Business Blog

By Bernardo VizcainoApril 24 (Reuters) - Pakistani conglomerate Engro CorpEGCH.KA , a former unit of Exxon Mobil Corp XOM.N , plans to raise as much as 4 billion rupees ($40.9 million) through listed sukuk (Islamic bonds), Pakistan Credit Rating Agency Limited said.The proposed sukuk would be secured and offered in two tenors: a three-year 3 billion rupee tranche with a 13 percent profit rate, and

The UK's much anticipated issue of a £200mn Islamic bond, or sukuk, is likely to attract interest from both Muslim and non-Muslim investors, according to the Lord Mayor of the City of London, Alderman Fiona Woolf.

Masraf Al Rayan, Qatar's largest Islamic lender by market value, reported an 8% increase in first-quarter net profit on Wednesday, beating analysts' expectations.

Dubai's government hopes its first 15-year sukuk issue - an unusually long tenor for an Islamic bond - will pave the way for long-term debt sales by its state companies, the Department of Finance said on Wednesday.

Abu Dhabi's Mubadala, rated Aa3/AA/AA, has launched a USD750m eight-year bond at 120bp over seven-year US Treasuries, according to a lead manager.

Kuwaiti firm Al Madina for Finance and Investment Co. said on Wednesday it was uncertain of its ability to continue as a going concern, after posting a 26 percent drop in assets and widening its losses for the last financial year.