CAPITAL MARKETS - First trade creditor sues Nakheel

The first trade creditor has filed a lawsuit against Dubai World's Nakheel property developer unit with the special tribunal set up to handle disputes over its debt restructuring, which could further delay a settlement.
The tribunal said the suit, filed in mid-August, was served by Dubai-based Construction Delivery Group (CDG).

CDG's lawsuit contends that it is owed Dh50 million ($13.6 million) in principal, interest and damages related to a facilities management contract for properties at the Palm Jumeirah, one Dubai's three artificial palm-shaped islands.

CAPITAL MARKETS - SUKUK - Citigroup plans more sukuk sales from Turkey

Citigroup plans to arrange more sales of Islamic bonds, or sukuk, from Turkey after managing a $100 million issue for lender Kuveyt Türk, an executive at the company said.

Citigroup is having talks with other potential sellers of Shariah-compliant debt in the country, said Hulusi Horozoğlu, head of global Islamic banking at Citigroup, in an e-mailed response to questions. He said there was “significant appetite” from investors for the Kuveyt Türk sale last month.

BANKING - CAPITAL MARKETS - ETFs continue to make inroads

LONDON: Islamic exchange-traded funds (ETFs) continue to make slow but steady market penetration with the recent launch of a gold-based ETF, GoldPlus, launched in Istanbul by Kuveyt Turk Participation Bank, in which Kuwait Finance House has a controlling 62 percent equity state, and the imminent launch by BNP Paribas Investment Partners of its second Islamic ETF, part of its Easy ETF range, which will be listed on Bursa Malaysia. 

SUKUK - Turkish sukuk growth seen strengthening MidEast ties

DUBAI, Sept 7 - Interest in Islamic finance is on the rise in Turkey, bolstering its ties to the Middle East and paving the way for a new growth market for Islamic bonds.

Islamic bonds, or sukuk, are known as participation certificates. The four Islamic banks - AlBaraka Turk, Asya Katilim, Kuveyt Turk and Turkiye Finans - are called participation banks in Turkey, which is careful to preserve its secular stance on politics and finance.

SUKUK - Sukuk under Turkish law

As a supplement to the OPINION on the new Sukuk from Kuveyt Turk, I do insert hereunder the - as far as I know only - article that was published in English on the new Sukuk regulation, as published ion June 1, 2010 by the Turkish Capital Markets Board SPK. he Communique has been passed and published virtually unnoticed.

The source is Todays Zaman, the author is Berk Cektir.