Monday 8 September 2014

Goldman Sukuk Lures Mideast’s Top Fund Manager Mashreq - Bloomberg

Goldman Sukuk Lures Mideast’s Top Fund Manager Mashreq - Bloomberg:



"Goldman Sachs Group Inc. (GS) will probably succeed in its latest attempt to sell sukuk as investors clamor for Islamic bonds, according to the manager of the Middle East and Africa’s best performing sukuk fund.



Buyers “have to look at different opportunities” with demand outpacing supply, according to Abdul Kadir Hussain, who oversees about $700 million as the chief executive officer of Mashreq Capital DIFC Ltd. Goldman Sachs will meet investors in the region this week before potentially selling a dollar-denominated, benchmark-sized issue through its unit JANY Sukuk Co., people with knowledge of the deal said last week.



The New York-based lender’s first foray into the Islamic capital markets three years ago ended without a sale amid criticism from scholars about the structure of its sukuk program and the use of funds raised. This time the planned security will be a Sukuk al Wakala, where one party entrusts another to act on its behalf."



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