Majid Al Futtaim (MAF) Holding LLC, sole franchisee of hypermarket chain Carrefour in the Gulf and operator of malls and hotels across the Middle East, raised $400 million (Dh1.47 billion) with its maiden sukuk (Islamic bonds).
The five-year sukuk was raised at 5.85 per cent. Majid Al Futtaim is rated the second-lowest investment grade of BBB by Standard & Poor's.
Considering the fact that the company is a non-government issuer tapping the sukuk market for the first time, analysts said the pricing is competitive.
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