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Majid Al Futtaim, PLUS, Al Hilal: 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 climbed to $21.8 billion in 2011, from $14.3 billion a year earlier, according to data compiled by Bloomberg.

MAJID AL FUTTAIM HOLDING LLC: The Dubai-based operator of Carrefour SA stores in the Middle East plans to raise about $500 million from the sale of five-year Shariah-compliant bonds to boost cash reserves, Daniele Vecchi, its treasury manager, said in a telephone interview. A decision on when to proceed with an offering depends on market conditions, with U.K.-based banks

PLUS Malaysia Bhd: The toll-road operator plans to sell as much as 33 billion ringgit ($10.4 billion) of Islamic bonds to fund the buyout of the nation’s biggest highway operator, Izzaddin Idris, chief executive officer of UEM Group Bhd., told reporters. State-owned UEM Group and the Employees Provident Fund, the Southeast Asian country’s largest pension fund, are the shareholders of PLUS.

(Added: Nov. 16. PLUS MK )

INTERNATIONAL ISLAMIC LIQUIDITY MANAGEMENT CORP.: The global institution set up by central banks from countries including Malaysia and Qatar postponed the industry’s first global issuance of Shariah-compliant dollar bills to next year as the multilateral agency awaits a credit rating. “It has been a long process to get a rating, to get quality underlying assets and to obtain all the parameters for the issuance,” Malaysia’s central bank Governor Zeti Akhtar Aziz, who is also chairman of

AL HILAL BANK: The state-owned lender in the United Arab Emirates hired HSBC Holdings Plc, Standard Chartered Plc and National Bank of Abu Dhabi to arrange a sale of Islamic bonds, a person familiar with the deal said. The offering is likely to happen in the first quarter of next year, the person said,

DANA GAS PJSC: The Sharjah, U.A.E.-based company said it’s working with lenders on refinancing Islamic debt. “Dana Gas is collaborating with a number of international banks for collective advice on financial strategy, capital structure, refinancing the company’s $1 billion sukuk, and for developing further the group’s plans to list its upstream business on the London Stock Exchange,” it said in a statement to the Abu Dhabi bourse.

(Added Nov. 14. News: DANA UH )

IRAN: The central bank approved the sale of about $5 billion in Islamic bonds by the Oil Ministry to help finance the development of the South Pars gas field, according to a report on the ministry’s news website. The ministry will issue the sukuk in Iranian rials by the end of the current Iranian calendar, which ends on March 19, 2012, the Shana website

SCOMI GROUP BHD.: The Malaysian engineering group plans to raise $100 million selling Islamic bonds next month to revamp its debt, Chief Executive Officer Shah Hakim Zain said.

(Added Nov. 13. News: SGB MK )

KOREA DEVELOPMENT BANK: South Korea’s state-owned policy bank started a program to sell as much as 3.5 billion ringgit of

DRB-Hicom Bhd.: The Malaysian auto, construction and property group plans to sell as much as 1.8 billion ringgit of Islamic medium-term notes, it said in a statement to the Kuala Lumpur stock exchange. The company has hired Maybank Investment Bank Bhd. as lead manager for the 15-year sukuk program, it said.

POH KONG HOLDINGS BHD.: The Malaysian jewelry maker said it has been given approval by the Securities Commission to sell 150 million ringgit of Islamic debt, which will be backed by

ANIH BHD: The toll-road concessionaire has hired CIMB Investment Bank Bhd. and Maybank Investment Bank to help arrange a 2.5 billion ringgit sale of Islamic bonds and a 620 million ringgit sale of subordinated notes, according to a person familiar with the matter. Proceeds from the sale will be used to

LANDASAN RIA SDN: The 51-percent owned company of the Malaysian Armed Forces Fund Board is planning to sell 545 million ringgit of Islamic bonds to finance the purchase of eight aircraft, according to a person with knowledge of the matter. The company has hired Maybank Investment Bank, Hong

SAUDI ARABIA: The Persian Gulf country may finance Jeddah’s King Abdulaziz International Airport expansion project by

ALBARAKA TURK KATILIM BANKASI AS: The Turkish Islamic bank owned by Bahrain-based Albaraka Banking Group BSC hired Deutsche Bank AG, Emirates NBD, QInvest Llc and Noor Islamic Bank to manage a sale of as much as $200 million of five-year Islamic

ASYA KATILIM BANKASI AS: The Turkish Islamic bank will offer as much as $300 million of five-year sukuk. Bank Asya, as the lender is known, hired Citigroup Inc. and UBS AG for the

GOLDMAN SACHS GROUP INC. The New York-based bank’s filing of a prospectus for a $2 billion Islamic bond program for listing on the Irish Stock Exchange has been approved by the Central Bank of Ireland. Goldman Sachs International unit set up Global Sukuk Company Ltd., which is incorporated in the Cayman Islands, as trustee and seller of so-called murabaha trust certificates, according to the prospectus, published on the Dublin-based central bank’s website.

(Added Oct. 19. News: GS US )

PAKISTAN: The government plans to sell 180 billion rupees ($2.1 billion) of Shariah-compliant debt in the fiscal year that ends on June 30, Assad Amin, a spokesman at the finance ministry, said in an interview. The total will include 70 billion rupees of Ijara sukuk which will be sold in the quarter ending Dec. 31, Amin said.

(Added Oct. 17. News: TNI PAKISTAN NEWBON )

ALMARAI CO.: Saudi Arabia’s largest food producer by market value may set up its first Shariah-compliant bond program by early 2012, Chief Financial Officer Paul-Louis Gay said in an e-mailed response to questions. The riyal sukuk would be available only to the local market and would help finance an “ambitious

MYDIN MOHAMED HOLDINGS BHD.: A Malaysian operator of hypermarkets and convenience stores plans to sell 350 million ringgit of Islamic bonds, according to RAM Rating Services. The

BARWA BANK: The unit of Barwa Real Estate Co., Qatar’s biggest property developer by assets, plans to sell Islamic

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

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

ABU DHABI NATIONAL ENERGY CO.: The state-owned utility, also known as Taqa, plans to sell as much as 3.5 billion ringgit

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

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

PALESTINE MONETARY AUTHORITY: The central bank plans to issue $50 million of Islamic debt this year, Jihad Al Wazir,

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

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.

ACWA POWER INTERNATIONAL: The Saudi Arabia-based developer of electricity and water projects may sell $300 million of

AL BARAKA BANK EGYPT ESC: The Cairo-based Islamic unit of Albaraka Banking Group BSC expects to raise 1 billion Egyptian

JORDAN: Jordan’s government plans to sell as much as $750 million of Shariah-compliant debt to finance its budget deficit

NIGERIA: Nigeria wants to sell its first Shariah-compliant bonds within 18 months as sub-Saharan Africa’s second-largest

SENEGAL: The West African nation’s $200 million sukuk to be sold later this year will be used for budgetary support, said

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-

PT BANK SYARIAH BRI: The Islamic banking arm of Indonesia’s second-largest lender by assets may sell sukuk in the next one

KAZAKHSTAN: The government may sell at least $500 million of Islamic bonds once parliament approves a law on Islamic

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

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,

MASRAF AL RAYAN: Qatar’s second-largest Islamic bank plans to sell as much as $1 billion of sukuk in the fourth quarter

UNITED ARAB EMIRATES: Abu Dhabi may sell $1.5 billion in bonds in 2011 to create a long-dated benchmark, while Dubai, its

SOUTH AFRICA: The biggest African economy will amend legislation to allow the government to sell Islamic bonds to

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

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