World Islamic Infrastructure Finance Conference (WIIFC)
"Islamic banks' financing way behind, thanks to pricing", The Peninsula (Qatar), November 7, 2006
Islamic banks are losing out on project financing to conventional banks because their costs are higher. The speaker, Andrew P S Hart, a partner at London-based Freshfields Bruckhaus Derringer, was addressing the World Islamic Infrastructure Finance Conference (WIIFC)
Rasameel, Islamic International Rating Agency
"Rasameel signs agreement with Islamic International Rating Agency", AMEinfo, November 7, 2006
Rasameel Structured Finance Company, Kuwait, recently incorporated company specializing in Shari'ah-compliant securitization, has asked the Islamic International Ratings Agency (IIRA) to rate its credit, corporate governance and Shari'ah quality.
Sanad Sukuk Fund, International Islamic Finance Forum (IIFF Europe)
"Sanad Sukuk Fund to be launched at International Islamic Finance Forum in Zurich", AMEinfo, November 7, 2006
The Sanad Sukuk Fund, the first Gulf Cooperation Council (GCC)-focused sukuk fund will be officially launched in Zurich at the IIFF Europe. The fund will invest in sukuk and allow Muslim investors to invest more easily in sukuk as well as increasing the liquidity of the secondary markets for sukuk issued in the GCC Region. The secondary market for sukuk is estimated at $60 million while there is estimated to be $15 billion in sukuk outstanding.
Aldar Properties
"Aldar to issue Islamic bonds", TradeArabia, November 7, 2006
Aldar Properties, an Abu Dhabi-based company plans to issue up to $1.5 billion in sukuk and may issue sukuk exchangeable into shares of the company's stock. The issue is waiting on approval by the UAE Ministry of Economy.
Nakheel Group
"Property firms plan $4bn Islamic bond sales", TradeArabia, November 7, 2006
Nakheel Group is awaiting approval by the UAE Ministry of Economy to issue $2.5bn in sukuk.
Halal mortgages in the Netherlands
"Dutch bank to offer 'halal' mortgage'", Radio Netherlands, November 7, 2006
Rabobank offers a Shari'ah-compliant mortgage product in the Netherlands, as does the company Bilaa Riba. Currently they are trying to change the laws in the country to make the tax treatment of Shari'ah-compliant mortgages equivalent to what is charged on conventional mortgages.
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