Press Releases - TO RAISE $200M SUKUK BY YR-END



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Dubai (Zawya Dow Jones), 29 August, 2006

Albaraka Banking Group TO RAISE $200M SUKUK BY YR-END

Albaraka Banking Group plans to raise a $200 million sukuk by the end of this year, the bank's chief executive said Tuesday.

Adnan Yousef told reporters Bahrain-based Albaraka is in talks with Emirates Islamic Bank and an international bank in Dubai to arrange the issuance.

"This (sukuk) is the next logical step for us after the IPO and getting listed," he said at an event to announce the listing of the bank's shares on Dubai International Financial Exchange.

Yousef said the sukuk, to be listed on the DIFX and Bahrain Stock Exchange, would be issued once the bank had received a financial rating.

Albaraka Monday also signed an agreement with the Bahrain Stock Exchange to list its shares in Manama from Sept 4.

With paid-up capital of $630 million, Albaraka will be one of the biggest Islamic financial institutions listed on the BSE.

The bank, which is expanding regionally, will also be the first Islamic financial institution to list on the DIFX, which currently lists five equities.

-By Sarmad Khan, Dow Jones Newswires
(END) Dow Jones Newswires