberg News on Thursday

Islamic bonds are typically backed by assets or cash flow. About 60 per cent of global sukuk is issued from Malaysia, according to the Malaysia International Islamic Financial Centre. Dubai is also seeking to become the capital of the global Shariah-compliant economy


Khaleej Times

  MENA News Headlines
 Oct 25 2016 - AIWF holds successful Young Arab Women Leaders: The Voice of the Future initiative in Kuwait with the valued support of the Ministry of State for Youth AffairsMENAFN Press
(MENAFN Press) Following on from the success of the Young Arab Women Leaders: The Voice of the Future conferences in Amman, Beirut and Dubai in 2012, Palestine in 2013, London in 2011 and 2014, and ...

 Oct 25 2016 - Microsoft and Toyota Join Forces in FIA World Rally ChampionshipMENAFN Press
(MENAFN Press) Markazia, the sole distributor of Toyota, Lexus and Hino trucks in Jordan, announced that Toyota recently reached an agreement with Microsoft to collaborate in the 2017 FIA World ...

 Oct 25 2016 - Region’s retail industry expected to grow by 7%MENAFN Press
(MENAFN Press) Despite a softening in some markets of the GCC construction sector, and slow global oil price recovery, retail industry in the region is expected to see yearly growth between 7 to 12 ...

 Oct 25 2016 - Dubai design week officially opens at d3MENAFN Press
(MENAFN Press) Held under the patronage of Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Vice Chairman, Dubai Culture in partnership with Dubai Design District (d3), and supported ...

 Oct 25 2016 - Bedaya organises “Social Media Marketing for startups” workshopMENAFN Press
(MENAFN Press) The Bedaya Center for Entrepreneurship and Career Development (Bedaya Center), a joint initiative by Qatar Development Bank and Silatech recently hosted its monthly “Second Sunday” ...

 Oct 25 2016 - Global adds new markets and additional features to its online trading service, Global WasataMENAFN Press
(MENAFN Press) Global Investment House "Global" or the "Company", a regional asset management & investment banking firm headquartered in Kuwait with offices in major capital markets in the MENA ...

 Oct 25 2016 - Al Nafisi : International companies now establishing businesses at Mazaya LogisticsMENAFN Press
(MENAFN Press) Al Mazaya Holding revealed that it has achieved an 82 percent occupancy rate in its Mazaya Logistics project in Bahrain Investment Wharf. The ML consists of 44 industrial units ...

 Oct 25 2016 - du and RGA London Announce New Strategic Alliance: ‘Connected Design by RGA & du’MENAFN Press
(MENAFN Press) R/GA London, the company for the Connected Age, and UAE-based telecommunications service provider – ‘du’, announced a new strategic alliance to create a regional best-in-class ...

 Oct 25 2016 - Sharjah International Children’s Film Festival serves as an ode to excellence in international cinemaMENAFN Press
(MENAFN Press) Sharjah International Children’s Film Festival (SICFF), running from October 23 to 28 at JRCC and Novo Cinemas, boasted its most impressive line-up of films yet, showcasing the depth ...

 Oct 25 2016 - Abu-Ghazaleh & Mexican Ambassador Patronize the JOrchestra and Mexican ConductorMENAFN Press
(MENAFN Press) The Jordanian National Orchestra Association (JOrchestra) presented a special concert entitled "Friendship" with the attendance of HE Dr. Talal Abu-Ghazaleh, HRH Princess Wejdan and ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help