Opalesque Islamic Finance Briefing http://www.opalesque.com/IslamicFinance_Briefing Mon, 26 Aug 2013 06:56:06 +0000 http://wordpress.org/?v=2.6 en Oman’s first Mena-focused Islamic fund to be launched next week http://www.opalesque.com/IslamicFinance_Briefing/?p=20521 http://www.opalesque.com/IslamicFinance_Briefing/?p=20521#comments Wed, 15 May 2013 00:06:17 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20521 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20521>Article Link</a> Al Hilal Mena Fund (AHMF), an open-ended fund based on Mudaraba structure, operating in accordance to the principals of Sharia is set to be launched on May 22, 2013. The initial subscription period will continue up to June 20, 2013.
Al Hilal Mena Fund (AHMF) will be the first Sharia complaint fund to be launched by an Omani bank and ahlibank is the sponsor of the fund, said a bank release. With the launch of Al Hilal Mena Fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles…………………………………..Full Article: Source

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Bankers urge Islamic banks to develop their own financial reporting standard http://www.opalesque.com/IslamicFinance_Briefing/?p=20520 http://www.opalesque.com/IslamicFinance_Briefing/?p=20520#comments Wed, 15 May 2013 00:04:54 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20520 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20520>Article Link</a> Central banks of the Islamic countries have been urged to adopt a separate set of regulation including a complete new Islamic Financial Reporting Standard to reduce confusion among Muslim scholars, Islamic bankers said.
They have also urged the regulators to develop an Islamic Inter-bank offered profit rate — to benchmark their rates and reduce dependence of the conventional interbank offered interest rates…………………………………..Full Article: Source

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Sharjah Islamic Bank launches ‘Zone’ package for companies in Al Hamriya Free Zone http://www.opalesque.com/IslamicFinance_Briefing/?p=20519 http://www.opalesque.com/IslamicFinance_Briefing/?p=20519#comments Wed, 15 May 2013 00:04:39 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20519 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20519>Article Link</a> Sharjah Islamic Bank (SIB), in collaboration with the Al Hamriyah Free Zone Authority-Sharjah, has launched its latest banking programme, the ‘Zone’ package for companies registered in Al Hamriyah Free Zone in Sharjah, to facilitate and further ease banking procedures and transactions for companies and investors while enabling them to access exceptional services.
The new package enables new customers to obtain a book of 50 vouchers that allows registered companies and investors in the Al Hamriya Free Zone to make use of a number of free banking services, including postponed cheque depositing, ‘Cheque collection’, ‘Swift’ transfers, issuance of Watani Prepaid Cards, issuance of banking cheques and two cheque books, among other privileges. (Press Release)

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Noor Islamic Bank launches reality mobile banking app http://www.opalesque.com/IslamicFinance_Briefing/?p=20518 http://www.opalesque.com/IslamicFinance_Briefing/?p=20518#comments Wed, 15 May 2013 00:04:23 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20518 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20518>Article Link</a> Noor Islamic Bank (Noor)’s augmented reality ‘Bank in Your Hand’ smartphone and tablet application is now available for download from Apple’s App Store, the banks announced in a press reealse. Work is also in progress on adapting the app to other smart phone platforms, it said.
“A first-of-its-kind in the Middle East,Noor Appenables customers to access Noor’s full range of products and services, including instant mobile-to-mobile payments between Noor clients, personalized financial analytics, account opening, ATM and branch locator using maps with augmented reality features, transferring money locally or internationally, and paying credit card and utility bills,” said the press release…………………………………..Full Article: Source

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Japan: Food producers eye Islamic market http://www.opalesque.com/IslamicFinance_Briefing/?p=20517 http://www.opalesque.com/IslamicFinance_Briefing/?p=20517#comments Wed, 15 May 2013 00:04:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20517 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20517>Article Link</a> Japanese food-makers are increasingly seeking halal certification for their products, with the global Islamic population forecast to grow from 1.6 billion at present to more than 2 billion by 2030.
Halal, an Arabic word meaning “permissible,” is used to designate foods that comply with Islamic law. Halal foods do not use pork and alcohol, while the use of poultry and other ingredients is permitted only after they are processed under particular methods…………………………………..Full Article: Source

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MMC gets nod for RM470mln sukuk wakalah http://www.opalesque.com/IslamicFinance_Briefing/?p=20516 http://www.opalesque.com/IslamicFinance_Briefing/?p=20516#comments Wed, 15 May 2013 00:03:36 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20516 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20516>Article Link</a> MMC Corp Bhd has received nod from the Securities Commission (SC) to issue up to RM470 million of sukuk wakalah to part-finance the acquisition of operations and maintenance business of Hicom Power Sdn Bhd, for working capital and to help defray any expenses.
The approval was received on Monday via MMC’s unit Tanjung Bin O&M Bhd. MMC has within one year to issue the sukuk wakalah, in which each tranche will have a tenure of more than one year and up to 16 years from the date of issuance…………………………………..Full Article: Source

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CBB’s monthly Sukuk Al-Ijara oversubscribed by 220pct http://www.opalesque.com/IslamicFinance_Briefing/?p=20515 http://www.opalesque.com/IslamicFinance_Briefing/?p=20515#comments Wed, 15 May 2013 00:03:24 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20515 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20515>Article Link</a> The Central Bank of Bahrain (CBB) announced today that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 220%.
Subscriptions worth BD 43.9 million received for the BD 20 million issue carries a maturity of 182 days. The expected return on the issue, which begins on 16 May 2013 and matures on 14 November 2013, is 0.85% equivalent to 0.85% for the previous issue on 18th April 2013…………………………………..Full Article: Source

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UM gets RM239,000 cash rebate from Takaful Malaysia http://www.opalesque.com/IslamicFinance_Briefing/?p=20514 http://www.opalesque.com/IslamicFinance_Briefing/?p=20514#comments Wed, 15 May 2013 00:02:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20514 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20514>Article Link</a> Syarikat Takaful Malaysia Bhd (Takaful Malaysia) has given a ‘No Claim Rebate’ payment of RM239,281 to Universiti Malaya. Takaful Malaysia Corporate Direct Assistant General Manager Noraini Mohd Yusof said the university has been its client for the last two years and has been enjoying the benefits since then.
“Last year we paid out a record amount of RM31 million as our 15 per cent No Claim Rebate and given the positive growth in our General Takaful portfolio, we are confident of a higher rebate being disbursed this year…………………………………..Full Article: Source

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Financial market will grow strong with strong govt: CIMB Islamic http://www.opalesque.com/IslamicFinance_Briefing/?p=20513 http://www.opalesque.com/IslamicFinance_Briefing/?p=20513#comments Wed, 15 May 2013 00:02:13 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20513 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20513>Article Link</a> The financial market, whether Islamic or conventional, will always grow with a strong government and will not be affected by the ongoing protest by the opposition over the 13th general election results, said CIMB Islamic Bank Bhd executive director/chief executive director Badlisyah Abdul Ghani.
“The election result has shown that we have a strong government in the country, and we definitely will see Islamic finance grow more and more,” he said on the sidelines of the 10th Islamic Financial Services Board (IFSB) Summit themed “The Future of the Islamic Finance Services Industry: Resilience, Stability, and Inclusive Growth”…………………………………..Full Article: Source

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Egypt: New sukuk projects awaiting bids http://www.opalesque.com/IslamicFinance_Briefing/?p=20512 http://www.opalesque.com/IslamicFinance_Briefing/?p=20512#comments Tue, 14 May 2013 01:11:55 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20512 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20512>Article Link</a> The Egyptian government expects $10bn to $15bn annual investments from projects financed by sukuk said Ahmed El Naggar, an Islamic finance advisor to the minister of finance.
“We expect to receive the first bids for projects using sukuk after the holy month of Ramadan in July,” he said during a conference on the practical application of sukuk, jointly organised by the Ministry of Finance and the Islamic Development Bank (IDB)………………………………………..Full Article: Source

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Puncak Niaga seeks approval for warrants, sukuk http://www.opalesque.com/IslamicFinance_Briefing/?p=20511 http://www.opalesque.com/IslamicFinance_Briefing/?p=20511#comments Tue, 14 May 2013 01:11:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20511 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20511>Article Link</a> Puncak Niaga Holdings Bhd is seeking shareholders’ approval for its proposed issuance of 40.91 million free warrants on the basis of one free warrant for every ten shares and a five-year redeemable convertible secured sukuk ijarah of up to RM165mil in nominal value during its EGM set on May 28.
Meanwhile, the announcement of the entitlement date for the proposed free warrants and issuance of the convertible sukuk ijarah were tentatively set in mid-June and mid-September respectively………………………………………..Full Article: Source

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Khazanah gearing for global sukuk expansion http://www.opalesque.com/IslamicFinance_Briefing/?p=20510 http://www.opalesque.com/IslamicFinance_Briefing/?p=20510#comments Tue, 14 May 2013 01:07:46 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20510 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20510>Article Link</a> State investment company Khazanah Nasional Bhd is gearing for more innovative investment options to follow its landmark portfolios in the sukuk marketplace. Khazanah has made it its mission to succeed in dealing with the challenging sukuk market, said Khazanah CFO Mohd Izani Ghani.
It plans to publish a coffee table book to share its success stories thus far. “This will be about the successes and challenges faced by the industry players in the Islamic banking and finance sector,” he said at a public lecture on Islamic finance in Kuala Lumpur last Friday. The lecture was organised by Institute of Islamic Banking and Finance, an instutite of the International Islamic University Malaysia………………………………………..Full Article: Source

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Sukuk’s success is a matter of maturity http://www.opalesque.com/IslamicFinance_Briefing/?p=20509 http://www.opalesque.com/IslamicFinance_Briefing/?p=20509#comments Tue, 14 May 2013 01:06:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20509 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20509>Article Link</a> The suggestion can easily be made these days that sukuk as a borrowing and investing instrument is well and truly coming of age. Certainly, there are many voices denoting that the Islamic variant on conventional fixed-income is establishing itself in the financial marketplace, tapping not only into the supposed relative safe-haven appeal of bond-related assets but also the regional and demographic drivers pertaining to the Sharia-compliant counterpart.
Notwithstanding that benchmark US Treasuries are beset by the vulnerability of the Fed’s quantitative easing strategy, there is a story behind the sukuk phenomenon that has gained traction………………………………………..Full Article: Source

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RAM Ratings ups Menara ABS’s Sukuk outlook to stable http://www.opalesque.com/IslamicFinance_Briefing/?p=20508 http://www.opalesque.com/IslamicFinance_Briefing/?p=20508#comments Tue, 14 May 2013 01:05:57 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20508 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20508>Article Link</a> RAM Rating Services Bhd has reaffirmed the ratings of Menara ABS Bhd’s Sukuk and revises the outlook on Tranche A from negative to stable.
The ratings agency said on Monday it had reaffirmed the long-term ratings of its Tranche A1, Tranche A2, Tranche A3, Tranche A4 (Tranche A Sukuk) and Tranche B Sukuk Ijarah at AAA, AA2, A1, A2 and AAA, respectively………………………………………..Full Article: Source

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Malaysian bond yields likely to spike http://www.opalesque.com/IslamicFinance_Briefing/?p=20507 http://www.opalesque.com/IslamicFinance_Briefing/?p=20507#comments Tue, 14 May 2013 01:05:45 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20507 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20507>Article Link</a> Malaysia’s bond yields, which have been near record low of late, could see a slight spike in the second half of this year, according to analysts.
They reckoned the improvement in the global economy would trigger some inflationary pressure resulting in possible monetary intervention that could push bond yields higher………………………………………..Full Article: Source

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Dubai Investments to complete $300bln sukuk soon http://www.opalesque.com/IslamicFinance_Briefing/?p=20506 http://www.opalesque.com/IslamicFinance_Briefing/?p=20506#comments Tue, 14 May 2013 01:05:27 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20506 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20506>Article Link</a> Dubai Investments Company, the quoted investment firm whose portfolio includes the Dubai Investments Park and private equity investor Masharie, has said that the $300m (AED: 1.1bn) sukuk it is planning to raise should be finalised “in the coming quarter”.
The firm’s CEO, Khalid Kalban, said that it expected to finalise the deal after announcing a 97% increase in first qoarter profits to $29.1m (AED: 107m). Revenues also increased by 17% to $176.7m (AED: 649m), while the firm’s net worth grew to $2.4bn (AED: 8.7bn)………………………………………..Full Article: Source

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Global Islamic banking valued at US$1.5 trillion at end-March: El-Beltagy http://www.opalesque.com/IslamicFinance_Briefing/?p=20505 http://www.opalesque.com/IslamicFinance_Briefing/?p=20505#comments Tue, 14 May 2013 01:05:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20505 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20505>Article Link</a> The Chairman of Egyptian Islamic Finance Association, Dr. Mohamed El-Beltagy, has revealed that the volume of global Islamic banking has reached US$ 1.500 trillion at the end of last March, citing statistics from international financial institutions.
El-Beltagy expected Islamic banking to significantly grow in the upcoming period as many countries have started to invest in Sharia-compliant financial instruments such as sukuk (Islamic bonds). The Egyptian Islamic Finance Association will organize a conference next month to discuss sukuk applications after approving the law and setting the executive regulation, he told Amwal Al Ghad………………………………………..Full Article: Source

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Ahlibank to launch Sharia compliant MENA fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20504 http://www.opalesque.com/IslamicFinance_Briefing/?p=20504#comments Tue, 14 May 2013 01:04:47 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20504 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20504>Article Link</a> Ahlibank will launch Sharia-compliant Al Hilal MENA Fund (AHMF), an open-ended fund based on Mudaraba structure, on May 22. The initial subscription period will continue up to June 20.
AHMF will be the first Sharia complaint fund to be launched by an Omani bank. With the launch of this fund, investors will be provided with an opportunity to participate in the economic growth and prosperity of the region whilst adhering to religious principles………………………………………..Full Article: Source

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Elixir real estate funds follow back to basics fixed income philosophy http://www.opalesque.com/IslamicFinance_Briefing/?p=20503 http://www.opalesque.com/IslamicFinance_Briefing/?p=20503#comments Tue, 14 May 2013 01:04:33 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20503 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20503>Article Link</a> Here is a small niche asset backed, unlevered real estate fund that provides fixed income without the implied complications of debt or derivatives. Its manager explains how the fund can return double digits yearly. Elixir Capital, based in Palo Alto, CA, runs an onshore fund called the Elixir PURE Fund. But there is to be a second one, called the PURE Fund II, which will be launched in the coming weeks. This second fund will use the same strategy and will seek to reach a wider audience through its Cayman domicile.
Abrar Hussain , founder and managing director of Elixir Capital Management (ECM), which was founded in January 2012, also teaches Islamic Finance at the University of California, Berkeley ; he was looking for a strategy that would be Shariah-compliant and that would avoid synthetic structures: and so came the PURE Fund (’PURE’ for Participatory Unlevered Real Estate)…………………………………………Full Article: Source

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Turkey: New Islamic banks ready to open soon http://www.opalesque.com/IslamicFinance_Briefing/?p=20502 http://www.opalesque.com/IslamicFinance_Briefing/?p=20502#comments Tue, 14 May 2013 01:04:17 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20502 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20502>Article Link</a> Turkey has begun to open the doors to giving new banking licenses after the 2001 banking crisis, with no exception for interest-free Islamic banks, called participation banks.
Turkish Deputy Prime Minister Ali Babacan said at the Turkish Participation Banks Union’s annual meeting that it appeared the format of two participation banks would be clearer in a few months. The state-run banks, Ziraat Bank and Halkbank, will establish these two participation banks………………………………………..Full Article: Source

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Mauritanian gets new Islamic bank http://www.opalesque.com/IslamicFinance_Briefing/?p=20501 http://www.opalesque.com/IslamicFinance_Briefing/?p=20501#comments Tue, 14 May 2013 01:03:57 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20501 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20501>Article Link</a> A new financial institution, Mouamalat Assahiha Bank, has been established in Mauritania to operate exclusively according to the Islamic finance code. “The new bank, with a US$20 billion capital, was set by young and successful Mauritanian business people,’ according to a statement from the bank.
The bank will target both individuals and corporate organisations, and base its operations on the highest ethics and standards of the country’s financial industry………………………………………..Full Article: Source

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Islamic banking needs separate regulations and reporting standard http://www.opalesque.com/IslamicFinance_Briefing/?p=20500 http://www.opalesque.com/IslamicFinance_Briefing/?p=20500#comments Tue, 14 May 2013 01:03:33 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20500 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20500>Article Link</a> Central banks of the Islamic countries have been urged to adopt a separate set of regulation including a complete new Islamic Financial Reporting Standard to reduce confusion among Muslim scholars, Islamic bankers said at a two-day conference.
They have also urged the regulators to develop an Islamic Inter-bank offered profit rate — to benchmark their rates and reduce dependence of the conventional interbank offered interest rates………………………………………..Full Article: Source

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Major Libyan bank fully integrates into Islamic banking system http://www.opalesque.com/IslamicFinance_Briefing/?p=20499 http://www.opalesque.com/IslamicFinance_Briefing/?p=20499#comments Tue, 14 May 2013 01:01:19 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20499 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20499>Article Link</a> Libya’s second major bank Gumhouria Bank, decided to fully move over to the Islamic banking system, Al Jazeera TV channel reported on Wednesday.
According to the report, the bank plans to completely switch to the Islamic banking system within two years, as well as transfer all its branches to the new system. As the TV channel reported, Libya’s goal is to turn the country into the centre of Islamic banking for African countries, particularly in the Muslim and Arab ones………………………………………..Full Article: Source

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Islamic finance: Attractive for non-Muslims? http://www.opalesque.com/IslamicFinance_Briefing/?p=20498 http://www.opalesque.com/IslamicFinance_Briefing/?p=20498#comments Tue, 14 May 2013 01:00:18 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20498 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20498>Article Link</a> Would a non-Muslim do better to back ethical rather than Islamic funds? It is often claimed that Islamic finance is not only for Muslims. This has two meanings: (1) Islamic financial institutions will not turn away non‐Muslim customers, and (2) non‐Muslims can provide Islamic financial services. In practice, one can find examples in both directions.
The large number of non‐Muslim participants in Takaful schemes in Malaysia is an often-quoted example for the first and the asset management for Shari’ah-compliant funds an example for the second direction. ……………………………………….Full Article: Source

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IFSB: Challenges ahead for next few years http://www.opalesque.com/IslamicFinance_Briefing/?p=20497 http://www.opalesque.com/IslamicFinance_Briefing/?p=20497#comments Tue, 14 May 2013 01:00:03 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20497 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20497>Article Link</a> If its achievements in the past decade are anything to go by, then the next ten years augurs well for the Islamic Financial Services Board (IFSB), the multilateral prudential and supervisory standard-setting body for the global Islamic financial services industry.
The Board, which was established on Nov. 3, 2002 in Kuala Lumpur by a Group of central banking and regulatory authorities including the Saudi Arabian Monetary Agency (SAMA) and Bank Negara Malaysia, no doubt thinks that the IFSB deserves the accolades for the tireless work its officials, committees and supporters have put in over the last decade………………………………………..Full Article: Source

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IFSB plays key role in market education of Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20496 http://www.opalesque.com/IslamicFinance_Briefing/?p=20496#comments Tue, 14 May 2013 00:58:56 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20496 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20496>Article Link</a> The Islamic Financial Services Board (IFSB), the multilateral organization established on Nov. 3, 2002 in Kuala Lumpur, with the mandate of promoting the soundness and stability of the Islamic financial services industry through the introduction of standards and guidance notes on capital adequacy, risk management and insolvency provisions for the banking, capital market and insurance sectors, celebrates its 10th anniversary next week which also coincides with its 10th annual summit.
The Board actually started operations on March 10, 2003 under its inaugural Secretary-General Professor Rifaat Abdel Karim, and within a space of a decade it has probably done more than any other single institution to put Islamic finance firmly on the map of the multilateral institutions policing the global financial system………………………………………..Full Article: Source

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Niger Insurance launches Mutual Halal policy http://www.opalesque.com/IslamicFinance_Briefing/?p=20495 http://www.opalesque.com/IslamicFinance_Briefing/?p=20495#comments Tue, 14 May 2013 00:58:29 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20495 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20495>Article Link</a> Niger Insurance Plc has counseled members of the public to embrace takaful insurance as the National Insurance Commission (NAICOM) is striving to ensure that all adults in Nigeria are adequately protected by insurance.
The company’s Managing Director, Kolapo Adedeji, made this call during a chat with journalists in Lagos recently, said that Niger Insurance has a policy called Mutual Halal Plan which is based on this Islamic profit sharing and reciprocal guarantee principle of al-takaful………………………………………..Full Article: Source

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Aljazira Takaful Ta’awuni sets stage for IPO http://www.opalesque.com/IslamicFinance_Briefing/?p=20494 http://www.opalesque.com/IslamicFinance_Briefing/?p=20494#comments Tue, 14 May 2013 00:57:05 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20494 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20494>Article Link</a> Aljazira Takaful Ta`awuni has entered into a new agreement with both Aljazira Capital and Albilad Investment. Aljazira Capital becomes the underwriting manager for the company’s IPO under this deal signed in Jeddah. It also paves the way for Albilad Investment Company to become the underwriter.
A press release said 10,500,000 shares, representing 30 percent of the company’s capital, will be on offer. After the completion of the IPO, this will amount to SR 350 million divided into 35 million ordinary shares with a nominal value of SR 10 per share………………………………………..Full Article: Source

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Family takaful to drive Takaful Ikhlas’ profits http://www.opalesque.com/IslamicFinance_Briefing/?p=20493 http://www.opalesque.com/IslamicFinance_Briefing/?p=20493#comments Tue, 14 May 2013 00:55:36 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20493 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20493>Article Link</a> Takaful Ikhlas Sdn Bhd is looking to boost its family takaful business, regarded as a long term saving mechanism, to drive the company’s growth and profitability further. Its president and CEO Ab Latiff Abu Bakar said Takaful Ikhlas’ family takaful business should grow by another 10% to contribute 70% of its gross contributions in the next three to four years.
For the financial year ended March 31, 2012 (FY12), family takaful made up just over 60% of the operators contributions at RM501 million………………………………………..Full Article: Source

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Malaysia: Exim Bank plans non-ringgit sukuk this year http://www.opalesque.com/IslamicFinance_Briefing/?p=20491 http://www.opalesque.com/IslamicFinance_Briefing/?p=20491#comments Fri, 10 May 2013 00:26:42 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20491 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20491>Article Link</a> Export-Import Bank of Malaysia Bhd (Exim Bank) plans to sell non-ringgit denominated Islamic bonds, or sukuk, in global markets this year to help fund future growth, its managing director Datuk Adissadikin Ali said. He, however, declined to say how much will be issued, except that it will be “significant”.
“We plan to issue the sukuk this year as the timing is right,” he told pressmen after a collaboration signing ceremony between Exim Bank and Indonesia’s PT Senagan Energi. The sale would be Exim Bank’s second foray into the international debt arena after the US$1.5 billion (RM4.5billion) multicurrency medium term note programme (MTN) issued last year…………………………………….Full Article: Source

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Malaysia sukuk attracts Manulife, Asian Islamic http://www.opalesque.com/IslamicFinance_Briefing/?p=20490 http://www.opalesque.com/IslamicFinance_Briefing/?p=20490#comments Fri, 10 May 2013 00:26:23 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20490 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20490>Article Link</a> Malaysia’s sukuk are luring Manulife Asset Management Services Bhd and Asian Islamic Investment Management Bhd now that the distraction of elections is over.
Manulife plans to increase holdings on optimism that Prime Minister Datuk Seri Najib Razak will honour a promise to cut the budget deficit after his re-election, chief investment officer Jason Chong said in an interview in Kuala Lumpur…………………………………….Full Article: Source

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Jeddah’s IDB unit launches sovereign Sukuk insurance http://www.opalesque.com/IslamicFinance_Briefing/?p=20489 http://www.opalesque.com/IslamicFinance_Briefing/?p=20489#comments Fri, 10 May 2013 00:26:08 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20489 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20489>Article Link</a> The insurance product is designed to boost the credit ratings of sukuk for sovereign issuers. A unit of the Jeddah-based Islamic Development Bank, a multilateral lending institution, has launched an insurance product designed to boost the credit ratings of sukuk (Islamic bonds) for sovereign issuers.
The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), rated Aa3 by Moody’s, hopes its insurance policy can help issuers tap into strong investor demand for investment-grade sukuk…………………………………….Full Article: Source

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Egypt: Sukuk law approved, government to hold two bidding rounds for projects http://www.opalesque.com/IslamicFinance_Briefing/?p=20488 http://www.opalesque.com/IslamicFinance_Briefing/?p=20488#comments Fri, 10 May 2013 00:25:51 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20488 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20488>Article Link</a> The Sukuk Law has been approved by President Mohamed Morsi and was published in the official gazette on Wednesday. The government is now set to hold two bidding rounds for sukuk projects, the first to be held in US dollars and the second in Egyptian pounds.
Tarek Al-Ghamrawy, an economist at the Egyptian Centre for Economic Studies, said he had looked at some articles of the law and had noticed two positive points…………………………………….Full Article: Source

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RAM Ratings reaffirms TNB’s AAA sukuk rating http://www.opalesque.com/IslamicFinance_Briefing/?p=20487 http://www.opalesque.com/IslamicFinance_Briefing/?p=20487#comments Fri, 10 May 2013 00:25:37 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20487 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20487>Article Link</a> RAM Ratings has reaffirmed the AAA long-term rating of Tenaga Nasional Berhad’s (”TNB” or “the Group”) USD500 million equivalent Murabahah Medium-Term Notes Programme (2005/2025); the long-term rating has a stable outlook.
Based on RAM’s methodology on government-linked entities, there is a very high likelihood of extraordinary government support for TNB in the event of financial distress, given the Group’s strategic role as the national electricity company…………………………………….Full Article: Source

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Asiya Investments launches Islamic trade finance fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20486 http://www.opalesque.com/IslamicFinance_Briefing/?p=20486#comments Fri, 10 May 2013 00:25:17 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20486 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20486>Article Link</a> Asiya Investments (Asiya), the Asia specialist investment firm, announced on Thursday 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 unique set of opportunities that exist in today’s market. Key among these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East. Annual intra-Asia trade is expected to quadruple from almost $5 trillion to $20 trillion by 2020. Similarly, trade between the GCC and emerging Asia is growing at a rate of 25 percent per year…………………………………….Full Article: Source

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India: RBI will not oppose, if govt allows Islamic Banking http://www.opalesque.com/IslamicFinance_Briefing/?p=20485 http://www.opalesque.com/IslamicFinance_Briefing/?p=20485#comments Fri, 10 May 2013 00:24:58 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20485 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20485>Article Link</a> 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

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Islamic banking not consistent with existing laws: Reserve Bank http://www.opalesque.com/IslamicFinance_Briefing/?p=20484 http://www.opalesque.com/IslamicFinance_Briefing/?p=20484#comments Fri, 10 May 2013 00:24:39 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20484 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20484>Article Link</a> The Reserve Bank said Islamic banking is not consistent with current banking laws in India. “We got to see that Islamic Banking which does not allow charging interest or taking of interest is inconsistent with our existing laws… All that I am saying is Islamic banking is not consistent with current banking laws,” RBI Governor D Subbarao said after the board meeting.
Charging of interest is necessary to conduct banking operation in India because banks have to borrow on which it has to pay interest rate, he said, adding banks have to deposit excess cash with the Reserve Bank on which they get interest…………………………………….Full Article: Source

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Now a Shariah Index for financial inclusion of Indian Muslims http://www.opalesque.com/IslamicFinance_Briefing/?p=20483 http://www.opalesque.com/IslamicFinance_Briefing/?p=20483#comments Fri, 10 May 2013 00:24:23 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20483 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20483>Article Link</a> Followers of Islam, the second largest faith in the world with an estimated 1.7 billion believers, can now be surer when an Indian firm stands the pre-requisites for observant Muslims. The Shariah index launched by the Bombay Stock Exchange (BSE) is a new measure in town, assuring compliance with the Islamic canonical law.
Besides giving Islamic mega funds a surer handle on Indian markets, the aim of the S&P BSE 500 Shariah Index is financial inclusion of Indian Muslims - around 177 million in number and hitherto wary of stock markets - and attract them to “correct” equities…………………………………….Full Article: Source

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Pakistan regulator sets up Shariah advisory board http://www.opalesque.com/IslamicFinance_Briefing/?p=20482 http://www.opalesque.com/IslamicFinance_Briefing/?p=20482#comments Fri, 10 May 2013 00:24:08 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20482 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20482>Article Link</a> Pakistan’s securities commission has established a nine-member Shari’ah advisory board to oversee Islamic finance instruments in the world’s second most populous Muslim nation, a centralised approach increasingly being adopted elsewhere around the globe.
A country-level approach to regulating Islamic products was pioneered by Malaysia, and in recent months other economies have introduced central Shari’ah boards of their own including Dubai, Oman and Nigeria…………………………………….Full Article: Source

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Thailand: Finance Min injects 6 bln baht to support Islamic Bank http://www.opalesque.com/IslamicFinance_Briefing/?p=20481 http://www.opalesque.com/IslamicFinance_Briefing/?p=20481#comments Fri, 10 May 2013 00:23:48 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20481 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20481>Article Link</a> The Finance Ministry has approved a 6-billion-baht fund for recapitalization of the Islamic Bank of Thailand, of which the ministry is the major shareholder.
According to the Islamic Bank managing director, the Finance Ministry has given the green light to a project aimed at reviving the bank after it has been plagued by the problem of non-performing loans (NPLs). Out of the 6-billion-baht rehabilitation fund, 3 billion will come from the ministry itself, and the rest from the Government Savings Bank and the Krung Thai Bank, which are shareholders of the Islamic Bank…………………………………….Full Article: Source

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INCEIF partners Bank Nizwa in Oman http://www.opalesque.com/IslamicFinance_Briefing/?p=20480 http://www.opalesque.com/IslamicFinance_Briefing/?p=20480#comments Fri, 10 May 2013 00:23:31 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20480 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20480>Article Link</a> The International Centre for Education in Islamic Finance (INCEIF) has joined hands with Oman’s first dedicated Islamic bank, Bank Nizwa, to provide structured training and development initiatives for Omani nationals working in the Islamic finance industry.
In a statement Thursday, INCEIF said the collaboration is in line with Bank Nizwa’s efforts, aimed at aligning itself with the “Employer of Choice” adage by nurturing a work environment that attracts, optimises and retains top talent…………………………………….Full Article: Source

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Gulf Finance House reports Q1 2013 profits of $1.5mln http://www.opalesque.com/IslamicFinance_Briefing/?p=20479 http://www.opalesque.com/IslamicFinance_Briefing/?p=20479#comments Fri, 10 May 2013 00:23:14 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20479 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20479>Article Link</a> Gulf Finance House (GFH), the Bahrain based Islamic investment bank, announced its financial results for the first quarter ended March 31, 2013 recording another period of sound results and profitability.
GFH reported a net profit of US$1.5 million for the quarter compared with US$ 1 million during the same quarter in previous year, an increase of 50%. Total income for the period was at US$11.1 million compared to US$12.9 million during the first quarter of 2012…………………………………….Full Article: Source

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Ajman Bank’s Q1 net profit up 171 pct http://www.opalesque.com/IslamicFinance_Briefing/?p=20478 http://www.opalesque.com/IslamicFinance_Briefing/?p=20478#comments Fri, 10 May 2013 00:22:50 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20478 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20478>Article Link</a> Ajman Bank posted a profit of AED 12.3 million for the first quarter of 2013, compared to a first quarter 2012 profit of AED. 4.5 million, a 171 per cent increase.
His Highness Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said, “The outstanding results Ajman Bank has achieved demonstrate our clear vision and strategy and the efficiency of our business model. Risk management is embedded at the centre of our business strategy and it has enabled the Bank to position itself appropriately for any upcoming challenges. ……………………………………Full Article: Source

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Islamic banking impossible in Indian regulatory set-up: RBI governor http://www.opalesque.com/IslamicFinance_Briefing/?p=20477 http://www.opalesque.com/IslamicFinance_Briefing/?p=20477#comments Thu, 09 May 2013 01:58:40 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20477 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20477>Article Link</a> 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

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Saudi dairy firm Almarai eyes $500 mln sukuk sale - CFO http://www.opalesque.com/IslamicFinance_Briefing/?p=20476 http://www.opalesque.com/IslamicFinance_Briefing/?p=20476#comments Thu, 09 May 2013 01:58:22 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20476 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20476>Article Link</a> Saudi Arabian dairy producer Almarai Co plans to raise at least $500 million from the sale of a debut international Islamic bond to help to finance ambitious growth plans, a senior executive said on Wednesday. The company, which is the Gulf’s largest dairy firm, has previously sold two Islamic bonds, or sukuk, in local currency, open only to Saudi institutional investors.
“We’re looking at how to get financing internationally. We’re targeting at least $500 million and this should be out in the next 12 months,” Paul Louis Gay, Almarai’s chief financial officer, told reporters………………………………………..Full Article: Source

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First Saudi Sukuk issuance in Malaysia by Al Bayan Group http://www.opalesque.com/IslamicFinance_Briefing/?p=20475 http://www.opalesque.com/IslamicFinance_Briefing/?p=20475#comments Thu, 09 May 2013 01:58:07 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20475 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20475>Article Link</a> Al Bayan Group Holding Company, a Saudi-based conglomerate, recently issued a MYR 200 million Sukuk out of its inaugural MYR 1.0 billion Sukuk Wakalah Programme – the first Malaysian Ringgit Sukuk Programme to be established by a Saudi corporate issuer and the first issuance by a Saudi corporate issuer of Malaysian Ringgit denominated Sukuk in the Malaysian debt capital market to date.
The landmark Sukuk was issued via Al Bayan’s special-purpose vehicle incorporated in Malaysia, ABHC Sukuk Berhad. Proceeds from the issuance, with tenure of three years, will be used by the Group primarily for repayment of existing debt obligations and expanding the Group’s core businesses as well as working capital requirements………………………………………..Full Article: Source

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2012 ‘was a banner year for sukuk in Kingdom’ http://www.opalesque.com/IslamicFinance_Briefing/?p=20474 http://www.opalesque.com/IslamicFinance_Briefing/?p=20474#comments Thu, 09 May 2013 01:57:53 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20474 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20474>Article Link</a> Sukuk has become a global trend, with countries increasingly finding it instrumental to develop their economies. This was among the conclusions stressed at the Eighth Euromoney Conference that ended.
The conference,which was opened by Finance Minister Ibrahim Al-Assaf, was attended by 1,200 senior financiers, business leaders and government officials. Housing Minister Shwaish Al-Duwaihy, Economy and Planning Minister Muhammed Al-Jasser and Abdullatif Al-Zayani also addressed the delegates at the inaugural ceremony………………………………………..Full Article: Source

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Goldman said to earn $500 mln arranging Malaysia bond http://www.opalesque.com/IslamicFinance_Briefing/?p=20473 http://www.opalesque.com/IslamicFinance_Briefing/?p=20473#comments Thu, 09 May 2013 01:57:31 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20473 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20473>Article Link</a> Goldman Sachs Group Inc. (GS) made about $500 million arranging three bond sales in the past year for 1Malaysia Development Bhd., the state investment fund led by Prime Minister Najib Razak, said a person familiar with the matter.
The total is almost as much as Malaysia, Southeast Asia’s third-largest economy, pays each month on its debt and compares with Goldman (GS)’s record $694 million of global bond underwriting fees in the first quarter, according to data compiled by Bloomberg. Goldman, the securities firm with the fastest-growing investment-banking fees, arranged $6.5 billion of bond sales for the fund………………………………………..Full Article: Source

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Indonesia: Shariah banking market share reaches new height http://www.opalesque.com/IslamicFinance_Briefing/?p=20472 http://www.opalesque.com/IslamicFinance_Briefing/?p=20472#comments Thu, 09 May 2013 01:57:08 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20472 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20472>Article Link</a> The market share of Islamic lenders in Indonesia during the first quarter of 2013 reached nearly 5 percent for the first time ever, Bank Indonesia said on Wednesday. The market share of Shariah-compliant banks in the first quarter was 4.9 percent, mainly from Rp 214.5 trillion in assets, an increase of 37.8 percent compared to the same period in 2012.
“It is a market share in the Shariah banking industry that has never happened before,” Bank Indonesia Deputy Governor Halim Alamsyah said during his opening speech at a discussion on Islamic banking at the State Enterprises Ministry………………………………………..Full Article: Source

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Islamic Development Bank President reiterates support for Somalia http://www.opalesque.com/IslamicFinance_Briefing/?p=20471 http://www.opalesque.com/IslamicFinance_Briefing/?p=20471#comments Thu, 09 May 2013 01:56:51 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20471 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20471>Article Link</a> The President of the Islamic Development Bank Group, Dr Ahmad Mohamed Ali, in addressing the International Conference on Somalia in London, stressed that the IDB would cooperate with the Government of Somalia in a bid to rebuild and consolidate the public finance institutions through various methods such as staff training and transfer of knowledge and technology from IDB member countries.
Ali stated further that the IDB would assist the Government in the fields of Islamic banking and finance and improve legislation on investment so that the private sector can play its role in economic and social development………………………………………..Full Article: Source

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Tanzania: Amana Bank Limited grow stronger http://www.opalesque.com/IslamicFinance_Briefing/?p=20470 http://www.opalesque.com/IslamicFinance_Briefing/?p=20470#comments Thu, 09 May 2013 01:56:34 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20470 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20470>Article Link</a> 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 2012, the bank had disbursed total financing facilities amounting to TZS26 Billion.
The bank recorded TZS1.2 billion income from financing activities and TZS1 billion from non-funded income. The Bank closed the year with total mobilised deposits of TZS 34 billion. Total assets of the bank grew by 100% to TZS52 billion………………………………………..Full Article: Source

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Morocco expects $1 bln a year in loans from AfDB in 2013-16 http://www.opalesque.com/IslamicFinance_Briefing/?p=20469 http://www.opalesque.com/IslamicFinance_Briefing/?p=20469#comments Thu, 09 May 2013 01:56:20 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20469 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20469>Article Link</a> 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.
Morocco is keen to develop its energy sources and infrastructure, but it logged a budget deficit of 2.2 percent of gross domestic product in the first quarter and is trying to reform its costly system of food and energy subsidies………………………………………..Full Article: Source

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SECP constitutes Shariah Advisory Board http://www.opalesque.com/IslamicFinance_Briefing/?p=20468 http://www.opalesque.com/IslamicFinance_Briefing/?p=20468#comments Thu, 09 May 2013 01:56:03 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20468 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20468>Article Link</a> 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.
In a press statement issued on Wednesday, the SECP said that considering the need for Islamic Financial Institutions and Islamic Capital Markets to innovate and operate within the purview of Shariah principles and to ensure aforesaid organisation’s business dealing were in line with Islamic principles, the equity market watchdog deemed it necessary to have a Shariah Advisory Board………………………………………..Full Article: Source

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Egypt’s new economic ministers prioritise IMF deal, Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20467 http://www.opalesque.com/IslamicFinance_Briefing/?p=20467#comments Thu, 09 May 2013 01:55:45 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20467 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20467>Article Link</a> 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.
The finance ministry’s highest priorities over the coming period will be to complete negotiations with the International Monetary Fund over an economic reform plan required to secure a $4.8 billion loan, said Egypt’s new Minister of Finance Fayad Abdel-Moneim………………………………………..Full Article: Source

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Record Sukuk seen on Indonesia $92 bln plan: Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20466 http://www.opalesque.com/IslamicFinance_Briefing/?p=20466#comments Wed, 08 May 2013 00:23:55 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20466 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20466>Article Link</a> 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.
Bank Muamalat Indonesia and Adira Dinamika Multi Finance were among issuers of Rp 1.5 trillion ($154 million) of securities, Financial Services Authority data show. That compares with Rp 1.9 trillion for the whole of 2012 and a record Rp 2.3 trillion in 2008. The market is still just a fraction of Malaysia’s, where companies sold 95.8 billion ringgit ($32 billion) of sukuk last year………………………………………..Full Article: Source

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Saudi’s SABIC says to issue Sukuk for projects http://www.opalesque.com/IslamicFinance_Briefing/?p=20465 http://www.opalesque.com/IslamicFinance_Briefing/?p=20465#comments Wed, 08 May 2013 00:23:38 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20465 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20465>Article Link</a> 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.
SABIC has 40 billion riyals ($10.7 billion) worth of projects over the next few years and the company prefers to fund these with sukuk, although “not at any cost”, Chief Financial Officer Mutlaq al-Morished said on the sidelines of a financial conference………………………………………..Full Article: Source

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HSBC sees 2013 Sukuk sales doubling to $3 bln: Turkey Credit http://www.opalesque.com/IslamicFinance_Briefing/?p=20464 http://www.opalesque.com/IslamicFinance_Briefing/?p=20464#comments Wed, 08 May 2013 00:23:22 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20464 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20464>Article Link</a> 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.
Sales reached about $1 billion this year, led by banks including Turkiye Finans Katilim Bankasi AS, according to data compiled by Bloomberg. The yield on March 2018 notes, which Turkey sold for the first time in September, fell six basis points this year to 2.68 percent, seven basis points below the global average, the data show………………………………………..Full Article: Source

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TM has cash to settle RM2bln sukuk, will not issue more bonds for now http://www.opalesque.com/IslamicFinance_Briefing/?p=20463 http://www.opalesque.com/IslamicFinance_Briefing/?p=20463#comments Wed, 08 May 2013 00:23:04 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20463 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20463>Article Link</a> 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.
“We have adequate bank balances to pay the sukuk and there is no need to issue more bonds at the moment,” group chief financial officer Datuk Bazlan Osman said after the company’s AGM. As at Dec 31, 2012, TM had cash and bank balances of RM3.73bil while total borrowings stood at RM7.14bil………………………………………..Full Article: Source

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Dubai says looking at alternate plan for debt repayment http://www.opalesque.com/IslamicFinance_Briefing/?p=20462 http://www.opalesque.com/IslamicFinance_Briefing/?p=20462#comments Wed, 08 May 2013 00:22:52 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20462 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20462>Article Link</a> 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.
“The market is right, the price is right, then why not?” Sheikh Ahmed bin Saeed al-Maktoum, a close advisor and uncle to Dubai’s ruler, said when asked whether the emirate might make a second sovereign debt issue this year………………………………………..Full Article: Source

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Sabic may seek to tap debt market as soon as this year, CFO says http://www.opalesque.com/IslamicFinance_Briefing/?p=20461 http://www.opalesque.com/IslamicFinance_Briefing/?p=20461#comments Wed, 08 May 2013 00:22:37 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20461 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20461>Article Link</a> 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.
The state-controlled company is implementing projects valued at 40 billion riyals ($11 billion) over the next few years, Chief Financial Officer Mutlaq al-Morished said in Riyadh today. “We will tap the market sometime late this year or early next year,” he said. It’s too early to comment on the size of the bond sale, which Sabic would prefer to be Islamic, al- Morished said………………………………………..Full Article: Source

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