Posted on 16 January 2009 by Laxman | Email|Print
From Financialstandard.com.au: Shariah-compliant hedge funds could outperform their traditional hedge fund counterparts this year, predicts Aureliano Gentilini, global head of hedge fund research at Thomson Reuters Lipper.
Gentilini said that Shariah-compliant hedge funds stand to benefit from emerging trends in the investments industry and developments in the Gulf Cooperative Countries namely the Persian Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Arabianbusiness.com: Conventional and Islamic bond (sukuk) markets decreased substantially in the GCC in 2008, but sukuk managed to grow its market share, a new report by the Kuwait Financial Centre (Markaz) has revealed.
The GCC aggregate bond market plummeted to $18.1 billion in 2008, down by 62.4 percent compared with the amount raised in 2007….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Gulf-times.com: Gulf Arab banks are poised to report weaker fourth-quarter profits this month on growing provisions for bad loans and writedowns on investment losses as the region suffers the fallout of a global financial crisis.
Qatar National Bank (QNB), the Gulf state’s biggest bank, shocked markets this week with a 0.8% decline in quarterly profit – missing a 28% earnings growth forecast of analysts in a Reuters survey last month….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Ameinfo.com: Allen & Overy LLP has advised Deutsche Bank AG Dubai as arranger on the establishment of a programme for Shari’a compliant securities referenced to the performance of a range of potential underlying reference assets. The issuing entity is a special purpose vehicle, Al Mi’yar Capital SA, issuing under the Luxembourg Securitisation Act 2004.
This programme is unique as investors receive a profit or loss on their investment based on the performance of a wide range of independent reference assets or indices (which can include commodities, equities, funds or baskets), whilst offering the full range of structured product pay-offs. …. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Thestar.com.my: Malayan Banking Bhd (Maybank) is looking at improving its Tier 1 Capital Ratio to strengthen its balance sheet. “All the banks are looking at much higher capital ratios, especially the Tier 1 Capital Ratio, and we likewise will be looking at boosting it,” president and chief executive officer Datuk Seri Abdul Wahid Omar said.
He said the group had successfully raised RM9.1bil, out of the targeted RM12bil, last year for its capital requirement….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Montereyherald.com: Big financial institutions have been battered by mortgages gone bad. But a tiny Michigan bank is getting attention in the industry by turning a profit on loans without even charging interest.
Its specialty: financial products that comply with Islamic law. That means no collecting interest, no short selling and no contracts that are considered exceedingly risky. …. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Todayszaman.com: The government will unveil a package of new measures that are bolder than previous efforts to help ease the burden of the crisis on the shoulders of the Turkish private sector, Finance Minister Kemal Unakıtan has stated.
Among the new measures Unakıtan stipulated yesterday, during an interview with the Anatolia news agency, are deliveries of cash to private-sector companies if they keep workers instead of dismissing them amid the economic downturn. Unakıtan chose to use the term “unemployment aid” to refer to this new initiative….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Theedgedaily.com: CIMB-Principal Asset Management Bhd’s 12 unit trust funds yielded good returns amid the economic slowdown, prompting it to declare income distributions for those funds for the period ended December 2008.
“We are pleased to be able to give returns to our investors in these trying times. These funds performed commendably despite the tough market conditions in the last half of 2008, reflecting our strong fund management capabilities,” its chief executive John Campbell Tupling said in a statement yesterday….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Zawya.com: Standard & Poor’s (S&P) reconfirmed BBB ‘Stable’ long-term counterparty credit and insurer financial strength ratings to Takaful Re Limited (TRL), a Dubai International Financial Centre (DIFC) based Retakaful operator.
According to S&P, the rating is based on Takaful Re’s strong capitalization, supportive shareholder base, and knowledgeable and experienced management team. This is based on the company’s extremely strong capital adequacy as measured by S&P Services’ risk-based capital model, low reliance on retrocession, and competent reserving practices. …. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Reuters: The global credit crisis could reduce new domestic corporate bond issues in Malaysia by as much as half this year to 25 billion ringgit ($7 billion).
John Chong, head of debt markets at Maybank’s investment banking unit, said such a slowdown would be in line with market expectations….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Gulfnews.com: Emirates Islamic Bank, Kuwait Syrian Holding, and two Saudi investors from the Al Rajhi family have obtained Syrian government approval to partner with Bahrain-based Albaraka Banking Group to set up Al Baraka Bank-Syria.
The bank plans to sell 35 per cent of its shares valued at $35 million (Dh128.57 million) in an initial public offering in Syria, said Amir Assassa, a founding member of Albaraka Bank-Syria….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Thejakartapost.com: State power company PT PLN plans to issue a further Rp 10 trillion (US$902.6 million) of bonds this year to help finance its operations and power plant construction.
President director Fahmi Mochtar said Wednesday the company would issue new bonds - including conventional, global and Islamic bonds (sukuk) - after evaluating the market response to its latest bond issues. …. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Cpifinancial.net: US Islamic bank offers residential and commercial real estate financing, the only FDIC-insured Islamic deposits (offered through University Bank) and Islamic equity mutual funds (offered through University Insurance & Investments).
University Bank said that its 80 per cent owned subsidiary, University Islamic Financial, has joined AAOIFI, the global Islamic Finance accounting standards setting organisation, as a full member….. Full Article: Source
Posted on 16 January 2009 by Laxman | Email|Print
From Newvision.co.ug: A sixty-man delegation from the Islamic Corporation for the Development (ICD) of the Private Sector, is in the country for a week to deliberate with the business community for possible financing of projects.
The ICD, which is the finance arm of the Islamic Development Bank, will also set up its operations in Uganda to cater for small. …. Full Article: Source
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