Noor Islamic mulls $300m Gulf, Turkey bonds
Dubai, April 13, 2011
Noor Islamic Bank, 25-percent owned by Dubai Investment Group, has two sukuk (Islamic bond) mandates, one each in the Gulf region and Turkey, the lender's chief executive said.
The deal size on both issues would be between $250 million to $300 million, Hussain Al Qemzi told reporters on the sidelines of a conference in Dubai.
'We're not seeing the mega deals of three or four years ago...but we are going to do two more (sukuk) by the end of the year,' Qemzi said.
Noor Islamic Bank is part of the investment arm of Dubai Holding, owned by Dubai ruler. During its launch in 2008, the bank said it aimed to be world's largest Islamic bank within five years through acquisitions in countries such as Indonesia, Egypt and Britain.
But Qemzi said the lender had changed its expansion model from before and had no plans to build presence in other markets at present.
He also denied the bank had plans to merge with another financial institution for the time being. The lender posted an operating profit for the first time in 2010.-Reuters