Bloomberg News

Majid Al Futtaim Sets Up $1 Billion Islamic Bond Program

January 08, 2012

Jan. 8 (Bloomberg) -- Majid Al Futtaim Holding LLC, the operator of Carrefour SA stores in the Middle East, set up a $1 billion Islamic bond program to boost cash reserves.

Majid Al Futtaim hired HSBC Holdings Plc, Standard Chartered Plc, Abu Dhabi Islamic Bank PJSC and Dubai Islamic Bank PJSC as arrangers of the program, according its bond prospectus released via the Regulatory News Service.

The Dubai-based company will seek to raise about $500 million from the sale of five-year Islamic bonds, its treasury manager Daniele Vecchi said in November. Majid Al Futtaim raised $1 billion from a group of banks in July to refinance debt and to increase liquidity.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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