Goldman Sachs (GS.N) is reviving plans to issue at least $500 million worth of Islamic bonds, a sign that Islamic finance is going mainstream as big conventional banks seek to tap Middle Eastern money.
An unnamed source was cited by Bloomberg who said Malaysian billionaire Ananda Krishnan's Binariang GSM Sdn will decide whether to pursue its sale of around MYR6 billion or USD1.9 billion of Islamic bonds before the year ends.
Tilal Development would used the proceeds raised in the sukuk sale for the expansion of its flagship project in Muscat, Oman.
In choosing Dubai, the Jeddah based Islamic Development Bank is ensuring the success of its first ever sukuk issue in the Middle East.
A Reuters report said Dubai made its plans public to become the center for Islamic business and sukuk issuance in the world.
The General Authority for Civil Aviation's sukuk bond issue reach SAR15.2 billion.
Malaysia Airports Holdings was able to gather MYR 500 million from its sukuk issuance for the construction of its budget airlines terminal.
Al Baraka Turk bared its plans to issue more than USD 200 million in Islamic bonds late this year or early next year.
The Central Bank of Malaysia said no to the proposal of BIMB Holdings to issue Islamic bonds to fund its purchase of Bank Islam.
IILM Corp's debut sukuk was oversubscribed according to reports.
Sources revealed that France-based Societe Generale would be issuing a USD 300 million Islamic bond program in Malaysia.
Tilal Development Co would be issuing a sukuk whose proceeds would be used to pay off debts and expand the Muscat Grand Mall.
Al Baraka Bank of Bahrain to issue US$200 million sukuk bond.