With the start of Ramadan, trading activity reached a near meltdown in Manama.
The Bahrain All-Share Index was down 0.14 per cent at 1,425.62 points on Tuesday, July 1. Only three shares were traded. Ahli United Bank lost 0.63 per cent at $0.79. Bahrain Tourism Company and Seef Properites closed unchanged. Al Baraka Banking Group was not traded. Earlier in the day, the oldest Islamic bank in Bahrain said in a filing to the market that its Turkish subsidiary Al Baraka Turk Participation Bank issued successfully a $350 million Islamic security, or sukuk.
The issue of the Sukuk was through the Bank’s leasing subsidiary, Bereket Varlik Kiralama A.S, while the obligor is Al Baraka Turk Participation Bank. The Issue is rated BB by Standard & Poors, and is listed on the Irish Stock Exchange, and carries profit rate of 6.25% per annum for a period of 5 years and is payable on June 30, 2019.
Tuesday, July 1- 2014 @ 16:58 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.