Revealed: Sukuk pipeline - Issue plans around the world

Following are major Islamic bond issues in the global pipeline.

Following are major Islamic bond issues in the global pipeline, as compiled by the Thomson Reuters Global Sukuk Index:

AKTIF BANK - A special purpose vehicle of Turkish lender Aktif Yatirim Bankasi said on June 6 it would issue up to 200m lira ($96m) of sukuk. It did not give details.

RAS AL KHAIMAH - The emirate of Ras Al Khaimah, part of the United Arab Emirates, has invited banks to pitch for arranger roles on a potential dollar-denominated sukuk, sources said in early June. A deal isn't expected until at least the third quarter of this year.

BOTM - Bank of Tokyo-Mitsubishi UFJ said on June 5 it was seeking to raise as much as $500m through a multi-currency Islamic bond programme in Malaysia, becoming the first Japanese bank to use sukuk for fund-raising.

EMAAR - The malls unit of Dubai's Emaar Properties would hold meetings with fixed income investors from June 8 ahead of a potential benchmark-sized sukuk issue, Emaar said. Benchmark size is traditionally understood to be worth at least $500m.

UEM SUNRISE - Malaysian property developer UEM Sunrise has mandated CIMB and Maybank to lead a potential issuance off a 2bn ringgit ($620m) sukuk programme; bookbuilding is likely to kick off over the next couple of weeks after the borrower and its leads sound out investors, bankers said in early June.

BANGLADESH - The central bank is seeking to amend rules on its existing sukuk programme to broaden its use and allow for sovereign issuance by the government, a central bank spokesman said in June.

BANK ISLAM - Malaysia's Bank Islam plans to raise 1bn ringgit by selling Islamic bonds to fund organic growth as well as a potential acquisition in Indonesia, two people involved told Reuters in early June. A 300 million ringgit Basel-III compliant Tier 2 sukuk is awaiting approval from the central bank and the Securities Commission for issue in July.

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