Monday, November 20, 2006

Aldar properties to issue sukuk

Aldar Properties stated that it is waiting for an approval from the Ministry of Economy, to issue a sukuk, or Islamic bond and/or debentures in early 2007.

The decision to seek ministry approval for the issue and listing of a sukuk on the Abu Dhabi Stock Exchange was taken at a board meet on October 30th.

This move will give Islamic finance investors an opportunity to participate in the issue and Aldar Properties will take advantage of the current liquidity in the Islamic finance market.

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