Gulf Finance House/Macquarie Joint Venture, Other News

Gulf Finance House and Macquarie signed a Memorandum of Understanding to establish a joint venture Islamic financial services platform. Macquarie may invest up to $100 million in the joint-venture and there are reports that it will be structured as a convertible murabaha and will be launched in the beginning of 2010. There is also a story from Australia that has a slightly different perspective from Macquarie's end.

Other News

• Korea will exempt foreign holders of sukuk issued by local firms from taxes on the periodic payments.
  Gulf Air used an ijara financing for eight new airplanes.
  
• Lahem al Nasser at Asharq Alawsat offers his perspective on the recent Moody's report on Islamic banks.
  
• Dubai Silicon Oasis received a AED300 million ($82 million) investment from Abu Dhabi Commercial Bank structured as a mudaraba.