UAE’s Sukuk.me reports that Islamic bonds are looking more and more attractive to shipping companies finding it tough to get bank financing due to strained liquidity and tight credit conditions. Last month, a partnership was announced between Kuwait Finance House and SFS Group to set up Global Shariah Shipping Fund, private equity fund that aims to raise $150 million. Late last year, QInvest and Fortis Bank Nederland formed the world’s first Shariah Compliant ship financing fund through a $100 million joint venture agreement.

Full Story Here: http://www.sukuk.me/util/pages.php?pageid=2

GE Capital, the finance arm of General Electric (NYSE: GE), recently completed a $500 million Sukuk (Islamic bond) on NASDAQ Dubai, the Middle East’s international exchange. The Sukuk was the first to be issued by a major U.S. company and was sold to investors across the Middle East, Asia and Europe on November 27, 2009.

GE Capital’s five-year, fixed-rate dollar-denominated Sukuk is an Ijara based structure and was issued through GE Capital Sukuk Ltd, a subsidiary of GE Capital. The assets underlying the Sukuk are interests in a portfolio of aircraft and rental payments from the lease of such aircraft.

Full Story Here: http://www.eyeofdubai.com/v1/news/newsdetail-37235.htm