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Barwa Bank, Satcorp, Pembinaan, Kuveyt Turk: Islamic Bond Alert

October 10, 2011

Oct. 11 (Bloomberg) -- The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.

Global sales of sukuk climbed to $18 billion in 2011, from $12.5 billion a year earlier, according to data compiled by Bloomberg.

BARWA BANK: The unit of Qatar’s biggest property developer by assets Barwa Real Estate Co., plans to sell Islamic bonds in 2013 after it gets a credit rating, Chief Executive Officer Steve Troop said.

(Added Oct. 10. News:{BRES QD <Equity> CN <GO>})

MAJID AL FUTTAIM HOLDING LLC: The Dubai-based operator of Carrefour SA stores in the Middle East, is considering setting up a Shariah-compliant bond program, group treasurer Daniele Vecchi said. The company hasn’t decided on the size or the timing of the sale, he said.

(Added: Oct. 10. {924669Z UH <Equity> CN <GO>})

SAUDI ARAMCO TOTAL REFINING & PETROCHEMICAL CO: The company, also known as Satorp, may sell a second Islamic bond after the sale of the company’s first sukuk was oversubscribed, Jamal Al- Rammah, chief of corporate finance for Saudi Arabian Oil Co., the Saudi partner, said at a news conference in Dammam. Satcorp is a joint venture between Saudi Arabian Oil Co. and France’s Total SA.

(Added Oct. 9. News:{131861Z AB <Equity> CN <GO>})

PEMBINAAN BLT SDN: The construction company owned by Malaysia’s Ministry of Finance plans to sell 1.17 billion ringgit ($375 million) of Islamic bonds to raise funds to build police facilities and repay debt, according to a person with knowledge of the matter. The sukuk are part of a 10 billion- ringgit medium-term note program, said the person, who asked not to be named because the information was private.

(Added Oct. 7. News: {TNI MALAY ISLAMFIN <GO>})

KUVEYT TURK PARTICIPATION BANK: The lender, which is majority-owned by Kuwait Finance House, may sell a dollar- denominated sukuk after investor meetings in Asia, the Middle East and Europe from Oct. 10 until Oct. 18, a banker with knowledge of the deal said. HSBC Holdings Plc, Liquidity Management House and Standard Chartered Bank will arrange the meetings for Kuveyt Turk, said the banker.

(Added Oct. 6. News: News:{KFIN KK <Equity> CN <GO>})

ISLAMIC BANK OF THAILAND: The state-owned lender plans to raise 5 billion baht ($163 million) in the country’s first domestic sale of sukuk this year, Dheerasak Suwannayos, president of the Bangkok-based bank, said in an interview. The bank is awaiting clarification from government regulators on tax breaks for Shariah-compliant bonds before proceeding with the baht-denominated sukuk. It will sell $150 million of Islamic bonds overseas once the local-currency Islamic bond is completed, Dheerasak said.

(Added: Oct. 5. News: {TNI THAI ISLAMFIN BN <GO>})

INDONESIA: The government will proceed with a plan to issue global Islamic bonds this year, said Finance Minister Agus Martowardojo. Indonesia is waiting for the right timing to sell the debt, Bhimantara Widyajala, a director at the debt management office, said on Sept. 28.

(Added Oct. 5. News: {TNI INDONESIA NEWBON <GO>})

ABU DHABI NATIONAL ENERGY CO.: The state-owned utility, also known as Taqa, plans to sell as much as 3.5 billion ringgit of Islamic bonds in Malaysia, according to a statement to the Abu Dhabi bourse.

(Added Oct. 2. News: {TAQA UH <Equity> CN <GO>})

TAMWEEL PJSC: The mortgage company majority-owned by Dubai Islamic Bank PJSC, plans to raise $300 million to $500 million from the sale of Islamic bonds in the fourth quarter, its first debt sale since 2008, acting Chief Executive Officer Varun Sood said in Dubai. The offering will be denominated in dollars or ringgit, he said. (Added on Sept. 27. News: {TAMWEEL UH <Equity> CN <GO>})

QATAR INTERNATIONAL ISLAMIC BANK: The Persian Gulf country’s biggest Shariah-compliant lender plans to sell a five- year, benchmark-size dollar sukuk “when market conditions permit,” Chief Financial Officer Edward Wong said in a telephone interview from Doha.

(Added Sept. 12. News: {QIIK QD <Equity> CN <GO>})

BAHRAIN: The country plans to sell $1 billion of Shariah- compliant debt in October to finance the budget deficit, central bank Governor Rasheed al-Maraj said in an interview.

(Added Sept. 26. News: {TNI BAHRAIN NEWBON <GO>})

ALBARAKA BANKING GROUP BSC: Bahrain’s biggest publicly traded Islamic lender and its unit in Turkey may raise a total of $500 million from sukuk this year, Chief Executive Officer Adnan Ahmed Yousif said in an interview in Washington. Albaraka Turk Katilim Bankasi AS is in the process of hiring banks to manage a sale of about $200 million by November, while the parent bank may sell about $300 million by the end of the year, Yousif said. (Added Sept. 25. News: {BARKA DU <Equity> CN <GO>})

TENAGA NASIONAL BHD.: Malaysia’s biggest power producer plans to raise 5 billion ringgit from a 20-year local-currency sukuk in October, Bernama reported, citing Chief Executive Officer Che Khalib Mohamad Noh. Marketing will begin in the third week of October, the national news service reported.

(Added Sept. 15. News: {TNB MK <Equity> CN <GO>})

PALESTINE MONETARY AUTHORITY: The central bank plans to issue $50 million of Islamic debt this year, Jihad Al Wazir, governor of the Palestine Monetary Authority, said in an interview.

(Added Sept. 12. News: {TNI PALESTINE NEWBON <GO>})

AL HILAL BANK: The state-owned lender in the United Arab Emirates plans to raise $500 million from the sale of Islamic bonds in the fourth quarter, Mohamed Berro, the chief executive officer, said in an interview. The offering is part of a $2.5 billion sukuk program set up by the Abu Dhabi government- controlled Islamic bank, he said.

(Added Aug. 28. News: {1023350Z <Equity> CN BN <GO>})

EMERY OLEOCHEMICALS GROUP: The producer of plastic additives is proceeding with plans to sell 480 million ringgit of Islamic bonds in the fourth quarter, CEO Kongkrapan Intarajang said. Emery is a joint venture between PTT Chemical International Private Ltd., a unit of PTT Chemical Pcl, and Sime Darby Plantation Sdn., owned by Malaysia’s Sime Darby Bhd.

(Added Aug. 19. News: {TNI MALAY ISLAMFIN <GO>})

PT BANK MUAMALAT INDONESIA: Indonesia’s second-largest Islamic bank will sell $50 million of dollar-denominated sukuk with a maturity of not more than five years in 2011, Hendiarto, chief financial officer at the bank, told reporters on July 21. The lender is also planning to sell 800 billion rupiah ($89 million) of local-currency Islamic bonds in 2012, Hendiarto said.

(Added: July 21. News: {49287Z IJ <Equity> CN <GO>})

INTERNATIONAL ISLAMIC LIQUIDITY MANAGEMENT CORP.: The global institution set up by central banks from countries including Malaysia and Bahrain plans to sell $200 million to $300 million of short-term Islamic bills before the end of 2011, Chief Executive Officer Mahmoud AbuShamma said in an interview. The first issuance will likely have a maturity of three months and will be denominated in dollars, he said. IILM will also sell Shariah-compliant bonds maturing in more than five years, AbuShamma said, declining to give a timeframe.

(Added July 18. News: {NSE “ISLAMIC LIQUIDITY” <GO>})

ACWA POWER INTERNATIONAL: The Saudi Arabia-based developer of electricity and water projects may sell $300 million of Islamic debt next year, CEO Paddy Padmanathan said in Dubai. The company is seeking funds for utility investments.

(Added July 7. News: {3486180Z AB <Equity> CN <GO>})

AL BARAKA BANK EGYPT ESC: The Cairo-based Islamic unit of Albaraka Banking Group BSC expects to raise 1 billion Egyptian pounds ($168 million) from the sale of 10-year Islamic bonds, Manama-based CEO Adnan Ahmed Yousif said in an interview. (Added July 5. News: {ESFB EY <Equity> CN <GO>})

JORDAN: Jordan’s government plans to sell as much as $750 million of Shariah-compliant debt to finance its budget deficit and fund infrastructure projects, said Finance Minister Mohammad Abu Hammour.

(Added June 27. News: {TNI JORDAN ISLAMFIN <GO>})

NIGERIA: Nigeria wants to sell its first Shariah-compliant bonds within 18 months as sub-Saharan Africa’s second-largest economy aims to become a “hub of Islamic finance” in the region, central bank Governor Lamido Sanusi said.

(Added June 20. News: {TNI NIGERIA NEWBON <GO>})

SENEGAL: The West African nation’s $200 million sukuk to be sold later this year will be used for budgetary support, said Finance Minister Abdoulaye Diop. “We simply want to experiment, to diversify our sources of income,” Diop said.

(Added June 15. News: {TNI SENEGAL ECO <GO>})

RUSSIA: Executives from OAO Gazprombank, the lending arm of gas export monopoly OAO Gazprom, are seeking support for issuance of Islamic bonds by as many as five companies, Alexander Kazakov, director of structured and syndicated finance at the bank, said in an interview in Jakarta. Tatarstan, a Muslim-majority Russian republic, will announce a dollar- denominated sale soon, according to Kuala Lumpur-based adviser AmanahRaya Investment Bank Ltd.

(Added June 20. News: {TNI RUSSIA NEWBON <GO>})

PT BANK SYARIAH BRI: The Islamic banking arm of Indonesia’s second-largest lender by assets may sell sukuk in the next one to two years to support expansion, President Director Ventje Rahardjo told reporters in Jakarta.

(Added June 15. News: {TNI INDONESIA ISLFIN <GO>})

EGYPT: The North African country’s financial markets regulator agreed in principle on a law allowing for the sale and trade of Islamic bonds, the Egyptian Financial Supervisory Authority said in a statement on its website. The draft law will be discussed with “experts” before it is sent to the cabinet for approval, it said.

(Added June 6. News: {TNI EGYPT NEWBON BN <GO>})

KAZAKHSTAN: The government may sell at least $500 million of Islamic bonds once parliament approves a law on Islamic finance, Finance Minister Bolat Zhamishev said in an interview in the capital Astana.

(Added May 19. News: {TNI ISLAMFIN KAZAKH <GO>})

POH KONG HOLDINGS BHD.: The Malaysian jewelry maker plans to sell 150 million ringgit of Islamic debt, which will be backed by Danajamin Nasional Bhd., a state bond guarantee agency, the company said in a Kuala Lumpur exchange filing.

(Added May 18. News: {TNI MALAYSIA NEWBON <GO>})

SAUDI ELECTRICITY CO.: The state-owned utility may sell as much as $1.5 billion in Islamic bonds by the end of this year or early 2012, CEO Ali Al-Barrak told reporters at a conference in Dubai.

(Added: May 18. News: {SECO AB <Equity> TCNI BON <GO>})

TOURISM DEVELOPMENT & INVESTMENT CO.: The Abu Dhabi government-backed developer of hotels and museums may sell bonds with maturities of seven to 10 years in 2011 to finance projects, Director of Finance Wallace Long said. The debt may be conventional or Islamic, he said.

(Added April 14. News: {2306347Z UH <Equity> CN <GO>})

ABU DHABI ISLAMIC BANK PJSC: The United Arab Emirates’ second-biggest Shariah-compliant lender may sell Islamic bonds by the end of this year to help repay an $800 million sukuk that matures in December, CEO Tirad Mahmoud said at a news conference.

(Added April 10. News: {ADIB UH <Equity> CN BN <GO>.})

MASRAF AL RAYAN: Qatar’s second-largest Islamic bank plans to sell as much as $1 billion of sukuk in the fourth quarter after its board received shareholder approval, Chairman Hussain Ali Al-Abdalla said.

(Added March 29. News: {TNI ISLAMFIN NEWBON <GO>})

KUVEYT TURK KATILIM BANKASI AS: The Turkish unit of Kuwait Finance House KSC plans to sell five-year sukuk, Ufuk Uyan, the bank’s CEO said, without elaborating on when the offering will take place. Uyan said in August 2010 the Istanbul-based lender would sell more than $100 million of sukuk in 2012.

(Added March 14. News: {2665369Z TI <Equity> CN <GO>})

UNITED ARAB EMIRATES: Abu Dhabi may sell $1.5 billion in bonds in 2011 to create a long-dated benchmark, while Dubai, its smaller neighbor, also may issue $1.5 billion to fund its budget, Standard Chartered Plc said in a March 7 report. Qatar and Bahrain may sell $1 billion of securities each, the bank said. (Added March 8. News: {TNI UAE ISLAMFIN <GO>})

SOUTH AFRICA: The biggest African economy will amend legislation to allow the government to sell Islamic bonds to finance spending, Lungisa Fuzile, head of asset and liability management at the Treasury, said in an interview in Cape Town.

(Added Feb. 23. News: {TNI SAFRICA ISLAMFIN <GO>})

FRANCE: The country’s first Islamic bond may be sold in 2011 after the government introduces guidelines for sukuk offerings, said Thierry Dissaux, chief executive officer of the French Deposit Guarantee Fund. The debt may be in dollars and euros, he said.

(Added Dec. 15. News: {TNI FRANCE ISLAMFIN BN <GO>})

--Editors: Simon Harvey

To contact the reporters on this story: Elffie Chew in Kuala Lumpur at

To contact the editor responsible for this story: Sandy Hendry at

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