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India: RBI will not oppose, if govt allows Islamic Banking

Posted on 10 May 2013 by Laxman  |  Email|Print

Governor Reserve Bank of India (RBI), Dr D. Subbarao today said RBI will not create any huddle, if Government of India allows Islamic Banking in the country. Addressing a press conference here, after the conclusion of Central Board of Directors (CBD) meeting, the RBI Governor said that different Banks operating in the state will increase their Credit Deposit Ratio (CDR) from existing 36.5 percent to 40 percent so that more loans would be given to the people who require it.
“Let me clear to you. It is not RBI, which is standing in the way of starting of Islamic Banking in the country. It is the government which has to determine, whether to allow the Islamic Banking or not,” he said…………………………………….Full Article: Source

Islamic banking impossible in Indian regulatory set-up: RBI governor

Posted on 09 May 2013 by Laxman  |  Email|Print

RBI governor D Subbarao on Wednesday said implementing Islamic banking model in India would be impossible because it is inconsistent with the banking regulatory set-up where interest is charged and given. However, he said he has suggested the government that the decision being political, it must debate and, if required, bring in a law.
“It can be a parallel system for which a separate regulatory set-up can be created,” the governor said. “It is a political issue,” he said………………………………………..Full Article: Source

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

Posted on 08 May 2013 by Laxman  |  Email|Print

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.
The shakeup comes as Egypt is deep in talks with the International Monetary Fund (IMF) about a $4.8 billion loan intended to help the country jumpstart its stagnant economy………………………………………..Full Article: Source

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

Posted on 07 May 2013 by Laxman  |  Email|Print

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.
He said in 2012 Qatar issued sukuk worth $4bn and earlier, in 2011, Qatar came out with QR50bn bonds for local banks. “QNB recently came up with a $1bn bond issue for a tenure of seven years. In March 2013, Qatar’s Central Bank issued QR1bn of local currency sukuk and QR3bn of local currency conventional bonds.”……………………………………….Full Article: Source

FJP leader criticizes Salafi Nour Party over sukuk draft law

Posted on 15 April 2013 by Laxman  |  Email|Print

Sobhi Saleh, a leading Freedom and Justice Party figure, harshly criticized the Salafi Nour Party over its stance against a law that would allow the state to issue sukuk, or Islamic bonds. He called on the Nour Party to stop “analyzing and prohibiting matters for certain political gains,” after the party threatened to challenge the sukuk law before the Supreme Constitutional Court.
Last month, the FJP-led Parliament approved the draft law on sukuk, referring it to President Mohamed Morsy, who in turn referred it to the Al-Azhar Council of Senior Scholars, a panel of top Islamic scholars, for their opinion. The council approved the draft law………………………………………..Full Article: Source

Alizz islamic bank appoints supervisory board

Posted on 15 April 2013 by Laxman  |  Email|Print

Alizz islamic bank SAOG, one of the first dedicated Islamic banks in Oman, announced the appointment of its Shariah Supervisory Board at the Bank’s second General Meeting held at the Capital Market Authority. His Highness Sayyid Taimur bin Asaad al Said, Chairman of the Board, Board Members, and a number of shareholders were in attendance.
The newly appointed Supervisory Board consists of Shaikh Dr Mohammed Abdul Rahim Sultan al Olama, Shaikh Dr Osama Mohammed Saad Bahar and Shaikh Nasser bin Yousef bin Nasser al Azri. These prominent Shariah scholars are qualified individuals who collectively bring a wealth of experience in jurisprudence, Islamic finance, research and banking………………………………………..Full Article: Source

Italian governor calls for greater understanding of Islamic finance

Posted on 12 April 2013 by Laxman  |  Email|Print

The “opportunity to attract foreign capital to underpin economic progress” makes it “increasingly important” for Italy to equip itself to interact with Islamic financial systems, according to Bank of Italy governor Ignazio Visco.
In his welcoming address to a seminar organized by the Islamic Financial Services Board and hosted by Banca d’Italia on the subject of Islamic finance, Visco repeated a question asked at a recent conference by Amartya Sen: “How is it possible that an activity that is so useful has been viewed as morally so dubious?” Visco said what is most important is to “focus on the link between financial transactions and underlying assets.”……………………………………….Full Article: Source

Jaidah, O’Connor, Tarmoom on Islamic finance (Video)

Posted on 12 April 2013 by Laxman  |  Email|Print

Salah Jaidah, Deutsche Bank AG’s chief country officer for Qatar and vice chairman for Middle East and North Africa, Toby O’Connor, chief executive officer of The Islamic Bank of Asia, and Muneef Tarmoom, founder and managing partner at Abu Dhabi Equity Partners, talk about Islamic Finance.
They spoke April 8 at the Bloomberg Link Doha Conference in a session moderated by Bloomberg’s Riad Hamade………………………………………..Full Article: Source

Alizz islamic bank appoints new member to board

Posted on 10 April 2013 by Laxman  |  Email|Print

Alizz islamic bank has announced that Malcolm Mckinnon, Deputy General Counsel of Abu Dhabi’s International Petroleum Investment Company (IPIC), has been appointed to the Bank’s Board of Directors.
Mckinnon, an experienced legal counsel, represents aabar Investments, one of the bank’s four founding promoters, and succeeds Mohamed Badawy Al-Husseiny, Chief Executive Officer and Board Member of aabar Investments. aabar is a subsidiary of IPIC………………………………………..Full Article: Source

Islamic lender Ajman Bank’s acting CEO resigns

Posted on 09 April 2013 by Laxman  |  Email|Print

Mohamed Amiri, the acting chief executive of Ajman Bank, has quit the Islamic lender, three sources said on Monday. Mohammad Zaqout, previously executive vice president of personal banking at unlisted Al Hilal Bank, will be the new chief executive of Ajman Bank, an official at Al Hilal Bank said, confirming what one of the sources had said.
Press officials at Ajman Bank were not immediately available for comment. Ajman Bank shares fell 2.6 percent on the Dubai bourse by 0840 GMT. Its shares have risen 88 percent in the last one year on speculation that institutional investors were eyeing a stake in the bank………………………………………..Full Article: Source

Islamic lender Ajman Bank hires Zaqout as new CEO

Posted on 09 April 2013 by Laxman  |  Email|Print

United Arab Emirates-based Islamic lender Ajman Bank, has hired Mohammad Zaqout as its new chief executive, following the resignation of its acting CEO.
Zaqout, executive vice president of personal banking at unlisted Al Hilal Bank, will start as CEO from April 21, subject to approval from the UAE Central Bank, Ajman Bank said in a filing to the Dubai Financial Market………………………………………..Full Article: Source

Gatehouse Bank’s CEO moves to Malaysia to link Islamic finance hubs

Posted on 08 April 2013 by Laxman  |  Email|Print

Gatehouse Bank is expanding into Southeast Asia with the opening of a new representative office in Malaysia. Richard Thomas OBE, will relinquish his current responsibilities as Chief Executive Officer and will take over a new role with the Bank to spearhead this SE Asia business expansion and operations.
This move into Malaysia follows on from the ground-breaking GBP 165 million acquisition of the law firm SJ Berwin’s offices at 10 Queen Street Place in London, in collaboration with a flourishing Malaysian Sovereign Wealth fund in September 2012………………………………………..Full Article: Source

‘Do what you love’: Interview with Egyptian lady CEO

Posted on 08 April 2013 by Laxman  |  Email|Print

Nevine Loutfy is managing director and CEO of the National Bank for Development. After an international career spanning over three decades with global behemoth Citibank, the fearless banker left Citigroup’s EMEA Commercial Bank in London where she had held the positions of chief operating officer, managing director and business senior credit officer to head NBD in 2008.
At the end of 2007, Abu Dhabi Islamic Bank had acquired a 49 percent stake in NBD, a failing bank at the time, and Loutfy’s mission was to transform NBD into a successful, entirely Sharia-compliant institution. Asked about how she dealt with the challenge of becoming one of a mere handful of women heading banks in Egypt, the tall and slender Loutfy is far from intimidated………………………………………..Full Article: Source

Holland & Knight expands Middle East presence with addition of Islamic finance specialist Oliver Agha

Posted on 05 April 2013 by Laxman  |  Email|Print

Holland & Knight is pleased to announce that Oliver Agha has joined the firm as a partner and will head its Islamic finance and Middle East and North Africa (MENA) practices. Mr. Agha’s addition will strengthen the firm’s presence in the Middle East and bolster the firm’s banking and finance, infrastructure, and real estate capabilities in the region.
Oliver Agha founded Agha & Co in 2010 as a boutique Islamic finance firm with a leading blue chip clientele of international and regional financial institutions and corporations. For the last three years Mr. Agha’s Dubai-based firm, which includes four associate attorneys who will also join Holland & Knight, has won a number of Islamic finance awards………………………………………..Full Article: Source

BankDhofar appoints new Chief Islamic Banking Officer

Posted on 28 March 2013 by Laxman  |  Email|Print

BankDhofar annoucned the appointment of Sohail Niazi as Chief Islamic Banking Officer of its Islamic window “Maisarah” reporting to Tony Mahoney, Chief Executive Officer of BankDhofar.
Niazi brings a wealth of experience from his eighteen years in the banking industry. Most recently Niazi was Acting CEO with Elaf Bank, an Islamic wholesale bank in Bahrain, and previously worked at many globally recognised and respected institutions such as Bank of America, Morgan Stanley and KPMG Consulting………………………………………..Full Article: Source

Linklaters brings ex-Norton Rose Islamic finance star on board

Posted on 28 March 2013 by Laxman  |  Email|Print

Linklaters has hired KPMG global Islamic finance head Neil Miller as its new global Islamic finance head, based in Dubai. Miller joins the magic circle firm from accountancy firm KPMG. He joined KPMG two years ago from Norton Rose (25 January 2011), having developed a leading Islamic finance practice at the firm over around 20 years.
Norton Rose moved Miller out to Dubai from London in 2009 (16 February 2009) in a bid to strengthen its Middle East practice. He previously headed Norton Rose’s Bahrain office from 1997 to 2000………………………………………..Full Article: Source

Al Hilal Islamic Banking Board meets

Posted on 27 March 2013 by Laxman  |  Email|Print

An expanded meeting for al Hilal Islamic Banking Sharia Supervisory Board was held recently at ahlibank’s head office in Wattiyah. The meeting was chaired by Dr. Ali Mohyeddin al Qurah Daghi, and included Dr. Farid Mohammed Hadi, Dr. AbdulAziz al Qasar and Sheikh Aflah bin Ahmed bin Hamad al Khalili and Azhar Hamid.
During the meeting of Al Hilal’s Sharia Supervisory Board a number of approvals were attained which included approvals on products and their features, as well as the approval of the prospectus of the upcoming Sharia complaint Al Hilal Mena Fund which will be launched in the near future and approval of this year’s Shaira Audit and training plan………………………………………..Full Article: Source

Senior finance lawyer brings diverse expertise to Islamic finance practice

Posted on 25 March 2013 by Laxman  |  Email|Print

Amar Meher has joined the Law Office of Salman M. Al-Sudairi in association with Latham & Watkins in Riyadh as counsel in the Finance Department. Meher’s practice focuses on conventional and Islamic finance, debt restructurings, debt capital markets, and Shari’ah-compliant structured products, most notably Shari’ah-compliant investment funds.
Meher has worked extensively throughout the Middle East and his experience spans the financial services, power, infrastructure, shipping, telecoms and real estate sectors, among others. He has advised on numerous high profile debt financings and restructurings across various product areas, from the bank market to the capital markets. His experience spans a number of jurisdictions, including the UAE, the United Kingdom, Asia and Australia………………………………………..Full Article: Source

Meethaq Sharia Board inducts 2 more members

Posted on 25 March 2013 by Laxman  |  Email|Print

The Sharia Supervisory Board of Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, conducted its first meeting of 2013 under the chairmanship of Shaikh Dr Ali Qaradaghi, in the presence of Shaikh Essam Muhammad Ishaq and Shaikh Majid al Kindi. The board inducted two new members — Abdulqader Thomas and Dr Saeed al Muharrami.
The two experts in the field of Islamic banking will serve as non-Shari’a members and assist the Shari’a voting members, providing insights on various Islamic banking issues. The board reviewed Meethaq activities during 2012 and discussed the strategy for the coming period………………………………………..Full Article: Source

Future of Islamic banking promising, says Shihab

Posted on 19 March 2013 by Laxman  |  Email|Print

Islamic banking is making steady progress in the Sultanate since the promulgation of the Royal Decree No. 69/2012. It has a promising future, said HH Sayyid Shihab Bin Tariq Al Said, His Majesty’s Adviser.
Although the Islamic banking industry is still in the initial stage, it has resulted in remarkable activity in the banking sector, said CBO Executive President HE Hamoud Bin Sangour Al Zadjali. It has forced many licensed commercial banks to increase their capitals to open independent Islamic windows to operate alongside with the two licensed Islamic banks, he said………………………………………..Full Article: Source

Kuwait Finance House revamp plan includes a new CEO, creating separate investment banking unit

Posted on 14 March 2013 by Laxman  |  Email|Print

Kuwait Finance House (M) Bhd (KFH) is mulling over a restructuring exercise that will entail a change of chief executive and the creation of a separate investment banking division, sources said. The sources told StarBiz that KFH’s existing chief executive officer (CEO) Datuk Jamelah Jamaluddin had been chosen to head this new investment banking subsidiary, and thus, the search for a new CEO had been ongoing.
According to the sources, Datuk Seri Abdul Hamidy Abdul Hafiz, the chairman of Danajamin Nasional Bhd and Credit Guarantee Corp (M) Bhd, is a likely replacement. He is also a board member of KFH…………………………………….Full Article: Source

Former Unicorn CEO sentenced to another five years

Posted on 06 March 2013 by Laxman  |  Email|Print

Majid Bader Hashem Al-Refai, the former Chief Executive Officer of Unicorn Investment Bank, was found guilty of money laundering and sentenced to an additional five years imprisonment and fined BHD 100,000.
The High Criminal Court of the Kingdom of Bahrain issued its ruling on Monday 4 March 2013, on a money laundering case against Al-Refai. The High Criminal Court issued the ruling in absentia as Al-Refai failed to attend any of the court hearings in relation to this case to date………………………………………..Full Article: Source

Islamic bonds not meaning privatization: Egypt’s finance minister

Posted on 04 March 2013 by Laxman  |  Email|Print

Egyptian Finance Minister al-Morsi Hegazy said Sunday that the sukuk (Islamic-sanctioned bonds) project is a new funding window for Egypt and it is not an alternative for another funding tool or method.
At a press conference at the ministry’s headquarters in Cairo, Hegazy said “sukuk project does not mean privatization”, explaining that it starts as something private then it turns into public ownership. “Egypt is for Egyptians and its soil is not a matter of mortgage of selling,” the minister said in response to claims that sukuk would allow foreigners to own key state properties………………………………………..Full Article: Source

Mohammed’s initiative to spark sukuk boom

Posted on 01 March 2013 by Laxman  |  Email|Print

A landmark announcement by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to turn the emirate into a global centre for sukuk (Islamic bonds) is expected to trigger a boom in sukuk issue in the region’s commercial and investment hub.
Reacting to the initiative, the latest in a series of aggressive economic overtures by Sheikh Mohammed, local officials and analysts described it as a major step towards achieving the ultimate goal of turning Dubai into a world Islamic economic capital. One official said the sukuk initiative would also give a strong push to the UAE economy, the second largest in the Arab world after Saudi Arabia………………………………………..Full Article: Source

Noor Islamic Bank appoints Narendra Swarup as chief risk officer

Posted on 27 February 2013 by Laxman  |  Email|Print

Noor Islamic Bank has announced the appointment of Narendra Swarup as Chief Risk Officer (CRO). Swarup will be responsible for all the risk functions of the bank.
These include credit, market, operations as well as compliance and governing information security, protecting against fraud and guarding intellectual property through developing internal controls. He is also mandated to ensure the group’s compliance with government regulations and review factors that could negatively affect investments, or Noor’s diversified units………………………………………..Full Article: Source

Arqaam hires ex-Credit Suisse banker to head equity sales

Posted on 26 February 2013 by Laxman  |  Email|Print

Arqaam Capital, a Dubai-based investment bank, has hired ex-Credit Suisse banker Wafic Nsouli to head its institutional equity sales unit, tapping into talent from retrenching global banks for its expansion.
Nsouli is expected to join Arqaam on March 18 and will take charge as executive director and head of institutional equity sales, the investment bank said in a statement to Reuters. Before joining Arqaam, Nsouli was head of Middle East and North Africa equities at Credit Suisse, responsible for the company’s offices in Dubai and Saudi Arabia………………………………………..Full Article: Source

New role for KPMG official

Posted on 26 February 2013 by Laxman  |  Email|Print

Global audit, tax and advisory firm, KPMG, has announced the appointment of its Qatar-based partner, Omar Mahmood to head up its financial services practice in the Middle East and South Asia. KPMG’s Middle East and South Asia Chairman Jamal Fakhro said it was important KPMG found the right person for the role given the strategic significance of financial services to the region.
“The financial services industry in this region is developing at a rapid rate,” said Fakhro. “KPMG is committed to supporting this development with outstanding financial services specialists.”……………………………………….Full Article: Source

Phillipines: Market-driven Islamic banking sought

Posted on 25 February 2013 by Laxman  |  Email|Print

Monetary authorities could allow the introduction of Islamic banking products — given the huge market potential — as long as the framework is “market driven.” “Considering that there’s market potential … We can look into the possibility of allowing conventional banks to provide Islamic banking products,” central bank Deputy Governor Nestor A. Espenilla, Jr. said.
“However, we have not received any proposal so far,” he added. “Perhaps the problem is a dearth of providers with sound Islamic banking business models,” Mr. Espenilla noted………………………………………..Full Article: Source

Takaful CEO speaks about investment challenges

Posted on 18 February 2013 by Laxman  |  Email|Print

The Egyptian Life Takaful Company garnered some EGP 60m in installments by the end of the first half of the 2012/2013 financial year. Hesham Abdel Shakour, the CEO of the company, revealed to Al-Borsa that his company is targeting EGP 120m installment dues by the end of the current year, noting that they achieved EGP 45m in installments after the first year of restructuring the company in 2011.
He said that the company achieved EGP 16m by 30 June 2011, which points to the stability of the installments growth rate above 250% annually, the same rate targeted by the end of the year………………………………………..Full Article: Source

Jobs on offer at Emirates Islamic Bank, Sharaf DG

Posted on 15 February 2013 by Laxman  |  Email|Print

Good news for sales executives in the UAE – there are a number of jobs on offer at one of Dubai’s major Islamic banks and an electronics retailer. Following Dubai-based Emirates NBD bank’s Open Day earlier this week to hire sales staff, this time it is Emirates Islamic Bank that has announced openings for sales executives dealing in credit cards, SME finance, SME deposits and telesales executives.
The bank prefers bilingual candidates – English and Arabic speaking – and must possess experience for the required positions………………………………………..Full Article: Source

Mohammad al-Sheikh heads Saudi regulator

Posted on 14 February 2013 by Laxman  |  Email|Print

Saudi Arabia has appointed Mohammad al-Sheikh, a recently named World Bank executive director, to head the Capital Market Authority, which regulates the biggest stock exchange in the Arab world.
Mr Sheikh joins as partner from the Riyadh office of Latham & Watkins, the American law firm, which was associated with his own firm. He specialised in capital markets, mergers and acquisitions and restructuring, as well as Islamic finance………………………………………..Full Article: Source

Great potential for growth in Islamic banking: Expert

Posted on 11 February 2013 by Laxman  |  Email|Print

“Islamic banking has become an alternative to conventional banking after the recent crisis. There appears to be a great potential for growth in the industry. There are challenges associated with developing an industry with a different approach to “risk management.” However, this can be the best time to grow the Islamic financial market, since Basel III can be an opportunity rather than an obstacle.
Because in terms of capital adequacy, Islamic banking is already placed well,” stated Dr. Yildiray Yildirim, Associate Professor of Finance, Chair, Finance Department, Whitman School of Management at the Syracuse University in New York………………………………………..Full Article: Source

Saudi king appoints new head to Capital Market Authority

Posted on 06 February 2013 by Laxman  |  Email|Print

Saudi Arabia’s King Abdullah bin Abdulaziz Al Saud issued a royal order relieving Dr. Abdulrahman bin Abdulaziz al-Tuwaijri, President of Capital Market Authority (CMA), of his post on Tuesday.

The king went on to appoint Mohammed bin Abdulmalik bin Abdullah al-Shiekh as CMA President at the rank of Minister, reported the Saudi Press Agency. The king instructed the appropriate authorities to carry out the order immediately. The move comes in tandem with other new appointments in the Kingdom………………………………………..Full Article: Source

Ahlibank CEO clarifies on Islamic banking strategy

Posted on 04 February 2013 by Laxman  |  Email|Print

Following the successful launch of its Al Hilal Islamic Banking Services with the opening of five dedicated branches in Samail, Saham, Bahla, Rustaq and Muscat, and a sixth branch set to open soon in Salalah, Ahlibank is confident that Islamic banking will be a great success in Oman.
Abdul Aziz al Balushi, chief executive officer of Ahlibank, said that depending on the actual requirements, the bank may convert some of the existing conventional branches to Islamic banking ones or may even open more new Islamic banking branches. “The primary objective for this year is to really establish credibility by educating people about what Islamic banking is by explaining to them how true and transparent we are to clear people’s negative perception about Islamic banking,” he said…………………………………..Full Article: Source

JP Morgan appoints first-ever global Islamic head

Posted on 31 January 2013 by Laxman  |  Email|Print

JP Morgan has appointed industry veteran Mr Hussein Hassan to a newly-created role of global head of its Islamic finance unit as the investment bank seeks to expand its Shariah-compliant business.
“As we have observed a significant increase in the demand for sharia-compliant banking products, we have decided to invest in high-calibre people, systems and technology,” Mr Sjoerd Leenart, Senior Country Officer for the Middle East and North Africa at JP Morgan says………………………………………..Full Article: Source

More ethics in economics needed, says IIUM dean

Posted on 30 January 2013 by Laxman  |  Email|Print

More attention needs to be given to ethics in economics and policies that affect the economy today, said the International Islamic University Malaysia (IIUM) dean Professor Dr Khaliq Ahmad.
“You cannot separate ethics as something that is not important in economics and finance. Unfortunately, the mainstream economics today has developed in a certain direction that tries to make ethics separate,” he said. He said mainstream or modern economics today aim to be scientific and objective, and do not include ethics………………………………………..Full Article: Source

Islamic finance success offsetting global gloom

Posted on 29 January 2013 by Laxman  |  Email|Print

The private sector in the Kingdom has been spurred into action, giving a major boost particularly to real estate, construction, health care, education, financial services and a host of other activities, thus offsetting some of the global economic gloom, according to Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB) Group.
“However, financing for small and medium enterprises (SMEs) is not yet developed in most of the member-countries,” Al-Aboodi said………………………………………..Full Article: Source

JP Morgan hires ex-UBS banker as global Islamic head

Posted on 28 January 2013 by Laxman  |  Email|Print

J. P Morgan Chase has hired Hussein Hassan as its global head of Islamic finance, the US-based investment bank said in a statement on January 22. Hassan was previously at UBS, where he was global head of Islamic structuring and head of structuring for the Middle East and North Africa (MENA), the statement said.
“Hussein is widely acknowledged as one of the most experienced and prominent Islamic banking experts and I am confident his knowledge will help us to serve clients better across the globe,” Sjoerd Leenart, senior country officer for MENA at J. P Morgan, said………………………………………..Full Article: Source

Unsung heroes of Islamic finance industry

Posted on 28 January 2013 by Laxman  |  Email|Print

The beating heart of an Islamic bank is actually the treasury and its uniquely qualified people. Treasury, at one time, was about liquidity management, and now has become a profit centre for banks.
The challenge for Islamic finance treasury is there are not many options, vis-a-vis, conventional treasury on liquidity management, hence, their important contribution adds to not only the bottom line, but also the bonus!……………………………………….Full Article: Source

JP Morgan names Hussein Hassan as its global head of Islamic finance

Posted on 23 January 2013 by Laxman  |  Email|Print

J P Morgan, a leading international financial services firm, has announced the appointment of Hussein Hassan as global head of its Islamic Finance practice.
Hassan will lead the firm’s effort to further build out its Islamic offering across different lines of business and regions. He will work closely with J P Morgan’s existing Islamic finance professionals, broaden the team as required and ensure J P Morgan’s product offering is best-in-class across the Corporate & Investment Banking and Wealth Management………………………………………..Full Article: Source

Islamic finance future brighter than ever

Posted on 16 January 2013 by Laxman  |  Email|Print

The future of Islamic finance following the global financial crisis in 2008 is even “brighter than before”, said the Regent of Perak Raja Dr Nazrin Shah. The industry has expanded by 15% to 20% per annum since the 1990s and now amounts to over US$1.2 trillion (RM3.61 trillion) globally, said Nazrin, who is also the Financial Ambassador of Malaysia’s International Islamic Financial Centre.
“While this is less than 1% of global financial assets, it is expected to quadruple in the next decade,” he said………………………………………..Full Article: Source

Review economist’s suspension, Bank Islam urged

Posted on 16 January 2013 by Laxman  |  Email|Print

The move by Bank Islam to suspend its chief economist, Azrul Azwar Ahmad Tajudin, for predicting the coming general election results in favour of Pakatan Rakyat, will be a loss to the bank, said think tank Political Studies for Change.
Calling on the bank to review its decision, it said Azrul Azwar has more than 10 years of experience, having served as an analyst at Meridian Asset Management Sdn Bhd, RHB Bank, Malaysia Industrial Development Finance Bhd (MIDF) and the Islamic Financial Services Board (IFSB)………………………………………..Full Article: Source

New finance minister to review sukuk law

Posted on 14 January 2013 by Laxman  |  Email|Print

The sovereign sukuk law is intended to organise the financing of the government, state budget, national projects and public institutions. It was released by the government but opposed by Al-Azhar and Islamic parties.
The cabinet has referred the draft sukuk law to the newly-appointed Finance Minister Al-Morsy Hegazy to be reviewed in coordination with the ministries of investment and justice, the grand mufti of Al-Azhar, the Shura Council, the Islamic studies congregation and Dar Al-Iftaa………………………………………..Full Article: Source

Islamic center honors for Pimco’s El-Erian

Posted on 11 January 2013 by Laxman  |  Email|Print

Mohamed El-Erian, chief executive of Newport Beach-based Pacific Investment Management Co., has been selected to receive the 2012 American Muslim Achievement Award from the Islamic Center of Southern California.
El-Erian also is co-chief investment officer, alongside Bill Gross, at Pimco. The award recognizes El-Erian’s “achievements in the fields of finance, global investment management strategies, and matters related to the global economy,” according to the Islamic Center………………………………………..Full Article: Source

Lubna lauds Sheikh Mohammed’s Islamic economy vision as ”promising”

Posted on 11 January 2013 by Laxman  |  Email|Print

Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, praised the announcement of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum for integrating Islamic economy as a key sector of Dubai economy as a ‘promising step forward” to boost assets and gains made by Dubai over the recent years.
Sheikha Lubna the move would build on Dubai’s success based on a well-planned and careful vision to push economic diversification drive forward and create new sectors that support the accelerating pace of developmental, economic and social progress………………………………………..Full Article: Source

HH Sheikh Mohammed wants Dubai to be Islamic finance hub

Posted on 10 January 2013 by Laxman  |  Email|Print

Dubai has set ambitious plans in motion to become the “global capital” of Islamic economy. The extensive initiative includes proposals to create an Islamic finance council to regulate Shariah-compliant equity - and integrate Islamic economy as part of the overall Dubai economy.
According to the UAE’s official news agency WAM, the Islamic economy - which totals a growing population of 1.6 billion Muslims worldwide - is now $2.3 trillion. “Our cosmopolitan outlook to doing business continues to be our economy’s driving force,” Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum said……………………………………….Full Article: Source

Takaful Ikhlas appoints new CEO

Posted on 09 January 2013 by Laxman  |  Email|Print

Takaful Ikhlas Sdn Bhd has appointed Ab Latiff Abu Bakar as president and chief executive officer (CEO) of the general and family takaful company .
Latiff, who holds a Bachelor Degree in Business Administration from the University of Portland, US, brings with him over 20 years of experience including senior management positions in insurance and takaful companies………………………………………..Full Article: Source

Egypt’s finance minister is expert on Islamic economics

Posted on 07 January 2013 by Laxman  |  Email|Print

Al-Mursi Al-Sayed Hegazy, an expert on public finance and Islamic economics, was sworn in on Sunday as Egyptian finance minister. Here are some facts about him: Egyptian media reports described him as being close to the Muslim Brotherhood, an assessment shared by a colleague speaking privately.
A spokesman for the Brotherhood’s Freedom and Justice Party denied reports that he was a member of the Brotherhood………………………………………..Full Article: Source

Afgan finance minister leaves for Sudan to attend Islamic bank annual meeting

Posted on 03 January 2013 by Laxman  |  Email|Print

Finance Minister, Zakhelwal left Tuesday for Sudan attend Islamic Development Bank (IDB) 37th annual meeting of the board of governors, the ministry said. “The participation of Islamic countries in the development projects of Afghanistan was not so tangible in the past one decade, but with attention of IDB leadership and continually struggle of Dr. Zakhilwal it became better since two years, a statement issued by the ministry, said.
Zakhilwal will meet during his visit with Ministers of Finance, Economy and Planning of Islamic Countries and will try to take their assistance to Afghanistan for investments, according to the statement………………………………………..Full Article: Source

Maqbool takes helm of MCB Bank

Posted on 19 December 2012 by Laxman  |  Email|Print

Imran Maqbool, a former Bank of America’s official, took the held of the MCB Bank as the banks’ president and Chief Executive Officer, it emerged Tuesday. After securing approval of the State Bank of Pakistan, Maqbool would be taking his new charge from the 22nd of this month, said a bank official.
“This is to inform you that State Bank of Pakistan has granted, in-principle, approval for the appointment of Mr. Imran Maqbool as President/CEO of MCB Bank Limited,” Abdus S. Sami, MCB’s company secretary, told the bank’s shareholders at the country’s three stock exchanges………………………………………..Full Article: Source

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