We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Dubai’s MAF picks 4 banks for $1B sukuk programme

Majid Al Futtaim (MAF) Holding, the sole franchisee for hypermarket chain Carrefour in the Gulf, has picked four banks to set up a $1 billion Islamic bond programme, a prospectus issued by the Dubai-based mall developer showed.


January 8, 2012 10:36 by

Local lenders Dubai Islamic Bank and Abu Dhabi Islamic Bank join HSBC and Standard Chartered on the programme, according to the prospectus dated January 6.

Reuters reported in October that HSBC and Standard Chartered would arrange the documentation for a planned Islamic bond, or sukuk, programme and create a process for other banks to pitch for lead manager slots at a future date.

MAF, which completed roadshows for a conventional offering from its $2 billion medium term notes programme in June, chose not to issue a bond because of unfavourable market conditions.

The company has been eyeing global debt markets for several months, and has set up a sukuk programme to have the option to tap Islamic liquidity and healthy demand for Islamic assets amid ongoing global risk aversion.

In November, a senior executive said the eventual sukuk would be between $350 million and $500 million carry a five-year tenor. (Reporting by Rachna Uppal, Editing by Dinesh Nair)


Tags: , , , , , , , , , ,

Leave a Comment