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Ireland may be the first EU state to sell Islamic bonds and it looks like The USA and South Africa are doing it to.

NOVEMBER 7, 2011

Western Banks HSBC and Standard Chartered Continue Support of Shariah Finance in 2011

Dubai – United Arab Emirates shopping mall developer Majid Al Futtaim has appointed HSBC and Standard Chartered to structure its planned sukuk programme, three sources familiar with the matter said on Monday.
The two banks will arrange the documentation for the scheme, and create a process for banks to pitch for lead manager slots on any sukuk issue under the programme on a future date, two of the sources added
January 20, 2012

Ireland may be the first EU state to sell Islamic bonds

Ireland, of course, has been in financial trouble, and appears willing to chase after the “next big thing” at the expense of principles to see some income. In all likelihood, Sharia finance will eventually bubble and burst like every other wave of irrational exuberance in the financial sector, and economies that pursued it will be left to deal with the mess left behind. That includes an unpredictable range of potential consequences resulting from having given Sharia a foot in the door. “Ireland may be first EU state to sell Islamic bond,” for Elffie Chew for the Irish Examiner, January 20:
IRELAND plans to become the first European nation to sell sovereign sukuk — Islam-approved financial certificates — as its equal tax treatment for Islamic-finance products attracts investors. The Government has agreements with more than 60 countries to avoid double taxation on Islamic transactions, Micheál Smith, the south-east Asia director of IDA Ireland, said.Islamic finance assets around the world may rise about 16% to €1,240 billion this year, Raj Mohamad, managing director at Five Pillars, a consulting firm based in Singapore, told Bloomberg Television yesterday.
While plans to sell sukuk by Britain, France and Luxembourg have stalled, Mr Smith said Ireland will push ahead with a sale.
Jan. 09, 2012
Goldman Sachs’s first foray into the Islamic bond market looks too clever by half. The Wall Street bank has secured approval from top sharia scholars for its maiden $2-billion (U.S.) bond. But by opting for an innovative and controversial structure, Goldman has invited criticism of its Islamic finance credentials.
Sharia rules prohibit interest payments, requiring financial transactions to be structured as profit-sharing agreements. Most Islamic bonds are based on a structure called ijara. This is comparable to a conventional leasing agreement, where the buyer rents an asset like buildings or machinery. Because rent can go up or down, the value of an ijaracan change. As a result, ijarabonds are allowed to be freely traded.
But Goldman’s bond, which will be backed by commodities, uses another Islamic structure called amurabaha. This is where the underlying asset is sold to the customer in return for deferred payment.
Dec 06 2011
The national treasury is considering issuing Islamic bonds to diversify its investor base and could have its first sukuk in the market as early as the next financial year if approved. 
“There is a great interest in the sukuk market and this is the first step towards meeting the growing appetite for government-backed Shariah-compliant investments,” said Lungisa Fuzile, director general of the national treasury, in a statement on Tuesday.

For further  understanding and information on Islamic Bonds/sukuk market please read link below. shera~

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