A number of government bodies including the Finance Ministry were currently considering the privatization of a number of government funds including the Real Estate Development Fund ( REDF), the Saudi Credit Bank (SCB), the Centennial Bank (CB) and others, local daily Al-Madinah reported Friday quoting an official source. According to the source, the step was aimed at ensuring these funds would be able to increase their capital, especially now there are additional resources to augment the
Middle East and Malaysia are expected to fuel a major spurt in global sukuk issuance in 2012 to an estimated $44 billion, up 66 per cent on 2011, experts on Islamic bond market said. Mohammed Dawood, managing director of Islamic global markets, Europe, Middle East and Africa for HSBC Amanah, said the dramatic increase in sukuk issuance has been triggered by Islamic bonds’ remarkable performance amid the global meltdown. “We expect a significant increase in sukuk issuance this year because it p
Saudi Arabia’s General Authority for Civil Aviation (GACA) is set to print a 15 billion riyals ($4 billion) ten-year sukuk, its debut Islamic bond offering, a source familiar with the matter told Reuters on Monday. The transaction will carry a profit rate of 2.5 per cent, the source added, who spoke on condition of anonymity. Investor meetings ahead of the sukuk sale began on January 10, a statement carried by the Saudi Press Agency said at the time. The sukuk is fully guaranteed by the Saudi
Nabil Rantisi, who sold stocks during the United Arab Emirates’ boom, now oversees orders of roast beef and Yorkshire pudding wraps from crowds including former clients.
Domestic insurers in Saudi Arabia have seen their business expand very quickly in recent years as health insurance has become widespread. Once it became mandatory for expatriate staff in 2008, medical insurance spread to domestic employees, and is now the biggest line of business in the Kingdom. Compared with insurers in Western markets, insurers in the kingdom tend to focus more on achieving a return on equity through underwriting alone. Investment strategies are conservative, and contribute l