Dubai's Majid Al Futtaim Holding, sole franchisee of hypermarket chain Carrefour in the Gulf, is to set up a sukuk programme as market volatility continues to thwart its plans for a conventional issue, an executive told reporters today.
MAF completed roadshows for an offering from its $2 billion medium term notes programme in June but chose not to issue a bond because of unfavourable market conditions.
"The next building block is to add a sukuk programme, the sukuk market is more stable," Daniele Vecchi, senior vice president, group treasury, at MAF, said on the sidelines of an Islamic finance conference.
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