Opalesque Islamic Finance Briefing » Finance http://www.opalesque.com/IslamicFinance_Briefing Mon, 26 Aug 2013 06:56:06 +0000 http://wordpress.org/?v=2.6 en 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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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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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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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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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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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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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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Can Egypt’s Islamist finance minister cut a deal with the IMF? http://www.opalesque.com/IslamicFinance_Briefing/?p=20457 http://www.opalesque.com/IslamicFinance_Briefing/?p=20457#comments Wed, 08 May 2013 00:21:39 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20457 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20457>Article Link</a> The big news in Cairo is that a long-awaited cabinet reshuffle has finally become a reality. President Mohamed Morsy swore in nine new ministers today in a move that increases the Muslim Brotherhood’s representation in the government.
The shakeup comes as Egypt is deep in talks with the International Monetary Fund (IMF) about a $4.8 billion loan intended to help the country jumpstart its stagnant economy………………………………………..Full Article: Source

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Post-election hope for future of Islamic finance in the nation http://www.opalesque.com/IslamicFinance_Briefing/?p=20440 http://www.opalesque.com/IslamicFinance_Briefing/?p=20440#comments Tue, 07 May 2013 01:34:31 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20440 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20440>Article Link</a> Today, as Malaysians welcome their newly elected and returned Members of Parliament as well as state assemblymen, I would like to share with you about my hope for the future of Islamic finance in Malaysia. Islamic finance, as I have often said time and time again, has come a long way in Malaysia.
It dominates the primary and secondary debt capital market with 70%-80% market share. It also dominates the equity capital market with close to 90% of the listed stock on Bursa Malaysia being Syariah-compliant stocks………………………………………..Full Article: Source

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Egypt’s nod to Islamic finance to attract investments: stock exchange chief http://www.opalesque.com/IslamicFinance_Briefing/?p=20434 http://www.opalesque.com/IslamicFinance_Briefing/?p=20434#comments Fri, 03 May 2013 01:36:21 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20434 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20434>Article Link</a> The passing of a new law that would legalize Islamic bonds by Egypt’s upper house a day ago could trigger an investment windfall for the highly indebted country, the chairman of Egypt’s stock exchange said. Mohammed Omran said the underdeveloped bond market at the Nile would get a boost by the new law which increases certainty for foreign investors.
“The share of financing based on capital markets increased to 25 percent last year from 10 percent in 2005, but 75 percent of financing is still provided from loans granted by banks,” said Omran………………………………………..Full Article: Source

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Global Islamic financial assets to hit $1.8 trillion bright prospects for Oman http://www.opalesque.com/IslamicFinance_Briefing/?p=20412 http://www.opalesque.com/IslamicFinance_Briefing/?p=20412#comments Thu, 02 May 2013 00:52:59 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20412 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20412>Article Link</a> The size of Islamic financial assets is forecast to reach $1.8 trillion in 2016, while the financing and investment activities are expected to accelerate, especially in the Islamic capital markets as emerging economies embark on infrastructure spending.
This was stated by an expert at the two-day Oman Islamic Economic Forum 2013, which is organised by Amjad Development at Al Bustan Palace Hotel under the auspices of Dr Yahya bin Mahfoudh al Mantheri, Chairman of the State Council………………………………………..Full Article: Source

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Call to promote Islamic economies as alternative to financial order http://www.opalesque.com/IslamicFinance_Briefing/?p=20411 http://www.opalesque.com/IslamicFinance_Briefing/?p=20411#comments Thu, 02 May 2013 00:52:39 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20411 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20411>Article Link</a> At a time when the world economy in general and the European economies in particular are deteriorating and their financial crises are far from over, scholars had better focus on Islamic economics as the best alternative to the ailing international financial order.
Khalid Hilal Alyahmadi, Chairman, Amjaad Development, said, “As the global economy continues to struggle amid one of the worst financial crises in recent history, the call for an alternative way of conducting financial activity has progressively become louder. In an interconnected world, the financial markets have become somewhat of an international casino for the elite, where millions are made and lost in a zero sum game, paying scant attention to the disastrous effects these speculative activities have on society”………………………………………..Full Article: Source

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Towards viable Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20410 http://www.opalesque.com/IslamicFinance_Briefing/?p=20410#comments Thu, 02 May 2013 00:52:19 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20410 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20410>Article Link</a> Raja Muda of Perak Raja Nazrin Shah, financial ambassador of the Malaysia International Islamic Financial Centre, addressed the audience at the Oman Islamic Economic Forum 2013 in Muscat yesterday.
This year marks the 30th year of official diplomatic relations between the Sultanate of Oman and Malaysia. Over this period, our bilateral relations have achieved significant development in a number of key areas including education, culture, business and trade. Bilateral trade between Oman and Malaysia stood at US$740 million in 2011, a very substantial increase from US$265 million in 2010………………………………………..Full Article: Source

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M’sia aims to collaborate with Oman to develop Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20409 http://www.opalesque.com/IslamicFinance_Briefing/?p=20409#comments Thu, 02 May 2013 00:51:56 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20409 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20409>Article Link</a> Malaysia is looking forward to collaborating with Oman to address challenges in developing the Islamic finance industry, says the Regent of Perak Raja Nazrin Shah.
He said a potential area of collaboration and an issue faced by the industry today was human capital development, and Malaysia had established several institutions to provide training for Islamic finance professionals. “These institutions include the International Centre for Education in Islamic Finance, the Islamic Banking and Finance Institute of Malaysia and the Securities Industry Development Corp………………………………………..Full Article: Source

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UK aims to boost role in Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20398 http://www.opalesque.com/IslamicFinance_Briefing/?p=20398#comments Tue, 30 Apr 2013 01:34:49 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20398 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20398>Article Link</a> Prime Minister David Cameron is looking to Southeast Asia to boost the UK’s role in Islamic finance. It’s the Bank of England he needs to convince first, say Shariah-compliant lenders based in Britain.
Central bank rules require lenders to hold easy-to-sell assets as protection against short-term funding shocks. Most are off-limits for Islamic banks because they pay interest. Islamic lenders are “disadvantaged,” Sultan Choudhury, managing director of Islamic Bank of Britain, said in a phone interview from Birmingham, England, on April 22. ……………………………………….Full Article: Source

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Enhancing Islamic financial and securities markets http://www.opalesque.com/IslamicFinance_Briefing/?p=20397 http://www.opalesque.com/IslamicFinance_Briefing/?p=20397#comments Tue, 30 Apr 2013 01:34:32 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20397 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20397>Article Link</a> Many global leaders in securities and finance have gathered in Tehran to exchange ideas on the Islamic financial markets, find methods to enhance sustainable growth in Islamic financial markets and strengthen Islamic capital markets. These were the focal points discussed at the 5th International Orientation Course on Islamic Capital Markets held in the Tehran.
Financial experts from 16 countries such as Pakistan, Egypt, Sudan and Austria attended the event. Many are resorting to Iran’s financial and energy exchanges since the country is the 4th largest producer of petroleum and oil worldwide and is the 2nd largest exporter to the Organization of the Petroleum Exporting Countries (OPEC). ……………………………………….Full Article: Source

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Islamic finance presents opportunities in Australia http://www.opalesque.com/IslamicFinance_Briefing/?p=20396 http://www.opalesque.com/IslamicFinance_Briefing/?p=20396#comments Tue, 30 Apr 2013 01:34:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20396 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20396>Article Link</a> Australian website Financial Standard Online reports that the Muslim Community Co-operative Australia (MCCA) is in advanced discussions with an unnamed Middle Eastern company with a view to setting up a $180 million mortgage fund, a $150 million property fund, a $180 million Sukuk fund and a $5 million asset-leasing fund.
MCCA manages a Shari’ah compliant property income fund out of its headquarters in Melbourne and has just surpassed $30 million in assets under management and MCCA chairman Dr. Akhtar Kalam said this growth shows strong support for Islamic finance products within Australia………………………………………..Full Article: Source

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Shariah compliant real estate financing http://www.opalesque.com/IslamicFinance_Briefing/?p=20395 http://www.opalesque.com/IslamicFinance_Briefing/?p=20395#comments Tue, 30 Apr 2013 01:33:59 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20395 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20395>Article Link</a> The real estate market in the Middle East has seen a substantial cooling of activity since the global economic downtown at the end of 2008. However, new levels of activity have begun during 2012 as the availability of finance has returned to the market and regional economies are starting to grow once again.
The major driver of real estate expansion within the Middle East is being lead by Saudi Arabia, Qatar and, to a lesser extent, Abu Dhabi. It is estimated, for example, that Saudi Arabia will need 1.2 million new homes by 2015 (Deutsche Bank AG research paper September 2010)………………………………………..Full Article: Source

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INCEIF-IFSB joint executive forum http://www.opalesque.com/IslamicFinance_Briefing/?p=20394 http://www.opalesque.com/IslamicFinance_Briefing/?p=20394#comments Tue, 30 Apr 2013 01:33:43 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20394 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20394>Article Link</a> INCEIF, The Global University of Islamic Finance, and The Islamic Financial Services Board (IFSB) yesterday held their first joint Executive Forum on Islamic Finance at Sasana Kijang Bank Negara Malaysia.The two-day IFSB-INCEIF Executive Forum aimed to provide a platform for global leaders in Islamic finance to discuss selected emerging issues faced by the global Islamic financial services industry.
The IFSB-INCEIF Executive Forum placed emphasis on issues related to the supervisory and prudential regulation, both at national and international levels, harnessing from the experiences of a distinguished pool of global experts, academics and practitioners………………………………………..Full Article: Source

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Nigeria approves $9 bln foreign loan to spur infrastructure http://www.opalesque.com/IslamicFinance_Briefing/?p=20380 http://www.opalesque.com/IslamicFinance_Briefing/?p=20380#comments Fri, 26 Apr 2013 01:12:19 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20380 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20380>Article Link</a> Nigeria’s National Economic Council approved a $9 billion loan from lenders including the Export- Import Bank of China, the Islamic Development Bank and the African Development Bank.
The loan, part of the country’s 2012-2014 borrowing plan, will be used by federal and state governments to fund new infrastructure, invest in agriculture and create jobs, National Planning Minister Shamsudeen Usman told reporters today in Abuja, the capital. Interest rates on the loan will be as low as 2 percent, and the repayment period is 40 years, with a 10-year moratorium………………………………………..Full Article: Source

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Morocco agrees $2.4 bln loan deal with IDB http://www.opalesque.com/IslamicFinance_Briefing/?p=20353 http://www.opalesque.com/IslamicFinance_Briefing/?p=20353#comments Wed, 24 Apr 2013 01:42:49 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20353 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20353>Article Link</a> Morocco expects to sign a $2.4 billion loan deal next month with the Saudi-based Islamic Development Bank (IDB), a Moroccan official told Reuters on Tuesday.
The North African country has agreed a package with the IDB under which it will receive $600 million each year from 2013 to 2016, said the official, who declined to be named. A small part of that sum will be a donation rather than a loan………………………………………..Full Article: Source

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Australia: Government ‘committed’ to expanding Islamic products http://www.opalesque.com/IslamicFinance_Briefing/?p=20349 http://www.opalesque.com/IslamicFinance_Briefing/?p=20349#comments Tue, 23 Apr 2013 01:02:04 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20349 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20349>Article Link</a> Australia is a growth market for Islamic financial services including insurance, Parliamentary Secretary to the Treasurer Bernie Ripoll says. “Islamic finance is a rapidly expanding market, with annual global growth estimated at about 15% to 20%,” he told the Amanie Australia Islamic Finance Forum in Melbourne.
“Some projections suggest the Islamic finance market will be worth $US2 trillion ($1.9 trillion) within the next three to four years.”……………………………………….Full Article: Source

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Islamic finance is key to economic growth in Oman, says expert http://www.opalesque.com/IslamicFinance_Briefing/?p=20348 http://www.opalesque.com/IslamicFinance_Briefing/?p=20348#comments Tue, 23 Apr 2013 01:01:40 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20348 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20348>Article Link</a> The CEO of Bank Nizwa, Oman’s first Islamic bank, was a keynote speaker at a recent economic forum dedicated to Islamic finance.
Dr Jamil el Jaroudi (pictured), a leading expert in Islamic finance, delivered a powerful presentation under the theme ‘Islamic banking, great hopes for Investments’, which gave participants the opportunity to gain first-hand information on the importance of the industry to the financial landscape of Oman………………………………………..Full Article: Source

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Islamic loans slump as sukuk gets competitive http://www.opalesque.com/IslamicFinance_Briefing/?p=20337 http://www.opalesque.com/IslamicFinance_Briefing/?p=20337#comments Mon, 22 Apr 2013 01:31:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20337 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20337>Article Link</a> Islamic loans slumped this year to the lowest since at least 2006 as banks encourage borrowers to tap the sukuk market, where borrowing costs have dropped almost 12 percentage points since the world credit crunch.
Syariah-compliant lending in the Middle East, Europe and Africa declined 95 per cent to US$287 million (RM869.6 million) in 2013 from a year earlier, while sales of Islamic debt rose 6.2 per cent to US$13.8 billion, data compiled by Bloomberg show. Global sukuk yield averaged 3.1 per cent, down from a record 14.9 per cent in February 2009 during the credit-market squeeze………………………………………..Full Article: Source

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Is the Islamic finance industry ready for social media? http://www.opalesque.com/IslamicFinance_Briefing/?p=20331 http://www.opalesque.com/IslamicFinance_Briefing/?p=20331#comments Mon, 22 Apr 2013 01:29:44 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20331 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20331>Article Link</a> Social marketing eliminates the middlemen, providing brands the unique opportunity to have a direct relationship with their customers. — Bryan Weiner.
Today, it seems Islamic finance is still stuck at a hard-copy of stage communication (faxes) when the financial world has moved on to Facebook, Twitter, blogging, etc. Many Islamic financial institutions have Web sites, but how often is it updated beyond awards won? How many Islamic banks, takaful operators, Shariah consulting firms, industry bodies, etc, are on Facebook? Yet, the youth — its future clients — in many Muslim countries with Islamic finance are on Facebook………………………………………..Full Article: Source

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Challenges to the growth of the Islamic finance market http://www.opalesque.com/IslamicFinance_Briefing/?p=20330 http://www.opalesque.com/IslamicFinance_Briefing/?p=20330#comments Mon, 22 Apr 2013 01:29:28 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20330 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20330>Article Link</a> While Islamic financial institutions have passed the robustness test by exhibiting greater resilience during the recent global financial crisis, the crisis has also brought under the spotlight some important challenges the industry is currently facing. Going forward, the stakeholders of Islamic finance will need to address a broad spectrum of issues surrounding the industry.
Highlighting the inherent strengths of Islamic finance, the recent global financial crisis coincided with the growing concerns over the possibility that excessive financial innovation might lead the Islamic finance products to bend certain key precepts of Muslim jurisprudence to breaking point………………………………………..Full Article: Source

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Islamic finance as a viable alternative financial system http://www.opalesque.com/IslamicFinance_Briefing/?p=20329 http://www.opalesque.com/IslamicFinance_Briefing/?p=20329#comments Mon, 22 Apr 2013 01:29:12 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20329 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20329>Article Link</a> That’s a very difficult question to answer, but one that has been asked many times. The thing is this question can only be answered by financial professionals within the Islamic finance world, or people who practice conventional banking. The first obviously say that it is. After all, it’s their baby, why would they say it isn’t. The second group consists of people who don’t understand the concept enough to give an answer, or they brush it off by saying that there is very little different, it’s just interest under a different name.
Whether it is different or not, really Shariah compliant or not, Islamic finance is gaining clout and influence every passing day. It is the fastest mode of finance in Pakistan and the world with assets and deposits growing faster than its conventional counterpart………………………………………..Full Article: Source

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Dubai’s GEMS raises $544mln in banking deal http://www.opalesque.com/IslamicFinance_Briefing/?p=20328 http://www.opalesque.com/IslamicFinance_Briefing/?p=20328#comments Mon, 22 Apr 2013 01:28:58 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20328 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20328>Article Link</a> GEMS Education has successfully raised AED2bn ($544m) bank finance as part of its continuing investment in the education sector, it was announced on Sunday.
The facility has a tenor of six years and has Islamic and conventional tranches. The facility raised will be used to refinance its investment in schools made over the last three years and to provide additional funds for the investment in new schools in the UAE and wider MENA region………………………………………..Full Article: Source

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Islamic loans slump as sukuk gets competitive http://www.opalesque.com/IslamicFinance_Briefing/?p=20318 http://www.opalesque.com/IslamicFinance_Briefing/?p=20318#comments Fri, 19 Apr 2013 01:52:01 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20318 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20318>Article Link</a> Borrowing costs fallen 12 percentage points since world credit crunch. ISLAMIC loans slumped this year to the lowest since at least 2006 as banks encourage borrowers to tap the sukuk market, where borrowing costs have dropped almost 12 percentage points since the world credit crunch.
Syariah-compliant lending in the Middle East, Europe and Africa declined 95 per cent to US$287 million (RM869.6 million) in 2013 from a year earlier, while sales of Islamic debt rose 6.2 per cent to US$13.8 billion, data compiled by Bloomberg show. Global sukuk yield averaged 3.1 per cent, down from a record 14.9 per cent in February 2009 during the credit-market squeeze………………………………………..Full Article: Source

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IDB reviewing govt measures on Padma Bridge to revive fund http://www.opalesque.com/IslamicFinance_Briefing/?p=20314 http://www.opalesque.com/IslamicFinance_Briefing/?p=20314#comments Fri, 19 Apr 2013 01:51:03 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20314 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20314>Article Link</a> The Islamic Development Bank (IDB) is reviewing the government’s recent measures on the Padma Bridge Project to take a decision on revival of its committed funding support for it. As part of the original deal, it was supposed to construct the approach road on the bridge’s Jajira side.
The government made earlier a request to the IDB to revive its funding support for the Padma Bridge project. The ministry of finance (MoF) sources said that the lending agency that was a co-financier for the Padma Bridge project as a member of the previously formed, but now non-functional, World Bank-led consortium, has expressed interest to meet the request of Bangladesh to revive its funding support for it………………………………………..Full Article: Source

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Salam International Investment Q1 profit plunges 58pct http://www.opalesque.com/IslamicFinance_Briefing/?p=20313 http://www.opalesque.com/IslamicFinance_Briefing/?p=20313#comments Fri, 19 Apr 2013 01:50:42 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20313 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20313>Article Link</a> Salam International Investment (SIIL) has reported a 58% plunge in January-March net profit to QR11.61mn despite registering gross profit and tripled investment income.
An about 2% fall in operating income to QR498.92mn was made up by a 4% cut in operating cost, thereby helping the SIIL report a 6% gain in gross profit to QR144.75mn, according to its financial statement………………………………………..Full Article: Source

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CIMB Islamic views RI as prime market http://www.opalesque.com/IslamicFinance_Briefing/?p=20306 http://www.opalesque.com/IslamicFinance_Briefing/?p=20306#comments Thu, 18 Apr 2013 00:09:26 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20306 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20306>Article Link</a> CIMB Islamic has named Indonesia as the market with the most potential for its sharia banking due to the country’s large Muslim population, and is therefore, expecting the country to contribute 30 percent to overall business by 2015.
CIMB Islamic is the Islamic banking unit of the CIMB Group, the Malaysian-based bank franchise that provides both conventional and sharia banking services. CIMB Group operates in Indonesia through its local arm, CIMB Niaga, which similarly provides conventional services and Islamic banking services via CIMB Niaga Syariah…………………………………….Full Article: Source

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Bahrain playing key Islamic finance role http://www.opalesque.com/IslamicFinance_Briefing/?p=20305 http://www.opalesque.com/IslamicFinance_Briefing/?p=20305#comments Thu, 18 Apr 2013 00:09:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20305 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20305>Article Link</a> Bahrain continues to be the intellectual hub of Islamic finance powered by its deep-rooted institutions, a leading industry thought leader said.
“With institutions like the Accounting and Auditing Organisation for Islamic Financial Institution (AAOIFI) and a regionally respected regulator like the Central Bank of Bahrain (CBB), the kingdom will continue to provide guidance to the industry as it grows,” AAOIFI board of trustees chairman Shaikh Ibrahim bin Khalifa Al Khalifa told the GDN…………………………………….Full Article: Source

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Islamic finance a catalyst for driving an integrated Islamic economy http://www.opalesque.com/IslamicFinance_Briefing/?p=20304 http://www.opalesque.com/IslamicFinance_Briefing/?p=20304#comments Thu, 18 Apr 2013 00:08:43 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20304 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20304>Article Link</a> New growth opportunities for Islamic banking, finance and investments identified at the 3rd Annual Middle East Islamic Finance and Investment Conference (MEIFIC 2013). The 3rd Annual Middle East Islamic Finance and Investment Conference (MEIFIC 2013) which was held today at the Dusit Thani, Dubai, saw more than 250 leaders in the international and regional Islamic banking and finance industry engage in critical discussions that focused on building the Islamic economy and strengthening Islamic finance’s links to the real economy.
Co-located with the 8th Annual World Takaful Conference (WTC 2013), the event was opened with a special inaugural address by Ahmed Bin Sulayem, Executive Chairman of Dubai Multi Commodities Centre (DMCC)…………………………………….Full Article: Source

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Ethics and finance: Doing the right thing can be profitable http://www.opalesque.com/IslamicFinance_Briefing/?p=20303 http://www.opalesque.com/IslamicFinance_Briefing/?p=20303#comments Thu, 18 Apr 2013 00:07:59 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20303 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20303>Article Link</a> Many believe the answer lies in some form of ethical finance with a philosophy that is underpinned by moral tenets or religious beliefs. While Islamic finance scores highest in this area in terms of the number of headlines it secures, other religious groups can find themselves in lockstep with these same views.
Ethical finance encompasses a wide range of issues from sustainability to firearms, exploitation of people and resources to environmental concerns. Investors who require an ethical overlay to their money management want to look after the world they live in and this can mean investing in companies which have business models that are sustainable in an ecological, social, economic and political way…………………………………….Full Article: Source

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Islamic microfinance market size touches $1 bln http://www.opalesque.com/IslamicFinance_Briefing/?p=20297 http://www.opalesque.com/IslamicFinance_Briefing/?p=20297#comments Wed, 17 Apr 2013 00:09:30 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20297 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20297>Article Link</a> Islamic Microfinance is rapidly gaining acceptance in Muslim and Non- Muslim countries due to its remarkable performance in poverty eradication; because of which, this industry is making quick progress. According to our careful estimate Islamic Microfinance market’s worth has reached $1 billion.
These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE). He said that currently more than 300 Islamic Microfinance institutions are offering their services to 1.6 million clients in almost 32 countries. ……………………………………Full Article: Source

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Australia: Government assess tax reforms to promote Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20295 http://www.opalesque.com/IslamicFinance_Briefing/?p=20295#comments Wed, 17 Apr 2013 00:08:54 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20295 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20295>Article Link</a> The Board of Taxation has submitted its final report into Australia’s tax laws to ensure they do not inhibit the provision of Islamic finance, banking and insurance products, Parliamentary Secretary Bernie Ripoll has told the Amanie Australia Islamic Finance Forum in Melbourne.
The report was based on recommendations in the 2010 Johnson Report which offered policy options to better position Australia as a financial centre. It was about ensuring a “fair and level playing field” according to Ripoll, and to ensure that Islamic financial products had parity of tax treatment with conventional products…………………………………….Full Article: Source

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Australia: Ripoll tips Islamic finance growth http://www.opalesque.com/IslamicFinance_Briefing/?p=20294 http://www.opalesque.com/IslamicFinance_Briefing/?p=20294#comments Wed, 17 Apr 2013 00:08:36 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20294 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20294>Article Link</a> Islamic finance is a ‘rapidly expanding market’ and introducing Islamic finance products could open the financial services sector to new growth, the Australian federal government has said. The introduction of Islamic finance products into the domestic market presents an opportunity for growth in the financial services sector, according to Bernie Ripoll, parliamentary secretary to the treasurer and parliamentary secretary for small business.
“We see Islamic finance as a way of opening our capital and credit markets, enhancing competition and innovation, fostering social inclusion, and promoting greater engagement and integration in the Asia Pacific,” Mr Ripoll said…………………………………….Full Article: Source

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INCEIF reaffirms network in Indonesia http://www.opalesque.com/IslamicFinance_Briefing/?p=20286 http://www.opalesque.com/IslamicFinance_Briefing/?p=20286#comments Wed, 17 Apr 2013 00:06:25 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20286 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20286>Article Link</a> INCEIF, The Global University of Islamic Finance, has enhanced efforts to develop new contacts and strengthen ties with existing partners in Indonesia, one of its important international markets.
In a statement issued from Jakarta Tuesday, INCEIF said its president and chief executive officer Daud Vicary Abdullah, and Chief Academic Officer Datuk Prof Syed Othman Alhabshi were now in the republic to speak at separate industry events. INCEIF said it would also hold meetings with parties interested in increasing their involvement in Islamic finance as a collaboration…………………………………….Full Article: Source

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Expert identifies challenges faced by Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20259 http://www.opalesque.com/IslamicFinance_Briefing/?p=20259#comments Mon, 15 Apr 2013 00:23:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20259 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20259>Article Link</a> Thereh are numerous challenges facing the Islamic finance sector despite its unprecedented success globally, the International Centre for Education in Islamic Finance (INCEIF) said. Its chief academic officer, Syed Othman Alhabshi, said the biggest challenge for Islamic finance is the competition it is facing from the huge asset size, efficient and continuous innovations that have come with increasing product varieties and complexities in the dominant conventional finance.
He said conventional interest-based finance has centuries-old history compared to Islamic finance which only received global acceptance in the 1990s. “Until now, the Islamic financial assets constitute not more than two per cent of the total assets of the conventional sector,” he said in a public lecture on Islamic finance in Jakarta………………………………………..Full Article: Source

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Italian governor calls for greater understanding of Islamic finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20256 http://www.opalesque.com/IslamicFinance_Briefing/?p=20256#comments Fri, 12 Apr 2013 00:46:24 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20256 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20256>Article Link</a> The “opportunity to attract foreign capital to underpin economic progress” makes it “increasingly important” for Italy to equip itself to interact with Islamic financial systems, according to Bank of Italy governor Ignazio Visco.
In his welcoming address to a seminar organized by the Islamic Financial Services Board and hosted by Banca d’Italia on the subject of Islamic finance, Visco repeated a question asked at a recent conference by Amartya Sen: “How is it possible that an activity that is so useful has been viewed as morally so dubious?” Visco said what is most important is to “focus on the link between financial transactions and underlying assets.”……………………………………….Full Article: Source

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Does Islamic finance have a responsibility to reduce unemployment? http://www.opalesque.com/IslamicFinance_Briefing/?p=20248 http://www.opalesque.com/IslamicFinance_Briefing/?p=20248#comments Fri, 12 Apr 2013 00:43:22 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20248 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20248>Article Link</a> There is a buzz about the prospects for Islamic finance in parts of the Middle East and North Africa region (MENA). News reports are suggesting that as a consequence of change in public policy, the market share of Islamic banking in Egypt will grow to “35 per cent in five years from 5 per cent now”.
Much attention in Islamic finance circles is also falling on the relatively smaller markets, such as Oman and Morocco. Observers, such as researchers from Credit Suisse, are also pointing to Islamic finance as a potential source of spurring economic growth in the Arab Spring countries………………………………………..Full Article: Source

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Qatar to emerge as Islamic finance hub http://www.opalesque.com/IslamicFinance_Briefing/?p=20247 http://www.opalesque.com/IslamicFinance_Briefing/?p=20247#comments Fri, 12 Apr 2013 00:43:08 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20247 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20247>Article Link</a> A new report has predicted that Qatar will soon become a “key international distribution hub” for Shariah-compliant products as the Islamic finance market grows at an unprecedented pace. Qatar Financial Centre Authority in its first ‘Mena Asset Management Barometer‘ suggests that Qatar’s position in the Islamic finance market will be boosted with the development of new infrastructure projects that will help in the growth of alternative fund structures and encourage public-private partnerships.
Currently, about 50 percent of the funds in Qatar are Shariah-compliant. Therefore, along with Saudi Arabia, Qatar is rated as a prominent Islamic finance fund centre. The demand for Shariah-compliant products is expected to grow because of increased interest from MENA’s internal markets, Southeast Asia, Australia and pension funds in the UK and Europe………………………………………..Full Article: Source

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Jaidah, O’Connor, Tarmoom on Islamic finance (Video) http://www.opalesque.com/IslamicFinance_Briefing/?p=20246 http://www.opalesque.com/IslamicFinance_Briefing/?p=20246#comments Fri, 12 Apr 2013 00:42:54 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20246 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20246>Article Link</a> Salah Jaidah, Deutsche Bank AG’s chief country officer for Qatar and vice chairman for Middle East and North Africa, Toby O’Connor, chief executive officer of The Islamic Bank of Asia, and Muneef Tarmoom, founder and managing partner at Abu Dhabi Equity Partners, talk about Islamic Finance.
They spoke April 8 at the Bloomberg Link Doha Conference in a session moderated by Bloomberg’s Riad Hamade………………………………………..Full Article: Source

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Adib closes Dhs302mln syndicated Islamic financing for ENPI http://www.opalesque.com/IslamicFinance_Briefing/?p=20217 http://www.opalesque.com/IslamicFinance_Briefing/?p=20217#comments Wed, 10 Apr 2013 01:36:29 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20217 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20217>Article Link</a> Abu Dhabi Islamic Bank (Adib) announced today that it had closed an Dhs302 million ($82m) syndicated Islamic financing deal for Emirates National Factory for Plastic Industries (ENPI), the UAE’s leading manufacturer of plastic packaging solutions and paper products.
This financing will be used in conjunction with ENPI’s recent acquisition of 100% share of ENPI Packaging Division by Saudi Printing & Packaging Company - a publicly listed Saudi company (SPPC), the largest publicly traded printing & packaging company in the region. The Technology Division of ENPI has spun-off and been carved-out in conjunction with the acquisition………………………………………..Full Article: Source

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Islamic Holding Group profits surge to QR2.106mln http://www.opalesque.com/IslamicFinance_Briefing/?p=20216 http://www.opalesque.com/IslamicFinance_Briefing/?p=20216#comments Wed, 10 Apr 2013 01:36:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20216 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20216>Article Link</a> Islamic Holding Group disclosed its financial results for the period ended on March 31 following the meeting of the Company’s Board of Directors on April 8 under the chairmanship of Dr Yousuf Ahmad Al Nama, Chairman and Managing Director.
The results showed that the net profit of the Group amounted to QR2.106m, compared with QR1.941m for the same period in 2012………………………………………..Full Article: Source

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Islamic finance KLCCP Stapled Group http://www.opalesque.com/IslamicFinance_Briefing/?p=20215 http://www.opalesque.com/IslamicFinance_Briefing/?p=20215#comments Wed, 10 Apr 2013 01:35:57 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20215 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20215>Article Link</a> KLCC Property Holdings Bhd (KLCCP) is eyeing significant redevelopment opportunities for some of its assets as it transforms itself to become the country’s largest real estate investment trust (REIT) – KLCCP Stapled Group.
“We have a three-pronged approach for growth and this includes the significant redevelopment potential arising from Kompleks Dayabumi, and that is why we have not injected it into the REIT yet………………………………………..Full Article: Source

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Singapore defends expiry of Islamic finance tax breaks http://www.opalesque.com/IslamicFinance_Briefing/?p=20207 http://www.opalesque.com/IslamicFinance_Briefing/?p=20207#comments Tue, 09 Apr 2013 01:36:09 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20207 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20207>Article Link</a> In his welcome remarks at the Islamic Finance News Singapore Roadshow, Ng Nam Sin, Assistant Managing Director of the Monetary Authority of Singapore (MAS), pointed out that, despite the expiry of certain tax incentives, Singapore is still looking to develop the city’s Islamic finance capabilities by ensuring it a level playing field with conventional financial products.
To ensure that level playing field between Islamic finance and conventional financial products, he said that Singapore “has recognized the unique characteristics of the former in both regulatory and tax treatments. We have ensured the neutrality of the rules insofar as Islamic financing is similar to conventional financing in economic substance and risks. Where the structures are unique, we have and will continue to work closely with industry stakeholders to ensure that level playing field is preserved.”……………………………………….Full Article: Source

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Islamic financial system in Turkey http://www.opalesque.com/IslamicFinance_Briefing/?p=20206 http://www.opalesque.com/IslamicFinance_Briefing/?p=20206#comments Tue, 09 Apr 2013 01:35:49 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20206 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20206>Article Link</a> Economic growth in 2013 is forecast to accelerate to 4 percent according to the World Bank’s Turkey Regular Economic Brief issued January 2013, but prospects for sustained growth over the medium-term depend on accelerating structural reforms the international lender cautions.
The brief analyzing of Turkey’s recent economic developments, prospects, and risks is highlighting significant improvement in external imbalances. On the flip side the current account deficit remains high………………………………………..Full Article: Source

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Mena asset managers confident about 2013 on GCC edge http://www.opalesque.com/IslamicFinance_Briefing/?p=20195 http://www.opalesque.com/IslamicFinance_Briefing/?p=20195#comments Tue, 09 Apr 2013 01:33:15 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20195 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20195>Article Link</a> Over 70% of Mena’s asset managers remain confident about 2013 based mainly on the attractiveness of the GCC countries that benefit from increased government investment and dynamic local equity markets, says the first edition of QFC Authority’s “Mena Asset Management Barometer”.
“Qatar and the UAE seemed to offer the most potential,” the report said. The findings were based on some 45 in-depth telephone interviews with senior bankers, fund management firms, sovereign wealth funds and pension funds across the GCC countries and Egypt and Morocco………………………………………..Full Article: Source

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Islamic finance and its Asean dynamics http://www.opalesque.com/IslamicFinance_Briefing/?p=20193 http://www.opalesque.com/IslamicFinance_Briefing/?p=20193#comments Mon, 08 Apr 2013 00:15:14 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20193 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20193>Article Link</a> Islamic Finance has developed into a $1tn global business with the dynamics to reach far more in the near future. The epicentres of this industry are in the Middle East and Asean, with sizeable cash flow between the two regions. Though contributing only a fraction of the world’s total banking assets, Islamic financial products’ resilience to global crises has given the industry credibility in its use as an alternative to conventional banking.
Thus, the potential for a further collaboration between the two centres for Islamic banking is huge, especially between financial hubs such as Qatar and Malaysia………………………………………..Full Article: Source

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Malaysia slated to be global hub for Shariah finance http://www.opalesque.com/IslamicFinance_Briefing/?p=20192 http://www.opalesque.com/IslamicFinance_Briefing/?p=20192#comments Mon, 08 Apr 2013 00:14:59 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20192 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20192>Article Link</a> The global Islamic banking and finance industry is on a strong growth path with worldwide assets in Shariah compliance growing four times from 0.5 per cent to two per cent of the world economy after the financial crisis. Malaysia today is the world’s third largest market for Islamic banking, takaful and sukuk. The country’s Islamic capital market tripled in size to a value of RM1.05 over the past decade.
In comparison, other large Muslim countries are still at an early stage of growth. According to intelligence group Inside Investors, global share of Islamic banking assets in Malaysia was expected to increase from eight per cent in 2009 to 13 per cent in 2020, and the global share of takaful contribution was expected to increase from 11 per cent to 20 per cent in 2020………………………………………..Full Article: Source

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Singapore’s strength as finance hub to spur growth of Islamic services http://www.opalesque.com/IslamicFinance_Briefing/?p=20191 http://www.opalesque.com/IslamicFinance_Briefing/?p=20191#comments Mon, 08 Apr 2013 00:14:43 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20191 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20191>Article Link</a> Singapore’s strength as a finance hub is key to allowing Islamic financial services to flourish, said Monetary Authority of Singapore (MAS) assistant managing director Ng Nam Sin. Mr Ng said the country’s three-pronged approach to the sector is underpinning its rapid growth.
One tack is to accommodate Islamic finance products within Singapore’s regulatory and tax framework where possible. He said: “We have ensured the neutrality of the rules insofar as Islamic financing is similar to conventional financing in economic substance and risk.”……………………………………….Full Article: Source

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Dubai Islamic Bank repays Dhs3.7bln to UAE finance ministry http://www.opalesque.com/IslamicFinance_Briefing/?p=20188 http://www.opalesque.com/IslamicFinance_Briefing/?p=20188#comments Mon, 08 Apr 2013 00:14:00 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20188 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20188>Article Link</a> The bank received the deposit in 2008 to boost its financial strength during the financial crisis. Dubai Islamic Bank (DIB) announced that it has repaid Dhs3.75 billion to the UAE finance ministry in full and ahead of contractual maturity, thanks to ‘a robust financial position and strong liquidity’.
The bank received the deposit from the ministry in 2008 to boost liquidity after the financial crisis hit lenders in the country. DIB has received the necessary regulatory and government approvals to repay the amount, it said in a statement………………………………………..Full Article: Source

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IDB approves $617mln for development projects http://www.opalesque.com/IslamicFinance_Briefing/?p=20185 http://www.opalesque.com/IslamicFinance_Briefing/?p=20185#comments Mon, 08 Apr 2013 00:13:06 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20185 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20185>Article Link</a> The Islamic Development Bank (IDB) — a bank set up by 56 Islamic nations — has approved financial assistance worth $617 million (approximately Rs 54.16 billion) for development projects in different countries including Nepal.
The board meeting of the bank has decided to support education projects in Nepal, Botswana, Thailand and Fiji — non-member countries. The non-member grant has provided $750,000 (approximately Rs 65.84 million) from the Waqf Fund for various projects, it said………………………………………..Full Article: Source

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Saudi Arabia sells share in Islamic finance body http://www.opalesque.com/IslamicFinance_Briefing/?p=20177 http://www.opalesque.com/IslamicFinance_Briefing/?p=20177#comments Fri, 05 Apr 2013 00:08:11 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20177 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20177>Article Link</a> Saudi Arabia’s central bank has sold its shareholding in the International Islamic Liquidity Management Corp (IILM), an unexpected blow to a body which aims to create a liquid cross-border market for Islamic financial instruments.
The decision was announced by the Kuala Lumpur-headquartered IILM late on Wednesday, in a statement which did not give a reason. IILM officials declined to comment, while officials from the Saudi central bank, the Saudi Arabian Monetary Agency (Sama), could not be reached for comment on Thursday, a holiday in their country………………………………………..Full Article: Source

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Malaysia, Qatar buy Saudi share in Islamic finance body http://www.opalesque.com/IslamicFinance_Briefing/?p=20176 http://www.opalesque.com/IslamicFinance_Briefing/?p=20176#comments Fri, 05 Apr 2013 00:07:55 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20176 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20176>Article Link</a> Saudi Arabia has left the International Islamic Liquidity Management Corp (IILM), which is preparing to launch its long-delayed first sukuk following its inception in 2010, the IILM said late on Wednesday.
IILM did not give a reason for Saudi Arabia’s exit. The central banks of Qatar and Malaysia have bought out Saudi Arabia’s share. Issuance of the first sukuk had been delayed twice as IILM faced a major challenge to ensure compliance with laws in all of the 12 member countries in Asia. The likely value of the sukuk is between US$300 million and US$500 million………………………………………..Full Article: Source

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$ 617 mln IDB funding for new projects http://www.opalesque.com/IslamicFinance_Briefing/?p=20169 http://www.opalesque.com/IslamicFinance_Briefing/?p=20169#comments Fri, 05 Apr 2013 00:06:12 +0000 Laxman http://www.opalesque.com/IslamicFinance_Briefing/?p=20169 <br> <a href=http://www.opalesque.com/IslamicFinance_Briefing/?p=20169>Article Link</a> At the 289th meeting of its board of executive directors convened beginning of the week, the Islamic Development Bank (IDB) approved $ 617 million toward funding development projects, which included important projects in the areas of education ($ 174 million for Indonesia), electricity ($ 319.6 million for Iran, Uganda and Bangladesh), agriculture ($ 80 million for Morocco), sanitation ($ 15 million in Maldives) and health ($ 10 million for Mozambique).
The board members concurred to raise IDB’s participation in the capital of the Istanbul-based Kuwait Turkish Participation Bank Inc. by nearly $ 18 million to stand at $ 65 million………………………………………..Full Article: Source

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