Opalesque Islamic Finance Briefing » New Launches 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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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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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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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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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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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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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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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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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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Asiya Investments launches Islamic fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20456 http://www.opalesque.com/IslamicFinance_Briefing/?p=20456#comments Wed, 08 May 2013 00:21:21 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20456 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20456>Article Link</a> Asiya Investments, the Asia specialist investment firm, announced today the launch of its Asia Islamic Trade Finance Fund, which will invest in select, Shariah-compliant financing of short-term physical trade flows in Asia and the Middle East.
The Fund aims to capture a unique set of opportunities that exist in today’s market. Key amongst these is the expansion of both intra-Asia as well as cross-border trade flows between Asia and the Middle East………………………………………..Full Article: Source

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Batu Kawan proposes RM500mln Sukuk programme http://www.opalesque.com/IslamicFinance_Briefing/?p=20450 http://www.opalesque.com/IslamicFinance_Briefing/?p=20450#comments Tue, 07 May 2013 01:37:10 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20450 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20450>Article Link</a> Batu Kawan Bhd has proposed to raise up to RM500mil from an Islamic medium-term notes Sukuk programme. It said on Monday the Securities Commission had approved the Sukuk programme which would have a tenure of 10 years.
“Proceeds from the Sukuk programme will be utilised by the company to finance its Shariah-compliant investments, general corporate purposes (including operational and capital expenditure requirements) and working capital needs,” it said………………………………………..Full Article: Source

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Crescent Wealth launches Shariah-compliant super fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20445 http://www.opalesque.com/IslamicFinance_Briefing/?p=20445#comments Tue, 07 May 2013 01:35:52 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20445 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20445>Article Link</a> It has developed its own platform for its four investment options and has appointed Corporate Combined Superannuation (CCSL) as trustee. The Shariah-compliant funds - Australian equities, international equities, income fund and Australian infrastructure and property - were previously only available on the Association of Independently Owned Financial Planners Personal Choice Private e-wrap platform, after they were launched late last year.
The company is also in talks with industry super funds to white-label the product as an ultra-ethical investment option. ……………………………………….Full Article: Source

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Kuwaiti firm launches Islamic trade finance fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20444 http://www.opalesque.com/IslamicFinance_Briefing/?p=20444#comments Tue, 07 May 2013 01:35:33 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20444 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20444>Article Link</a> Kuwait-based Asiya Investments has launched an Islamic trade finance fund with $20 million in seed capital, aiming to cater to small Asian manufacturers. Asiya, whose largest shareholder is sovereign wealth fund Kuwait Investment Authority, aims to fill a gap left by Western banks that are scaling back their trade finance business, making credit scarce for small and medium-sized firms.
“We engage those companies that are already banked but whose credit lines are limited - we are complementing their financing,” said Sulaiman Alireza, executive director of Asiya’s investment management arm in Hong Kong………………………………………..Full Article: Source

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National Bank sets up an Islamic banking window http://www.opalesque.com/IslamicFinance_Briefing/?p=20432 http://www.opalesque.com/IslamicFinance_Briefing/?p=20432#comments Fri, 03 May 2013 01:35:44 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20432 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20432>Article Link</a> National Bank of Kenya has launched a new Islamic banking window with plans to launch a fully-fledged subsidiary in future. The window, called ‘National Amanah’ is targeted at retail, SME and corporate clients offering banking products and services in compliance with Islamic Shariah.
NBK Managing Director Munir Ahmed said the launch of ‘National Amanah’ was in line with the bank’s continued focus on re-aligning its business in an increasingly competitive environment………………………………………..Full Article: Source

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Garuda issues $630mln worth of Shariah bonds http://www.opalesque.com/IslamicFinance_Briefing/?p=20425 http://www.opalesque.com/IslamicFinance_Briefing/?p=20425#comments Fri, 03 May 2013 01:34:02 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20425 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20425>Article Link</a> PT Garuda Indonesia’s debut $630-million Islamic loan, which follows sukuk by Emirates Airlines and Malaysian Airline System Bhd., is a test that may pave the way for more Shariah funding, the carrier’s chief executive said.
The state-owned company announced an agreement last week with Kuwait’s Aviation Lease and Finance Company KSCC, which will finance two Boeing 777-300 Extended Range aircraft, CEO Emirsyah Satar said in an April 26 interview from Jakarta. Pricing for the 12-year facility was “competitive” and it will help Garuda gain access to a wider pool of investors, he said, adding that it may consider issuing sukuk in the future………………………………………..Full Article: Source

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Tatarstan prepares Sukuk, to discuss Islamic banking with Moscow http://www.opalesque.com/IslamicFinance_Briefing/?p=20417 http://www.opalesque.com/IslamicFinance_Briefing/?p=20417#comments Thu, 02 May 2013 00:54:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20417 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20417>Article Link</a> The Russian republic of Tatarstan is preparing to make Russia’s first issue of Islamic bonds and will discuss ways to facilitate the growth of Islamic finance with authorities in Moscow, Tatarstan’s president said on Wednesday.
“We are getting ready - it all depends on the financial market,” Rustam Minnikhanov, speaking through a translator, said in an interview while on a visit to the United Arab Emirates, where he is seeking investment in Tatarstan………………………………………..Full Article: Source

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Bombay Stock Exchange launches broad-based Islamic index http://www.opalesque.com/IslamicFinance_Briefing/?p=20405 http://www.opalesque.com/IslamicFinance_Briefing/?p=20405#comments Thu, 02 May 2013 00:50:55 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20405 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20405>Article Link</a> The Bombay Stock Exchange (BSE) has launched an Islamic equity index based on the wide-measure S&P BSE 500 index, providing a new benchmark for Islamic investors in one of the world’s largest stock exchanges.
The new index comprises the largest 500 companies in the BSE, out of more than 5,000 listed, which fit Islamic finance principles such as bans on investing in alcohol, tobacco and gambling-related businesses………………………………………..Full Article: Source

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Simmons & Simmons advises on launch of unique Shariah-compliant funds platform http://www.opalesque.com/IslamicFinance_Briefing/?p=20376 http://www.opalesque.com/IslamicFinance_Briefing/?p=20376#comments Fri, 26 Apr 2013 01:11:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20376 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20376>Article Link</a> SEDCO Capital is a full-service Shariah-compliant wealth and asset management firm serving third-party institutional and private clients.The Simmons & Simmons team was led by specialist Islamic Funds and Finance partner Muneer Khan. He was supported by Funds partner Neil Simmonds, Tax partner Nick Cronkshaw, counsel Ahmed Butt, managing associates James Oussedik and Mohammed Majid, supervising associates Nicole Suignard and Candice Nichol and associates Kristi Lehtis and Robert Nield.
Commenting on the launch, Muneer Khan, said: “This is a unique platform with a number of very innovative new features, including the fact that it covers both liquid and illiquid investment strategies within a single legal structure. This is the largest and most diverse Shariah-compliant platform to be launched in Luxembourg………………………………………..Full Article: Source

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First Saudi firm issues sukuk in Malaysia http://www.opalesque.com/IslamicFinance_Briefing/?p=20373 http://www.opalesque.com/IslamicFinance_Briefing/?p=20373#comments Thu, 25 Apr 2013 01:27:57 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20373 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20373>Article Link</a> Riyadh-based Al Bayan Holding became the first Saudi Arabian company to issue an Islamic bond in Malaysian ringgit, paving the way for more corporations from the Kingdom to tap into Malaysia’s market, the world’s biggest for sukuk.
Al Bayan issued 200 million ringgit ($65.4 million) as the first tranche of a newly established 1 billion ringgit program, a statement from Guidance Financial Group, the company’s advisers, said Wednesday. Pricing details were not immediately available………………………………………..Full Article: Source

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Mashreq Capital to set up $ 100mln Islamic equity fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20371 http://www.opalesque.com/IslamicFinance_Briefing/?p=20371#comments Thu, 25 Apr 2013 01:27:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20371 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20371>Article Link</a> Dubai-based Mashreq Capital plans to set up an Islamic equity fund of up to $ 100 million in the third quarter of this year to invest in stocks across the Gulf region, given lower returns in the bond market, the company’s chief executive said.
“We think there is demand in high-dividend sharia equities,” particularly with interest rates currently very low, Abdul Kadir Hussain said at Zawya’s MENA Asset Management conference in Dubai.“Equities have very attractive yields in this region,” he added………………………………………..Full Article: Source

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Transnet eyes issue of sukuk, samurai bonds http://www.opalesque.com/IslamicFinance_Briefing/?p=20335 http://www.opalesque.com/IslamicFinance_Briefing/?p=20335#comments Mon, 22 Apr 2013 01:30:41 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20335 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20335>Article Link</a> Transnet, the transport parastatal, is seeking to cut borrowing costs in an R86 billion funding drive by considering sales of samurai bonds and sukuk along with loans from China.
“The more sources of funding you have, the better position you are in” to reduce debt service payments, chief executive Brian Molefe said at Transnet’s headquarters in Johannesburg’s Carlton Centre on Monday. Transnet is considering selling yen-denominated debt after Bank of Japan governor Haruhiko Kuroda doubled monthly bond purchases, sending the nation’s bond yields to record lows. South Africa and Nigeria are among African nations weighing Islamic financing as a source of funds………………………………………..Full Article: Source

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$200mln sukuk eyed http://www.opalesque.com/IslamicFinance_Briefing/?p=20317 http://www.opalesque.com/IslamicFinance_Briefing/?p=20317#comments Fri, 19 Apr 2013 01:51:46 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20317 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20317>Article Link</a> Bahraini lender Al Baraka Bank’s Turkish unit plans to issue a $200 million, 10-year subordinated sukuk by the end of April or early May, the Bahraini bank’s chief executive Adnan Ahmed Yousif said.
Al Baraka Turk, which signed a $450m murabaha loan in September, has appointed BNP Paribas, Al Hilal Bank, Barwa Bank, Emirates NBD and Japan’s Nomura for the Tier 2 sukuk………………………………………..Full Article: Source

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UBL introduces Islamic Principal Preservation Fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20311 http://www.opalesque.com/IslamicFinance_Briefing/?p=20311#comments Fri, 19 Apr 2013 01:50:05 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20311 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20311>Article Link</a> Launched under the Siraj umbrella, UBL Funds introduced the UBL Islamic Principal Preservation Fund on April 1st, 2013.
For the first time in Pakistan, investments can be made in a Shariah Compliant investment scheme with 100% exposure into the stock market while benefiting from the principal preservation advantage. This scheme can be a gateway for all prudent investors to the Pakistani stock market has that has given an absolute return of 525% in the last ten years (DEC 2002-2012)………………………………………..Full Article: Source

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Oman’s Alizz Islamic Bank eyes Q3 launch http://www.opalesque.com/IslamicFinance_Briefing/?p=20287 http://www.opalesque.com/IslamicFinance_Briefing/?p=20287#comments Wed, 17 Apr 2013 00:06:45 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20287 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20287>Article Link</a> Alizz Islamic Bank, the second full-fledged Islamic bank in Oman, plans to begin operations in the third quarter of this year, chief operating officer Jamal Darwiche said. Oman is the last country in the Gulf Cooperation Council to introduce Islamic finance; it granted licenses to Alizz Islamic Bank and Bank Nizwa late last year and rolled out detailed regulations in December.
“We are currently on track for the launch of our products and services during the third quarter of 2013,” Darwiche said. “We are taking a careful approach, gaining valuable market insight and further refining our products and service offering.”……………………………………Full Article: Source

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QIB launches the “International Sukuk Portfolio” investment product http://www.opalesque.com/IslamicFinance_Briefing/?p=20271 http://www.opalesque.com/IslamicFinance_Briefing/?p=20271#comments Mon, 15 Apr 2013 00:28:32 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20271 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20271>Article Link</a> QIB - the leading Islamic bank in Qatar - has announced the launching of a new investment product “International Sukuk Portfolio”. This will be QIB’s new flagship product aiming to introduce investors to the long-neglected Sukuk asset class. QIB capitalizes on the Group’s strong expertise in the Fixed Income market to offer customers the opportunity to diversify into sukuk. The product will be managed on a discretionary basis by a team of experts from QIB-UK.
QIB believes that aligning the Investment Manager’s approach with investor interest is key to creating a mutually rewarding long-term relationship. The Product’s philosophy is therefore designed to pay close attention to this belief ensuring that client objectives are met at every stage: Income generation, downside protection and upside participation. (Press Release)

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Turkey’s Ziraat to set up Islamic bank http://www.opalesque.com/IslamicFinance_Briefing/?p=20266 http://www.opalesque.com/IslamicFinance_Briefing/?p=20266#comments Mon, 15 Apr 2013 00:26:54 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20266 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20266>Article Link</a> Ziraat Bank, Turkey’s largest state-run lender, is planning an Islamic bank, known locally as a “participation bank”, and would consider going into partnership with a foreign lender, General Manager Huseyin Aydin. After proceeding slowly with the development of Islamic finance for years, partly because of the sensitivities of its secular political system, Turkey has recently begun to tap the sector, issuing its first sovereign sukuk last September.
The development of Turkey’s sukuk, or Islamic bond, market is of interest to countries around the world, since Turkey’s fast-growing economy could become a major issuer of Islamic debt and influence trends throughout the industry. “Ziraat Bank is working towards establishing a participation bank, we have set some people to work on this subject………………………………………..Full Article: Source

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IBA starts rendering Islamic banking services http://www.opalesque.com/IslamicFinance_Briefing/?p=20219 http://www.opalesque.com/IslamicFinance_Briefing/?p=20219#comments Wed, 10 Apr 2013 01:36:57 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20219 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20219>Article Link</a> The International Bank of Azerbaijan, the country’s biggest bank, has announced provision of new services to clients through the first and so far only “Islamic window” in Azerbaijan.
IBA, founded in January 1992 and 50.2 percent-owned by Azerbaijan’s Ministry of Finance, holds a 35 percent share of banking assets in the country. It offers Sharia-compliant products through an Islamic window, which follow religious principles such as a ban on interest and on pure monetary speculation………………………………………..Full Article: Source

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Islamic finance body plans bond after Saudi pullout http://www.opalesque.com/IslamicFinance_Briefing/?p=20190 http://www.opalesque.com/IslamicFinance_Briefing/?p=20190#comments Mon, 08 Apr 2013 00:14:34 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20190 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20190>Article Link</a> The International Islamic Liquidity Management Corp (IILM), a body backed by central banks from the Middle East and Asia, announced plans to issue its first Islamic bonds after an unexpected pull-out by Saudi Arabia from the body.
The IILM aims to issue up to $500m of sukuk in the second quarter of this year, helping to create a liquid cross-border market for Islamic debt - a major step in developing the rapidly growing Islamic finance industry………………………………………..Full Article: Source

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Emirates Islamic Bank launches new value-packed Reward Credit Card http://www.opalesque.com/IslamicFinance_Briefing/?p=20180 http://www.opalesque.com/IslamicFinance_Briefing/?p=20180#comments Mon, 08 Apr 2013 00:11:31 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20180 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20180>Article Link</a> Emirates Islamic Bank announced today the launch of the new Emirates Islamic Bank Rewards Credit Card, which is designed for customers looking to manage their day to day expenses. The new, fully Shari’ah compliant Rewards card offers flexibility and a range of benefits to its customers, and is available in Classic, Gold Platinum, as well as Infinite.
In addition to the wide array of features and benefits, the Rewards Card also offers card holders the ability to earn Choice Points on all purchases. Customers accumulate points at an accelerated rate – getting two points for every dirham spent, which can then be redeemed at a range of high profile retail partners, including Sharaf DG, Damas, Joyalukkas, Abu Dhabi Mall Carrefour, Spinneys and Home Center………………………………………..Full Article: Source

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Australia’s first Islamic investment forum announced http://www.opalesque.com/IslamicFinance_Briefing/?p=20161 http://www.opalesque.com/IslamicFinance_Briefing/?p=20161#comments Fri, 05 Apr 2013 00:03:56 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20161 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20161>Article Link</a> Amanie Advisors Australia is marketing what it claims will be Australia’s first Islamic investment forum. The forum, ear-marked for Melbourne on 16 April, is intended to bring together political, finance and industry figures along with global investors and higher ranking Shariah scholars.
Commenting on the upcoming forum, Amanie Advisors Australia head Mark Darras said the event had the support of the Victorian Government and would provide the opportunity for Australian companies to put their case before some of the biggest investors in the Islamic world………………………………………..Full Article: Source

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Tunisia plans 1bln dinar sukuk http://www.opalesque.com/IslamicFinance_Briefing/?p=20155 http://www.opalesque.com/IslamicFinance_Briefing/?p=20155#comments Wed, 03 Apr 2013 23:59:25 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20155 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20155>Article Link</a> Tunisia is hoping that the country’s first government sukuk, or Islamic bond, scheduled for later this year could spur companies in the North African country to raise Islamic debt and boost its sharia-compliant finance industry.
The government is working alongside the Islamic Development Bank – the multilateral lender – to pave the way for a 1bn dinar ($700m) sukuk sale that would set a benchmark for companies seeking to tap the Islamic debt markets, Elyes Fakhfakh, finance minister, told the Financial Times………………………………………..Full Article: Source

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Saudi’s Sedco Capital plans Islamic equity, sukuk funds http://www.opalesque.com/IslamicFinance_Briefing/?p=20154 http://www.opalesque.com/IslamicFinance_Briefing/?p=20154#comments Wed, 03 Apr 2013 23:59:11 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20154 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20154>Article Link</a> Jeddah-based investment firm Sedco Capital aims to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia.
The plan adds momentum to the Gulf’s Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar’s QInvest, which aims to launch 30 funds. Sedco Capital, a fully owned subsidiary of Sedco Holding, intends to raise assets under management on its Luxembourg fund platform to US$1.6bn by year-end from US$1bn now, said CEO Hasan Aljabri………………………………………..Full Article: Source

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SIB plans to launch dollar sukuk sale http://www.opalesque.com/IslamicFinance_Briefing/?p=20150 http://www.opalesque.com/IslamicFinance_Briefing/?p=20150#comments Wed, 03 Apr 2013 23:58:13 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20150 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20150>Article Link</a> Sharjah Islamic Bank, or SIB, a lender part-owned by the UAE emirate of Sharjah, plans to sell a dollar-denominated Islamic bond, or sukuk, and has picked four banks to arrange meetings with fixed income investors, lead arrangers said on Tuesday.
Sharjah Islamic, which converted into an Islamic bank in 2002, chose Abu Dhabi-based Al Hilal Bank, HSBC Holdings, Kuwait’s Liquidity Management House and Standard Chartered to lead the roadshows, which begin on Thursday and will take place in Asia and Europe. A dollar-denominated, benchmark-sized sukuk may follow the meetings, subject to market conditions. Benchmark size is understood to mean at least 500 million………………………………………..Full Article: Source

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Franklin Templeton launches new Shariah retail funds in Singapore http://www.opalesque.com/IslamicFinance_Briefing/?p=20149 http://www.opalesque.com/IslamicFinance_Briefing/?p=20149#comments Wed, 03 Apr 2013 23:58:00 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20149 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20149>Article Link</a> Franklin Templeton Investments has launched three new Shariah-compliant funds in Singapore. The three Funds – Franklin Templeton Global Sukuk Fund, Templeton Shariah Global Equity Fund and Templeton Shariah Asian Growth Fund – are sub-funds of the recently-launched Franklin Templeton Shariah Funds umbrella domiciled in Luxembourg.
The portfolio team that manages the Franklin Templeton Global Sukuk Fund are led by Mohieddine (Dino) Kronfol, Dubai-based chief investment officer for MENA fixed income and global sukuk, and Stephen Dover, international chief investment officer of Franklin Templeton Local Asset Management Group………………………………………..Full Article: Source

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SEDCO Capital plans more Islamic funds http://www.opalesque.com/IslamicFinance_Briefing/?p=20148 http://www.opalesque.com/IslamicFinance_Briefing/?p=20148#comments Wed, 03 Apr 2013 23:57:42 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20148 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20148>Article Link</a> Jeddah-based investment firm SEDCO Capital aims to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia. The plan adds momentum to the Gulf’s Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar’s QInvest, which aims to launch 30 funds.
SEDCO Capital, a fully owned subsidiary of SEDCO Holding, intends to raise assets under management on its Luxembourg fund platform to $ 1.6 billion by year-end from $ 1 billion now, said Chief Executive Hasan Al-Jabri………………………………………..Full Article: Source

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$500 mln global halal fund launched http://www.opalesque.com/IslamicFinance_Briefing/?p=20146 http://www.opalesque.com/IslamicFinance_Briefing/?p=20146#comments Wed, 03 Apr 2013 23:57:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20146 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20146>Article Link</a> Former Malaysian Prime Minister Abdullah Badawi revealed plans for a $500 million private equity fund focused on global opportunities in the halal industry.
The fund is expected to be raised in stages and the aim, through a “roll-up” strategy, is to acquire, convert (non-halal companies) and grow companies in the food and agri-business sectors so as to have global reach as well as offer a diverse range of high quality quick service restaurant (QSR) products and services………………………………………..Full Article: Source

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AmInvest launches AmPRS fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20145 http://www.opalesque.com/IslamicFinance_Briefing/?p=20145#comments Wed, 03 Apr 2013 23:56:52 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20145 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20145>Article Link</a> AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million-sized retirement fund (AmPRS).
AmBank chairman Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later.“We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund………………………………………..Full Article: Source

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Petronas Gas planning Malaysia’s biggest sukuk offering this year http://www.opalesque.com/IslamicFinance_Briefing/?p=20136 http://www.opalesque.com/IslamicFinance_Briefing/?p=20136#comments Wed, 03 Apr 2013 01:41:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20136 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20136>Article Link</a> Petronas Gas Bhd is planning Malaysia’s biggest sukuk offering this year, at a time when top-rated corporate bond yields are at a nine-month high. The unit Petroliam Nasional Bhd (Petronas) invited pitches from banks to arrange as much as RM5bil of Islamic debt, three people with knowledge of the matter said on March 28, asking not to be named as the details are private.
The yield on Malaysia’s three-year AAA-rated notes climbed three basis points in 2013 to 3.56%, the highest since June 29, a central bank index shows………………………………………..Full Article: Source

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Sharjah Islamic plans dollar Sukuk as issues surge to July high http://www.opalesque.com/IslamicFinance_Briefing/?p=20135 http://www.opalesque.com/IslamicFinance_Briefing/?p=20135#comments Wed, 03 Apr 2013 01:40:51 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20135 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20135>Article Link</a> Sharjah Islamic Bank (NBS) is planning to sell dollar-denominated sukuk after offerings of the securities in the U.S. currency reached an eight-month high in March. Bond risk in Asia was little changed.
The lender, from the third-largest of the seven emirates in the U.A.E., is planning to meet investors in Asia and Europe from April 4 ahead of a possible sale of Islamic securities, according to a person familiar with the deal, who asked not to be identified because the matter is private………………………………………..Full Article: Source

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Turkey’s Kuveyt Turk plans 100 mln lira sukuk in Sept-Oct - CEO http://www.opalesque.com/IslamicFinance_Briefing/?p=20133 http://www.opalesque.com/IslamicFinance_Briefing/?p=20133#comments Wed, 03 Apr 2013 01:40:25 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20133 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20133>Article Link</a> Kuwait Finance House’s Turkish unit Kuveyt Turk plans to issue a lira sukuk worth 100 million lira ($55.40 million) in September or October, Chief Executive Ufuk Uyan said on Tuesday.
Kuveyt Turk, which issued a $350 million sukuk, or Islamic bond, in 2011, will also raise capital by 960 million lira to 2.06 billion lira, it said in a statement………………………………………..Full Article: Source

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Saudi’s Sadara raises $2bln from sukuk sale http://www.opalesque.com/IslamicFinance_Briefing/?p=20131 http://www.opalesque.com/IslamicFinance_Briefing/?p=20131#comments Wed, 03 Apr 2013 01:39:58 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20131 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20131>Article Link</a> Sadara Chemical Co, a joint venture between Saudi Aramco and Dow Chemical, raised SR7.5bn ($2bn) from the sale of an Islamic bond to fund a large petrochemical complex in the east of the kingdom. The Islamic bond, or sukuk, which has a lifespan of 16 years, was priced at 95 basis points over the six-month Saudi interbank offered rate (Saibor), a statement from Sadara said on Tuesday.
The sale is part of a $12.5bn debt to fund the construction of the project, which will produce more than 3 million tonnes of petrochemicals each year when completed in 2016………………………………………..Full Article: Source

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AmInvest launches AmPRS fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20125 http://www.opalesque.com/IslamicFinance_Briefing/?p=20125#comments Wed, 03 Apr 2013 01:38:39 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20125 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20125>Article Link</a> AmInvestment Bank Bhd, a unit of AmBank Group, marked its foray into the Private Retirement Scheme (PRS) market with the launch of a RM300 million sized retirement fund (AmPRS).
AmBank chairman Tan Sri Azman Hashim said the conventional AmPRS retirement fund was the first of many planned by the bank, including Shariah-compliant products, that will be launched later. “We intend to provide the full spectrum of products for consumers in PRS solutions,” he said at the launch of the fund………………………………………..Full Article: Source

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Deloitte kicks off Islamic finance research http://www.opalesque.com/IslamicFinance_Briefing/?p=20122 http://www.opalesque.com/IslamicFinance_Briefing/?p=20122#comments Wed, 03 Apr 2013 01:37:45 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20122 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20122>Article Link</a> The Deloitte Middle East Islamic Finance Knowledge Centre (IFKC) based in Bahrain has launched a collaborative research initiative with INCEIF — The Global University of Islamic Finance, Malaysia and the Henley Business School, University of Reading, UK.
This initiative will pave the way for research as well as thought leadership pieces in the Islamic finance sector that will enhance the knowledge and skills of market participants and promote leading business practices through thought leadership programmes. INCEIF and Henley Business School are already strategic academic collaboration partners and are now expanding their partnership to the industry in association with Deloitte’s IFKC………………………………………..Full Article: Source

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Russell and IdealRatings team up on new Shariah-compliant index series http://www.opalesque.com/IslamicFinance_Briefing/?p=20121 http://www.opalesque.com/IslamicFinance_Briefing/?p=20121#comments Wed, 03 Apr 2013 01:37:22 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20121 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20121>Article Link</a> Global index provider Russell Indexes and IdealRatings, a provider of Islamic finance information, have introduced the Russell-IdealRatings Islamic Index Series, a new index series aimed at Islamic investors seeking Shariah-compliant benchmark solutions.
The new equity indices, which are based on the Russell Global Index universe of over 10,000 securities, combine the methodology of Russell Indexes with the Shariah oversight of IdealRatings. IdealRatings applies its extensive experience in Shariah-compliant investing to ensure the exclusion of non-compliant businesses according to Shariah law. IdealRatings’ oversight includes specific sector- and financial-based filters. It also includes monitoring and approval by a board of Islamic scholars………………………………………..Full Article: Source

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Saudi Electric launches $2bn sukuk http://www.opalesque.com/IslamicFinance_Briefing/?p=20083 http://www.opalesque.com/IslamicFinance_Briefing/?p=20083#comments Wed, 27 Mar 2013 00:45:43 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20083 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20083>Article Link</a> Saudi Electricity Co (SEC), the Gulf’s largest utility, has launched an offer of a $2 billion dual-tranche Islamic bond, or sukuk, with pricing due later on Tuesday, a document from lead managers said.
The offer is split between a $1 billion 10-year tranche and a $1 billion 30-year portion, with price guidance set at 155 basis points and 190 bps over benchmark US Treasuries. Orders worth $13 billion have been pledged by investors for the deal, which should price in the morning New York time, the document added………………………………………..Full Article: Source

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Bank Asya raises $250mln through 10-yr subordinated sukuk http://www.opalesque.com/IslamicFinance_Briefing/?p=20069 http://www.opalesque.com/IslamicFinance_Briefing/?p=20069#comments Tue, 26 Mar 2013 00:54:25 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20069 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20069>Article Link</a> Turkish Islamic lender Bank Asya has raised $250 million in international markets through a subordinated sukuk issue with a ten-year maturity, the bank’s chief executive Ahmet Beyaz said on Monday.
Strong investor demand and a need to improve capital adequacy ratios (CAR) are causing Turkey’s Islamic banks to consider issuing subordinated sukuk, bankers and analysts told Reuters last month. Beyaz said in a statement this issue would raise its CAR to around 16 percent from 13 percent. The notes priced at par to yield 7.5 percent………………………………………..Full Article: Source

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Marafiq plans debut riyal bond http://www.opalesque.com/IslamicFinance_Briefing/?p=20068 http://www.opalesque.com/IslamicFinance_Briefing/?p=20068#comments Tue, 26 Mar 2013 00:54:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20068 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20068>Article Link</a> Marafiq, a utility services provider to two industrial cities in Saudi Arabia, may conduct a debut local currency bond issue after picking HSBC’s Saudi Arabian arm to advise it on raising new corporate debt.
“It is likely to be a debt capital markets transaction,” a company spokesman told Reuters by email in response to questions. He said HSBC had been appointed to advise on the fund-raising but that a target amount had not yet been decided. The company, which counts SABIC and Saudi Aramco as shareholders, will use the money for general business activities, three banking sources said………………………………………..Full Article: Source

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CBJ plans to issue sovereign Islamic sukuk http://www.opalesque.com/IslamicFinance_Briefing/?p=20058 http://www.opalesque.com/IslamicFinance_Briefing/?p=20058#comments Mon, 25 Mar 2013 00:24:44 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20058 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20058>Article Link</a> The Central Bank of Jordan (CBJ) is examining mechanisms to issue sovereign Islamic sukuk in the primary market in order to widen the base of investment tools that can be traded in the secondary market on the one hand and, on the other, to come up with a new method for financing the treasury besides the traditional financing means.
CBJ Governor Ziad Fariz underlined the importance of coming up with new financing tools in accordance with Sharia (Islamic law) to accelerate the economic growth, the state news agency, Petra, reported………………………………………..Full Article: Source

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QInvest launches world’s first Shariah-compliant account platform http://www.opalesque.com/IslamicFinance_Briefing/?p=20045 http://www.opalesque.com/IslamicFinance_Briefing/?p=20045#comments Mon, 25 Mar 2013 00:21:01 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20045 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20045>Article Link</a> QInvest, Qatar’s leading investment bank, announced the launch of the QInvest Managed Account Platform (QMAP). QMAP is the world’s first open architecture Sharia’a compliant managed account platform and provides investors with the opportunity to select from a range of high quality funds that are managed by top tier professional teams.
QMAP brings the capabilities of some of the best managers in the world to investors, who would like to adhere to the principles of Sharia’a, through an institutional standard infrastructure. QInvest is already working with some of the best in class investment managers having launched with Eagle Capital Management, Edgewood Management and GAM and have built the platform’s operational processes in conjunction with Nomura International. (Press Release)

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Saudi Binladin plans sukuk sale http://www.opalesque.com/IslamicFinance_Briefing/?p=20036 http://www.opalesque.com/IslamicFinance_Briefing/?p=20036#comments Fri, 22 Mar 2013 01:37:16 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20036 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20036>Article Link</a> Saudi Binladin Group, one of the largest construction firms in the kingdom, is currently meeting fixed income investors as it plans to issue a new local currency Islamic bond, or sukuk, sources aware of the matter told Reuters.
Roadshows are due to take place this week and next, at which point the size and pricing of the deal would be determined, a banking source said, speaking on condition of anonymity as he was not authorised to speak to media. All-in pricing is likely to be around 2.5 percent, a second banking source said, giving a spread over the three-month Saudi interbank offered rate (Saibor) of around 150 basis points………………………………………..Full Article: Source

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Dubai’s DMCC launching Islamic commodity trade platform http://www.opalesque.com/IslamicFinance_Briefing/?p=20023 http://www.opalesque.com/IslamicFinance_Briefing/?p=20023#comments Thu, 21 Mar 2013 01:21:20 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20023 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20023>Article Link</a> Dubai’s government-owned commodities centre is launching a sharia-compliant commodity trading platform which Islamic banks in the Gulf could use to manage their short-term fund flows.
The Tradeflow platform developed by the Dubai Multi Commodities Centre (DMCC) allows trading of warehouse receipts, which represent ownership of commodities stored at warehouses. Islamic banks cannot use conventional interbank money markets because of Islam’s ban on interest, so they have struggled with a shortage of instruments to manage liquidity………………………………………..Full Article: Source

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Islamic finance body in ‘final stages’ of 1st sukuk issuance, says BNM Governor http://www.opalesque.com/IslamicFinance_Briefing/?p=20022 http://www.opalesque.com/IslamicFinance_Briefing/?p=20022#comments Thu, 21 Mar 2013 01:21:05 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20022 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20022>Article Link</a> International Islamic Liquidity Management Corp., backed by a group of central banks located in Asia and the Middle East, is in the “final stages” of issuing its first sukuk or Islamic bond, Malaysian central bank governor Tan Sri Dr Zeti Akhtar Aziz said on Wednesday.
Kuala Lumpur-headquartered IILM, established in 2010, was entasked to issue short-term sukuk, or Islamic bonds, to help sharia-compliant banks manage liquidity and create a liquid cross-border market for Islamic instruments. “The shareholders (of IILM) are in the process of supplying the underlying assets for the sukuk,” Zeti told reporters in the Malaysian capital. “There will be an announcement on this in the near term, it would be correct to say that it is in the final stages.”……………………………………….Full Article: Source

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Mobius to run Shariah-compliant Asian equity fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20015 http://www.opalesque.com/IslamicFinance_Briefing/?p=20015#comments Thu, 21 Mar 2013 01:19:12 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20015 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20015>Article Link</a> Mark Mobius is lined up to manage a Shariah-compliant Asian Growth Fund, one of a trio to be launched by Franklin Templeton.
The funds, which include the first ever Ucits-structured, Shariah-compliant fund Franklin Templeton Global Sukuk (bond) Fund, will opened to international investors on March 25th. The firm is bringing the funds to market in response to growing interest in Shariah-compliant investment products………………………………………..Full Article: Source

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Abu Dhabi’s Al Hilal Bank to issue sukuk in Q3 http://www.opalesque.com/IslamicFinance_Briefing/?p=19999 http://www.opalesque.com/IslamicFinance_Briefing/?p=19999#comments Wed, 20 Mar 2013 00:52:53 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19999 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19999>Article Link</a> Abu Dhabi government-owned Al Hilal Bank plans to issue a debut Islamic bond worth $500 million in the third quarter of this year to fund growth and diversify its balance sheet, its chief executive said on Tuesday.
“The sukuk was planned last year but we believe third quarter this year is the right time for our first Islamic bond,” Mohamed Berro told Reuters. “It’s a mix of getting some funding and benchmarking the bank in comparison to its peers on the debt market,” he said, adding that the bank expects to obtain a credit rating in the coming two or three months………………………………………..Full Article: Source

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Turkiye Finans set for 100 mln lira sukuk issue-bankers http://www.opalesque.com/IslamicFinance_Briefing/?p=19996 http://www.opalesque.com/IslamicFinance_Briefing/?p=19996#comments Wed, 20 Mar 2013 00:52:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19996 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19996>Article Link</a> Turkish Islamic bank Turkiye Finans is in the final stage of preparing a sukuk, or Islamic bond, issue which is planned to have a volume of around 100 million lira ($55 million), bankers said.
The bank, majority owned by Saudi Arabia’s National Commercial Bank, could make the issue within several weeks if market conditions are right, bankers said. Is Investment is mandated for the issue. ($1 = 1.8129 Turkish liras)……………………………………….Full Article: Source

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International firm introduces three Shariah-compliant funds http://www.opalesque.com/IslamicFinance_Briefing/?p=19991 http://www.opalesque.com/IslamicFinance_Briefing/?p=19991#comments Wed, 20 Mar 2013 00:50:37 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19991 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19991>Article Link</a> International investment firm Franklin Templeton has launched one debt market fund and two equity market funds, which are all Shariah-compliant, media reports said on Tuesday. “Look, there’s a chance for you to invest in ways you think is proper,” said Templeton Emerging Markets Group Executive Chairman Mark Mobius in Dubai on March 17.
“Looking at the potential size of the market at about $500 billion, you’ve got about 1.3 billion Muslim investors and you have to attract them. It’s a matter of taking the message to [them],” the newspaper quoted Mobius as saying………………………………………..Full Article: Source

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Russell introduces Russell-IdealRatings Islamic Index Series http://www.opalesque.com/IslamicFinance_Briefing/?p=19989 http://www.opalesque.com/IslamicFinance_Briefing/?p=19989#comments Wed, 20 Mar 2013 00:50:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19989 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19989>Article Link</a> Russell Indexes and IdealRatings introduce the Russell-IdealRatings Islamic Index Series, a newly enhanced index series for Shariah investors. These new indexes benefit Shariah multi-asset investors by combining the deep experience and leading methodology of the Russell Global Indexes with the Shariah oversight of IdealRatings.
Furthermore, they represent another way that Russell is demonstrating its more than 35 year commitment to helping investors in the Middle East with its unique mix of multi-asset investment consulting, investment management and fiduciary services and tools………………………………………..Full Article: Source

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Saudi Aramco, Dow petchem venture launches Islamic bond offering http://www.opalesque.com/IslamicFinance_Briefing/?p=19969 http://www.opalesque.com/IslamicFinance_Briefing/?p=19969#comments Mon, 18 Mar 2013 01:45:49 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19969 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19969>Article Link</a> Sadara Chemical Company, a joint venture between Saudi Aramco and Dow Chemical , said it launched a local currency Islamic bond to help fund the construction of a $20 billion petrochemical complex in the east of the kingdom.
The facility, located at Jubail Industrial City in Saudi Arabia’s Eastern Province, will be the world’s largest chemical complex ever built in a single phase. Size and pricing of the sukuk, which is only available to Saudi investors, will be determined once roadshows have taken place. The sukuk has a 16-year lifespan, the statement said………………………………………..Full Article: Source

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Saudi’s Bahri mulls sukuk to fund acquisition http://www.opalesque.com/IslamicFinance_Briefing/?p=19968 http://www.opalesque.com/IslamicFinance_Briefing/?p=19968#comments Mon, 18 Mar 2013 01:45:24 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19968 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19968>Article Link</a> National Shipping Co of Saudi Arabia (Bahri) is considering a debut Islamic bond issue to help refinance debt taken on for its $1.3bn acquisition of Saudi Aramco’s marine unit last year, three sources said on Sunday.
The purchase of Vela’s fleet, which cost 4.88 billion riyals ($1.3 billion), made Bahri the world’s fourth-largest owner of very large crude carriers, or VLCCs, with part of the agreement making Bahri the sole provider of VLCC crude oil shipping services to Aramco………………………………………..Full Article: Source

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Dubai: $1bln sukuk launched http://www.opalesque.com/IslamicFinance_Briefing/?p=19949 http://www.opalesque.com/IslamicFinance_Briefing/?p=19949#comments Fri, 15 Mar 2013 01:03:12 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=19949 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=19949>Article Link</a> Dubai Islamic Bank (DIB), the largest Sharia-compliant lender in the UAE by assets, launched a $1 billion hybrid sukuk. The perpetual sukuk, which is aimed at shoring up its core or Tier 1 capital, launched at a profit rate of 6.25 per cent, in line with final guidance released earlier in the day.
The final guidance was substantially tighter than initial price talk of 7pc, after arranging banks said order books totalled $14bn, indicating massive demand for the deal. HSBC Holdings, Standard Chartered, National Bank of Abu Dhabi, Emirates NBD and DIB itself are mandated lead arrangers for the deal……………………………………Full Article: Source

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