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Malaysia, Yemen, Gulf Investment, France: 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 24 percent to $15.3 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.

MALAYSIA: Malaysia will sell 1.5 billion ringgit ($485

YEMEN: Yemen plans to raise $500 million from the sale of

DUBAI: The government is “likely” to sell bonds next year and a Malaysian offering is possible, Abdulrahman Al Saleh, the director general of the emirate’s Department of Finance said. The country hired CIMB Investment Bank Bhd. as a lead arranger to help sell multi-currency sukuk in Malaysia that may range between $1 billion and $1.5 billion, according to a person with knowledge of the plan. The timing of the sale hasn’t been

GULF INVESTMENT CORP.: The Kuwait-based financial institution will set up a 3.5 billion ringgit Islamic fund-

FRANCE: The country’s first Islamic bond may be sold in early 2011 after the government introduces guidelines for sukuk offerings, said Thierry Dissaux, chief executive officer of the

SAUDI INTERNATIONAL PETROCHEMICAL CO.: The company, based in Al-Khobar, will sell at least 1.5 billion riyals ($400 million) of Islamic bonds to fund expansion plans, it said in a statement on the Saudi bourse website. The bonds will be issued

GENERAL ELECTRIC CO.: The company is looking to sell Islamic bonds in the “near future,” Nabil Habayeb, the company’s president for the Middle East and Africa, said in Abu Dhabi without giving details. Its unit General Electric Capital

PALESTINE MONETARY AUTHORITY: The central bank of Palestine may sell as much as $50 million of Islamic notes in 2011 to jumpstart the territory’s Shariah-compliant finance industry and

NAKHEEL PJSC: The property unit of Dubai World may issue an Islamic bond to trade creditors in the first quarter, said Faisal Mikou, executive vice president at the Investment Corp. of Dubai, on Nov. 28. The developer of palm-shaped islands off Dubai’s coast may issue as much as $3.2 billion of five-year

SABAH CREDIT CORP.: The state-backed investment company hired AmInvestment Bank as the principal adviser and lead arranger to help sell as much as 1 billion ringgit of Islamic bonds next year, which will be the company’s first sukuk

CREDIT AGRICOLE SA: The French bank is working on two or three benchmark Islamic bonds from the six-member Gulf Cooperation Council and they will be sold before the end of the

NOOR ISLAMIC BANK: A lender controlled by Dubai’s government is working on two sukuk sales for the first quarter and may underwrite four to five Islamic bond sales in 2011,

NATIONAL COMMERCIAL BANK: Saudi Arabia’s largest lender will sell its first Islamic bond in the second quarter of 2011, said Abdulrazzak Elkhraijy, executive vice president and head of

KPJ HEALTHCARE BHD.: The Malaysian healthcare provider plans to sell as much as 500 million ringgit of sukuk to help refinance existing debt and fund the company’s capital spending

EMIRATES TELECOMMUNICATIONS CORP.: The United Arab Emirates’ largest phone operator, known as Etisalat, said it will sell sukuk under its $1 billion Islamic bond program, part

SENEGAL: The West African nation may sell its first Islamic bond with involvement from Citigroup Inc., a Finance Ministry spokesman said. “We are working on this, but it’s not yet for sure,” said Ousmane Gueye in an interview in Dakar, the capital.

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

ISLAMIC DEVELOPMENT BANK: The multilateral lender plans to sell at least $500 million of sukuk in 2011 to meet its funding

THAILAND: The Islamic Bank of Thailand, the nation’s only bank to comply with Shariah law’s ban on interest, will delay its first sale of sukuk until early next year as it awaits new guidelines from the securities commission, President Dheerasak Suwannayos said. The country is also considering selling 40 billion baht ($1.3 billion) to 50 billion baht of Islamic bonds

KNM GROUP BHD.: The Malaysian oil and gas services provider won approval from the Securities Commission to sell as much as 1.5 billion ringgit of Islamic debt, according to a company filing to the Kuala Lumpur stock exchange. The proposed issue

CAGAMAS BHD.: Malaysia’s national mortgage company may sell more Islamic bonds this year and next following a sale in August under its 5 billion ringgit Sukuk al-Amanah Li al-Istithmar, or ALIm, program, Chief Executive Officer Steven Choy said. The company sold 500 million ringgit of Islamic bonds on Oct. 18,

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

GAMUDA BHD.: The Malaysian builder plans to sell as much as 800 million ringgit of Islamic notes under its 25-year Islamic

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 ($111 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 as part of its debt restructuring program, Chief Executive Officer Mustaza Salim said. The new issue includes

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

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

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 in August. Kuveyt may sell more than $100 million of five-year sukuk in 2012, the company’s Chief Executive Officer Ufuk Uyan said Aug. 25. The government may consider selling yen-denominated bonds or Islamic securities, Emre Balibek, the Treasury’s deputy general

KAZAKHSTAN: The former Soviet republic that last sold debt overseas in 2000 is planning a debut Islamic bond sale this year to broaden its investor base after canceling a Eurobond offering

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

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

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

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