Saudi Aramco and Total are reported to have hired bankers for a $1 billion sukuk, which would be the largest sukuk issued this year. The sukuk would help finance a $12 billion oil refinery the two companies expect to build in a joint venture.
A couple new real estate funds were announced. One is from Ajman Bank in the UAE. The other is Al Rajhi Bank and Arcapita Bank, who announced a $500 million real estate income fund.
- The FT has an interesting article on the pinch that is hitting many Kuwaiti investment firms, both conventional and Islamic.
- The Islamic financial industry should look towards alternative energy sukuk (among many areas) to cut the over-reliance on real estate-backed sukuk.
- An article describes a brief history of Islamic banking and also has a good look of the different types of products which make up a typical Islamic bank's assets and liabilities.
- Troubled Islamic mortgage lender in Dubai, Tamweel, says it will need AED1 billion ($272.3 million) in debt guaratees or equity at minimum, but will request a resumption of trading in its shares that have been suspended since 2008. The merger with Amlak Finance, another Islamic mortgage company is still "feasible" according to the chairman of Tamweel.
- If pension funds in Muslim majority countries shifted 30% of their assets into Shari'ah-compliant investments, it could provide the industry with a "massive boost".