Islamic Finance

Ras Al Khaimah completes US$400mn sukuk

On July 22, the Ras Al Khaimah government completed the formal documentation and signing for its US$400mn sukuk issue, with Standard Chartered Bank, BNP Paribas and Liquidity House acting as joint bookrunners.

Canadian golf resort looks to issue sukuk

Bear Mountain, a luxury hotel and golfing resort in Victoria, Canada, is looking to the sukuk market to raise up to US$380mn to re-finance a loan it took out from HSBC. It would be the first publicly-rated sukuk issued in Canada.

Could London be the global centre for Islamic finance?

London, amid the gloom of the global credit crunch, one topic is sure to bring a smile to the faces of the City's down-trodden bankers: Islamic finance. While the sukuk market is as quiet as other bond markets this year, City players are still positioning themselves in expectation of a prolonged boom in Sharia-compliant financial products. The Islamic Development Bank in Jeddah predicts that global sharia financial assets will grow by 20% per annum from US$900bn to US$2trn by 2010. And a lot of that business is going through London.