Saudi Electricity, Bank Muscat, Gulf Finance: Islamic Bond Alert

The following borrowers plan to offer sukuk, which pay returns on assets to comply with Islam’s ban on interest. Global sales reached $9.6 billion this year compared with $8.6 billion in the same period of 2013, data compiled by Bloomberg show.

SAUDI ELECTRICITY CO.: The power company has picked Deutsche Bank AG, HSBC Holdings Plc and JPMorgan Chase & Co. to arrange investor meetings in the U.S. and Europe starting March 25 for a possible sukuk sale, according to a person with knowledge of the offering, who asked not to be identified because they weren’t authorized to speak publicly.

(Added March 24. News: SECO AB)

IJM Corp: The Malaysian construction company plans to sell up to 3 billion ringgit ($910 million) of Islamic bonds, according to an e-mailed statement from RAM Rating Services Bhd. which rates the notes AA3.

(Added March 24. News: IJM MK)

THE SAUDI INVESTMENT BANK: The lender has picked Riyad Bank to arrange a subordinated riyal-denominated Islamic bond issue, according to a March 20 Reuters report citing unidentified banking sources.

(Added March 20. News: SIBC AB)

BANK MUSCAT SAOG: The Omani bank’s shareholders have approved a proposal to set up a 500-million rial ($1.3 billion) sukuk program and a plan to sell up to 1 billion rials of Shariah-compliant debt in Saudi Arabia, according to a stock exchange filing.

(Added March 20. News: BKMB OM)

GULF FINANCE HOUSE BSC: The Bahrain company will seek the approval of its shareholders to issue up to $500 million of Islamic notes to restructure liabilities and finance projects and acquisitions, according to a statement posted on the Dubai stock market’s website.

(Added March 20. News: 0554421D BI)

PERTAMINA PERSERO PT: The state-owned Indonesian oil and gas company may sell $3 billion of global bonds, some of which will be sukuk, in the middle of the year, local newspaper Bisnis Indonesia reported, citing a person it didn’t identify.

(Added March 17. News: PERT IJ)

MAYBANK ISLAMIC BHD.: The Shariah-compliant unit of Malaysia’s biggest lender set up a 10 billion ringgit Basel III sukuk program, according to a person familiar with the matter who asked not to be identified because the information isn’t public yet.

(Added March 14. News: MAY MK)

TURKIYE FINANS: The Istanbul-based Islamic lender plans to sell $750 million of Islamic bonds to qualified investors abroad, according to a weekly bulletin posted on the Ankara Capital Markets Board’s website.

(Added March 10. News: 886031Z AB )

FIRST GULF BANK PJSC: U.A.E.’s third-largest lender’s planned 3.5 billion ringgit sukuk program was assigned a AAA rating by RAM Rating Services Bhd., according to a statement from the Malaysian assessor.

(Added March 7. News: TNI ISLAMFIN)

ISLAMIC DEVELOPMENT BANK: The multinational lender plans to issue Islamic bills this year, Vice President of Finance Abdulaziz al Hinai told reporters in Dubai.

(Added Feb. 27. News: 576200Z AB)

PUBLIC BANK BHD.: Malaysia’s second-biggest lender by market value submitted a proposal to set up a 5 billion ringgit Basel III-compliant Islamic bond program, IFR reported, citing unnamed bankers.

(Added Feb. 27. News: PBK MK)

DANAINFRA NASIONAL BHD.: Malaysia’s state-owned company formed to finance construction of a subway system may offer Islamic bonds twice this year, selling $100 million each time, Reuters reported, citing Jamaluddin Nor Mohamad, head of Islamic and alternative markets at Bursa Malaysia.

(Added Feb. 24. News: 0628357D MK)

PAKISTAN: The government may sell Shariah-compliant notes following a planned offering of Eurobonds in March, Finance Minister Ishaq Dar said at a press conference in Dubai.

(Added Feb. 9. News: TNI ISLAMFIN)

OMAN: The nation is considering selling sukuk by the end of 2014 to fund the construction of a rail project, Oman National Railway Director Abdulrahman Al Hatmi said at a Dubai conference.

(Added Feb. 4. News:TNI ISLAMFIN)

U.K.: The European nation has chosen HSBC Holdings to arrange its debut Islamic bonds planned for this year or next, according to an e-mailed statement from the Treasury. Prime Minister David Cameron announced the plan in October to sell 200 million pounds ($333 million) of sukuk.

(Added Jan. 31. News: TNI ISLAMFIN)

ASYA KATILIM BANKASI AS: The Istanbul-based lender plans to issue $500 million of sukuk this year, Chief Executive Officer Ahmet Beyaz said in an interview.

(Added Jan. 22. News: ASYAB TI)

YAMAMAH SAUDI CEMENT CO.: The Riyadh-based company plans to sell Shariah-compliant debt with a maturity of more than three years, according to a stock exchange filing.

(Added Jan. 20. News: YACCO AB)

ACWA Power International: The Riyadh-based energy company will offer $250 million to $400 million of sukuk toward the middle of the year, Chief Executive Officer Paddy Padmanathan said in an e-mailed response to questions.

(Added Jan. 15: News: 3486180Z AB)

WEST COAST EXPRESSWAY SDN.: The Malaysian toll road concessionaire plans to sell 1.5 billion ringgit of Shariah-compliant debt to part-finance the construction of a 233-kilometer highway, two people familiar with the matter said, asking not to be identified because the information is private.

(Added Dec. 31. News: TNI ISLAMFIN)

YEMEN: The Middle East nation is planning to raise 50 billion Yemeni rials ($233 million) from Islamic bonds, Mohammed Alhafi, general manager of the central bank’s sukuk unit, said in an interview.

(Added Dec. 23. News: TNI ISLAMFIN)

BANGLADESH: The nation is actively considering a sovereign dollar sukuk sale as much as $1 billion in 2014, Hassan Zaman, chief economist of Bangladesh central bank, said in an interview in Singapore.

(Added Oct. 31: News: TNI ISLAMFIN)

TUNISIA: The North African nation may issue about $500 million of Islamic bonds by April, central bank Governor Chedly Ayari said.

(Added Sept. 29. News: TNI ISLAMFIN TUNISIA)

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