WORLD - RATNGS - Fitch affirms Islamic Development Bank

www.reuters.com - Fitch Ratings has affirmed the Islamic Development Bank's (IsDB) Long-term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short-term IDR at 'F1+'. IsDB's ratings are underpinned by strong intrinsic features, primarily by excellent capitalisation. IsDB is one of the most highly capitalised multilateral development banks (MDBs) covered by Fitch. The ratio of equity to assets has remained above 60% since inception (64.1% at end-1432H, equivalent to 25 November 2011 in the Gregorian calendar), mainly thanks to regular capital inflows from shareholders and steady yet moderate profits. The ratio of debt to equity is low, at 49.2% at end-1432H. The bank also maintains a comfortable level of liquid assets, which more than fully covered its short-term liabilities at end-1432H. Credit risk is moderate. The IsDB mainly extends project financing guaranteed by member states or state-owned banks to finance infrastructure or social services. (source)

SUKUK - PRIVATE EQUITY - Dubai Private Equity Invests in Europe With First Sukuk: Islamic Finance

Millennium Private Equity Ltd., a Dubai government-linked investment company with about $5 billion in capital, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K.

Millennium, part-owned by Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Shariah-compliant bank, bought $10 million of four-year convertible notes in July that were sold by International Innovative Technologies Ltd., a clean energy company in Gateshead.