Goldman Sachs Group Inc. (GS), whose shariah-compliant bond program was questioned by Islamic scholars in 2011, led its first sukuk in more than three (more)
Goldman Sachs Group Inc. (GS), whose shariah-compliant bond program was questioned by Islamic scholars in 2011, led its first sukuk
in more than three years after helping a Saudi property developer raise $450 million.
The bank was a lead arranger on Dar Al Arkan Real Estate Development Co. (ALARKAN)'s sukuk on May 21, reforging links with the Riyadh-based real estate company after helping arrange the sale of its $450 million five-year bonds in February 2010.
The New York-based bank is seeking to catch up with U.S. competitors as demand accelerates for securities that conform to Islamic principles. Global sales reached a record $46.5 billion last year, according to data compiled by Bloomberg, while issuance has increased 4 percent to $18.3 billion in 2013. Citigroup Inc. (C) and Morgan Stanley (MS) are U.S. banks that have appeared among the global top 10 underwriters for Islamic bonds in the last five years, according to data compiled by Bloomberg.
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