Thursday, July 15, 2010

Thursday bullets

  • The Director of Treasury and International Banking at Bank Muamalat in Indonesia says that the country's Islamic banks may be undercapitalized because none has equity exceeding $200 million. In the last three years, the number of Islamic banks has increased from 3 to 10. The Indonesian government may cancel its global sukuk because domestic conventional bond sales may be sufficient to cover the budget deficit.
  • Nakheel outlined a restructuring plan covering $10.5 billion in bank debt. Creditors have until August 31 to respond. The debt plans are being linked with lowering yield spreads on GCC sukuk.
  • Nomura raised $70 million from a commodity murabaha facility in the Middle East following its $100 million sukuk issued in Malaysia. The sukuk will be listed on Bursa Malaysia.
  • Although Abu Dhabi Islamic Bank updated its sukuk program prospectus, it has "no immediate plan" for a sukuk sale.
  • Paul McNamara, the co-founder of Yasaar Media, wrote a book on marketing for Islamic banks available as an e-book.
  • Kuwait Finance House may announce a $266 million first half profit according to unidentified sources.

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