Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UK picks HSBC for Islamic bond debut as early as this year  Join our daily free Newsletter

MENAFN - Khaleej Times - 01/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Other banks will be mandated closer to the time of the sale, the official said on Thursday, asking not to be named because the information isn't public. Linklaters LLP will provide legal support for the Islamic bond, or sukuk, including its tax and real estate implications, the person said. Shani Halstead, a spokeswoman for HSBC in London, declined to comment when contacted by Bloomberg News



Prime Minister David Cameron announced the plan to sell 200 million (330 million) in securities that comply with Islam's ban on interest on October 29. The sukuk will help the UK establish itself as a global capital for Islamic finance alongside Dubai and Kuala Lumpur, Cameron said in a speech at the time. The industry is growing 17 per cent a year and may be valued at 2.67 trillion by 2017, according to PricewaterhouseCoopers LLP



The UK government has weighed the sale of sukuk since at least 2007. Robert Stheeman, chief executive officer of the Debt Management Office, said as recently as September that issuing Shariah-compliant debt would not be value for money. The sale of an Islamic bond takes "pragmatism and political will," Cameron said the following month



The 1 billion sukuk due June 2018 from Islamic Development Bank, which has Moody's Investors Service highest rating at Aaa, had a yield of 1.68 per cent on Thursday. UK bonds due in July of the same year, rated one level below the Jeddah-based bank at Aa1, yielded 1.64 per cent as of 9am in London, data compiled by Bloomberg show



In addition to acting as a bookrunner for Britain's sukuk, HSBC will provide financial advice to the DMO and the Treasury on the syndicated issue, the Treasury official said. The timing of the sale will depend on market conditions and the required preparation, the person said. A spokesman for Linklaters didn't immediately return calls seeking comment when contacted by Bloomberg News on Thursday



Islamic bonds are typically backed by assets or cash flow. About 60 per cent of global sukuk is issued from Malaysia, according to the Malaysia International Islamic Financial Centre. Dubai is also seeking to become the capital of the global Shariah-compliant economy

 


Khaleej Times




  MENA News Headlines
 Oct 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help