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The Gulf Says Hello to Halal Hospitality

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The Gulf Says Hello to Halal Hospitality The World’s Leading Islamic Finance News Provider 21st May 2014 (All Cap) 1100 Demand for dry: The Gulf says 1075 hello to Halal hospitality 0.99% 1050 1,045.89 Bricks and mortar are a standard favorite The Walk at Jumeirah Beach Residence, and 1,035.58 for Islamic investors; but the hotel has also bought land on Palm Jumeirah for business has always been a tricky beast a 160-room hotel to open in 2016. 1025 due to its exposure to impermissible revenue from Haram activities such Strong demand 1000 as alcohol sales. A slew of recent new W T F S S M T Hotel demand in Dubai is booming, and ‘Shariah compliant’ hotel launches fi rms are falling over themselves to leverage Powered by: IdealRatings® has highlighted an exciting trend in this growth. DAMAC recently saw fi rst the hospitality sector: but where is the Volume 11 Issue 20 quarter profi ts bounce by almost 80%, and demand really coming from - and just how recently re-weighted its US$1.9 billion IFN Rapids .........................................................2 Islamic are they? This week we take you development portfolio to include a greater Islamic Finance news .........................................7 on a comprehensive journey into the heart proportion of hotel and serviced hotel Column ............................................................18 of Halal hospitality. Shariah Pronouncement .................................19 apartment projects - which now represent IFN Reports: 40% of its total pipeline. The developer is South Africa: Our Sukuk race winner?; Looking Last week UAE developer DAMAC capitalizing on this trend through Islamic beyond the chaos: Can Turkish real estate Properties announced the launch of channels, including the issuance in April recover?; Iran off ers tentative opportunities Constella, a serviced apartment block of US$650 million in Sukuk which saw for Islamic investors; Dubai Investments sees claiming to be the fi rst offi cially Shariah an exceptional reception from investors, opportunities in Asia and Africa; SME fi nancing compliant serviced residences in Dubai, — slowly but surely; Islamic securitization in resulting in an increase from the targeted the GCC set to pick up pace; New markets for managed under Shariah principles and with US$500 million and more than four times AmMetLife Takaful? ..........................................20 certifi cation from Dar al Sharia. According over-subscribed. Special Reports: to Ziad El Chaar, the managing director of Brokerage fi rm rating in the capital market of the DAMAC Properties: "Constella presents a According to Deloitt e’s most recent Middle Islamic Republic of Iran .....................................27 unique opportunity to invest in the Dubai East Hotel Market Insight report, the Will Shariah compliant wills create a dual legal real estate market in line with the principles system in the UK? .............................................29 demand for hotel accommodation in Dubai and beliefs of many of our customers, Case Study: has grown signifi cantly in the last seven Investment Corporation of Dubai Sukuk debut particularly those from Saudi Arabia and years. Across the upmarket sectors, demand 2014....................................................................30 here in the UAE." measured in rooms sold rose by almost 79% between 2006-13. Dubai is currently Country Focus: Australia And New Just this week Maisarah, the Islamic Zealand home to over 650 hotels, including 65% banking arm of Bank Dhofar, also signed a (334) of the UAE’s total hotels, according IFN Analysis: Islamic fi nance down under: OMR17 million (US$43 million) agreement Opportunities in Australia and New Zealand .. 25 to data from STR Global, with a further 57 Feature: Shariah based retirement planning with Tameer Investment to fi nance the new hotels in the construction pipeline, — expanding the range ..........................35 new Wave Plaza Hotel in Oman. And this refl ecting a substantial improvement not just a fl ash in the pan, but looks in market confi dence. Recent Sector Focus: Equity Capital Market to be part of a wider Gulf trend. In announcements from the Dubai IFN Analysis: The fl ip side: Islamic fi nance September last year R Hotels Group, a equity capital markets ........................................26 Tourism and Commerce Marketing UAE-based operator which currently Department on its goals to Takaful Features: Index-based livestock runs three Shariah compliant Ramada dramatically increase the number insurance: Protecting living assets from hotels across the emirates, announced of hotels has further fuelled the severe drought .......................................... 36 a AED1.5 billion (US$408.3 million) market, while a range IFN Country Correspondents: expansion in Dubai to exploit of incentives was also Australia ................................................. 31 the rapid growth of tourism. recently announced to IFN Country Correspondents: The group recently opened Private Equity And Venture Capital ....... 32 Book Excerpt: Introduction to The Islamic a new 175-room Ramada in continued on page 3 Finance Handbook: A practitioner’s guide to the global markets ...................................................33 Deal Tracker .....................................................37 REDmoney Indexes ........................................38 Eurekahedge data ...........................................40 Performance League Tables ...........................42 Events Diary.....................................................46 Company Index ...............................................47 Subscription Form ...........................................47 www.islamicfi nancenews.com IFN RAPIDS Banque Saudi Fransi to meet compliant fund option this Moody’s affi rms Qatar DEALS investors with regards to month Islamic Insurance Company SAR2 billion Sukuk (US533.16 rating of ‘Baa2’ Central Bank of Bahrain Union National Bank reports million) at the end of May, monthly Sukuk issue a 16.11% return for its Shariah RAM assigns stable sovereign according to news report oversubscribed by 378% compliant Al Samaha Fund ratings to Kuwait Putrajaya Holdings’ Sukuk Saudi Telecom due to issue Investment fi rms including MARC affi rms Westports Murabahah and Musharakah SAR500 million (US$133.29 Shariah compliant Tadhamon Malaysia Sukuk at ‘AA+IS’ due and payable next week million) Sukuk program at the Capital form Bahrain’s fi rst Cagamas MBS secures end of May asset managers association ‘AAAID’ rating for RM2.05 Investment Corporation of NEWS billion (US$634.09 million) Dubai raises Sukuk value Cabinet fi nally approves TAKAFUL Sukuk Musharakah based to US$700 million following introduction of Islamic on low defaults and healthy Family Takaful highlighted as strong demand banking in Uganda repayments a critical target for Malaysia’s IDB eyes May 2015 Tajikistan to pass Islamic Economic Transformation RAM reaffi rms Thailand’s benchmark-sized Sukuk banking law by the end of Program global and ASEAN scale issuance in line with plans to June ratings based on sound MetLife International come to market every year fi nancial stability and strong Financial Investment Bank Holdings plans to expand external position amid Turkish real estate investment implements iMAL Islamic into Muslim markets political turmoil trust to enter Sukuk market core banking system outside of Malaysia using with US$100 million off ering Takaful expertise gained via Cagamas MBS’ RM2.11 Securities and Exchange next month partnership with AMMB billion (US$656.18 million) Commission of Pakistan Holdings Sukuk Musharakah receives South Africa expected to proposes tax exemption for ‘AAAIS’ rating by MARC launch maiden sovereign companies issuing Sukuk in Capital Market Authority Sukuk worth US$500 million the 2014-15 budget fi nes Ahli Takaful for failing MARC withdraws ‘AA-ID’ st on the 1 June to announce appointment of rating on Maju Expressway’s Dubai Islamic Bank Pakistan board member to the public RM550 million (US$171.04 IILM to issue US$490 million launches consumer durable nd million) Islamic facility at short-term Sukuk on the 22 fi nance product enabling Securities and Exchange issuer’s request May 2014 customers to purchase Commission of Pakistan Sovereign US$140 million electronic and household issues requirements for Sukuk issuance confi rmed items Takaful windows MOVES for September, according to Bank Islam Malaysia aims to Qatar Rail project to aid in Bahrain Bourse names Tunisia’s fi nance minister increase branch network to the Takaful industry’s human Shaikh Khalifa Ebrahim Al Bank Negara Malaysia 150 by 2015 capital development Khalifa as new CEO releases May issuance plan Basel III-compliant Sukuk, a Oman Arab Bank appoints RHB Islamic Bank’s RM500 catalyst for the global Sukuk RATINGS Abdul Qader Al Bulushi to market lead Islamic banking operations million (US$154.66 million) Fitch upgrades rating for Sukuk Murabahah receives Affi n Research maintains Qatar International Islamic Arab Banking Corporation overwhelming demand at a buy call on Shariah compliant Bank to ‘A’ announces the appointment bid-to-cover ratio of 7.5 times Alam Maritim shares of new group chief fi nancial Potential revision in adjusted offi cer Al Baraka Banking Group Hong Kong could be Islamic valuation of properties drives engages South African and fi nancial market leader down outlook on Menara Gulf Bond and Sukuk Pakistani authorities to for renminibi, according ABS’ Sukuk tranches to Association names discuss Sukuk issuance plans to Bank Negara Malaysia negative Mohammed Albensaleh
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