HSBC is at it again
On February 20, 2012 · In HSBC, Islamic Banking, Islamic Bonds, Islamic Finance, Saudi Arabia, Shariah Banking, Shariah Bonds, Shariah Finance, SUKUK
One of the biggest promoters of Shariah-Compliant Finance in the Western world is HSBC. Investors in the West need to be aware of this so that they can make informed decisions as to where they conduct their business… http://arabnews.com/economy/corporatenews/article577396.ece
It’s hard to believe that a financial institution as sophisticated as Goldman Sachs could be so incredibly stupid, but the available evidence with regard to Goldman Sachs’ ill-fated venture into Sukuk (Islamic bonds) indicates that there were some real knuckleheads at the firm. We might argue that they were knuckleheads just for getting into the [...]
Goldman Sachs Lies Down With Dogs and Gets Fleas
On January 31, 2012 · In Goldman Sachs, IRELAND, Islamic Bonds, Islamic Finance, Shariah Boards, Shariah Bonds, Shariah Finance, SUKUK
Last September, Goldman Sachs announced that it was going to issue a $2 billion sukuk. The investment banking giant dutifully employed a Shariah advisory firm, Dar Al-Istithmar Limited, and went about the business of putting together the financing arrangement. There was just one problem. Goldman Sachs made one mistake: they trusted the financial jihadis. To make [...]
Yet another sukuk (Islamic bond) is in trouble. Like the Nakheel sukuk nearly 3 years ago, this issue is from a company in the United Arab Emirates, though this one is based out of Abu Dhabi, rather than Dubai. The company is Dana Gas, a major natural gas exploration and production company. There are questions as [...]
Sukuk issues among quasi-government companies in Saudi Arabia have become quite popular. This is leading to reasonable speculation that the kingdom itself will issue sovereign debt in the form of sukuk in 2012. It is our opinion that the Sauds will not do this out of necessity; there is no reason for the Sauds to [...]
Over the past two years, it has become more and more apparent that the Islamic bond, referred to properly as “sukuk,” has become the financial instrument of choice for the Shariah Finance industry. This is especially true in the oil-rich Persian Gulf region, as the article below indicates. We can expect that the sukuk will [...]
Maybe the only thing worse than getting in bed with the financial jihadists is to get in bed with the financial jihadists, only to find out they don’t want you. That may be the situation Goldman Sachs finds itself in with regard to its Islamic bond (sukuk) program. It seems Goldman got the blessing from [...]
South Africa appears to be preparing to issue Islamic bonds (sukuk) in the near future, as the country’s central bank has asked private banks for proposals for such a venture. South Africa has a relatively small Muslim population, so there can be little doubt that the instigation behind this move comes from outside the country, [...]
Deutsche Bank: Shariah-Compliant Finance may double in assets by 2016
On November 28, 2011 · In Deutsche Bank, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, SUKUK
The global debt crisis may help Islamic finance nearly double to $1.8 trillion in assets by 2016 as stagnant corporate lending pushes institutions to seek alternative financing to traditional methods, according to a report by Deutsche Bank. http://www.reuters.com/article/2011/11/15/islamic-growth-deutschebank-idUSL5E7MF1Q920111115
The International Islamic Liquidity Management Corporation, a cooperative institution set up by the Islamic Financial Services Board and supported by ten Islamic nation central banks, is set to issue an Islamic bond in the next six months. The ILMC’s main objective is to develop short-term financial instruments to enable financial institutions to maintain liquidity in [...]
Turkey: Fitch rates upcoming Asya sukuk as junk
On November 25, 2011 · In Fitch, Islamic Banking, Islamic Bonds, Shariah Banking, Shariah Bonds, Turkey
Fitch Ratings has assigned Asya Katilim Bankasi A.S.’s (Asya) forthcoming Sukuk issue a ‘B+(exp)’ expected rating. The final rating is contingent upon receipt of final documentation conforming to information already received by Fitch. Asya was incorporated in Turkey in 1996 as a financial institution to provide interest-free banking services and trades on the Istanbul stock [...]
Iran to issue $5 billion in Islamic bonds for South Pars oil and gas project
On November 25, 2011 · In Al Qaeda, Hamas, Hezbollah, Iran, Islamic Bonds, Islamic Law, Shariah Bonds, SUKUK, Terror Funding
Iran, the world’s foremost state sponsor of Jihadist terrorism and a country that is building nuclear weapons in defiance of United Nations resolutions, is set to issue $5 billion in sukuk (Islamic bonds) to finance its huge South Pars offshore oil and gas field. Five billion dollars in bonds will be issued in the current [...]
Indonesian Sukuk Sales Slowest in 3 Years
On November 24, 2011 · In Indonesia, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, Standard & Poor's, SUKUK
It is usually very difficult to find objective news reporting on Shariah Finance. This is especially true of the Sukuk (Islamic Bond) market. The financial jihadists are hypersensitive about this sector and go to great lengths to ensure that the state-controlled media in their countries, as well as Western media outlets who have been bought [...]
Islamic bond (sukuk) sales from Turkey are picking up pace after the government changed its tax law. The government passed a law in February reducing the withholding tax on sukuk to 10 percent and exempted sales from value-added, stamp and corporate taxes. Legislation two months later exempted sukuk certificates with a minimum tenure of five [...]
United Arab Emirates shopping mall developer Majid Al Futtaim has appointed HSBC and Standard Chartered to structure its planned sukuk program. http://arabia.msn.com/business/companies/af/2011/november/10402047/dubais-maf-picks-hsbc-sta.aspx
In 2009, a rash of Sukuk defaults, culminating in the huge Nakheel default in Dubai, rocked the market for Islamic bonds, or Sukuk. Creditors in the Dubai World and Nakheel reorganizations all took significant haircuts, with certificate holders in the latter receiving a hybrid of cash and future bonds in compensation. Now, a supposedly rehabilitated Nakheel [...]
Another Sukuk, another downgrade. RAM Ratings has downgraded the long-term rating of Sarawak Power Generation Sdn Bhd’s Serial Sukuk… http://ae.zawya.com/story.cfm/sidZAWYA20111012090744
Standard & Poor’s Ratings Services assigned its ‘BB+’ long-term foreign currency issue rating to the proposed issue of benchmark-sized global Sukuk trust certificates by Perusahaan Penerbit SBSN Indonesia II, a fully-owned special purpose vehicle of the Republic of Indonesia. According to S&P’s ratings scale, BB is below investment grade and thus termed “junk.” http://cpifinancial.net/v2/News.aspx?v=1&aid=9719&sec=Islamic%20Finance
Islamic governments are lining up to support the Sukuk market. For instance, like other nations, Malaysia has granted special tax advantages for Sukuk offerings, essentially crowding out conventional forms of financing. The Islamist movement keeps rolling in the financial world… http://www.businessweek.com/news/2011-10-07/malaysia-gives-tax-deduction-for-sukuk-sales-for-3-yrs-from-12.html
Sukuk are taking over
On October 9, 2011 · In Defaults, Gulf Cooperation Council (GCC), Islamic Bonds, Shariah Bonds, SUKUK
Three and a half years ago, the very future of Sukuk (Islamic bonds) was in question when Mufti Taqi Usmani, a prominent Shariah scholar, declared most of them haram, or non-Shariah-compliant. Despite this, the Sukuk market survived, though it then suffered a setback when several Sukuk offerings experienced missed payments and defaults in 2009. Today, [...]
Yet another sukuk arrangement seems to have gone awry, this one in Malaysia. Printing company Dawama Sdn Bhd missed a sukuk payment and has been downgraded by Malaysian Rating Corp Bhd (MARC). During the round of defaults that plagued sukuk issuers in 2008-2009, most of the problems surfaced in the Persian Gulf region. It is too early [...]
Typical Propaganda on Islamic Bonds from Saudi State-Controlled Media
On October 7, 2011 · In Britain, China, Creeping Shariah, Defaults, Economic Crisis, France, Germany, Hong Kong, Islamic Banking, Islamic Bonds, Islamic Finance, Islamization, Japan, Saudi Arabia, Shariah Banking, Shariah Bonds, Shariah Finance, Singapore, South Korea, SUKUK
The article linked below has to be taken with a large grain of salt since it comes from the Saudi Gazette. There is nothing even resembling a free, independent press in Saudi Arabia and the Saudi royals have a huge vested interest in promoting Shariah-Compliant Finance both in the kingdom and globally. Not surprisingly, this [...]
Shariah Finance Sets Sights on Turkey
On October 4, 2011 · In Islamic Banking, Islamic Bonds, Islamic Finance, Shariah Banking, Shariah Bonds, Shariah Finance, SUKUK, Turkey
One of the few overwhelmingly Islamic nations that has so far not embraced Shariah-Compliant Finance is Turkey. Despite efforts by Islamist elements in the country, only 5% of banking assets in Turkey were Shariah-compliant at the end of 2010. So it seems curious in a way that the Islamic media would proclaim that Shariah finance [...]
The most prominent weapon in the financial jihadists’ arsenal is the sukuk, also known as the Islamic bond. Sukuk have taken off like wildfire in the Islamic world and they are being pushed out hard to the non-Muslim world. South Korea, the Philippines and Thailand are just three nations that have come under intense pressure [...]
Nakheel has returned to the scene of the crime so to speak. As we have reported previously, the Dubai-based real estate company, which defaulted on a massive sukuk (Islamic bond) in 2009, is issuing a new sukuk now. Not surprisingly, investors are very skeptical; the brand new “bond” is already trading at a discount to [...]
Some REALLY Bad Ideas on How to Solve America’s Debt Problems
On August 9, 2011 · In Creeping Shariah, Da'Wah, Debt Bonds, Defaults, Economic Crisis, Fatwa, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamization, MEDIA, Media, Nakheel, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance, Shariah Law, stealth jihad, SUKUK, U.S. Policymakers, USA, Usmani, Usury, Zakat
Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Then, in 2009, defaulting on sukuk (Islamic bonds) just [...]
Given the rash of sukuk (Islamic bond) defaults which occurred in 2009, it is no surprise that an insurance entity backing sukuk would crop up and one has: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a division of the Islamic Development Bank (IDB), will soon be tasked with providing insurance on [...]
Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders. Quoting an unnamed senior source in Nakheel, the Sharjah-based Arabic language daily Alkhaleej said sukuk would be issued and managed by the German Deutsche Bank. Nakheel, the [...]
It hasn’t garnered much attention, but the Indonesian government failed to place a recent sukuk (Islamic bond) issue, supposedly because of high yields. There is no further explanation as to what this means. Note that the term “yield” is used in association with sukuk. This is symbolic of the fact that sukuk are really concoctions [...]
Though the typically cheerleading article linked below doesn’t provide a detailed explanation (no surprise there), Moody’s has assigned a negative outlook on a major Islamic bond offering by a Shariah-compliant bank in the UAE, site of some of the most infamous sukuk defaults over the years… The outlook on FGB’s ratings is negative and therefore [...]
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