1. WEEKLY BRIEFING
Issue 38 | Sunday, June 30, 2013
FEATURE
Dubai sukuk and bond yields spikes: more than meets the
eye
By Blake Goud / IFG
PORTLAND | Sat, Jun 29
`
Developed market bond funds do invest in sukuk, but they are
primarily invested much more in emerging market conventional
bonds, so the flows into emerging market fixed income is more
likely to flow to conventional bonds, not sukuk. More of the
investors in sukuk, even international sukuk, come from regional
sharia-sensitive investors that tend to hold them until maturity.
- Continued on Page 4 & 5
INSIDE THIS ISSUE
Focus session with IIFM CEO on unrestricted master wakala
agreement.................................................................................... 3
Dubai sukuk and bond yields spikes: more than meets the eye .. 4
Oman's first sukuk gets regulatory approval -lead........................ 7
MIDEAST DEBT-Sukuk-backed sukuk test industry's appetite for
complexity.................................................................................... 8
Anti-Mursi protests to weigh on Egypt bourse .......................... 10
FOREX-Dollar rises on talk of cutback in Fed easing by
September .............................................................................. 11
In turbulent times, frontier stocks hold on to long-haul investors 12
ICAP executive seen linked to LIBOR scandal - Wall Street
Journal....................................................................................... 13
Source: Thomson Reuters EIKON - Indices Guide <Indices>
This week yields rose dramatically for both Dubai‘s bonds and sukuk
by the largest amount since the Dubai debt crisis even as the UAE
was upgraded to Emerging Market status by index compiler MSCI.
The move in sukuk was less dramatic than in bonds, with yields
rising 22.5 basis points (bps) compared with a 31.1 bps increase for
bonds, with some commentators considering the lower rise in sukuk
yields as support to the idea that sukuk markets are more resilient.
However, there are other factors that belie this explanation and
under different conditions, sukuk yields could move more rapidly
than conventional bonds.
Emerging markets have seen significant inflows in recent years as
yields remain low in developed markets as their central banks
continue to hold rates low to try and boost their slow recovery from
the Great Recession.
100
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105
108
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110
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13
Global Sukuk and Bond Indices
DJ Sukuk Index
Thomson Reuters Global Sukuk Index
0.4
0.6
0.8
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1.2
1.4
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0.6
0.8
1.0
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May-12 Jul-12 Sep-12Nov-12Jan-13Mar-13May-13
IIBR Vs. LIBOR, (USD 6 month)
6 Month USD IIBR 6 Month USD LIBOR

2. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 2
NEWS WRAP UP
 HSBC considers quitting Iraq by selling Dar Es Salaam bank
stake - RTRS
 New emir: Qatar will pursue its "independent behaviour" - RTRS
 Zain Saudi extends $2.4 bln loan until July 31 –statement -
RTRS
 Dubai developer Nakheel in talks to refinance $2.2 bln loan -
RTRS
 Mauritius‘ Weston Capital Expresses Interest To Buy Bank
Mutiara - Ventures Africa
 Basel presses ahead with plans to limit bank borrowing -
Financial Times (registration)
 DP World increases Dubai port capacity - Zawya
 Workers in emerging economies most concerned how
companies behave - RTRS
 Qatar's emir hands power to son in rare Gulf abdication - RTRS
 Egypt debt insurance costs hit record highs-Markit - RTRS*
 Bright spots lurk among Asia's submerging markets - RTRS
 Islamic finance lobby plans regional network - RTRS
 In turbulent times, frontier stocks hold on to long-haul investors -
RTRS
 Indonesia IPO train derails as investors hit the exits - RTRS
 Singapore, Malaysia face economic hit from prolonged smog -
RTRS
 RPT-INVESTMENT FOCUS-Golden ratings era ending for
emerging markets - RTRS
 Qatar readies new leadership, little policy change expected -
RTRS
 Saudi Alhokair units sign $1.2 bln financing for real estate deals
- RTRS
 Arbitration in Malaysia: Taking it to the next level - The Star
 ACWA expects to keep Saudi power plant project after fuel
change - RTRS
 UPDATE 1-Dubai's Arabtec extends $650 mln share offer period
ARTC.DU - RTRS
 MIDEAST DEBT-Bahrain between rock and hard place in bond
decision - RTRS
 UPDATE 1-Dubai Group sells credit card firm to First Gulf Bank
- RTRS
 Central banks told to head for exit - Financial Times
(registration)
Watch List
 TEXT-Qatari emir's abdication speech - RTRS
 StanChart banker Nelson to take helm at Dubai's ENBD - RTRS
 Moody‘s affirms A3 of EXIM Bank of Malaysia, raises baseline
credit assessment to ba3 - Moody‘s
 RAM reaffirms AAA rating of SI Capital's Islamic debt issue -
RAM Ratings
 Malaysia RAM reaffirms AA3 rating of Prai Power's bonds -
RAM Ratings
 Moody's: Malaysia's sovereign rating stable but debt levels
rising - The Star
 Indonesia c.bank sees economy growing 6.4-6.8 pct in 2014 -
RTRS
 Saudi changes working week to Sun-Thurs - official statement -
RTRS
 Citigroup to open representative office in Iraq - RTRS
 Alizz Islamic Bank appoints Mohammed Al Fahim Deputy
Chairman - Press Release - Zawya
 BisB appoints Abdul Razak Al-Qassim as Board Chairman -
AME Info
*This service is only available to EIKON users, click here to register
CALENDAR OF EVENTS
WEDNESDAY, JULY 3 - 4
MALAYSIA - IFSB - INCEIF Executive Forum on Corporate
Governance of Islamic Banks
TUESDAY, AUGUST 27
PAKISTAN - IFN Roadshow 2013 Pakistan
THURSDAY, AUGUST 29
SRI LANKA - IFN Roadshow 2013 Sri Lanka
FRIDAY, AUGUST 30 - 31
CANADA - The First Annual Conference of Islamic Economics &
Islamic Finance
TUESDAY, SEPTEMBER 3
TURKEY - IFN Roadshow 2013 Turkey
The logo of HSBC bank is seen at its office in the Canary Wharf business district of
London April 1, 2013. HSBC Holdings said last Tuesday it is considering selling its
majority stake in Dar Es Salaam Investment Bank, which has made it the main
international lender in Iraq. REUTERS/Chris Helgren

3. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 3
Contact details
IFG Briefing Analyst Team
Ameena Al Haddad
Ammar Radhi
Karim Arafa
Redha Al Ansari
Shaima Hasan
Yusuf Radhi
Emmy Abdul Alim (Editor)
Community Specialist Team
Blake Goud (Community Leader)
Duaa Al Masqati
Noor Khamdan
Telephone
+973 1750 2020
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IFG Analyst Team
IFG community held a focus session this week to discuss the new IIFM Inter-Bank Unrestricted
Master Investment Wakalah Agreement with Ijlal Ahmed Alvi, CEO of International Islamic Financial
Market (IIFM). The standardized Master Agreement which is prepared ‗On-Balance Sheet‘ basis
provides an alternative to the oft-criticized but widely used commodity murabaha contract for Islamic
inter-bank money markets. The Master Agreement is supplemented with an Operational Guidance
Memorandum which explains how the agreement can be used, giving comprehensive
recommendations. Clauses in the agreement are obligations while recommendations in the
Operational Guidance Memorandum are not contractual obligations.
There is flexibility enough for institutions to adapt this agreement as needed. Any institution intending
to use or adopt the agreement as it is would first need to send a request letter to IIFM, which would
then issue a letter of approval. The institution is then free to use the IIFM sharia pronouncement. But if
an institution decides to adopt the agreement with amendements, the institution would need to
highlight any changes in the request letter to IIFM. Approval will be given if changes are not contrary
to sharia principles and the institution will then be able to use the IIFM sharia pronouncement.
As wakala transactions stand now in common practice, there are questions about the
interchangeability with commodity murabaha in terms of differential treatment of security of principal
and profit under a wakala. In contrast to a murabaha, which provides a guarantee to the degree that
the purchasing institution is obligated to pay cost plus profit on a deferred basis, in a wakala
arrangement neither the Muwakkil‘s (bank providing financing) principal nor profit can be guaranteed
by the Wakil (bank receiving financing). In response, many institutions have shied away from wakala
transactions opting instead for commodity murabaha. Alternatively, institutions are using restricted
wakala where the funds placed under the wakala agreement are invested in murabaha transactions,
something Alvi said the master agreement would replace. The IIFM wakala agreement, which can
allow for commingling with the bank‘s other funds (e.g. customer deposits) or segregated investment,
provides ways in which the risk to principal is limited and where the bank providing financing can be
more confident in receiving the indicative profit in a way that is sharia-compliant.
For example, if the wakil knows that the profits will be below the indicative rate, notice must be
provided to the Muwakkil, in this case it is up to the Muwakkil‘s discretion to continue in the
transaction or to abort it. If he decided to continue then in this case only the actual profit achieved
should be paid by the Wakil, even if it is below the indicative profit. This opens up a way for the Wakil
to pay the indicative profit even if actual profits fall short in a sharia-compliant fashion since the
indicative profit is not legally guaranteed. In practice, most solvent institutions will make the indicative
profit payments in order to continue their ability to access the inter-bank market and avoid questions
about the quality of their management of the funds placed with them under wakala. Hence, there is a
sharia ruling suggesting that where there is such a dispute, the Wakil should bear the burden of proof
to demonstrate that the funds were invested properly.
While the IIFM master agreement aims to provide more clarity there remain some unresolved
questions that each institution and regulator will have to consider about the accounting treatment of
on-balance-sheet wakala transactions, which are not specifically addressed in existing Accounting
and Auditing Organization for Islamic Financial Institutions (AAOIFI) guidance. Alvi deferred in
response to a question and said accounting and regulatory treatment of these wakala transactions
would be left up to AAOIFI and regulators to determine.
In order for the unrestricted wakala to be useful to financial institutions, additional safeguards such as
revised profit clause etc are included that make the Wakil responsible in more situations other than
negligence for a failure to perform under the wakala agreement. It also provides greater transparency
requirements to allow banks providing financing to ensure that they are aware of and comfortable with
the potential risk to both principal and profit under the IIFM‘s wakala master agreement.
COMMUNITY
Focus session with IIFM CEO on unrestricted master wakala agreement
By Blake Goud / IFG
PORTLAND | Fri, Jun 28
Facebook Twitter LinkedIn

4. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 4
FEATURE
Dubai sukuk and bond yields spikes: more than meets the
eye
PORTLAND | Sat, Jun 29
By Blake Goud / IFG
- Continued from Page 1 –
The impact of UAE‘s upgrade to Emerging Market status, which will
not take effect until next May, comes from investors not restricted by
the classification, anticipating future flows into these asset classes
based on speculation of events that will change the allocation by
institutional investors tied to benchmarks. With the rumors swirling
that MSCI was going to upgrade Qatar and the United Arab Emirates
to Emerging Market status (which they eventually did), many
investors likely bought the debt securities they anticipated would
benefit most from the buying that emerging market funds would have
to do to move in line with the benchmark change.
Note: Data are an average for two bonds (Qatar Telecom 21 and Qatar National
Bank 17s) and two sukuk (ADIB Tier 1, DIB Tier 1).
As with many events, this led to a ‗buy the rumor and sell the news‘,
which was coupled by perceived changes in the Federal Reserve‘s
plan to ‗taper‘ its US Government and Agency bond purchases,
leading to a dramatic fall in price (which moves inversely with yields).
As Mashreq Capital DIFC Ltd‘s Abdul Kadir Hussain is quoted: ―A lot
of the sukuk is sitting in hold-to-maturity accounts‖. Chart 1 shows
the different allocation of bonds and sukuk by investor type with
banks and insurance companies (typically buy and hold investors)
taking a larger share of sukuk than bonds while the reverse is true for
funds, which are more active in secondary markets.
In addition to the types of investors buying bonds compared with
sukuk, there is a greater share of regional investors from the Middle
East buying sukuk compared with bonds. This will also tend to lower
the trading activity in sukuk since many regional investors are hold-
to-maturity (in part because of a shortage of supply relative to
demand of sukuk, making replacement of a sold sukuk more difficult
than bonds).
Note: Data are an average for two bonds (Qatar Telecom 21 and Qatar National
Bank 17s) and two sukuk (ADIB Tier 1, DIB Tier 1).
While the fund flows from global institutional investors as well as
shifts in risk appetite driven by central bank policies are the primary
driving force for emerging market bonds like Dubai‘s, lower liquidity
in sukuk markets discourages the type of arbitrage trading that would
be expected to decrease the shifts in the relative yields of
conventional bonds and sukuk because sukuk are structured to
mirror as much as possible the risk and return profile of conventional
bonds.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Banks Funds Pension &
Insurance
Other
Chart 1: Investors by Type - 2 Qatar bonds
and 2 UAE sukuk
Sukuk Bond
0%
10%
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30%
40%
50%
60%
Middle East Asia Europe & US
Chart 2: Investors by Region
Sukuk Bond

5. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 5
Source: Thomson Reuters EIKON Data and IFG Analysis. Spreads are calculated as yield on sukuk (Dubai minus yield on bonds.Sukuk are Dubai 4.051% 16s and DubaI
6.45% 22s. Bonds are Dubai 4% 14s and Dubai 7.75% 20s.
However, as Chart 3 shows, yield differences persist for similar
bonds and sukuk (using the most similar Dubai sovereign sukuk and
bonds with original tenors of 5- and 10-year at issue). Another
related possibility is that investors in sukuk are demanding a greater
liquidity premium relative to bonds. Both explanations provide further
reason for greater development of secondary market liquidity in
sukuk markets, which is likely to progress slowly as long as there
remains excess demand for sukuk relative to supply.
Chart 3 shows the spread of sukuk over conventional bonds for
Dubai (5- and 10-year spreads). The yield spread for sukuk relative
to bonds rose from the summer of 2012 until the end of 2012 and
remained elevated where common expectation given liquid markets
would be for funds to shift from bonds to sukuk to capture higher
yield for similar securities. One possible explanation for why yields in
bonds dropped faster than sukuk is that they attract greater interest
from Western asset managers who are unfamiliar with sukuk, and
hence when adding exposure to Dubai gravitate more towards
bonds.
As expectations for an upgrade of these markets to emerging market
status rose, investors wanting to move ahead of the funds also chose
to invest in bonds rather than sukuk, keeping the yield spread
elevated even amidst strong demand for sukuk—particularly
sovereign sukuk.
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Spreads (Sukuk - Bond) Spreads (Sukuk - Bond)

6. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 6
SUKUK REVIEW
Sukuk Market Overview
Malaysia has sold 4.0 billion ringgit ($1.3
billion) in Islamic government bonds
maturing in 2020 at an average yield of
3.745 percent, the central bank said on
Thursday. The bid-to-cover ratio was 1.90
times. RTRS* Thu, 27 Jun
RAM Ratings has reaffirmed the respective
AAA, AA1, AA2, and AA3 ratings of Axis
REIT Sukuk Berhad’s (―ARSB‖ or ―the
Issuer‖) RM110 million Class A to Class D
Sukuk under its First Sukuk Issue
(collectively referred to as, ―the First
Sukuk‖); all the ratings have a stable
outlook. ARSB is a special-purpose vehicle
set up by Axis Real Estate Investment Trust
(―Axis REIT‖) as a funding conduit for its 15
year Islamic Medium-Term Notes
Programme of up to RM300 million (―Sukuk
Programme‖). Supported by a portfolio of 3
industrial and industrial-office mixed
properties and 1 retail property (―the
Properties‖), the First Sukuk represents the
initial issuance under the Sukuk Programme
using the Islamic principle of Murabahah.
RAM Wed, 26 Jun
MARC has assigned a final rating of AA+IS
to Kapar Energy Ventures Sdn Bhd’s
(KEV) RM2.0 billion Sukuk Ijarah (Sukuk)
with a stable outlook. Upon review of the
final documentation of the forthcoming
Sukuk issuance, MARC is satisfied that the
terms and conditions of the Sukuk have not
changed in any material way from the draft
documents on which the earlier preliminary
rating of AA+IS was based. Full details on
the assigned rating have been provided in
KEV‘s preliminary rating announcement on
June 19, 2013. MARC Wed, 26 Jun
Cocoa-producing Osun State plans to
issue Nigeria's first sukuk bond, starting with
10 billion naira ($62 million), before the end
of July, a banking source close to the deal
told Reuters on Tuesday. The planned 7-
year paper would be the first sukuk bond to
be issued in Africa's second-biggest
economy and is part of a 60 billion naira
debt raising programme by Osun State,
which started last year, the banking source
told Reuters. The funds will be used to
finance the construction of education
projects, the source said. Nigeria is home to
the largest Muslim population in sub-
Saharan Africa, with around half of its 160
million people members of the Islamic faith.
It is also home to one of Africa's fastest
growing consumer and corporate banking
sectors. The Osun bond will be issued
through a book-building process which will
earn a return for sukuk holders via a semi-
annually paid rent structure called the Ijara,
the source said, targeting local pension
funds and international investors on the
bond. Local credit rating agency Agusto &
Co has assigned an A rating to the note
which will be listed on the Nigerian Stock
Exchange, said the banking source, adding
that Osun was waiting for Securities and
Exchange Commission (SEC) approval to
start marketing the bond. In March, Nigeria‘s
SEC approved new rules allowing firms to
issue Islamic bonds, a move aimed at
attracting Middle Eastern investors. RTRS
Tue, 25 Jun
Morocco has won backing from the Saudi-
based Islamic Development Bank for its first
sukuk as the cash-strapped North African
country looks to attract Middle Eastern
investors. ―The Islamic Development Bank
has proposed us to buy our sukuk rather
than offering us another loan,‖ General
Affairs minister Mohamed Najib Boulif said.
―But the amount has not been set yet".
Morocco's moderate Islamist Justice and
Development Party, which came to power in
2011 after protests prompted by the Arab
Spring, has paved the way for Islamic
finance by reforming its securitisation law to
allow sukuk. Earlier this year, the Morocco
agreed a $2.4 billion package with the IDB,
under which it will receive $600 million each
year from 2013 to 2016. It also raised $750
million last month in a two-part reopening of
its $1.5 billion bond. The North African
country is considering other financial
reforms, such as that of the pension and tax
systems, as it grapples with the fall out from
the euro zone crisis and the Arab Spring
protests. It will also deregulate prices for
some basic goods in the next two weeks, its
first step towards reducing subsidies, the
minister said in an interview last week. He
stressed, however, that the timing has not
been decided. RTRS* Mon, 24 Jun
Source: Thomson Reuters EIKON CDS <REUTERSCDS>
*This service is only available to EIKON users, click here to
register
Credit Default Swaps
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Bahrain Egypt Dubai Indonesia
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Saudi Qatar Malaysia Abu Dhabi

7. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 7
Oman's first corporate sukuk has received regulatory approval and
the five-year, 50 million rial ($130 million) private placement aims to
close next month, its lead arranger said on Wednesday.
The sukuk will be issued by Tilal Development Co and the proceeds
will be used to repay existing debt and expand the Muscat Grand
Mall. If successful, the issue could pave the way for other
companies in the sultanate to sell Islamic bonds.
"We have already done our roadshows and also got some
commitments from pension funds locally," Mohsin Shaik Sehu
Mohamed, head of Islamic finance at Al Madina Investment, told
Reuters.
"Now the target is to close this deal. We are trying our best to close
it in July."
The sukuk, rated BBB+ by Capital Intelligence, will pay a 5 percent
profit rate and use an ijara structure, a common sharia- compliant
leasing arrangement.
Al Madina says it has other Omani sukuk in the pipeline, with one
deal targeted for later this year. "We have two more in the pipeline -
one government-related entity and one family-owned company,"
Mohamed said.
PIPELINE ISSUE
Oman's first sukuk gets regulatory approval -lead
By Bernardo Vizcaino / REUTERS
Wed, Jun 26
INTERNATIONAL SUKUK WEEK TOP GAINERS*
INTERNATIONAL SUKUK WEEK TOP LOSERS*
NAME CURRENCY BID ASK
MATURITY
DATE
YIELD TO
MATURITY
LAST WEEK
YIELD
YTM
WOW%
WAKALA GLOBAL USD 103.99 104.99 7/6/2016 1.62 1.892 -14
CBB INTL SUKUK USD 103.73 104.23 6/17/2014 2.28 2.612 -13
INDONESIA SY USD 105.00 105.75 4/23/2014 3.09 2.774 -10
FIRST GULF BANK USD 104.11 104.61 8/2/2016 2.40 2.557 -6
FGB SUKUK USD 104.88 105.38 1/18/2017 2.58 2.743 -5
NAME CURRENCY BID ASK
MATURITY
DATE
YIELD TO
MATURITY
LAST WEEK
YIELD
YTM
WOW%
ANKA A SUKUK AED 103.20 105.80 8/25/2016 9.40 1.418 96
RAK CAPITAL USD 106.00 106.75 7/22/2014 2.20 1.393 58
SIME DARBY GLOB USD 91.14 91.51 1/29/2023 4.42 3.365 32
MEDJOOL USD 91.56 92.56 3/19/2023 6.05 4.664 30
EMAAR SUK USD 109.54 110.29 8/3/2016 5.11 4.018 27
*The top gainers and losers price ranking is driven by the yield to maturity movement on week to week basis
Source: Thomson Reuters EIKON – Sukuk Speed Guide - International Sukuk <0#INTLSUKUK>
This service is only available to EIKON users, click here to register
APPEAL
Tilal Development is 40 percent-owned by sovereign wealth fund
Qatar Investment Authority. Omani domestic investors such as
pension funds and insurance firms have expressed interest in the
sukuk and it could have a broader regional appeal, in particular from
Qatar, Mohamed added.
A corporate sukuk could also be welcomed by local Islamic banks,
which are eager for access to more sharia-compliant investment
products while Oman's Islamic money markets are underdeveloped.
Although the threat of monetary policy tightening in the United
States is dampening issuance in other markets, the Tilal sukuk will
weather that because of its specific client base, Mohamed said.
"What we see is that it will be a private placement and most are
sharia-sensitive investors."
Oman began to introduce Islamic finance last year. The government
has been laying plans to issue a sovereign sukuk, but that issue is
expected to occur next year, according to the latest comments by
officials.

8. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 8
ANALYSIS
MIDEAST DEBT-Sukuk-backed sukuk test industry's appetite for complexity
By Bernardo Vizcaino / REUTERS
Thu, Jun 27
 Packages of long-term sukuk back short-term programmes
 Bahrain's LMC running a programme, IILM plans one
 Nigerian central bank guidelines cover them
 But multiple approvals by sharia boards raise costs, time
 IILM programme delayed by regulatory preparations
Interbank lending programmes that securitise sukuk are testing the
Islamic finance industry's ability to digest complex financial products.
Some firms are starting to combine sukuk, using portfolios of long-
term issues to back short-term certificates. This lets them create
liquidity programmes that address a major weakness of the Islamic
finance industry: a persistent shortage of money market instruments
needed by Islamic banks to manage their short-term funds.
Such is the approach used by Liquidity Management Centre (LMC),
a Bahrain-based wholesale Islamic bank.
"The programme is very simple: we have an SPV (special purpose
vehicle) where we book all the sukuk. The SPV is fully backed by
sukuk of different tenors and rates," said Ahmed Abbas, LMC's chief
executive.
The rising number of sukuk issuers globally is making it easier to
manage the programme, and LMC plans to double its size in a
year's time from about $120 million now, Abbas added.
"As we speak, we are reviewing our offering circular. We will have
more options in terms of tenors, rates and liquidity."
He added, "As we see more issuers come to the market, the
programme can grow. This helps in geographical distribution, the
number of issuers - it helps on many levels."
A similar format is to be used by the Malaysia-based International
Islamic Liquidity Management Corp (IILM), which plans to launch a
Luxembourg-domiciled programme of its own. "All of the assets will
be either sovereign, sovereign-linked or supranational assets," said
Eric Gretch, senior director at Standard and Poor's, which rates the
programme.
"Basically you have long-term sukuk assets backing short-term
certificates, all of which will be sharia-compliant."
The IILM programme was originally to launch by the end of this
month; that timetable is now expected to slip because more time is
needed to resolve regulatory aspects, according to a source familiar
with the programme. But the IILM scheme could encourage others
to consider its approach. "We expect other similar programmes to
come to market in attempts to replicate this unique structure,"
Gretch said.
LAYERS
If these programmes gain traction they could open the door to
additional layers of securitisation, not only in Islamic finance's core
markets in the Middle East and Southeast Asia, but perhaps further
afield.
For example, Nigeria is only just starting to develop Islamic finance;
its cocoa-producing Osun State plans to issue the first sukuk in the
country, a 10 billion naira ($62 million), seven-year issue, by the end
of July.
But the Nigerian central bank issued guidelines in December for
asset-backed securities that would use IILM certificates as collateral
- essentially creating three layers of sukuk.
LMC plans to develop a product secured by its own short-term
sukuk programme through a murabaha structure, a common cost-
plus sale transaction, Abbas said.
But the nature of Islamic finance raises potential obstacles to such
complexity. Boards of scholars at the issuing institution must certify
the sharia-compatibility of not only the programme itself, but of all
the sukuk backing it.
Scholars at each investing institution are supposed to do the same
thing - increasing costs and time required with each layer of the
product. Since sharia standards are not uniform across countries
and investing institutions, the issuer may have to take into account
an increasingly complex set of demands as its investor base
expands.
The complexity of ensuring approvals for a range of sovereign sukuk
that will back the IILM's programme appears to be one reason
behind delays to its launch. The IILM was established in 2010 and
took over two years to even agree on a plan for its programme.
Some issuers may seek to minimise the approval problem by
placing their products with a relatively small group of like-minded
institutions, often from the same geographical area.
The LMC programme, launched in 2004, was initially used mainly by
its own shareholders and related parties, although its client base
has expanded since then, Abbas said.
LMC's four shareholders, each with a 25 percent stake, are Bahrain
Islamic Bank BISB.BH, Dubai Islamic Bank, the Jeddah-based
Islamic Development Bank (IDB) and Liquidity Management House,
a unit of Kuwait Finance House.
However, the types of sukuk in which the LMC programme can
invest has gradually expanded and now includes selected Malaysian
and Indonesian issuers, Abbas said.
The IILM has not revealed its choice of sukuk to back its
programme, but recent issuers of sukuk include IILM shareholders
such as the AAA-rated IDB and Qatar's central bank.

9. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 9
BOOK RUNNER AMOUNT ISSUED ($MILLION) MARKET SHARE NUMBER OF ISSUES
HSBC Holdings PLC 1,987.50 16.8 7
Standard Chartered PLC 1,182.00 10 8
Deutsche Bank 1,074.60 9.1 2
Emirates NBD PJSC 886 7.5 7
Citi 782.2 6.6 4
National Bank of Abu Dhabi 704.2 6 5
Dubai Islamic Bank Ltd 682.2 5.8 4
RBS 291.7 2.5 2
RHB 278.5 2.4 2
Malayan Banking Bhd 200 1.7 1
Abu Dhabi Commercial Bank Ltd 165.6 1.4 1
Abu Dhabi Islamic Bank (ADIB) 165.6 1.4 1
Natl Comml Bank Saudi Arabia 125 1.1 1
Kuwait Finance House 125 1.1 1
Natixis 125 1.1 1
Al Hilal Islamic Bank 125 1.1 1
CIMB Group Sdn Bhd 125 1.1 1
Credit Agricole CIB 125 1.1 1
Barwa Bank QSC 125 1.1 1
Masraf Al Rayan 74.6 0.6 1
QInvest LLC 74.6 0.6 1
Alkhair Capital Saudi Arabia 74.6 0.6 1
Goldman Sachs 74.6 0.6 1
BNP Paribas 66.7 0.6 1
Nomura 66.7 0.6 1
Industry Total 11,819.00 100 16
Source: Thomson Reuter
SUKUK PIPELINE 2013
Issuer Name
Sukuk
Structure
Country Status Subsc. Date
Issue Size
($M)
Tenor Arranger/Advisor
Doha Bank Ijarah Qatar Delayed - 1,000 - -
Inverfin Sukuk Berhad Unknown Malaysia Announced - 4.84 - -
Riyad Bank Unknown Saudi
Arabia
Announced - - - -
Bahrain
Telecommunications
Company
Unknown Bahrain Rumoured - - - BNP Paribas,
Citigroup
Ministry of Finance -
Egypt
Musharaka Egypt Announced 2014 2,000 3 Years to
5 Years
National Bank of
Egypt
WOM Finance Ijarah Indonesia Announced 2013 30.628 - -
Airport Authority Hong
Kong
Ijarah Hong Kong Rumoured 2013 - - Citigroup Global
Markets Limited
Al-Amanah Islamic
Investment Bank
Ijarah Philippines Rumoured 2013 1,000 5 Years -
Government of Kenya Unknown Kenya Rumoured 2013 500 - -
Islamic Development
Bank
Ijarah Indonesia Rumoured 2013 - - -
First Fidelity Leasing
Modaraba (FFLM)
Musharaka Pakistan Rumoured 2013 2.03 5 Years IGI Investment Bank
Source: Zawya. For complete list of pipeline click here
INTERNATIONAL SUKUK LEAD ARRANGERS LEAGUE TABLE 2013

10. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 10
Equities Review
MARKETS OVERVIEW
Anti-Mursi protests to weigh on Egypt bourse
By Nadia Saleem / REUTERS
DUBAI | Sun, Jun 30
MARKET SNAPSHOT
MEA Value WoW MTD YTD
TASI 7504.38 -0.76% 1.35% 10.34%
DFMGI 2226.79 -3.17% -5.92% 37.24%
ADI 3552.33 -0.34% -0.30% 35.03%
KWSE 7846.17 -2.74% -5.47% 32.22%
XU100 76294.51 4.37% -11.28% -2.45%
EGX30 4685.09 3.54% -13.86% -14.23%
MSI 6354.54 -0.84% -0.99% 10.31%
QSI 9280.27 0.53% 0.46% 11.02%
Global Value WoW MTD YTD
FTSE 100 6215.47 1.62% -5.58% 5.39%
DAX 7959.22 2.18% -4.67% 4.56%
STOXX 50 1035.15 2.08% -6.03% -1.26%
DJIA 14909.60 0.74% -1.36% 13.78%
S&P 500 1606.28 0.87% -1.50% 12.63%
TOPIX 1075.06 3.18% -0.10% 32.09%
HANG SENG 76294.51 4.37% -11.28% -2.45%
NIKKEI 13677.32 3.38% -0.71% 31.57%
Source: Thomson Reuters EIKON - Indices Guide <Indices>
Plans for mass protests against President Mohamed Mursi will
weigh on Egypt's bourse on Sunday, because of fears they could
result in worse violence after several people were killed and
hundreds wounded in the last few days.
The Egyptian index .EGX30, which last closed at 4,685 points, is
already down 14 percent so far this year and late last week
showed tentative signs of bottoming out around 4,500 points, as
exchange data showed signs of modest net buying by foreign
investors.
But the potential for violence - and a further slide by the Egyptian
pound EGP= as a result - may deter most buyers on Sunday.
The political crisis appears to have once again stalled any
progress towards a loan deal between Egypt and the
International Monetary Fund.
When the index broke earlier this month below major support on
the November low of 4,683 points, it triggered a double top
formed by the September and January peaks and pointing down
further in the medium term - there is no major support left before
the June 2012 low of 4,027.
In the United Arab Emirates, Aldar Properties will begin trading
after its merger with Sorouh Real Estate on Sunday. Some
traders think a short-term rise by the stock to mark the merger is
on the cards, especially because of the strong tone in global
equity markets on Friday.
Aldar said it had amended terms on Sorouh's 2.1 billion dirham
($570 million) loan facility by cutting the interest rate to 2.45
percent from 4.5 percent, bringing down the cost of servicing the
debt as its risk declined with the merger - a sign of the concrete
benefits that could arise from the tie-up.
In Qatar, shares in telecommunications operator Ooredoo may
gain after it won a licence to provide telecommunications
services in Myanmar.
But Saudi Arabia's bourse .TASI, starting the week on a Sunday
for the first time since the country's weekend was changed, may
open lower after fresh declines in crude oil prices.
Saudi petrochemical stocks tend to track oil prices; Brent crude
oil futures shed 66 cents a barrel on Friday to settle at $102.16.
90
110
130
150
170
May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13
Thomson Reuters/ IR Islamic Indices
MENA Global AsiaPac ex Japan

11. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 11
FOREIGN EXCHANGE REVIEW
FOREX-Dollar rises on talk of cutback in Fed easing by
September
By Gertrude Chavez-Dreyfuss / REUTERS
NEW YORK | Fri, Jun 28
The dollar advanced against the yen and the euro on Friday as
investors resumed pricing in the possibility that the Federal Reserve
will begin to pare back its bond-buying program as soon as its
September policy meeting.
Fed Governor Jeremy Stein on Friday highlighted September as a
possible time when the U.S. central bank will need to consider
reducing its 'quantitative easing' economic stimulus progam.
Stein said the Fed's eventual decision to scale back its $85 billion in
monthly asset purchases must be based on the overall economic
progress since it launched the stimulus, and not be "excessively
sensitive" to the most recent economic data.
"Stein's remarks cannot be lightly dismissed and raise risks that
some on the Committee may have already essentially decided on
September," said Michael Feroli, economist at J.P. Morgan in New
York.
"More generally, compared to remarks from Fed officials earlier this
week, Stein's speech was less geared toward calming market
perceptions of Fed policy and did less to question market pricing of
the first rate hike."
J.P. Morgan in the past had said that the first 'taper' from the Fed
would be a close call between September and December. But since
first-quarter U.S. economic growth numbers and potentially second-
quarter figures could show low growth, the U.S. bank said the Fed
could reduce easing in December.
The dollar got an added boost on Friday when a report showed U.S.
consumer sentiment improved in late June, ending the month close
to a near six-year high set in May, as optimism among higher-
income families rose to its strongest in six years, a Thomson
Reuters/University of Michigan survey showed.
The euro was last down 0.2 percent at $1.3015, with the session low
at $1.2990. Against the yen the dollar was up 0.9 percent at 99.20
yen.
Volume in dollar/yen surged to US$4.0 billion as of late afternoon
trading in New York, while turnover in euro/dollar was US$4.3 billion.
For June, the dollar fell 1.2 percent against the yen, snapping eight
straight months of gains against the Japanese currency, while the
euro was little changed against the dollar.
"We are settling into the bottom of the recent range (on euro/dollar)
at around $1.3000," said Andrew Dilz, foreign currency trader at
Tempus Inc in Washington, "but there is no reason not to be trading
at $1.3000."
Richmond Fed President Jeffrey Lacker said from West Virginia on
Friday that financial markets should brace for more volatility as they
digest news that the Fed will scale back bond buying later this year,
but added it was an understandable adjustment and will not derail
growth.
Investors were also beginning to speculate about what
announcements may come from the European Central Bank policy
meeting next Thursday.
Analysts said growing worries about the euro zone's faltering
economy, in contrast to the relative optimism around the U.S.
economy, could hurt the bloc's common currency.
This week ECB President Mario Draghi cited downside risks to
growth and said the bank was nowhere near exiting its
accommodative monetary policy.
"We think President Draghi will use more dovish language in the
statement and during the press conference that will highlight the
growing prospects of further easing measures, including negative
deposit rates," said CitiFX in a research note.
The Bank of England, Reserve Bank of Australia and Sweden's
Riksbank will also hold monetary policy meetings next week.
While the Fed's asset purchases have weighed on the dollar, Song
said investors would take it as a positive sign if the ECB ramped
up efforts to stoke growth in Europe.
"There is a little bit of a different dynamic on the two currencies,"
Song said.
Other analysts cautioned that quarter-end flows were creating
some distortion in market sentiment.
Large funds rebalance their investment portfolios at the end of
each month and quarter, so their flows and requirements to square
positions often dominate trade on the last trading day.
The Australian dollar was last down 0.6 percent against the
Canadian dollar at C$0.9644 and touched a session low of
C$0.9607 after the release of IMF data on central bank holdings,
which for the first time separated reserves in the two commodity
bloc currencies as individual line items.
Central banks held US$98.66 billion in the Australian currency
globally as of the first quarter, or 1.63 percent of allocated
reserves. They held US$94.93 billion in Canadian dollars, or 1.57
percent of known reserves.
European Central Bank (ECB) President Mario Draghi arrives at an European Union
leaders summit in Brussels June 28, 2013. European leaders agreed on new steps to
fight youth unemployment and promote lending to credit-starved small business on
Thursday after deals on banking resolution and the long-term EU budget gave their
summit a much needed lift. REUTERS/Francois Lenoir

12. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 12
INVESTMENT FOCUS
In turbulent times, frontier stocks hold on to long-haul investors
By Carolyn Cohn / REUTERS
LONDON | Mon, Jun 24
Hard to enter and hard to leave, frontier stock markets from Bulgaria
to Pakistan have attracted investors who are in for the long haul,
keeping them clear of the worst of the markets storm.
While these less-developed emerging markets suffer from a lack of
liquidity, with buyers and sellers struggling to match up at times, that
can be a bonus when nervous investors are dashing for the exits
elsewhere.
More liquid emerging market stocks have slumped 15 percent since
May 22, when U.S. Federal Reserve Chairman Ben Bernanke
fuelled expectations the Fed will scale back its bond-buying
programme, reducing the appeal of high-yielding assets.
Those stocks plummeted last week after the Fed laid out a timetable
for withdrawing the stimulus, with concern about China's economy
and interbank funding adding further pressure.
Frontier stocks, in contrast, have fallen only 3 percent since May 22,
outperforming even the S&P 500 , although Nigerian stocks fell 6
percent in one week this month when valuations were seen as
overstretched.
Part of the allure for asset managers is that these markets stand to
benefit from growth fuelled by natural resources and young
populations with increasing spending power.
While they may not be easy stocks to trade, investors know that and
accept the risk in view of the long-term rewards.
"Markets do not tend to move. Investors understand this is much
more of a long-term bet," said Philip Poole, head of global strategy
at HSBC Asset Management.
While emerging market stocks are down 16 percent this year,
frontier markets are up more than 10 percent, although they did
underperform last year.
Frontier equity funds have seen buoyant inflows of nearly $3 billion
this year, according to Boston-based fund tracker EPFR - nearly half
of all emerging-plus-frontier fund inflows.
LOOSER LINKS
One advantage of frontier market stocks is that they tend to be less
correlated with both global markets and each another, making them
an attractive diversification play.
The MSCI Pakistan index, for example, has only a 0.55 correlation
with the MSCI Kazakhstan index , according to Datastream, where 1
indicates full correlation.
While larger markets have dropped in the past few weeks, some
frontier markets have climbed. Dubai, Abu Dhabi and Qatar have
gained after MSCI this month upgraded the United Arab Emirates
and Qatar to its flagship emerging market index, against which $1.4
trillion is benchmarked.
Other frontier markets which have performed well this year include
off-index plays like Saudi Arabia and Iraq.
Templeton, which manages $4 billion in frontier market assets,
where many frontier funds only total $100-200 million, has a 12
percent exposure to Saudi Arabia in its frontiers fund.
"If you have a long-term investment horizon of 10 years or more,
you cannot ignore (frontier markets)," said Carlos von Hardenberg,
frontier stocks fund manager at Templeton.
Frontier market fans say their index is more heavily weighted than
the energy-heavy emerging markets index to growth stocks in
consumer goods and financial services, which cater for the rising
middle class in these economies.
Like emerging markets, they are also benefiting from intra-regional
trade.
"There is more trade between frontier markets and emerging
markets than a few years back. They do not have too much debt.
They have freely floating currencies," said Sven Richter, frontier
market fund manager at Renaissance Asset Managers.
But even where liquidity is relatively small and the exit channels
narrow, overpriced stocks can still suffer.
When international consumer names like Nestle Nigeria were
showing overstretched valuations of 35 times earnings or more a
few weeks ago, it was time for the few investors there were to bail
out of Nigeria.
"We do not think fundamentals justify those valuations," said Ronak
Gadhia, equity analyst for sub-Saharan Africa at frontier markets
broker Exotix. "We definitely have a lot more sell than buy
recommendations."
As rising U.S. Treasury yields increase the attraction of U.S. debt,
investors may also be less inclined to battle the liquidity hurdle to
access frontier markets.
Jeff Shen, head of emerging equities at Blackrock, the world's
largest asset manager, told a recent briefing that the fund had found
it hard to invest $200,000 in a day across a range of frontier markets
because of liquidity issues, adding:
"I am not sure (frontier markets) are ready for prime-time investing."
But for those who struggle to get in, there are others who may
struggle to get out, keeping these markets afloat.
"When the market gets itself into a tizz, people tend to sell the stuff
they can sell," said Angus Halkett, emerging markets fund manager
at Stone Harbor.
"When you get a bout of risk-off, this stuff tends to outperform
because it does not trade."

13. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING 13
INTERBANK MARKETS REVIEW
Thomson Reuters Islamic Interbank Benchmark Rate (IIBR)
The IIBR overnight rate decreased on Sunday to 0.187 from 0.203 and the one week rate to 0.245 from 0.260. The one month rate also
dropped to 0.360 from 0.399, the three months rate decreased to 0.510 from 0.557, the six months rate to 0.712 from 0.803 and the one year
rate to 1.040 from 1.142 since last week.
ICAP executive seen linked to LIBOR scandal - Wall
Street Journal
By Jed Horowitz / REUTERS
NEW YORK / Thu, Jun 27
A senior executive at British brokerage firm ICAP PLC (IAP.L) knew
that some of the firm's brokers worked with traders at UBS AG
(UBSN.VX) to manipulate benchmark interest rates, according to the
Wall Street Journal, which cited sources familiar with the matter.
The executive, David Casterton, was included in some emails sent in
2007 documenting the discussions, in which UBS agreed to make
quarterly payments to ICAP for help in rigging the London Interbank
Offered Rate, or LIBOR, the paper said on its website on
Wednesday.
A call and email to ICAP spokeswoman Brigitte Trafford were not
immediately returned after business hours. The rate-fixing scandal
has infected many of the world's biggest banks, put in motion new
attempts to set global interest rates and indirectly led to the
departure of several top executives at Barclays PLC (BARC.L) and
UBS.
Casterton, who the paper said is a longtime deputy to ICAP Chief
Executive Michael Spencer and currently head of global broking at
the London-based firm, would nevertheless be one of the most
senior executives affected by the Libor scandal, the Journal said.
An ICAP spokeswoman told the paper that no one at the company
was "aware of any corrupt payment from any source at any time" and
said it would be false and defamatory to suggest otherwise.
*The Islamic Interbank Benchmark Rate (IIBR) is published at 11 am Makkah time (GMT +3) Sunday
.
#
The London Interbank Offered Rate (LIBOR) is published at 11 am GMT Friday.
Source: Thomson Reuters EIKON <ISL/MONEY>
Thomson Reuters Islamic Interbank Benchmark Rate- IIBR <IIBRFIX>
0.19
0.25
0.36
0.43 0.51
0.71
0.87
1.04
0.125 0.161 0.195 0.236
0.273
0.413
0.000
0.686
0
0.5
1
1.5
2
ON SW 1M 2M 3M 6M 9M 1Y
Yield Curve: IIBR* and LIBOR
IIBR
LIBOR
0.060
0.170 0.210
0.220
0.290
0.430
0.530
0.530
0.170 0.210
0.220
0.290
0.430
0.530
0.510
0
0.2
0.4
0.6
0.8
1
ON SW 1M 2M 3M 6M 9M 1Y
Yield Curve: Murabaha and Wakala Rates
Wakala
Murabaha

14. ISLAMIC FINANCE GATEWAY – WEEKLY BRIEFING
A service of Thomson Reuters and Zawya Islamic Finance Gateway
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While material is drawn from Reuters News and other sources, Reuters has not participated in the selection of these articles.
The production of the briefing is supported by the Bahrain Economic Development Board (EDB) and Tamkeen (Labour Fund) as part of their initiatives to promote Islamic Finance in
Bahrain.
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Thomson Reuters, 3 Times Square, New York, NY 10036, USA
14
Global Islamic Indices Last Net Chng WoW Chng MTD Chng YTD Chng Global Indices Last Net Chng WoW Chng MTD Chng YTD Chng
Thomson Reuters/IR
Islamic GCC Index 134 -0.56 -2.03% -4.59% 9.04%
Thomson Reuters GCC
183 -0.45 -0.90% -2.42% 15.12%
Thomson Reuters/IR
Islamic MENA Index 119 -0.51 -1.92% -4.69% 8.24%
Thomson Reuters MENA
122 -0.30 -0.66% -3.06% 12.44%
Thomson Reuters/IR
Islamic Global Index 168 -0.01 0.79% -2.81% 3.67%
Thomson Reuters Global
69 -77.32 -52.10% -53.81% -50.57%
DJ Islamic Market World 3129 0.82 0.82% -3.32% 4.34% DJ INDU AVERAGE 14910 -114.89 0.74% -1.36% 13.78%
DJ Islamic Sustainability
2678 0.00 1.14% -3.39% 3.37%
DJ Sustainability World
80 Price Index 1447 -4.06 2.04% -4.32% 2.09%
MSCI World Daily PR 1035 -0.11 1.42% -2.56% 10.33% MSCI World Price Return 1434 -2.48 0.87% -2.61% 7.10%
S&P500 Shariah 1381 -5.92 0.35% -2.02% 10.07% S&P 500 1606 -6.92 0.87% -1.50% 12.63%
FTSE4GDB Global 5861 0.00 0.95% -2.94% 5.59% FTSE100 6215 -27.93 1.62% -5.58% 5.39%
Emerging Markets Islamic
Domestic 905 20.74 3.01% -5.17% -10.88%
DJIM World Emerging
Markets 1939 -0.91 3.59% -6.01% -9.80%
DJ Islamic GCC 1826 0.05 -0.76% 0.36% 10.36% Dow Jones GCC 1662 0.05 -0.99% -0.44% 10.59%
DJ Islamic Global Finance
& Takaful 1126 -0.04 -1.24% -1.87% 7.20%
DJ Global Financials
191 0.11 2.04% -3.93% 5.63%
Thomson Reuters /IR
Islamic Indices Last Net Chng WoW Chng MTD Chng YTD Chng
Thomson Reuters
National Indices Last Net Chng WoW Chng MTD Chng YTD Chng
Malaysia 198.48 0.00 1.11% -0.15% 6.04% Malaysia 437.36 0.00 1.18% -0.55% 8.97%
UAE 133.63 -0.72 -2.40% -3.21% 37.03% UAE 232.66 0.17 -1.73% -3.50% 36.03%
Indonesia 288.35 0.00 9.23% -2.74% 22.82% Indonesia 487.39 0.00 7.48% -5.49% 11.34%
Kuwait 96.06 -0.68 -3.57% -8.01% 1.95% Kuwait 119.71 -0.82 -2.43% -6.93% -0.61%
Qatar 199.71 -0.19 -0.33% -0.33% 5.72% Qatar 211.28 -0.68 0.70% 0.37% 11.91%
Bahrain 55.86 0.00 -1.72% -4.48% 4.02% Bahrain 111.09 0.78 -2.00% -0.87% 16.59%
Turkey 293.04 0.00 2.79% -3.80% 14.31% Turkey 1723.68 0.00 3.56% -9.24% 2.50%
Oman 159.29 -0.84 -1.29% -0.75% 12.83% Oman 113.28 0.06 -1.13% -0.88% 9.00%
Egypt 104.56 0.00 3.21% -11.81% -15.69% Egypt 131.44 0.00 2.74% -11.95% -14.27%
Top Performing Sharia-based Companies Last Country Sector 5D Chng YTD Volume
ISLAMIC HOLDING IHGS.QA 43.8 Qatar Financials 10.80% 13.42% 631
AL-AMAN INV CO AMAN.KW 94 Kuwait Financials 9.52% 70.37% 4,652,066
BARKA EGYPT BANK SAUD.CA 10.06 Egypt Financials 9.11% -23.44% -
TABUK AGR DEV CO 6040.SE 43.4 Saudi Arabia Non-Cyclical Consumer Goods & Services 8.77% 39.10% -
Bottom Performing Sharia-based Companies Last Country Sector 5D Chng YTD Volume
1ST PUNJAB MOD 1PUJ.KA 2.2 Pakistan Financials -13.39% -28.10% 8,000
ABG BARKA.BH 0.74 Bahrain Financials -12.50% -6.06% 201,588
ABD NAT TAKAFU/d TKFL.AD 5 United Arab Emirates Financials -10.99% -1.19% -
TAKAFUL-EM/d TKFE.DU 0.62 United Arab Emirates Financials -10.40% -0.64% -
Top Performing Sharia-compliant Companies Last Country Sector 5D Chng YTD Volume
GEOSPATIAL HLD GSPH.PK 0.125 United States Energy 108.33% 78.57% 25,100
LAKE SHOR LSG.TO 0.32 Canada Basic Materials 100.00% -57.33% 1,943,213
ZCI/d ZCIJ.J 980 Bermuda Basic Materials 78.18% 67.52% 1,800
GREENFIELD CHE/d 0582.HK 0.445 Hong Kong Basic Materials 78.00% 564.18% 187,275,000
Bottom Performing Sharia-compliant Companies Last Country Sector 5D Chng YTD Volume
MWANA AFRICA MWA.L 1.488 United Kingdom Basic Materials -48.52% -70.98% 1,679,177
POLIMEXMS PXMP.WA 0.22 Poland Industrials -45.00% -64.52% 21,255,590
WORKSTREAM INC C WSTMF.PK 0.25 United States Technology -44.44% -13.79% 200
PERSEUS FPO PRU.AX 0.435 Australia Basic Materials -43.87% -79.29% 11,322,204
ISLAMIC MARKET INDICATORS
Commodities Last Net Chng WoW Chng MTD Chng YTD Chng
CRUDE APR3 96.49 -0.50 2.99% 4.91% 5.09%
NGAS APR3 3.566 -0.47 -5.44% -10.49% 6.42%
GOLD APR3 1234.8 1.00 -4.43% -11.34% -26.42%
SILVER MAY3 19.60 4.94 -1.82% -11.90% -35.34%
CRUDE APR3 96.49 -0.50 2.99% 4.91% 5.09%
Currencies Last Bid Net Chng WoW Chng MTD Chng YTD Chng
Euro 1.3011 0.00 -0.85% 0.12% -1.39%
Japanese Yen 99.12 0.00 1.26% -1.33% 14.27%
GB Pound 1.5209 -0.00 -1.34% 0.07% -6.41%
Swiss Franc 0.9447 -0.00 1.10% -1.07% 3.19%
Australian Dollar 0.9137 0.00 -0.84% -4.52% -12.09%
Indian Rupees 59.523 -0.67 0.43% 5.22% 8.24%
Malaysian Ringgit 3.158 -0.02 -1.37% 1.95% 3.30%
Bonds (Top Benchmarks) Bid Yield Net Chng WoW Chng MTD Chng YTD Chng
US5Y 1.3961 0.00 -2.30% 36.34% 92.57%
US10Y 2.4875 0.00 -2.14% 16.67% 41.58%
EU5Y 0.736 0.01 -8.91% 47.49% 158.25%
EU10Y 1.733 0.00 -0.06% 14.46% 32.80%
ES5Y 3.598 -0.01 -2.68% 11.64% -11.38%
IT5Y 3.509 0.03 -1.13% 14.75% 4.59%
GR10Y 11.016 -0.12 -2.61% 16.24% -6.98%
PT5Y 5.558 -0.08 -1.63% 27.04% 7.44%