SUKUK PIPELINE - Issue plans around the world

DUBAI, Dec 7 (Reuters) - Following are major Islamic bond issues in the global pipeline.

The Thomson Reuters Global Sukuk Index is at 117.04371 points, down from 117.25342 at the end of last month but up from 115.79726 at the end of last year. The Thomson Reuters Investment Grade Sukuk Index is at 115.22131 points against 115.35741 at end-November and 113.69014 at end-2014.

BARWA BANK - Qatar's Barwa Bank has listed a $2 billion Islamic bond programme on the Irish Stock Exchange, taking the lender a step closer to tapping the sukuk market for the first time, the bank said in early December.

AHMAD ZAKI - A unit of Malaysia's Ahmad Zaki Resources signed a guaranteed sukuk murabaha facility agreement with Bank Pembangunan Malaysia and Maybank Investment Bank for a guaranteed Islamic medium-term note facility of up to 1 billion ringgit ($238 million), to help finance the East Klang Valley Expressway project, Bernama news agency reported in early December.

SCIENTEX - Malaysia's Scientex said in early December that a unit had resistered with the Securities Commission a 15-year sukuk murabaha programme with a value of up to 500 million ringgit.

GARUDA - Indonesian airline Garuda intends to raise $500 million through selling global bonds or sukuk next year to refinance debt, the Jakarta Globe quoted president director Arif Wibowo as saying at the start of December.

SIME DARBY - Malaysia's Sime Darby said in late November that its board had approved the company's plan to establish a perpetual sukuk programme of up to 3.0 billion ringgit.

SICHUAN DEVELOPMENT - A unit of China's Sichuan Development Holding Co plans to establish a $1 billion sukuk programme, the firm advising on the deal said in late November.

TAIWAN - The Taipei Exchange expects next year to list sukuk issued by local companies, the president of the exchange said in late November without giving details.

AFGHANISTAN - The government of Afghanistan intends to sell sukuk, perhaps over the coming year, the central bank governor said in late November.

WAPDA - The Pakistan government in late November gave the Water and Power Development Authority permission to borrow 244 billion rupees ($2.3 billion) from commercial banks through domestic sukuk issues to finance construction of two hydropower projects, but refused to give tax exemptions on the loans, the Express Tribune reported.

IVORY COAST - Ivory Coast plans to issue 150 billion CFA francs ($244 million) worth of sukuk with a five-year maturity on the regional market between Nov. 20 and Dec. 21., the government said in late November.

ISLAMIC DEVELOPMENT BANK - The Islamic Development Bank wants to use sukuk to help finance the reconstruction of countries ravaged by conflict such as Yemen, with the World Bank as a potential joint issuer, the head of the IDB said in mid-November.

KAZAKHSTAN - Kazakhstan's parliament has approved legislative amendments to facilitate Islamic finance, paving the way for central Asia's largest economy to issue its first sovereign sukuk next year, a government official said in mid-November.

BOUBYAN BANK - Kuwait's Boubyan Bank said in mid-November that it was in the preliminary stages of studying the issuance of sukuk that would boost its capital reserves.

KUVEYT TURK - Turkish Islamic bank Kuveyt Turk mandated six institutions for a sukuk issue with a value of up to $400 million and a maturity of 10 years, it told the Istanbul stock exchange in mid-November.

KUWAIT - Kuwait's financial regulator released rules covering issuance of sukuk in mid-November, in a move that could facilitate sales of sukuk by both the government and corporations. Finance minister Anas al-Saleh has said Kuwait may issue local-currency sukuk to cover its budget deficit.

WIDAD CAPITAL - Malaysia's Widad Capital proposes a sukuk murabaha programme of up to 120 million ringgit, RAM Ratings said in mid-November.

PAKISTAN - The Pakistani government is likely to issue sukuk worth over 300 billion rupees against the security of Jinnah International Airport Karachi next month to squeeze surplus liquidity from Islamic banks, The News quoted a local banker as saying in mid-November.

Pakistan's government plans an international sukuk issue, likely to be worth $500 million, next year, possibly in the April-June quarter, finance secretary Waqar Masood Khan told Reuters in late September.

OMANTEL - Oman Telecommunications Co (Omantel) plans to sell 50 million rials ($130 million) of Islamic bonds by early 2016 in what would be the country's second corporate sukuk issue, a top executive said in early November.

HASCOL PETROLEUM - Pakistan's Hascol Petroleum is proposing to issue six-year sukuk for 2 billion rupees, including a greenshoe option of 500 million rupees, JCR-VIS Credit Rating Co said in early November.

TUNISIA - The Tunisian government expects in the first half of 2016 to make its first sukuk issue, worth 1 billion dinars ($505 million), Finance Minister Slim Chaker told Reuters in late October.

SOUTH AFRICA - South Africa would like to issue more sukuk so there is enough liquidity to build an investment curve, Director-General of the Treasury Lungisa Fuzile told reporters in mid-October without giving details.

MALAYSIA BUILDING SOCIETY - Malaysia Building Society is sounding out the market on its fourth offer of structured sukuk to raise up to 900 million ringgit; lead RHB Investment Bank is gathering indications of interest on various tranches, though demand for non-benchmark tenors is heard to be weak at the moment, bankers said in early October.

AYALA LAND - Ayala Land of the Philippines is considering raising funds through sukuk for its investments in Malaysia, finance officer Jaime Ysmael was quoted as saying in early October by ABS-CBNnews.com.

COUNTRY GARDEN - Chinese property developer Country Garden Holdings will debut in Malaysia's debt markets with its first sukuk; the maiden issue will come off a 1.5 billion ringgit Islamic medium-term note programme, on which CIMB Investment Bank is lead arranger, bankers said in early October.

INDONESIA - The Indonesian government plans to offer project-based sukuk worth 13.7 trillion rupiah ($953 million) next year, nearly double this year's level, Antara news agency quoted the National Development Planning Agency's deputy chief for development funding, Wismana Adi Suryabrata, as saying in mid-September.

Noor Bank said in late August it planned to help arrange a sukuk sale or private placement on behalf of the Indonesian government; officials declined to specify the amount of the sukuk but said it would be U.S. dollar- based and include other underwriters.

HNA GROUP - The financing arm of China's HNA Group, owner of Hainan Airlines, plans to make an offshore sukuk issue of benchmark size before year-end, Andrew Kinal, managing director of Geneva-based Shariah Advisory Group, which is advising on the deal, said in early September.

EGYPT - Egypt hopes to issue its first sovereign sukuk by the first quarter of 2016, Samy Khallaf, an adviser to the finance minister, said in early September.

TIME DOTCOM - Malaysia's TIME dotCom plans a sukuk offer off its newly established 1 billion ringgit medium-term note programme. CIMB Investment Bank and Hong Leong Islamic Bank were appointed joint lead managers, bankers said in early September.

PRASARANA - State-owned public transport operator Prasarana Malaysia said in early September it would fund Malaysia's light rail transit three project via sukuk, with the coupon to be decided later.

TURKIYE FINANS - Turkiye Finans Katilim Bankasih has applied to raise up to 1.5 billion lira ($513 million) via sukuk through its wholly owned unit TF Varlik Kiralama, Turkey's Capital Markets Board said in August.

SAUDI ELECTRICITY - Saudi Electricity Co received approval from its executive committee to set up a sukuk programme worth as much as $1.5 billion and negotiate for loan financing worth $2.3 billion, the Gulf's largest utility said in late August.

ALUMINIUM BAHRAIN - Aluminium Bahrain is seeking a credit rating ahead of talks with banks about fund-raising for its $3.5 billion Line 6 expansion, a company official told Reuters in late August. A banking source said a bond or sukuk could be issued before end-2015 or early in 2016.

PHILIPPINES - Sukuk are a funding option for the Philippine government, National Treasurer Roberto Tan told Reuters in mid-August, adding that he hoped Congress would pass legislation to allow such issuance.

BEST LEASE - Mohamed Frad, board member at Tunis-based Best Lease, a commercial leasing firm, told Reuters in early August that the company aimed to raise up to 30 million dinars via sukuk to finance its growth after finance ministry rules covering issuance of corporate sukuk were published, which was expected within months. Tunisia's Banque Zitouna and El Wifack Leasing were also considering sukuk issues.

BANK MUSCAT - Bank Muscat has delayed plans to launch a 500 million rial sukuk programme after the central bank rejected the proposal, a source at the bank told Reuters in mid-July. "We will restructure the sukuk proposal and file for the approval again," he said.

RENAISSANCE SERVICES - Shareholders of Oman's Renaissance Services approved in early July plans for the company to buy back mandatory convertible bonds and finance that by issuing up to $200 million of perpetual bonds, either conventional or sukuk.

APICORP - Saudi Arabia-based Arab Petroleum Investments Corp could issue its first sukuk later this year as part of its recently-established $3 billion sukuk programme, the company said in early July.

TURKEY - The Republic of Turkey is seeking to raise $1.5 billion from issuance of sukuk and yen-denominated bonds this year, a Treasury official said in late June: around $400 million equivalent from the yen-denominated transaction and the rest from sukuk.

BRUNEI - Brunei's central bank is preparing to issue long-term sukuk for the first time in the "very near future" while widening the eligible list of buyers of its issuance programme, it said in mid-June.

TOYOTA - The Malaysia unit of Toyota Motor Corp plans to set up a 2.5 billion ringgit programme to raise funds via both conventional and Islamic bonds, a regulatory filing showed in mid-June.

SINDH - Pakistan's Sindh province plans to raise as much as $200 million through a debut issue of sukuk to help fund development and infrastructure projects, the province's minister of finance said in mid-June.

BAHRI - Saudi Arabia's Capital Market Authority granted approval to National Shipping Company of Saudi Arabia (Bahri) to issue sukuk, the regulator said on June 1. Bahri plans to complete a debut Islamic bond offer worth up to 3.9 billion riyals this quarter, the company's vice chief executive officer for finance Mohammad Alotaibi said earlier.

ADIRA DINAMIKA - Indonesian leasing company Adira Dinamika Multi Finance is expected to launch a dual-tranche bond at end-May, bankers said. It aims to sell bonds worth 2.5 trillion rupiah, split into a 2 trillion rupiah conventional portion and a 500 billion rupiah sukuk portion.

AEON CREDIT - Malaysia's Aeon Credit Service said in mid-May it planned to raise 1 billion ringgit via sukuk murabaha for working capital, repayment of debt and financing for customers.

CIMB - CIMB Group Holdings, Malaysia's second largest bank by assets, plans to establish a new 6 billion ringgit conventional and Islamic bond programme, a regulatory filing by RAM Ratings said in late April. A CIMB official confirmed the details.

TELEKOM MALAYSIA - Telekom Malaysia set up in late April a $750 million, multi-currency sukuk programme that may see the state-owned company return to global markets after a long absence.

JORDAN - Jordan chose the Islamic Corporation for the Development of the Private Sector to support its debut sovereign issue of sukuk, the ICD said in mid-April; the dinar-denominated issue is expected this year and would be used to absorb excess liquidity held by Jordan's Islamic banks, which is estimated to total 1.4 billion dinars ($2 billion).

AXIS REIT - Malaysia's Axis REIT said in early April that it had expanded its sukuk programme to 3.0 billion ringgit from 300 million ringgit, and extended the length to perpetual from 15 years.

TALIWORKS - Malaysia's Taliworks Corp announced in early April that the Securities Commission had authorised its proposed issuance of 210 million ringgit worth of sukuk murabaha, Bernama news agency reported.

SENEGAL - Senegalese President Macky Sall said in early April that he had asked the Islamic Development Bank to help his country conduct a second sovereign sukuk issue. He gave no details.

ZORLU ENERGY - Turkish firm Zorlu Energy has obtained approval from Turkey's regulator to raise 100 million lira via sukuk, the regulator said in mid-March.

INTERNATIONAL BANK OF AZERBAIJAN - International Bank of Azerbaijan, the country's largest and the only state-owned bank, plans to issue $200-300 million of debut sukuk this year, a senior manager said in early January. Sources said in mid-March that the lender had manadated banks for the deal.

NIGERIA - Nigeria is exploring with the Islamic Corporation for the Development of the Private Sector the idea of issuing sovereign sukuk, the ICD's head told Reuters in mid-March.

MASRAF AL RAYAN - Masraf Al Rayan, Qatar's second-largest bank by market value, is eyeing a debut in the debt capital markets this year after inviting bankers to pitch for arranger roles on a potential U.S. dollar-denominated benchmark sukuk issue, sources said in mid-March.

LUXEMBOURG - Luxembourg intends to issue more sovereign sukuk in 2016 after conducting its first such issue last year, Luxembourg finance minister Pierre Gramegna was quoted as saying by the Gulf Times in March.

NIGER - Niger's government will establish a sukuk programme worth 150 billion CFA francs, permitting its first issue of sukuk, with assistance from the private sector arm of the Islamic Development Bank, the Jeddah-based body said in late February.

GULF FINANCE HOUSE - Gulf Finance House plans to make a $230 million convertible sukuk issue this year to help it fund acquisitions of two to three regional firms, its chairman told Reuters in late February.

JORDAN ISLAMIC BANK - Jordan Islamic Bank, the largest Islamic bank in the country and a unit of Bahrain's Al Baraka Banking Group, plans a 10-year local currency sukuk issue by year-end, the parent's chief executive Adnan Ahmed Yousif told Reuters in mid-February.

QATAR INTERNATIONAL ISLAMIC BANK - Qatar International Islamic Bank is seeking shareholder approval to raise up to 3 billion riyals ($825 million) through a capital-boosting sukuk issue, the bank said in early February.

SGI-MITABU - SGI-Mitabu, a consortium of two Brisbane-based solar energy companies, will issue offshore-domiciled sukuk in July, The Malaysian Insider quoted a senior executive as saying in early February. If it goes ahead, the deal will be Australia's first issuance of sukuk.

BANK ISLAMI - Bank Islami Pakistan, the country's second largest full-fledged Islamic bank, plans to raise 3.5 billion rupees via subordinated sukuk, a bank official said in January. Issuance of the first 500 million rupee tranche, which still requires regulatory approval, could be as early as this quarter.

MOBILINK - Pakistan Mobile Communications (Mobilink), the country's largest telecommunications operator, plans to raise 6.9 billion rupees via sukuk this quarter, Pakistan Credit Rating Agency said in January.

> For more Reuters Islamic finance stories, type in ISLF, enter > For more Reuters sukuk stories, type in SUK, enter > For all Reuters content on Islamic finance, click on > For a diary of Islamic finance events, click on > For a glossary of Islamic finance terms, click on (Compiled by Andrew Torchia)