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 […]
Returning to the Scene of the Crime: Nakheel settling claims
Back in 2009, the Dubai real estate entity Nakheel was the biggest in a rash of defaults on Islamic bonds (also known as sukuk). Nakheel is still working to settle the claims of creditors two years later and wants to issue yet another sukuk as part of a settlement. And to top it all off, […]
Rasmala, a Dubai investment bank, has withdrawn its private equity fund as part of its restructuring efforts. The fund, which is Sharia-compliant, was launched last year and had targeted investment of US$300 million (Dh1.1 billion). Rasmala will now focus on single deals. “We felt in this private equity fund investors had less of an appetite […]
Gulf states are working towards the creation of a single Sharia board for the region’s Islamic financial institutions, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC’s Sharia committee and chairman of the Sharia Coordination Committee of the Islamic Financial Institutions in the UAE. Speaking at the launch of Hawkamah Institute’s policy brief on […]
SFW readers who conduct business with E-Trade may wish to know that the firm failed to comply with anti-money laundering regulations specifically aimed at Jihad by failing to maintain proper records on 1200 customers in Dubai. Dubai has a long history of being a finance center for Jihad, as well as a smuggling point into […]
Dubai leads financial jihad into Germany
Note in the article linked below two important aspects: First, Dubai Exports makes no secret about the fact that this is MISSIONARY work, something that has been pointed out over and over by other financial jihadists and on the pages of SFW. Second, note the disturbing demographic numbers for Germany supplied in the article as […]
Richard Thomas: Candidate for Dhimmi of the Year
Islamic finance is gradually building momentum across the world and will likely lead the re-emergence of the global financial industry from the recent crisis. However, the industry needs a level playing field to achieve its potential, said Richard Thomas, Chief Executive of London-based Gatehouse Bank, in a recent interview with Gulf News. http://gulfnews.com/business/banking/islamic-finance-could-lead-banks-recovery-1.798592
Moody’s Investors Service has today upgraded to Baa3 from Ba1 the long-term foreign and domestic currency ratings of DP World Limited, the Dubai-based real estate firm that defaulted on its sukuk (Islamic bond) payments a few years ago… http://www.zawya.com/story.cfm/sidZAWYA20110411064120
London mayor heads to Dubai with hat in hand, asks for more financial jihad
Islamic Development Bank (IDB) President Ahmad Mohamed Ali held a meeting with the Lord Mayor of the City of London, Alderman Michael Bear. Ali, who stressed the importance of the annual coordination meetings between the two parties, commended the tangible development of IDB relations with the business community in London, which poses an international hub […]
Sukuk defaulter Nakheel to issue new sukuk
Dubai property developer Nakheel, whose mammoth default on Sukuk payments two years ago stung creditors around the globe, illustrating an overall high default rate in the sukuk category, is now coming back for more. Of course, Nakheel claims that all is well now. The sukuk issue is expected in this quarter. Details as they become […]
Dubai to export Shariah Finance to Europe
Dubai, scene of massive defaults on sukuk two years ago, is now set to export Shariah-Compliant Finance to Europe. Note that this dawah activity is run by an arm of the UAE government… Dubai’s financial services industry is fast emerging as a leading catalyst in the development of Islamic finance products and services to Europe, […]
Nakheel PJSC, the developer of palm- shaped islands off Dubai’s coast, is in preliminary talks with Nasdaq Dubai to list Islamic bonds. Nakheel was the debtor involved in the multi-billion dollar Dubai World Sukuk debacle in late 2009 in which creditors were asked to “stand still” and extend maturities on Islamic bonds (Sukuk). The Dubai […]
Spanish-based Allfunds bank has signed on to the financial jihad with their announcement that it has launched an “Islamic Services Unit.” The bank offers 80 Shariah-compliant funds to investors in Spain, Italy, Chile, Luxembourg, the United Kingdom and 17 other countries. Allfunds’ Islamic Services Unit was created with a fatwa issued by a Shariah advisory […]
Dubai brings Islamic Bonds to Europe
A Dubai based private equity firm called Millennium Private Equity Ltd, which is apparently at least partially owned by the Dubai regime, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K. European companies may turn more to the Middle East for capital, as the region […]
“Particularly since the meltdown of the western capitalist system, there has been an increasingly large focus on the virtues of Islamic finance. Today, there is no one single provider of information that caters to the Islamic finance market. So by Bloomberg being here, we are in the process of building out an Islamic finance product. […]
Nakheel PJSC’s proposed sukuk to settle trade creditor claims is estimated to have a fair value in the low 60 cents to the dollar, JPMorgan Chase & Co. said. The property company, controlled by state-owned Dubai World, will be able to make almost all coupon payments on the five-year Islamic bonds although “we are less […]
Dubai-based Millennium Private Equity Limited (MPEL) are the ultimate financiers in the transaction, which has raised financing using the musharaka (joint venture) Sukuk (Islamic bond) structure for the technology development company based in the North East of England. http://www.lawyersweekly.com.au/blogs/deals/archive/2010/08/18/norton-rose-advises-on-uk-s-first-sukuk.aspx
Concerns are surfacing that DIFC Investments of Dubai will struggle to make payments on its $3 billion debt financed by Sukuk (Islamic bonds)… “The source of that sukuk repayment is going to be asset sales. So, as much as there is uncertainty in their asset- sale plan, obviously there will be concern on their sukuk […]
The recent notification by Kuwait’s International Investment Group (IIG) KSCC that it was not in a position to make the periodic payments due on July 12, 2010 on its $200 million exchangeable Sukuk (Islamic bond) issued in 2007 and which matures in 2010, once again turns the spotlight on the troubled market. This is the […]
Here we have a marketing piece by Reuters (whose parent company is thoroughly involved in Shariah Finance) masquerading as a news story. In what other industry or financial sector could a rash of defaults–combined with high fees and conflicts of interest–prompt a wave of faux optimism as expressed in this Reuters fluff piece? Recent sukuk […]
The lure of Islamic bonds appears to be wearing off for borrowers in the Persian Gulf region, with high-profile defaults and rising costs souring their appeal. “Dealing with Sukuk defaults, standardizing Shariah interpretation, and increasing Sukuk liquidity, we believe, are at the root of issues that could curb future growth,” said Mohamed Damak, analyst for […]
The decision to bail out Dubai World is set to boost demand for sukuk (Islamic bonds) going forward, despite the categories overall higher-than-average default rate… http://www.businessweek.com/news/2010-06-24/dubai-bailout-boosts-demand-for-gulf-s-sukuk-islamic-finance.html
Sukuk “Alert”
Official and private entities in Jordan, Indonesia, Abu Dhabi, Malaysia, Saudi Arabia, Qatar, Dubai, Luxembourg, Sudan, Pakistan, Kazakhstan, Lebanon, Kuwait, Thailand, Islamic Development Bank and General Electric (GE) all are contemplating or planning Sukuk (Islamic bond) offerings in the near future… http://www.bloomberg.com/news/2010-06-22/jordan-indonesia-islamic-development-bank-plan-sales-islamic-bond-alert.html
This article is from MoneyLaundering.com. It tends to overplay the amount of cooperation that the US is getting from the UAE in our opinion, but it also contains some good information. These particular lines are revealing of Dubai’s status as a financial rogue nation: “…every major” Dubai real estate project “has been, in part, financed […]
Beleaguered UAE mortgage lender, Tamweel may be acquired by Dubai Islamic Bank, the UAE’s largest Shariah-compliant lender. http://www.kippreport.com/2010/06/dubai-islamic-bank-may-acquire-tamweel/?
Shaikh Mohammad Bin Rashid Al Maktoum, the man who rules Dubai, has issued a decree regulating the endowment sector’s (Waqf), income and expenses in compliance with Shariah laws. Endowment funds include educational Waqf endowment, Islamic Affairs Waqf, endowment fund for orphans and needy people, health endowment fund, social care fund, charity fund, and family endowment […]
The GCC conventional bond market recorded a poor performance in the first quarter of 2010 amid Dubai-linked and broader sovereign debt fears, NCB Capital, the largest investment bank in Saudi Arabia and a subsidiary of National Commercial Bank, reported. Primary issuance fell by some 70 percent in value from the average of the previous three […]
Dubai Islamic Bank reports that its first quarter profits nosedived a whopping 46% compared to a year ago. Of course, you’d hardly know it from the spin contained in the article linked below, which, in the best traditions of Shariah Finance, attempts to conceal the truth by making a silk purse out of a sow’s […]
Sauds Continue to be at Center of Terror Financing
A trial under way in Indonesia, the world’s most populous Muslim nation, of a Saudi Arabian accused of financing a militant group illustrates the challenges involved in shutting loopholes exploited by the terrorist factions and their shadowy facilitators on a global scale. Ali Abdullah is charged with providing 54 million rupiah — about $6,000 — to […]
Islamic Bond market forecast to ride “rough patch”
FT’s Robin Wigglesworth continues to exhibit a lack of curiosity when it comes to Shariah finance… http://www.zawya.com/Story.cfm/sid20100414_8473_283
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