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Islamic Finance Briefing - Category | Capital Market (Equity, Mutual Funds) more

Bursa seeks response on sukuk listing plan

Posted on 07 May 2012 by Laxman  |  Email|Print

Bursa Malaysia is seeking public feedback on its proposal to facilitate the listing and quotation for trading of sukuk and bonds issued by the Malaysian government as well as local and foreign corporations on the stock exchange.
“The introduction of the exchange-traded bonds initiative is in line with one of Bursa’s strategic priorities to offer a diverse range of tradable products on the exchange and to elevate the bourse to be the leading marketplace in Asia,” it said in a statement………………………………………..Full Article: Source

Maybank raises BIMB target price

Posted on 03 May 2012 by Laxman  |  Email|Print

Maybank Investment raised the target price of Islamic lender BIMB Holdings to RM2.95 per share from RM2.55 on higher valuations and rising profitability.
The investment bank said it expected Bank Islam net profit to rise in 2012-13 due to an upward revision in fee incomes. There was also growth potential from its Indonesian operations, which were still in their infancy, Maybank Investment said………………………………………..Full Article: Source

Gulf IPO markets recovers as investor confidence returns

Posted on 02 May 2012 by Laxman  |  Email|Print

GCC sukuk market continued to flourish with Saudi Arabia leading issuances for the first time and overtaking the UAE in Q1, 2012. The $4bn sukuk issuance by the General Authority of Civil Aviation was the first sovereign issuance in Saudi Arabia followed by a number of corporate sukuk issuances in the country.
Despite falling behind in the league tables, the UAE witnessed a number of sukuk issuances with Majid Al Futtaim raising $400mn, Emirates Islamic Bank and First Gulf Bank, both raising $500mn amongst the notable issuances in Q1 2012………………………………………..Full Article: Source

BFX trading turnover crosses $1 bln mark

Posted on 30 April 2012 by Laxman  |  Email|Print

The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, has announced achieving a key milestone with the cumulative (single-side) trading turnover value crossing the $1 billion mark on April 24, with the total trading volume increasing to 24,046 contracts.
The highest (single-side) daily trading turnover was $58.27 million, with a trading volume of 1,189 contracts achieved on April 23………………………………………..Full Article: Source

Qatar’s QInvest may own majority of new bank with EFG-Hermes

Posted on 27 April 2012 by Laxman  |  Email|Print

EFG-Hermes Holding SAE said Qatar’s QInvest LLC may hold a majority stake in a planned investment bank that would take over the Egyptian bank’s brokerage, investment banking and asset management businesses.

The investment bank would be the largest in “the Arab World, Africa, Turkey, South and Southeast Asia, with the possibility of QInvest holding majority stake,” Cairo-based EFG-Hermes said in a statement Thursday………………………………………..Full Article: Source

Oman’s first Islamic bank announces USD 156 mln IPO

Posted on 24 April 2012 by Laxman  |  Email|Print

Oman’s first Islamic bank, Bank Nizwa, announced an Initial Public Offering (IPO) worth about USD 156 million for 600 million shares which come to 40 percent of its paid capital, on Monday.
“The bank is offering 600 million shares, with a par value of 102 baisaseach, including two baisas for meeting issue expenses,” an earlier bank statement said.The IPO guidelines state individuals can acquire 1,000-100,000 shares,while the remainder is up for acquisition by companies at a maximum of 10percent each………………………………………..Full Article: Source

Credit Suisse advising QFIB on Doha listing-sources

Posted on 24 April 2012 by Laxman  |  Email|Print

Swiss lender Credit Suisse is advising Qatar First Investment Bank (QFIB), a private equity firm, on a listing of all of its shares on the Doha bourse, two bankers with knowledge of the deal told Reuters on Sunday.
QFIB, which sold its 41 percent stake in Qatar Engineering and Construction Company (Qcon) for $77 million last week, has said it is expecting to list in Doha by November. Spokespeople for Credit Suisse and QFIB were not immediately available for comment………………………………………..Full Article: Source

Malaysia: AmInvestment to launch 12 equity funds in 2012

Posted on 18 April 2012 by Laxman  |  Email|Print

AmInvestment Bank Group is looking to launch 12 equity funds this year to achieve the target of increasing its assets under management (AUM) to over RM35 billion by year-end from RM26.9 billion in 2011.
Ng Chze How, director of retail funds (fund management), said: “From the 12 planned for this year, six have been launched, and these have brought our assets under management to RM32 billion.” The company aims to launch a mixture of equity products, from fixed-income funds and retail funds to shariah-compliant funds, Ng said………………………………………..Full Article: Source

Oman Islamic Bank eyes $156mln IPO

Posted on 17 April 2012 by Laxman  |  Email|Print

Omani lender Bank Nizwa, the sultanate’s first Islamic bank, plans to raise $156 million by selling 40 per cent of capital in an initial public offering on the Muscat Securities Market.
The bank is not yet operational and has only a representative office. Three branch openings are planned after the IPO………………………………………..Full Article: Source

QNB makes higher offer for Dexia’s Denizbank

Posted on 12 April 2012 by Laxman  |  Email|Print

Qatar National Bank has made a higher bid for Denizbank, the Turkish unit of stricken Belgian lender Dexia, after earlier talks stalled over price, four sources familiar with the matter said.
“The bid has been re-activated, and is on the table,” said one source. “The new offer is closer to what Dexia is expecting,” he added, saying that QNB’s original offer had been dismissed as too low………………………………………..Full Article: Source

KFH tries to pacify investors with shake-up

Posted on 11 April 2012 by Laxman  |  Email|Print

After a raucous shareholder meeting and years of declining profits, Kuwait’s biggest Islamic lender is hoping a new turnround plan will help it regain the confidence of investors.
The plan’s outcome will be closely watched by Gulf bankers, as the region’s financial industry remains haunted by the non-performing loans and problem assets that are a legacy of the financial crisis………………………………………..Full Article: Source

Saudi-based Riyad Capital working on 3 IPOs and a Sukuk

Posted on 11 April 2012 by Laxman  |  Email|Print

Saudi Arabia-based Riyad Capital is mandated as lead manager for “a number of IPOs” expected to open in the kingdom this year, a person close to the transactions said. The investment bank is also mandated to arrange the sale of a privately placed Islamic bond, or sukuk, which will close later this week, the person told Zawya.
City Cement Company and National Medical Care Company are two IPOs expected in 2012, while the third could take place in 2013. The kingdom has witnessed two IPOs so far this year, according to Zawya’s IPO Monitor………………………………………..Full Article: Source

Brunei must find niche in Islamic capital markets

Posted on 11 April 2012 by Laxman  |  Email|Print

Brunei’s Islamic finance sector must find a niche in Islamic capital markets and reposition itself to find new opportunities in order to catch up with other industry players in the region, an expert said.
Sri Anne Masri, managing director of Pro Ethica Training and Research, said more building blocks are needed in the country to pave a way for the creation of more Islamic products and services such as equity funds, wealth management, and murabahah………………………………………..Full Article: Source

Mudaraba-murabaha structure could lower liquidity premium

Posted on 05 April 2012 by Laxman  |  Email|Print

During March, Saudi dairy and poultry firm Almarai issued the first series of its SAR 3.2 billion (USD 853 million) sukuk program for SAR 1 billion, which used a mudaraba-murabaha structure. According to Zawya’s sukuk database, there have only been 22 issues using this structure, mostly by two companies — LBS Bina Group and KNM Capital — in Malaysia.
The use of this structure in the GCC has been driven by HSBC’s Saudi Arabian unit, which advised on SABB’s Tier II subordinated sukuk also issued in March, and the sukuk issued by the Islamic Bank Aljazira in the first quarter of 2011………………………………………..Full Article: Source

Dubai-based Alif Investments to launch IPO

Posted on 03 April 2012 by Laxman  |  Email|Print

Dubai-based Shariah-compliant investment firm Alif Investments is planning to launch an initial public offering (IPO) in order to finance its expansion, a spokesperson confirmed.
“Yes, principally the decision to launch the IPO and enlist the company has been taken,” a spokesperson said……………………………………….Full Article: Source

Isda launches Islamic derivatives standard

Posted on 28 March 2012 by Laxman  |  Email|Print

Robert PickelThe International Swaps and Derivatives Association, the global derivatives trade body, has launched a new standard of Islamic derivative product as the market for such products develops.
Isda, in conjuction with the International Islamic Financial Market, announced the creation of the Mubadalatul Arbaah, or profit rate swap, product standard to be used for Islamic hedging purposes on Tuesday………………………………………..Full Article: Source

IIFM and ISDA launch Islamic swap standard

Posted on 28 March 2012 by Laxman  |  Email|Print

The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association (ISDA) have launched an ISDA/IIFM Mubadalatul Arbaah (Profit Rate Swap) product standard, to be used for Islamic hedging purposes.
The Mubadalatul Arbaah (MA) standard provides the industry with a framework for Islamic risk mitigation………………………………………..Full Article: Source

Al Ansari Exchange partners with Islamic Finance House to offer more convenient, cost-effective labour guarantee services

Posted on 19 March 2012 by Laxman  |  Email|Print

Al Ansari Exchange, the UAE’s exchange house network that provides worldwide remittance and foreign exchange services, has announced a new partnership with Islamic Finance House (IFH) across its branches whereby IFH will issue labour guarantees for companies.
Under the partnership, Al Ansari Exchange will offer exceptional value to commercial establishments and a more convenient and cost-effective platform as it does not require an annual renewal fee, which is typically charged by banks. (Press Release)

SIB shareholders approve Dh145.5mln cash dividend

Posted on 14 March 2012 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB) announced that its general assembly has approved the Board of Directors’ proposal to distribute a cash dividend of 6 per cent of capital, amounting to Dh145.5 million.
The announcement was made following the SIB General Assembly Meeting, which was held at the Sharjah Chamber of Commerce and Industry yesterday, March 12, 2012. The General Assembly also approved the financial results for the fiscal year ended December 31, 2011………………………………………..Full Article: Source

Gulf Finance House issues statement to bourses

Posted on 14 March 2012 by Laxman  |  Email|Print

In a public letter to the stock exchanges on which Gulf Finance House’s shares are listed, the Islamic investment bank has responded to what it describes as ‘the misleading and misunderstood statement made by Kuwait Stock Exchange on their website yesterday which caused quiet a stir’.
The letter from Gulf Finance House (GFH), under the signature of Dr. Haider Majali, Chief Strategy Officer and Corporate Secretary says: “With reference to the misunderstanding of the financial statements of GFH for the financial year ended 31 December 2011 by Kuwait Stock Exchange yesterday, please be informed that:……………………………………….Full Article: Source

Kenya: CMA sets sight on integration of Islamic capital market products

Posted on 12 March 2012 by Laxman  |  Email|Print

Capital markets regulator, Capital Markets Authority (CMA), has outlined plans to facilitate the introduction of ethical funds as part of its efforts to deepen capital market products.
In a trendsetting move, CMA licensed the first Ethical Fund, First Ethical Opportunities Fund, sponsored by FCB Capital, and has through engagement with Islamic Finance stakeholders, identified key focus areas touching on broad market education, tax harmonisation and formulation of policy and legal frameworks to help accelerate the growth of such new capital markets products………………………………………..Full Article: Source

Ahlibank plans to raise authorised capital to RO150mln

Posted on 09 March 2012 by Laxman  |  Email|Print

Ahlibank is planning to increase the bank’s authorised capital to RO150 million from RO100 million now. The board has decided to convene an extra ordinary general meeting (EGM) on March 25 to seek approval from shareholders for raising capital. ahlibank’s board of directors has recently decided to float a rights issue of RO25 million to support expansion, which include Islamic banking window operation.
The Central Bank of Oman (CBO) recently said the minimum capital requirement for Islamic banking window operation is RO10 million for conventional banks, which is over and above RO100 million required for a commercial bank in the Sultanate………………………………………..Full Article: Source

Saxo Bank sees uptick in demand for Islamic equities

Posted on 08 March 2012 by Laxman  |  Email|Print

Demand for shariah-compliant investment instruments such as stocks will likely increase in the coming years as the Islamic finance industry develops, said a senior executive at online Danish investment firm Saxo Bank.
Unlike their conventional counterparts, Islamic financial institutions have been relatively unscathed by the global economic storm – offering encouraging indicators to investors worldwide who are looking for an alternative place to park their money, said Jakob Thomsen, CEO of Saxo Bank’s Dubai office………………………………………..Full Article: Source

Bank Nizwa’s RO60m IPO likely in April

Posted on 06 March 2012 by Laxman  |  Email|Print

Oman’s first Islamic bank’s (Bank Nizwa) RO60 million initial public offering (IPO) may be floated in April, even as the bank authorities are planning to unveil their programmes for the first time to the media on March 10.
Although high-ranking officials involved in setting up the bank are tight-lipped on the plans, sources at the bank’s issue manager said that Bank Nizwa will have a paid-up capital of RO150 million………………………………………..Full Article: Source

Lender Al Baraka eyes 75pct stake in Indonesian bank

Posted on 05 March 2012 by Laxman  |  Email|Print

Al Baraka Banking Group BSC, a Bahraini Islamic lender, is seeking to buy about 75 percent of an Indonesian bank before the end of this year, Chief Executive Officer Adnan Yousif said.
Al Baraka is in talks with the Chinese shareholders of the non-Shariah compliant bank and expects to invest as much as $100 million in the deal, Manama-based Yousif said in a phone interview today. He declined to provide the bank’s name. “We would like to do it before the end of the year,” he said. Al Baraka will “inject new capital and turn it into an Islamic bank.”……………………………………….Full Article: Source

Turkey ready for joint bourse index with Gulf, plans Sukuk

Posted on 02 March 2012 by Laxman  |  Email|Print

Istanbul Stock Exchange (İMKB) Head İbrahim Turhan said Turkey, Dubai and Abu Dhabi had agreed in principle to launch a joint index, as studies continued for such an attempt with Egypt. Plans for sukuk (Islamic banking) bonds are also on the way, Turhan said, speaking on the second day of the Arab-Turkish Banking and Finance Forum in Istanbul.
Turhan pointed out that the Turkish economy presented strong opportunities, with the İMKB having a total yearly turnover of $400 billion and a daily turnover of $1.1 billion…………………………………………Full Article: Source

FGB to double paid-up capital

Posted on 02 March 2012 by Laxman  |  Email|Print

First Gulf Bank, the second-largest bank by market capitalisation in Abu Dhabi, approved plans to double its paid-up capital through a bonus share issue, the bank said.
The bank, 67 per cent owned by Abu Dhabi, posted an 18 per cent rise in fourth-quarter profits at the end of January, driven by higher interest income and Islamic financing. It raised $500 million through a five-year Islamic bond, or sukuk, sale in January - its second sharia-compliant debt offering…………………………………………Full Article: Source

Istanbul Stock Exchange’s CEO and chairman unveils plans to expand Shariah-compliant securities

Posted on 01 March 2012 by Laxman  |  Email|Print

Ibrahim Turhan, newly appointed CEO of Istanbul Borsasi, talks exclusively to Euromoney about his plans to expand Shariah-compliant products.
Ibrahim Turhan, the CEO and chairman of Istanbuls stock exchange,revealed ambitious plans to reform the Turkish capital markets.However, his first action as chairman was more symbolic than practical: renaming the stock exchange. ……………………………………….Full Article: Source

Bank Islam may assume BIMB listing status

Posted on 23 February 2012 by Laxman  |  Email|Print

Bank Islam Malaysia Bhd, the country’s oldest Islamic lender, may assume the listing status of its parent company BIMB Holdings Bhd, sources said. BIMB owns 51 per cent of Bank Islam, from which it derives the bulk of its earnings. “BIMB have been discussing the pros and cons of such a move. They may want to simplify the BIMB group structure,” one of the sources told Business Times.
Bank Islam accounts for some 85 per cent of BIMB’s profit before zakat and taxation (PBZT). The rest of the BIMB group’s earnings comes mainly from a listed Islamic insurance firm, Syarikat Takaful Malaysia Bhd (STMB), in which BIMB owns a 65.2 per cent stake………………………………………..Full Article: Source

OAB to fund Islamic banking operations with rights issue

Posted on 22 February 2012 by Laxman  |  Email|Print

Oman Arab Bank (OAB) needs OMR 10 million to fund its Islamic banking operations, which it will raise through a rights issue.
The board of directors of Ominvest, which owns a 51 per cent stake in OAB, recently approved the proposed increase in OAB’s share capital by way of a rights issue, the money from which will be set apart for Islamic banking operations, reported the Muscat Daily. Ominvest’s contribution to OAB’s fresh capital requirements would be OMR 5.1 million………………………………………..Full Article: Source

OAB to raise Islamic banking capital through a rights issue

Posted on 21 February 2012 by Laxman  |  Email|Print

Oman Arab Bank (OAB) will raise the RO10mn it needs for its Islamic banking operations through a rights issue, with the bank’s proposed initial public offer (IPO) expected to take place in the second half of 2012, according to Abdul Kader Askalan, chief executive officer.
The board of directors of Ominvest, which owns a 51 per cent stake in OAB, recently approved the proposed increase in OAB’s share capital by way of a rights issue, the money from which will be set apart for Islamic banking operations. Ominvest’s contribution to OAB’s fresh capital requirements would be RO5.1mn………………………………………..Full Article: Source

Sluggish trend in Gulf IPOs likely to continue

Posted on 15 February 2012 by Laxman  |  Email|Print

As the initial public offerings (IPOs) in the Gulf Cooperation Council (GCC) market witnessed another bad year, analysts see a sluggish year ahead for new issues.
Three IPOs in the GCC in the fourth quarter of 2011 raised a total of $212 million, with values falling a marginal 3 per cent compared to the previous quarter but down 79 per cent year on year, PriceWaterhouseCoopers ( PwC) said in a report Tuesday………………………………………..Full Article: Source

IBQ plans to raise $275mln in share sale

Posted on 10 February 2012 by Laxman  |  Email|Print

International Bank of Qatar will seek to raise its capital by QR1bn ($275mn) through a share sale by the third quarter to meet growth plans, managing director George Nasra said.
The lender is “most likely” to sell bonds in the third quarter, with an offer size ranging from $500mn to $750mn, Nasra said yesterday at the Meed Qatar Projects 2012 conference in Doha………………………………………..Full Article: Source

Egyptian officials look to set up Islamic index

Posted on 03 February 2012 by Laxman  |  Email|Print

Egypt’s newly-elected Islamists say they want to introduce an index of companies that comply with sharia law as part of a wider move towards an Islamic economy.
Officials from Freedom and Justice, the political arm of the Muslim Brotherhood, and from Nour, a party of ultraconservative Salafi Islamists, argue that such an index would encourage a slice of investors who, they allege, have shunned the bourse for fear that it might somehow contravene religious law………………………………………..Full Article: Source

Islamic Australia stock index launched

Posted on 02 February 2012 by Laxman  |  Email|Print

Rushdi SiddiquiThomson Reuter and Crescent Wealth launched on Wednesday Australia’s first research-based Islamic index. The index aims to provide investors who want to build Islamic-compliant Australian equity portfolios a powerful new tool for benchmarking.
The index, called the Thomson Reuters Crescent Wealth Islamic Australian Index, screens companies listed with the Australian Stock Exchange ( ASX ) for compliance with Islamic investment principles. It will initially cover 134 securities which have combined market capitalisation of over $160 billion………………………………………..Full Article: Source

Islamic Australia Index opens doors to ‘Shariah-compliant’ portfolios

Posted on 02 February 2012 by Laxman  |  Email|Print

Talal YassineAn Index for investors who want to build ‘’sharia-compliant” Australian equity portfolios has been launched in Australia. It comes ahead of potential changes to federal tax guidelines that could clear the way for Islamic investment products to enter the local market.
The Thomson Reuters Crescent Wealth Islamic Australia Index, launched yesterday, covers more than 140 stocks with a combined market capitalisation of $160 billion. It joins a list of major global Islamic sharemarket indices, including the family of Dow Jones Islamic Market indices, and the FTSE Global Islamic Index series. ……………………………………….Full Article: Source

CSL top stock in Australia’s first Islamic index

Posted on 02 February 2012 by Laxman  |  Email|Print

The Australian financial services sector has taken another step in wooing regional investment through the creation of an Islamic equities index. The Thomson Reuters Crescent Wealth Islamic Australia index launched today to tap the burgeoning Islamic-finance market domestically and abroad.
Pharmaceutical stock CSL makes up 10.1 per cent of the Islamic index, followed by Woodside Petroleum at 9.5 per cent, and Original Energy at 8.7, per cent. The index, which has a bias toward resources and energy stock, excludes businesses involved in pornography, alcohol, cinema, insurance, gambling, hotels, music, pork and tobacco, among others………………………………………..Full Article: Source

The bond market is MENA equity’s unnoticed little brother

Posted on 02 February 2012 by Laxman  |  Email|Print

Capital markets in the MENA region have been for a long time underdeveloped and only in the last few years have we started seeing activity there. The bond market more specifically has been the unnoticed little brother of the equity market.
In 2008 we had less than a dozen issuers including three sovereigns whose curve consisted of one or two bonds. Also, the involvement of locals in the bond market has increased tremendously in the past couple of years to a level where their partaking became a game changer……………………………………….Full Article: Source

Dubai Islamic Bank not divesting its equity: CEO

Posted on 02 February 2012 by Laxman  |  Email|Print

The sponsors of Dubai Islamic Bank (DIB) Pakistan Limited has no plan to divest equity of the bank, said the bank’s top official. “The bank’s management and its shareholders have no intentions of divesting any portion of its equity to local investors,” said Junaid Ahmed, CEO, DIB while shunning rumors about divestment of the bank at an inauguration ceremony of bank’s Learning and Development Centre on Tuesday.
The main shareholder DIB UAE was not only been supportive of current progress but also encouraged to present another aggressive strategic expansion plan for the next five years, the CEO said………………………………………..Full Article: Source

UAE Exchange sells 40pct stake for $2bln

Posted on 01 February 2012 by Laxman  |  Email|Print

UAE Exchange, one of the largest foreign exchange firms in the United Arab Emirates, has sold a 40-per cent stake to Centurion Investment, the companies said on Tuesday, in a deal said to be worth $2 billion.
‘Centurion has acquired a 40 percent stake in UAE Exchange to expand its business in the financial sector,’ a statement from Abu Dhabi-based Centurion said, without giving a value for the deal. A source directly involved in the sale told Reuters: ‘The deal is valued at $2 billion.’……………………………………….Full Article: Source

LSE enhances its Sukuk listing prowess

Posted on 30 January 2012 by Laxman  |  Email|Print

The UK Treasury may have reiterated that a sovereign debut benchmark Sukuk is not currently prudent because it would not give “value-for-money” to UK taxpayers, but one UK entity of global repute that is enhancing its Islamic finance business is the London Stock Exchange (LSE).
In January 2012, the LSE in fact attracted the listing of another two sukuk bringing the total number of sukuk which have listed on the exchange to 42 and the total money raised to over $23.75 billion………………………………………..Full Article: Source

Omani Islamic banks to float by June - c.banker

Posted on 24 January 2012 by Laxman  |  Email|Print

Oman’s two Islamic banks will float 40 percent of their shares by June, the sultanate’s central bank Executive President Hamood Sangour al-Zadjali said on Monday.
“Bank Nizwa will issue an initial public offering of 40 percent of its capital of 150 million rials ($389.61 million), while Al Izz International Bank will issue 40 percent of its 100 million rials capital by June this year,” Zadjali told reporters on the sidelines of an Islamic finance conference………………………………………..Full Article: Source

Islamists look to shake up Egypt stock exchange

Posted on 20 January 2012 by Laxman  |  Email|Print

It remains unclear what exactly an Islamist-controlled government could mean for the Egyptian economy, which is heavily dependent on tourism. In recent months, talk from Islamist politicians about limiting alcohol sales and dictating conservative beach attire have spurred fears that an Islamic government may toe a conservative line and crack down on industries they consider in contravention of Islamic Sharia law.
Representatives from the Muslim Brotherhood’s Freedom and Justice Party, which will control about 40 percent of the incoming parliament, and the Nour Party have both expressed a desire for a list of stocks for Sharia-compliant companies on the Egyptian market and the introduction of policies that would eventually foster a stock market that would be entirely religiously acceptable………………………………………..Full Article: Source

Malaysia’s Islamic capital mart to be driven by internalisation, says SC

Posted on 17 January 2012 by Laxman  |  Email|Print

The growth of Malaysia’s Islamic capital market will be driven by greater internationalisation and a distinctive value proposition of the products, says the Securities Commission Malaysia.
Chairman Tan Sri Zarinah Anwar said the expansion in the number of markets and industry participants embracing Islamic finance stimulate greater cross-border activities………………………………………..Full Article: Source

Qatar’s Barwa Bank on the roll with its expansion as it completes $467 mln rights issue

Posted on 09 January 2012 by Laxman  |  Email|Print

Qatar’s Barwa Bank, a unit of Barwa Real Estate, has completed a 1.7 billion riyals ($466.8 million) rights issue aimed at funding the bank’s expansion, it said in a statement on Sunday. The Islamic bank said the offering, which opened on December 6 and saw 109.1 million new shares offered to existing shareholders, attracted bids of 1.9 billion riyals.

Barwa Bank’s issued capital will increase to 3 billion riyals from 1.9 billion riyals following the rights issue, with authorised capital upped to 6 billion riyals from 2.5 billion riyals, it added………………………………………Full Article: Source

European Islamic Investment Bank acquires 35 pct stake in Rasmala

Posted on 09 January 2012 by Laxman  |  Email|Print

European Islamic Investment Bank is to invest $16 million over 12 months in Rasmala Holdings Ltd via a financing facility convertible into shares representing about 35 percent of the group’s enlarged capital. Rasmala chairman Ali Shihabi said that Rasmala chief executive Anwar Abu Sbaitan would continue in that role. Shihabi will be chairman of Rasmala’s supervisory board.

Rasmala, which has around $900 million in assets, has offices in the United Arab Emirates, Saudi Arabia, Oman and Egypt and operates in asset management, corporate finance and institutional brokerage………………………………………Full Article: Source

SABB, Saudi Hollandi capital hike approved

Posted on 09 January 2012 by Laxman  |  Email|Print

Saudi Arabia’s financial regulator has approved a 33 percent capital increase for Saudi British Bank (SABB) and a 20 percent hike for Saudi Hollandi Bank, it said in separate filings on Sunday.

SABB, an affiliate of HSBC, will raise its capital to 10 billion riyals ($2.67 billion) from 7.5 billion riyals by transferring 2.5 billion riyals from its retained earnings. It will issue a bonus share for every three existing shares owned by registered shareholders, bringing its total number of shares to 1 billion………………………………………Full Article: Source

Derivatives and Shariah

Posted on 06 January 2012 by Laxman  |  Email|Print

Are derivatives acceptable in Islamic finance? Of course the answer is yes, but one must appreciate the difference between Islamic derivatives and their conventional counterparts. Furthermore, while the use of derivative contracts is acceptable in Islamic finance, there are limits to trading in them.
On a philosophical level, almost all Islamic financial products are in fact examples of derivative contracts. For example, a Sukuk (an Islamic equivalent of a bond) may link the returns of an asset (e.g., a property) to an interest rate mechanism such as LIBOR………………………………………..Full Article: Source

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Value of MENA IPOs slump by nearly 70pct in 2011

Posted on 04 January 2012 by Laxman  |  Email|Print

Capital markets in the Middle East and North Africa (MENA) raised $893.9m in initial public offerings in 2011, a decline of nearly 70 percent on the previous year, Ernst & Young said on Tuesday.
Last year closed with IPO funds worth $226.1m being raised in the fourth quarter, a decline of 83.5 percent from $1.4bn raised in Q4 2010………………………………………..Full Article: Source

OIC to launch its stock exchange index

Posted on 04 January 2012 by Laxman  |  Email|Print

The Secretary General of the Organization of Islamic Cooperation (OIC), Ekmeleddin Ihsanoglu said that the Organization will launch its Stock Exchange Index at the Stock Forum of the Muslim world during this year (2012).
He said the Declaration of Stock Exchange Index will activate financial sectors and economies in the OIC Member States, noting the establishment of Union of Agricultural Industries of Islamic countries, and Islamic Center of Businessmen during the coming months………………………………………..Full Article: Source

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