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Saudi Aramco, Abu Dhabi Islamic Plan Sales: Islamic Bond Alert

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 fell 22 percent to $11.8 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008.

SAUDI ARABIAN OIL CO.: Saudi Aramco, the world’s largest state-owned oil company, and Total SA plan to sell Islamic bonds valued at $1 billion this year to fund construction of their joint oil refinery in Jubail, said Simon Eedle, global head of

ABU DHABI ISLAMIC BANK PJSC: The United Arab Emirates’ second-biggest Shariah-compliant lender hired HSBC Holdings Plc, Standard Chartered Plc and Barclays Plc to help sell bonds, according to two bankers familiar with the plan. The bank has a $5 billion sukuk trust certificate program, according to a

GAMUDA BHD.: The Malaysian builder plans to sell as much as 800 million ringgit ($259 million) of Islamic notes this year,

EGYPT: Egypt plans to issue guidelines on Islamic debt issuance in 2011 to pave the way for sukuk sales in the country, said Ziad Bahaa El-Din, chairman of the Cairo-based Egyptian Financial Supervisory Authority. Al Baraka Bank Egypt ESC, a Cairo unit of Bahrain-based Islamic lender Albaraka Banking

PT BANK MUAMALAT INDONESIA: The Islamic lender plans to sell 1 trillion rupiah ($112 million) of Islamic bonds in the second half of 2011, Andi Buchari, director of compliance and

SENAI-DESARU EXPRESSWAY BHD.: The operator of Malaysia’s third-longest highway in the state of Johor will issue as much as 1.15 billion ringgit of Islamic medium-term notes to bondholders in November as part of its debt restructuring program, Chief Executive Officer Mustaza Salim said. The new

CAGAMAS BHD.: Malaysia’s national mortgage company may sell more Islamic bonds this year or next following a sale in August under its 5 billion ringgit Sukuk al-Amanah Li al-Istithmar program, Chief Executive Officer Steven Choy said. The company sold 1 billion ringgit on Aug. 18. The sale was managed by Al

ISLAMIC DEVELOPMENT BANK: The Jeddah-based multilateral lender plans to sell $1 billion of five-, seven- and 10-year sukuk in the fourth quarter under its $3.5 billion Medium-Term Note program to fund development projects in its member countries, Vice President Abdul Aziz Al Hinai said. The bonds will be listed in London and Kuala Lumpur. The bank hired CIMB Group Holdings Bhd., the world’s top sukuk arranger, Citigroup

NAKHEEL PJSC: The property unit of Dubai World, may issue as much as $3.2 billion of five-year sukuk to pay contractors as part of its debt restructuring plan, JPMorgan Chase & Co. said in a report Aug. 26. The bond to be issued against trade claims is estimated to have a fair value in the low 60 cents to the U.S. dollar, it said. The developer aims to settle 1.5 billion dirhams ($408 million) it owes to contractors in September, Chairman Ali Lootah was cited as saying by the Al Bayan newspaper on Aug. 30. Nakheel is in preliminary talks with

MALAYSIA DEBT VENTURES BHD.: The venture capital firm owned by the Ministry of Finance plans to sell as much as 500 million ringgit of sukuk in September or October next year to fund investments in technology projects, said Chief Executive Officer

ALBARAKA BANKING GROUP: The largest listed Islamic bank in Bahrain expects to raise $200 million from the sale of Shariah-compliant bonds before the end of the year, using Standard

ARAB PETROLEUM INVESTMENTS CORP.: The energy investment unit of the Organization of Arab Petroleum Exporting Countries, plans to sell a Saudi riyal-denominated benchmark-sized bond as

INDONESIA: Southeast Asia’s largest economy plans to sell Islamic debt in the overseas market in the first half of 2011 and for individual investors in the first quarter, said Rahmat

KONSORTIUM LEBUHRAYA UTARA-TIMUR: The owner of the Duta-Ulu Kelang Expressway in Malaysia plans to offer creditors as much as 780 million ringgit of sukuk to replace existing debt as part

TURKEY: Citigroup Inc. plans to arrange more sales of Islamic bonds from Turkey after managing a $100 million issue for Kuveyt Turk Katilim Bankasi AS, said Hulusi Horozoglu, director of global Islamic banking at Citigroup. Kuveyt may sell more than $100 million of five-year sukuk in 2012, the company’s Chief Executive Officer Ufuk Uyan said on Aug. 25. The Turkish government may consider selling yen-denominated bonds or Islamic securities, Emre Balibek, the Treasury’s deputy general director

PAKISTAN: The South Asian country plans to sell sukuk maturing in a year or less in the domestic market, according to an e-mailed statement from Syed Wasimuddin, a spokesman for

SUDAN: The African nation will delay the sale of $300 million of Islamic bonds until next year as it waits for global markets to recover from the economic crisis, central bank

KAZAKHSTAN: The former Soviet republic that last sold debt overseas in 2000 is planning a debut Islamic bond sale this year

PHILIPPINES: State-owned Al-Amanah Islamic Bank is looking to sell the nation’s first Islamic bonds, the lender’s President

THAILAND: The Islamic Bank of Thailand, the nation’s only bank to comply with Shariah law’s ban on interest, plans to sell 5 billion baht ($163 million) of Islamic bonds in the fourth quarter to expand lending. The sukuk will be offered to local

JORDAN: Jordan may sell $500 million of conventional or Islamic bonds internationally to help the government with its finances and take advantage of low borrowing costs, Finance Minister Mohammad Abu Hammour said, without specifying the size

AHMED SALEM BUGSHAN GROUP: The Saudi Arabia-based company, known as ASB, plans to raise as much as $100 million selling five-year Islamic bonds to fund projects including a mega-steel plant and a real-estate development, Mohamed H. Zakaria, senior vice president of the group, said in an e-mailed statement. The bond will offer a semi-annual return of 125 basis points more

SAUDI ELECTRICITY CO.: The Arab world’s largest utility company may issue global sukuk in 2011 after April’s sale of 7

LUXEMBOURG: The country is considering selling Islamic

KENCANA PETROLEUM BHD.: The Malaysian oil and gas contractor will sell 250 million ringgit of Islamic bonds this year to help finance vessel purchases. State bond insurer

WAHA CAPITAL PJSC: The Abu Dhabi-based investment and leasing company said its shareholders approved a plan to issue

VTB BANK OJSC: VTB Bank plans to sell Islamic bonds worth about $200 million in the second half of the year, Reuters

EMIRATES INTEGRATED TELECOMMUNICATIONS CO.: The Dubai-based phone operator known as Du, may consider selling Islamic bonds

LAFARGE MALAYAN CEMENT BHD.: Malaysia’s largest cement maker will sell as much as 350 million ringgit of Islamic bonds under a seven-year program to fund expansion, the company said

LEBANON: Lebanon may sell Islamic bonds in 2011, according to the central bank in February. The country has more than $2 billion of dollar-denominated debt maturing this year, according

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