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Author Archives | Laxman

Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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Tanzania: Amana Bank Limited grow stronger

Posted on 09 May 2013

Amana Bank Limited, Tanzania’s first fully Sharia compliant bank has announced its audited financial results for the financial year ended 31 December 2012, reflecting strong growth in financing and deposits. This is the bank’s first full year of trading having commenced operations in November 2011. The bank started financing in April 2012 and by December [...]

Morocco expects $1 bln a year in loans from AfDB in 2013-16

Posted on 09 May 2013

Morocco expects to win $1 billion in loans per year from the African Development Bank (AfDB) over the next four years as the country looks to make full use of the bank’s funds, the Moroccan Finance minister said on Wednesday.

SECP constitutes Shariah Advisory Board

Posted on 09 May 2013

Considering the fact that Islamic finance is growing in the country with total assets of Islamic finance institutions hovering near a trillion rupees, the Securities and Exchange Commission of Pakistan (SECP) established a central advisory board to guide their transactions in accordance with the principles of Shariah.

Egypt’s new economic ministers prioritise IMF deal, Islamic finance

Posted on 09 May 2013

Finance Minister Fayad Abdel-Moneim and Planning Minister Amr Darrag stress IMF-mandated economic reform aimed at reducing the budget deficit is an immediate priority. Egypt’s newly-appointed economy ministers highlighted the importance of continuing the efforts exerted by their predecessors to ensure Egypt’s economic future in their first public statements on Wednesday.

Record Sukuk seen on Indonesia $92 bln plan: Islamic finance

Posted on 08 May 2013

Indonesian corporate sukuk sales are off to their best ever start and the top underwriter predicts a full-year record as $92 billion of state-backed development projects buoy issuance.

Saudi’s SABIC says to issue Sukuk for projects

Posted on 08 May 2013

Saudi Basic Industries Corp (SABIC), the world’s biggest petrochemicals group, will issue a Sukuk late this year or next year to fund coming projects, a senior company official said on Tuesday.

HSBC sees 2013 Sukuk sales doubling to $3 bln: Turkey Credit

Posted on 08 May 2013

Islamic bond sales in Turkey may double to $3 billion this year as companies join the government in accessing Shariah-compliant investors, according to HSBC Holdings Plc (HSBA), the world’s biggest underwriter of sukuk.

TM has cash to settle RM2bln sukuk, will not issue more bonds for now

Posted on 08 May 2013

Telekom Malaysia Bhd (TM) has sufficient cash to settle its RM2bil sukuk ijarah expiring at the end of the year and remains committed to return RM700mil, or up to 90% of normalised net profits, to its shareholders.

Dubai says looking at alternate plan for debt repayment

Posted on 08 May 2013

Dubai may issue another sovereign bond this year and is looking at alternate means to repay its debt if asset sales don’t materialise, a top official said on Tuesday.

Sabic may seek to tap debt market as soon as this year, CFO says

Posted on 08 May 2013

Saudi Basic Industries Corp. (SABIC) may tap the debt market as early as this year as the world’s biggest petrochemicals maker by market value seeks financing for projects amid borrowing costs near record lows.

Turkey can profit from Islamic banking

Posted on 08 May 2013

As part of an initiative backed by the Islamist government, Ziraat Bank, the country’s largest state-run lender, is working to set up a Shari’ah-compliant entity. It comes less than a year after Ankara’s debut sovereign Sukuk. In a country divided by the role of religion in public life, such an active promotion of Islamic finance [...]

Legislative amendments on Islamic banking not on CBA agenda

Posted on 08 May 2013

The Central Bank of Azerbaijan (CBA) does not currently consider amending the domestic legislation to ensure the implementation of Islamic banking in Azerbaijan, CBA Chairman Elman Rustamov said.

ADIB Group Q1 net profit up 10.7 pct

Posted on 08 May 2013

The Abu Dhabi Islamic Bank (ADIB) Group posted a 10.7 per cent increase in net profit of AED 340.1 million for Q1 2013, after taking provisions and impairments of AED 185.5 million.

Can Egypt’s Islamist finance minister cut a deal with the IMF?

Posted on 08 May 2013

The big news in Cairo is that a long-awaited cabinet reshuffle has finally become a reality. President Mohamed Morsy swore in nine new ministers today in a move that increases the Muslim Brotherhood’s representation in the government.

Asiya Investments launches Islamic fund

Posted on 08 May 2013

Asiya Investments, the Asia specialist investment firm, announced today the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East.

UNB Al Itihad Fund and Al Samaha Fund performance steady

Posted on 08 May 2013

UNB’s Private Banking Division announced that the performance of both ‘Al Itihad and Al Samaha Islamic’ Funds was steady and consistent with the relevant benchmarks during the last year. Their performance since inception was commendable compared to other funds in the same category.

Capita and XL back Lloyd’s-based Shariah-compliant start-up

Posted on 08 May 2013

A Shariah-compliant underwriting agency has been launched in the London market with the financial backing of Capita and the Bank of London & Middle East, and capacity provided by XL.

SECP passes orders against takaful, insurance cos

Posted on 08 May 2013

The Securities and Exchange Commission of Pakistan has passed three orders against a takaful company for not complying with the provisions of the Insurance Ordinance, 2000, and the Companies Ordinance, 1984, in which one of the orders relates to the interpretation of the exemption given under Proviso to Section 187(h) of the Companies Ordinance, 1984.

Bonds, sukuk among ‘most attractive’ ways of funding, says Seetharaman

Posted on 07 May 2013

Bonds and sukuks are among the “most attractive” ways of funding more than $45bn projects planned in Qatar this year and $140bn projects planned in the upcoming years, Doha Bank Group CEO Dr R Seetharaman has said.

Türkiye Finans’ $500 mln sukuk sale lures investors

Posted on 07 May 2013

Turkish Islamic bank Türkiye Finans issued a $500 million five-year Islamic bond, also known as a sukuk, in a bid to take its share of the soaring investor appetite for alternative financial instruments as well as Turkey’s ambitious plans to boost its Islamic finance offers.

Batu Kawan proposes RM500mln Sukuk programme

Posted on 07 May 2013

Batu Kawan Bhd has proposed to raise up to RM500mil from an Islamic medium-term notes Sukuk programme. It said on Monday the Securities Commission had approved the Sukuk programme which would have a tenure of 10 years.

Positive response to Al Bayan Group’s sukuk issuance in Malaysia anticipated

Posted on 07 May 2013

Kenanga Investment Bank (KIBB) and its Saudi partner Wasatah Capital have identified an opportunity for Saudi companies to create a presence in the Malaysian sukuk market following Al Bayan Group Holding Company’s 200-million Malaysian ringgit (MR) sukuk issuance.

Dana Gas tops Gulf sukuk as debt deal gets approval

Posted on 07 May 2013

Dana Gas’ Islamic bonds rallied last week, sending the yield down eight times more than the Arabian Gulf average, after the UAE-based fuel producer agreed on debt-refinancing terms.

QCB chief to address role sukuk can play in managing liquidity

Posted on 07 May 2013

HE the QCB Governor, Sheikh Abdullah bin Saoud al-Thani, in his capacity as Chairman of the Board of Islamic Financial Services Board (IFSB) and Chairman of the Governing Board of International Islamic Liquidity Management Corporation (IILM), will give a keynote address at the forthcoming London Sukuk Summit on the standards issued by the IFSB to [...]

RAM assigns final ratings to Al-’Aqar Capital’s proposed sukuk, sees stable outlook

Posted on 07 May 2013

RAM Rating Services Bhd has assigned final ratings to Al-’Aqar Capital Sdn Bhd’s proposed Issue 1 to be issued under its RM1bil Sukuk Ijarah programme. In a statement, RAM Ratings said it had assigned AAA rating with a stable outlook for the RM272mil Class A Sukuk Ijarah and AA2 with a stable outlook for the [...]

Crescent Wealth launches Shariah-compliant super fund

Posted on 07 May 2013

It has developed its own platform for its four investment options and has appointed Corporate Combined Superannuation (CCSL) as trustee. The Shariah-compliant funds - Australian equities, international equities, income fund and Australian infrastructure and property - were previously only available on the Association of Independently Owned Financial Planners Personal Choice Private e-wrap platform, after they [...]

Kuwaiti firm launches Islamic trade finance fund

Posted on 07 May 2013

Kuwait-based Asiya Investments has launched an Islamic trade finance fund with $20 million in seed capital, aiming to cater to small Asian manufacturers. Asiya, whose largest shareholder is sovereign wealth fund Kuwait Investment Authority, aims to fill a gap left by Western banks that are scaling back their trade finance business, making credit scarce for [...]

Asiya upbeat on Islamic Trade Finance Fund

Posted on 07 May 2013

Asiya Investments (Asiya), described as the Asia specialist investment firm, has announced the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East. The fund aims to capture a set of opportunities that exist in today’s market.

First halal PE fund sees opportunities

Posted on 07 May 2013

As Europe remains mired in one of the biggest food fraud scandals in recent times, this side of the globe is seeing the world’s first private equity (PE) fund specialising in the halal industry being set up.

Kuwaiti official hails VP’s initiative ‘Dubai: Capital of Islamic economy

Posted on 07 May 2013

The initiative of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum to set up a comprehensive platform of Islamic economy products and services is crucial to finding a host that takes under its wings an industry valued at $4 trillions, Kuwait’s Arab Planning [...]

Post-election hope for future of Islamic finance in the nation

Posted on 07 May 2013

Today, as Malaysians welcome their newly elected and returned Members of Parliament as well as state assemblymen, I would like to share with you about my hope for the future of Islamic finance in Malaysia. Islamic finance, as I have often said time and time again, has come a long way in Malaysia.

Emirates Islamic Bank reports 101pct Q1 profit jump

Posted on 07 May 2013

Emirates Islamic Bank (EIB), on Sunday, reported a 101 per cent increase in first quarter net profit as compared to the previous year. The net profit for the period reached Dhs33.2 million, noting a sharp incline from the Dhs16.5 million in the first quarter in 2012. The total income for the three months, that ended [...]

Nigeria favours centralised approach for takaful firms

Posted on 07 May 2013

Nigeria has issued new guidelines to oversee the operation of its takaful (Islamic insurance) industry, favoring a centralised format that is gaining favour across the Islamic finance world. Africa’s top oil producer and second biggest economy is trying to establish itself as the African hub for Islamic finance, having approved rules for issuing sukuk in [...]

XL Group seeks to tap Islamic demand for insurance products

Posted on 07 May 2013

Insurance major XL Group and Islamic specialist Cobalt underwriters will offer sharia-compliant insurance for companies buying commercial property, paving the way for Islamic investors to tap London’s subscription-based insurance market for the first time.

Pilgrim funds give Indonesia banks booster shot: Islamic finance

Posted on 03 May 2013

Indonesia’s plan to shift 11 trillion rupiah ($1.1 billion) of pilgrim’s savings into Shariah- compliant lenders is a booster-shot that will help narrow the gap with neighboring Malaysia. Deposits set aside by those planning a Hajj visit to Mecca in Saudi Arabia will be shifted by the Ministry of Religious Affairs from non-Islamic banks within [...]

‘Innovation key to growth’ of Islamic banking

Posted on 03 May 2013

Oman and Malaysia should embark on joint initiatives to develop a pool of professionals to drive the innovation and growth of the Islamic finance industry, said Raja Nazrin Shah, crown prince of Perak, Malaysia, and financial ambassador of the Malaysian International Islamic Financial Centre.

Egypt’s nod to Islamic finance to attract investments: stock exchange chief

Posted on 03 May 2013

The passing of a new law that would legalize Islamic bonds by Egypt’s upper house a day ago could trigger an investment windfall for the highly indebted country, the chairman of Egypt’s stock exchange said. Mohammed Omran said the underdeveloped bond market at the Nile would get a boost by the new law which increases [...]

DIB eyes acquisitions in Asian markets

Posted on 03 May 2013

Dubai Islamic Bank (DIB) has dealt with much of its balance sheet weakness and should see profits for 2013 grow in the high double digits, allowing it to eye acquisitions in new markets in Asia, officials said.

National Bank sets up an Islamic banking window

Posted on 03 May 2013

National Bank of Kenya has launched a new Islamic banking window with plans to launch a fully-fledged subsidiary in future. The window, called ‘National Amanah’ is targeted at retail, SME and corporate clients offering banking products and services in compliance with Islamic Shariah.

United Arab Bank’s Islamic banking division appoints Minhaj Advisory to be its Shariah consulting arm

Posted on 03 May 2013

The Islamic Banking Division of United Arab Bank (UAB), the fastest growing bank in the UAE, has signed a memorandum of understanding (MoU) with Minhaj Advisory - one of the most prominent Shari’ah compliant consultancy in the region.

South Africa’s First National Bank recruits new Shariah advisors

Posted on 03 May 2013

Reuters quotes new Islamic Finance Chief Executive Officer Amman Muhammad as saying, “In the new structure, we no longer call them a board, we’re using the term ‘sharia advisory committee’ and we now clearly define what the role of the committee is.”

FNB names new sharia banking advisory committee

Posted on 03 May 2013

The Islamic division of First National Bank (FNB) has hired a new sharia advisory committee and aims to rebrand itself after a governance crisis last year resulted in the previous board quitting, denting investor confidence.

Islamic finance course for QIB staff concludes at QFIS

Posted on 03 May 2013

The Executive Training Programme for Islamic Banking concluded at Qatar Faculty of Islamic Studies (QFIS) recently. The training programme, which aims at developing Islamic finance skills towards better understanding of its principles and products, is specially designed for Qatar Islamic Bank (QIB) finance employees.

Finance ministry: Sukuk to prove successful in Egypt

Posted on 03 May 2013

With the Sukuk bill unanimously endorsed by the Shura Council, the Finance Ministry hopes this would give investments a shot in the arm.

Egypt Islamic bonds could attract $15 bln annually

Posted on 03 May 2013

Sovereign Islamic bonds, or sukuk, could attract $15 billion in investments to Egypt annually from domestic and foreign investors, according to statements made by an advisor to the finance minister to the state-run MENA news agency.

Garuda issues $630mln worth of Shariah bonds

Posted on 03 May 2013

PT Garuda Indonesia’s debut $630-million Islamic loan, which follows sukuk by Emirates Airlines and Malaysian Airline System Bhd., is a test that may pave the way for more Shariah funding, the carrier’s chief executive said.

Fitch assigns Turkiye Finans Sukuk issue final ‘BBB’ rating

Posted on 03 May 2013

Fitch Ratings has assigned Turkiye Finans Katilim Bankasi A.S.’s (Turkiye Finans) Sukuk issue a final rating of ‘BBB’. KEY RATING DRIVERS The ‘BBB’ rating assigned to the Sukuk is driven solely by Turkiye Finans’ Long-term foreign currency Issuer Default Rating (IDR) of ‘BBB’ as the Sukuk structure is viewed as an originator-backed/asset-based structure.

QAR8bln worth sukuk issued in Q1: QCB Governor

Posted on 03 May 2013

H E Sheikh Abdullah bin Saoud Al Thani, Governor of Qatar Central Bank ( QCB ), yesterday said that Islamic banks in Qatar issued sukuk worth QR8bn by the end of the first quarter of 2013. The QCB , on behalf of the government, has issued sukuk worth QR39bn to help manage the liquidity of [...]

Goldman-arranged bond sale stings Najib before Malaysia election

Posted on 03 May 2013

Malaysian Prime Minister Najib Razak is facing calls before a weekend election to justify a $3 billion bond placement by the sovereign-wealth fund he leads, with opponents saying the deal was unnecessary and mispriced.

MAAKL declares gross dividends for MAAKL dividend fund and MAAKL-HW Shariah progress

Posted on 03 May 2013

MAAKL Mutual declared a 3.2 sen and 2.1 sen gross distribution for its MAAKL Dividend Fund and MAAKL-HW Shariah Progress Fund, for the financial year ended April 30, 2013.

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