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Author Archives | Laxman

Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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A.M. Best withdraws ratings of Boubyan Takaful Insurance Company KSC

Posted on 03 May 2013

Rating Services Limited has revised the outlook to stable from positive and affirmed the financial strength rating of C++ (Marginal) and the issuer credit rating of “b” of Boubyan Takaful Insurance Company KSC (CLOSED) (Boubyan) (Kuwait). Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s [...]

RHB Research projects Takaful Malaysia’s 1Q FY13 earnings at RM30 mln

Posted on 03 May 2013

RHB Research has estimated Syarikat Takaful Malaysia Bhd’s earnings for the first quarter ended March 31, 2013, to be higher at about RM30 million from RM26.3 million recorded in the same quarter last year.

Qatar Islamic Bank rules out 2013 sukuk issues

Posted on 02 May 2013

Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, is not expecting to issue more Islamic bonds before 2014, its chief executive said on Wednesday. “I don’t think it will be needed; there seems to be enough liquidity currently,” Bassel Gamal told reporters at a conference in the Qatari capital.

Tatarstan prepares Sukuk, to discuss Islamic banking with Moscow

Posted on 02 May 2013

The Russian republic of Tatarstan is preparing to make Russia’s first issue of Islamic bonds and will discuss ways to facilitate the growth of Islamic finance with authorities in Moscow, Tatarstan’s president said on Wednesday.

Size of Sukuk issued by Islamic banks in Qatar amounts to approximately QR.8 bln

Posted on 02 May 2013

HE Sheikh Abdullah bin Saoud al Thani, the Governor of Qatar Central Bank (QCB) has announced that the size of sukuk issued by the Islamic banks in Qatar amounted to approximately QR.8 billion at the end of the first quarter of this year, whereas the total volume of investments of the banks operating in [...]

Egypt Islamic bonds could attract $15 bln annually

Posted on 02 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.

Egypt’s treasury hails Al-Azhar’s nod to Islamic bonds bill

Posted on 02 May 2013

Egypt’s Finance Ministry on Wednesday hailed the consent of Al-Azhar, the country’s highest Islamic reference, to the Islamic bonds (sukuk) draft law.

Egypt’s nod to Islamic finance to attract investments

Posted on 02 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 here on Wednesday.

Global Islamic financial assets to hit $1.8 trillion bright prospects for Oman

Posted on 02 May 2013

The size of Islamic financial assets is forecast to reach $1.8 trillion in 2016, while the financing and investment activities are expected to accelerate, especially in the Islamic capital markets as emerging economies embark on infrastructure spending.

Call to promote Islamic economies as alternative to financial order

Posted on 02 May 2013

At a time when the world economy in general and the European economies in particular are deteriorating and their financial crises are far from over, scholars had better focus on Islamic economics as the best alternative to the ailing international financial order.

Towards viable Islamic finance

Posted on 02 May 2013

Raja Muda of Perak Raja Nazrin Shah, financial ambassador of the Malaysia International Islamic Financial Centre, addressed the audience at the Oman Islamic Economic Forum 2013 in Muscat yesterday.

M’sia aims to collaborate with Oman to develop Islamic finance

Posted on 02 May 2013

Malaysia is looking forward to collaborating with Oman to address challenges in developing the Islamic finance industry, says the Regent of Perak Raja Nazrin Shah.

UAB signs MoU with Shari’ah compliant consultancy

Posted on 02 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 consultancies in the region. The services extended by Minhaj Advisory will include introduction of Shari’ah compliant products, contracts, supervision, auditing and [...]

New sharia committee at FNB

Posted on 02 May 2013

The Islamic division of South Africa’s First National Bank has hired a new sharia advisory committee and aims to rebrand itself after a governance crisis in 2012 saw the previous board quit, denting investor confidence.

United Arab Bank hires Minhaj Advisory for Islamic banking arm

Posted on 02 May 2013

The services extended by Minhaj Advisory will include introduction of Shari’ah compliant products, contracts, supervision, auditing and training. Minhaj will form a Shari’ah Supervisory Board (SSB) with three Islamic scholars at the helm to extend their guidance regarding provisions and principles of Shari’ah related to transactions and activities of the current and future Islamic products [...]

Bombay Stock Exchange launches broad-based Islamic index

Posted on 02 May 2013

The Bombay Stock Exchange (BSE) has launched an Islamic equity index based on the wide-measure S&P BSE 500 index, providing a new benchmark for Islamic investors in one of the world’s largest stock exchanges.

Takaful Malaysia reports stellar results for 2012 from robust sales

Posted on 02 May 2013

Syarikat Takaful Ma­laysia Bhd (Takaful Malaysia) an­nounced that it had recorded stel­lar results for 2012, underpinned by higher sales generated by the family and takaful business.

Nigeria: Insurance Commission releases takaful guidelines

Posted on 02 May 2013

The National Insurance Commission (NAICOM) has issued the guidelines for takaful as part of efforts to increase insurance penetration in Nigeria and boost the contribution of insurance to the national GDP.

Sukuk: Heading for the mainstream

Posted on 30 April 2013

With more and more sovereigns and corporates looking to raise money through sukuk - in response to strong investor demand - Islamic finance is becoming increasingly mainstream. Are regional asset managers well positioned to take advantage? The growth of the market for sukuk - Islamic bonds - over the last few years has been staggering [...]

Gulf banks, investors involved in flood of Turkish issues

Posted on 30 April 2013

A $500 million sukuk from Turkiye Finans this week was just the latest in a flood of international debt issues from Turkey. But the identity of the arranging banks, and the investors who bought the issue, pointed to a shift in capital markets.

Dana Gas shareholders and Sukukholders approve Sukuk refinancing

Posted on 30 April 2013

Dana Gas, the Middle East’s leading private sector regional natural gas company, announced that sukukholders overwhelmingly voted to approve the refinancing of the $1bn Trust Certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited.

Albaraka Turk to raise $200mln through sukuk

Posted on 30 April 2013

Albaraka Turk Participation Bank (ABTP), which is part of the Bahrain-incorporated Albaraka Banking Group (ABG), is set to close its debut Sukuk offering this coming week after finishing a roadshow targeting a limited private investor base.

UK aims to boost role in Islamic finance

Posted on 30 April 2013

Prime Minister David Cameron is looking to Southeast Asia to boost the UK’s role in Islamic finance. It’s the Bank of England he needs to convince first, say Shariah-compliant lenders based in Britain.

Enhancing Islamic financial and securities markets

Posted on 30 April 2013

Many global leaders in securities and finance have gathered in Tehran to exchange ideas on the Islamic financial markets, find methods to enhance sustainable growth in Islamic financial markets and strengthen Islamic capital markets. These were the focal points discussed at the 5th International Orientation Course on Islamic Capital Markets held in the Tehran.

Islamic finance presents opportunities in Australia

Posted on 30 April 2013

Australian website Financial Standard Online reports that the Muslim Community Co-operative Australia (MCCA) is in advanced discussions with an unnamed Middle Eastern company with a view to setting up a $180 million mortgage fund, a $150 million property fund, a $180 million Sukuk fund and a $5 million asset-leasing fund.

Shariah compliant real estate financing

Posted on 30 April 2013

The real estate market in the Middle East has seen a substantial cooling of activity since the global economic downtown at the end of 2008. However, new levels of activity have begun during 2012 as the availability of finance has returned to the market and regional economies are starting to grow once again.

INCEIF-IFSB joint executive forum

Posted on 30 April 2013

INCEIF, The Global University of Islamic Finance, and The Islamic Financial Services Board (IFSB) yesterday held their first joint Executive Forum on Islamic Finance at Sasana Kijang Bank Negara Malaysia.The two-day IFSB-INCEIF Executive Forum aimed to provide a platform for global leaders in Islamic finance to discuss selected emerging issues faced by the global Islamic [...]

Islamic Bank of Britain reports 2012 loss of GBP 6.99 mln

Posted on 30 April 2013

Islamic Bank of Britain (IBB), the UK’s only wholly Shari’ah-compliant retail bank, reported a loss of GBP 6.99 million for 2012, a GBP 2.01m improvement on 2011 (loss of GBP 9.00m). Operating expenses (excluding restructuring costs) reduced by GBP 0.9m to GBP 9.4m.

Noor Islamic Bank profit jumps 54pct

Posted on 30 April 2013

Noor Islamic Bank on Monday said its net profit rose Dh26.4 million, or 54 per cent, to Dh75.5 million in 2012 year-on-year.Based on the significant progress made in 2012, the shareholders have underlined their confidence in the bank’s future performance, approving a capital injection of Dh150 million. Currently, Noor Islamic Bank’s capital adequacy ratio stands [...]

Syarikat Takaful expects higher revenue

Posted on 30 April 2013

Syarikat Takaful Malaysia Bhd aims for its revenue for the financial year 2013 to grow in line with the industry expansion of between 20% and 25%, said managing director Datuk Mohamed Hassan Kamil.

Aljazira Takaful Ta’awuni hopeful of IPO success

Posted on 30 April 2013

The Saudi Capital Market Authority (CMA) board has approved Aljazira Takaful Ta’awuni Company’s (ATT) initial public offering (IPO) of 10,500,000 shares, representing 30 percent of its share capital, amounting to SR 350 million.

Takaful M’sia eyes bigger revenue contributions from Indonesia ops

Posted on 30 April 2013

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) expects revenue contributions from its Indonesian operations to easily increase to 20 per cent once the ruling on sales of takaful products by stand-alone takaful companies comes into force in 2015.

First Shariah court for Mumbai

Posted on 30 April 2013

The first Darul Qaza or Sharia Court was inaugurated on Monday at the Anjuman-e-Islam School to fulfil the needs of the Muslim community in this metropolis.

Gulf investors dominate Turkish sukuks’ flood

Posted on 26 April 2013

$500 million sukuk from Türkiye Finans this week was just the latest in a flood of international debt issues from Turkey. But the identity of the arranging banks, and the investors who bought the issue, pointed to a shift in capital markets.

Al-Azhar scholars submit sukuk law objections to Shura Council

Posted on 26 April 2013

Al-Azhar’s Council of Senior Scholars submitted its objections to the new sukuk law to the Economic Committee at the Shura Council, Tuesday.Abdel Halim Al-Gamal, deputy head of the Economic Committee at the Shura Council, said that the objections were “welcomed unanimously” by the Committee.

Al Hilal Bank UAE manager on debut Saudi MYR Sukuk programme

Posted on 26 April 2013

Al Bayan Group Holding Company is a diversified holding company based in the Kingdom of Saudi Arabia, with businesses that include the supply of a large range of equipment and information technology products and services, including the provision of communication networks and the construction of infrastructure. The Programme was established on 2 April 2013 and [...]

Hogan Lovells advises Al Bayan Group Holding Company on landmark Malaysian sukuk

Posted on 26 April 2013

Hogan Lovells has advised Al Bayan Group Holding Company, a Saudi-based conglomerate, on its RM200.0m sukuk, issued on the 24th April 2013, out of its inaugural RM1.0bn Sukuk Wakalah Programme (the Sukuk Programme) - the first Malaysian Ringgit Sukuk Programme to be established by a Saudi corporate issuer and the first issuance by a Saudi [...]

Emirates NBD Q1 2013 profits up 31 pct

Posted on 26 April 2013

Emirates NBD’s Chief Executive Officer Rick Pudner, said, “Emirates NBD has once again delivered a robust set of results with a net profit of AED 837 million in the first quarter of 2013, up 31 per cent in comparison with the same quarter in the previous year. While the global economic climate continues to remain [...]

Bank Dhofar Q1 net profit OMR 32.44 mln, up 253 pct

Posted on 26 April 2013

Operating income was up 7.43 per cent to OMR 22.2 million. Operating expenses rose 22.3 per cent to OMR 10.6 million, including OMR 590,000 in start-up and pre-opening expenses for Maisarah Islamic Banking.

Oman issues new rules to boost lending to SMEs

Posted on 26 April 2013

Oman’s central bank plans to issue rules to boost lending to small and medium-sized firms, its chief said on Wednesday, in a new move to help bring unemployment down in the sultanate.

Nigeria approves $9 bln foreign loan to spur infrastructure

Posted on 26 April 2013

Nigeria’s National Economic Council approved a $9 billion loan from lenders including the Export- Import Bank of China, the Islamic Development Bank and the African Development Bank.

Islamic banking grow rapidly in Pakistan

Posted on 26 April 2013

Islamic banking is growing at a rapid pace in Pakistan and the growth will accelerate further if the central bank continues to chalk out policies. Banks in this sector expect a total business of Rs1 trillion by 2015 on growing demand.

PruBSN gets many awards at MTA Takaful Starnite 2013

Posted on 26 April 2013

Prudential BSN Takaful Bhd (PruBSN) received multiple awards at the Malaysian Takaful Association’s Takaful Starnite 2013 recently.

Malaysia’s AMMB plans to dispose of certain stake in life insurance business

Posted on 26 April 2013

Malaysia-based banking group AMMB Holdings is looking for potential buyers to dispose of certain stake in its life insurance operations, in a bid to raise nearly $600m from the deal.Sources familiar with the deal were quoted by the Wall Street Journal as saying that the auction sale of nearly 70% stake is expected to begin [...]

Simmons & Simmons advises on launch of unique Shariah-compliant funds platform

Posted on 26 April 2013

SEDCO Capital is a full-service Shariah-compliant wealth and asset management firm serving third-party institutional and private clients.The Simmons & Simmons team was led by specialist Islamic Funds and Finance partner Muneer Khan. He was supported by Funds partner Neil Simmonds, Tax partner Nick Cronkshaw, counsel Ahmed Butt, managing associates James Oussedik and Mohammed Majid, supervising [...]

Turkiye Finans issues $500 mln sukuk at 3.95 pct -bankers

Posted on 25 April 2013

Turkish Islamic bank Turkiye Finans issued a $500 million sukuk, or dollar-denominated Islamic bond, at a price of 3.95 percent on Wednesday, bankers said.

Riyadh-based Al Bayan issues first ringgit sukuk of 1 bln ringgit programme

Posted on 25 April 2013

Riyadh-based Al Bayan Holding became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit, paving the way for more corporations from the kingdom to tap into Malaysia’s market, the world’s biggest for sukuk.

First Saudi firm issues sukuk in Malaysia

Posted on 25 April 2013

Riyadh-based Al Bayan Holding became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit, paving the way for more corporations from the Kingdom to tap into Malaysia’s market, the world’s biggest for sukuk.

Baker & McKenzie act for Saudi Binladin Group on landmark Sukuk

Posted on 25 April 2013

Baker & McKenzie recently acted for the Saudi Binladin Group in relation to a SAR 1.3 billion (US$347 million) Sukuk al-ijara issued by SBG Sukuk Limited as an exempt offering in the Kingdom of Saudi Arabia. The Sukuk structure benefits from security over prime real estate in Jeddah as well as a corporate guarantee from [...]

Mashreq Capital to set up $ 100mln Islamic equity fund

Posted on 25 April 2013

Dubai-based Mashreq Capital plans to set up an Islamic equity fund of up to $ 100 million in the third quarter of this year to invest in stocks across the Gulf region, given lower returns in the bond market, the company’s chief executive said.

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