Mohammed Dawood News
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Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according to HSBC Holdings Plc, the world’s biggest underwriter of sukuk.
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Global Islamic bond sales are set to surpass the 2012 record as Persian Gulf issuers take the lead to tap borrowing costs that tumbled in the past year, according to HSBC Holdings Plc, last year’s top sukuk underwriter.
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Egypt plans to raise as much as $1 billion by June from the sale of its first Islamic bonds as the government anticipates a return to political stability will soften the blow of five credit rating cuts.
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Sales of dollar-denominated Islamic bonds may reach $5 billion this year, matching levels of 2009, led by Asia and Gulf Arab nations, said an official at HSBC Holdings Plc, the biggest underwriter of such debt this year.
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Islamic bond offerings from the Persian Gulf are struggling to keep up with Malaysia, the global hub for Shariah-compliant financial services, after new sales in the region fell to the lowest level in five years.
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CIMB Group Holdings Bhd., the top global sukuk underwriter for a fourth year, is seeking to boost its business in the Persian Gulf to fight off HSBC Holdings Plc’s challenge to its dominance.
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Sales of Islamic bonds may rise to $44 billion this year as demand outstrips supply and as Asian and Middle East investors tap the market complying with Islamic banking rulings, HSBC Holdings Plc said.
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National Commercial Bank, Saudi Arabia’s largest lender and Dubai developer Nakheel PJSC are among five borrowers in the Persian Gulf that may offer Islamic bonds next year after sales dropped 40 percent in 2010.
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Islamic loans in the Middle East will rebound in 2011 from a five-year low, said HSBC Holdings Plc, this year’s biggest lender, as accelerating economic growth and Qatar’s building for the soccer World Cup boosts spending.
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The Dubai debt crisis is prompting investors in the $130 billion Islamic bond market to seek stronger rights of ownership of assets to protect against defaults, said a U.S.-based Shariah scholar.
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