Thani Investments plans Islamic bond sale

by Reuters Tuesday, 29 May 2007

Dubai-based Thani Investments plans to sell $100 million of Islamic bonds in June for general corporate funding purposes, co-lead arranger Bahrain's Liquidity Management Centre (LMC) said on Tuesday.

Emirates Islamic Bank, a unit of Emirates Bank International, and the LMC have been mandated to arrange the sale of the five-year Islamic bonds, or sukuk, LMC said in a statement.
The bonds will be priced at 2.5% over the six-month London interbank offered rate, LMC said.

Islamic bonds do not pay interest, which is banned as usury under Islamic law, and are structured as profit-sharing or rental agreements underpinned by physical assets.



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