DIBPL to provide finances

KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) and Royal Park, a project of Quality Builders Limited, have signed an alliance to promote the launch of the project on the Main Rashid Minhas Road, near Aladin Park.

Prominent Dubai businessman Nasser Abdulla Hussain Lootah formally launched the project. The CEO of DIBPL, Junaid Ahmed, said that his bank would be providing finances.

Buksh Foundation’s head to represent WEC

KARACHI: Buksh Foundation CEO Fiza Farhan has been nominated as the “Future Energy Leader” at the World Energy Council, a press release said.

The World Energy Council (WEC) is the largest global network of energy leaders and practitioners dedicated to delivering a sustainable energy system.

Buksh Foundation is a microfinance institution operating in Pakistan since 2009.

Ufone provides life jackets

KARACHI: Ufone has handed over life jackets to Pakistan Navy at Navy Flood Camp, Sukkur amid reports of floods coming to Sindh, a press release said.

IDG Pakistan hosts cyber security roundtable

KARACHI: CSO Pakistan on Tuesday hosted a session on “Defending the New Perimeter: People, Device and Data”, which was attended by various information technology and security experts.

The discussion revolved around how mobility and consumerisation of IT have transformed businesses; therefore protection of sensitive data requires a new approach “identity is the new perimeter.”

Goldman Sachs launches $500m Sukuk

DUBAI: Goldman Sachs has launched a $500 million, five-year debut Islamic bond offer that will price later on Tuesday, with pricing at the tight end of guidance.

The investment bank set the transaction to price at a spread of 90 basis points over midswaps, a document from lead arrangers showed, at the lower end of its revised guidance of between 90 and 95 bps.

Initial guidance was in the area of 95 bps. Investor orders grew to $1.5 billion for the issue, the document showed.

The Sukuk is being issued through a vehicle called JANY Sukuk Co and will be guaranteed by Goldman Sachs. The issue is expected to be rated A-minus by Standard & Poor’s and A by Fitch Ratings, identical to the ratings of the investment bank.

Goldman had picked itself, Abu Dhabi Islamic Bank, Emirates NBD, National Bank of Abu Dhabi, QInvest and the investment banking arm of Saudi Arabia’s National Commercial Bank to arrange the issue.—Reuters

Goldman Sachs launches $500m Sukuk

DUBAI: Goldman Sachs has launched a $500 million, five-year debut Islamic bond offer that will price later on Tuesday, with pricing at the tight end of guidance.

The investment bank set the transaction to price at a spread of 90 basis points over midswaps, a document from lead arrangers showed, at the lower end of its revised guidance of between 90 and 95 bps.

Initial guidance was in the area of 95 bps. Investor orders grew to $1.5 billion for the issue, the document showed.

The Sukuk is being issued through a vehicle called JANY Sukuk Co and will be guaranteed by Goldman Sachs. The issue is expected to be rated A-minus by Standard & Poor’s and A by Fitch Ratings, identical to the ratings of the investment bank.

Goldman had picked itself, Abu Dhabi Islamic Bank, Emirates NBD, National Bank of Abu Dhabi, QInvest and the investment banking arm of Saudi Arabia’s National Commercial Bank to arrange the issue.

Published in Dawn, September 17th, 2014