UAE’s Majid Al Futtaim to set up Sukuk program

11 Oct 2011

(MENAFN) Majid Al Futtaim (MAF) Holding’s senior vice president, Daniele Vecchi, said that soon the company would arrange for a Sukuk program, reported Emirates 24/7.

Vecchi added that the move came as market instability prevented the company from proceeding with its plans for a conventional issue, adding that the Sukuk market was more stable.

He also said that in July, the company managed to raise a USD1 billion loan in order to help pay back debt and provide MAF with more funds after its bond issue was abandoned.

It is worth noting that the company is the exclusive licensed party in the Gulf for Carrefour, the hypermarket chain, and had plans to expand in Iraq and Lebanon in 2012.

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