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Islamic Finance Briefing - Archive | February, 2009

Oil liquidity crunch likely to retard Islamic banking growth

Posted on 27 February 2009 by Laxman  |  Email|Print

From Khaleejtimes.com: Growth in Islamic banking is likely to slow because falling oil prices are squeezing long-term sources of funds in many Muslim countries, Moody’s Investors Service said on Thursday.

“There is still a vital link between oil prices and Islamic banks, as most operate in hydrocarbon-exporting economies,” said Anouar Hassoune, Moody’s vice-president. ” As they face increasingly limited funding sources, Islamic banks will find it more difficult to grow moving forward.”…. Full Article: Source

Moody’s backs Islamic banks to emerge stronger

Posted on 27 February 2009 by Laxman  |  Email|Print

From Arabianbusiness.com: Although the Islamic finance industry has been hit by the fall in oil prices, accumulated capital will help insulate it from the turmoil in financial markets, and the sector will emerge stronger once markets rebound, Moody’s said on Thursday.

“There is still a vital link between oil prices and Islamic banks as most of the latter operate in hydrocarbon-exporting economies. As they face increasingly limited funding sources, Islamic banks will find it more difficult to grow going forward,” said Anouar Hassoune, co-author of the report….. Full Article: Source

Job growth reinforces Bahrain’s status as financial centre of Middle East, says EDB

Posted on 27 February 2009 by Laxman  |  Email|Print

From Albawaba.com: Employment growth in Bahrain’s financial services sector last year reinforces the Kingdom’s status as a leading financial centre in the Middle East and indicates it is well positioned to weather the worst of the economic downturn, says Kamal Ahmed, Chief Operating Officer of Bahrain’s Economic Development Board (EDB).

Ahmed’s comments follow reports that more than 1,700 new jobs (1,731) were created in Bahrain’s financial services industry during 2008, taking total employment in the sector to 13,922. Fifty seven per cent of these new jobs went to Bahrainis, with 43 per cent going to foreign workers. …. Full Article: Source

Bahrain to issue $ US 800 mln in bonds to finance National Housing

Posted on 27 February 2009 by Laxman  |  Email|Print

From Maktoob.com: Bahrain’s government has authorized the nation’s Ministry of Housing to issue bonds worth nearly US $ 800 million to finance housing projects in Bahrain.

Bahrain’s Minister of Housing, Sheikh Ibrahim bin Khalifa Al Khalifa, said during an interview on CNBC Arabiya that financial institutions will issue the bonds in segments over the next six months….. Full Article: Source
_Million_in_Bonds_to_Finance_National_Housing.htm

SALAMA restructures top management

Posted on 27 February 2009 by Laxman  |  Email|Print

From Eyeofdubai.com: Islamic Arab Insurance, one of the region’s leading Islamic insurance (Takaful) companies has announced that it has made some key reorganization in its top level management.

The reorganization is part of a major shake-up of the business as it registers increase in customer base and premium collection. The reform will offer intellectual advantage by focusing more on attracting new investors in the wake of the global economic crisis. …. Full Article: Source

Dubai to get Gold ETF from World Gold Council

Posted on 27 February 2009 by Laxman  |  Email|Print

From Commodityonline.com: It may be the season of global economic meltdown. But the hottest commodity that is attracting investor-hungry people these days is gold.

Investors can now look forward to Dubai as the City of Gold in Asia may soon get an exchange traded gold fund, sponsored by the World Gold Council (WGC)….. Full Article: Source

MMA no obstruction to Islamic Banking in Maldives - Governor

Posted on 27 February 2009 by Laxman  |  Email|Print

From Miadhu.com.mv: Maldives Monetary Authority (MMA) will not obstruct any attempt to open Islamic Banks in Maldives by suitable parties and that despite interested parties being asked to submit formal applications for bank operating licenses, no submission has yet been made, MMA Governor Fazeel Najeeb has said.

Speaking to Miadhu Daily, Fazeel expressed as Islamic Banking is a new concept to Maldives, work on establishing necessary regulatory system is underway….. Full Article: Source

ABC capital base stays strong despite turmoil

Posted on 27 February 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Arab Banking Corporation (ABC) yesterday said that its annual results had been impacted by the waves of adversity that began in April last year with the subprime mortgage crisis.

“This led to a global financial crisis during the first half of the year and affected the real economies, first of developed nations but quickly all economies of the world,” a bank spokesman said….. Full Article: Source

Shamil Bank income tops $66.8 million

Posted on 27 February 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Shamil Bank yesterday reported that it had made $66.8 million in total income for last year despite the global financial crisis. The announcement was made by the Shamil Bank chairman Shaikh Mohamed Abdulla Abdulaziz Al Angari, following a meeting of the bank’s board of directors.

The bank’s net profit last year amounted to $22.8m. …. Full Article: Source

Ethical investment — Indonesia again shows the way

Posted on 27 February 2009 by Laxman  |  Email|Print

From Todayszaman.com: Already in August 2008, Indonesia had sold its debut rupiah-denominated Islamic bond, or sukuk, for a total amount of IDR 4.7 trillion. A global issue in dollars (to be expected in the region of $3 billion) is in the pipeline, waiting for better market conditions.

In the meantime, the Indonesian government did not sit still and this week issued a domestic sukuk on the same principles as the “rent certificate” (sale and lease back) for which the Turkish markets have been waiting for some years now. …. Full Article: Source

Islamic Development Bank considers prospects of direct financing expansion for Azerbaijani private sector

Posted on 27 February 2009 by Laxman  |  Email|Print

From Abc.az: Islamic Development Bank (IDB) does not give up from expansion of its operations in Azerbaijan.

Azerbaijani sources say that the country’s government and the Bank agreed to refrain from new projects and focus efforts on completion of valid projects….. Full Article: Source

IFIs to face hit in profit if realty prices freefall

Posted on 27 February 2009 by Laxman  |  Email|Print

From Business24-7.ae: Islamic financial institutions (IFIs) face a significant hit on profits if real estate prices continue to fall in the Middle East, ratings agency S&P said yesterday.

IFIs’ direct exposure to real estate assets in 2008 reached 20 per cent of total loans, making them vulnerable to an ongoing correction in the previously fast-growing sector, the agency said in a report….. Full Article: Source

World Islamic Economic Forum to discuss global food security

Posted on 27 February 2009 by Laxman  |  Email|Print

From Xinhuanet.com: The 5th World Islamic Economic Forum (WIEF), which will be held in Jakarta on March 1-3, will raise the issue of global food and energy security, the event’s organizing committee said.

The forum will among others discuss food security, the organizing committee said in a press statement issued here on Thursday….. Full Article: Source

Turkish banks face tough year

Posted on 27 February 2009 by Laxman  |  Email|Print

From Cpifinancial.net: The Turkish banking sector faces a difficult year in 2009, with economic weakness causing earnings pressure on the back of rising non-performing loans and narrowing margins, according to Capital Intelligence.

The global financial crisis (and subsequent economic pressure) is adversely impacting the Turkish economy and growth has fallen sharply in recent months following contraction in both consumption and investment. …. Full Article: Source

Islamic finance could fund transit

Posted on 27 February 2009 by Laxman  |  Email|Print

From Bangkokpost.com: Thailand will consider funding new mass transit routes as well as capital investment by Thai Airways through Islamic financing, according to the Public Debt Management Office.

Pongpanu Svetarundra, the PDMO director-general, said Islamic bonds represented one option to raise capital to fund both state investment programmes as well as infrastructure megaprojects led by the private sector….. Full Article: Source

Saudi economy seen shrinking 1.8pc in ‘09

Posted on 27 February 2009 by Laxman  |  Email|Print

From Tradearabia.com: Saudi Arabia’s economy is set to contract 1.8 percent in 2009 on oil output cuts and weak non-oil growth, said Samba Financial Group, the latest bank to forecast a slowdown in the world’s top oil exporter.

Real gross domestic product (GDP) growth in the largest Arab economy would resume at 4.2 percent in 2010, Samba said in a research note on Wednesday….. Full Article: Source

Islamic banks face big hit from Gulf property -S&P

Posted on 26 February 2009 by Laxman  |  Email|Print

From Reuters: Islamic financial institutions (IFIs) face a significant hit on profits if real estate prices continue to fall in the Middle East, ratings agency S&P said on Wednesday.

IFIs’ direct exposure to real estate assets in 2008 reached 20 percent of total loans, making them vulnerable to an ongoing correction in the previously fast-growing sector, the agency said in a report….. Full Article: Source

Challenges and opportunities for Islamic finance

Posted on 26 February 2009 by Laxman  |  Email|Print

From Financeasia.com: Humayan Dar is chief executive officer of BMB Islamic UK, which is owned by Brunei-based BMB Group. An Islamic banking expert and Shar’iah technician, he is trained in both Islamic and conventional economics and a strong advocate of cooperation between Islamic and conventional financial markets.

BMB Islamic was founded in 2007 in London to provide Shar’iah advisory and structuring services. It enlists Shar’iah scholars and Islamic financial consultants to guide investors, lawyers and other investment professionals….. Full Article: Source

India’s sharia market gains ground

Posted on 26 February 2009 by Laxman  |  Email|Print

From Asianinvestor.net: Taurus Mutual Fund has launched India’s first actively managed sharia-compliant fund that is available to local retail investors, the Taurus Ethical Fund.

For India, this marks the latest in a series of firsts in its sharia market, which was non-existent until this year. Earlier this month, Benchmark Asset Management launched India’s first exchange traded sharia-compliant fund, the Shariah Benchmark Exchange Traded Scheme, which tracks the S&P Nifty Shariah index….. Full Article: Source

Indonesia’s Matahari plans sukuk, conventional bonds

Posted on 26 February 2009 by Laxman  |  Email|Print

From Reuters: Indonesian retailer PT Matahari Putra Prima Tbk said on Wednesday it plans to raise a total of 500 billion rupiah ($42 million) from the sale of Islamic and conventional bonds in April.

The world’s most populous Muslim nation is trying to tap its huge market for Islamic-compliant products. The government recently raised 5.55 trillion rupiah from its first retail sukuk issue, well above the 1.7 trillion rupiah targetted….. Full Article: Source

Gatehouse Bank eyes debut Sharia property deal

Posted on 26 February 2009 by Laxman  |  Email|Print

From Reuters: UK Islamic bank Gatehouse is set to close its first real estate deal in the coming months, refinancing a continental European property worth about 100 million euros ($128.5 million).

With conventional lenders rationing credit, Islamic finance institutions such as Gatehouse are increasingly competing with them to finance non-Islamic companies and projects….. Full Article: Source

Malaysia, London can bridge Islamic financial markets

Posted on 26 February 2009 by Laxman  |  Email|Print

From Bernama: Malaysia and London can pave the way towards bridging Islamic financial markets between the East and the West, according to Bank Negara Malaysia’s governor Tan Sri Dr Zeti Akhtar Aziz.

She said the global financial crisis had highlighted several structural weaknesses and imbalances in the international financial system….. Full Article: Source

Thomson Reuters appoints Rushdi Siddiqui as head of Islamic finance

Posted on 26 February 2009 by Laxman  |  Email|Print

Thomson Reuters today announced that it has appointed Rushdi Siddiqui to lead its Islamic Finance business. Mr. Siddiqui’s appointment represents another investment by Thomson Reuters in this sector. Thomson Reuters, which has been active in the Middle East, Africa and South East Asia since 1865, has strong Islamic Finance assets covering leading content, news, analytics and trading capabilities.

In this newly created role, Siddiqui will be utilizing these assets and working closely with Islamic finance and banking professionals including fund managers, treasury, financial hubs, regulators, stock exchanges, central banks, Takafol (insurance) entities, Halal industry, intra-OIC (57 Muslim countries), trade, investment, as well as others to strengthen and grow this business. …. Full Press Release: Source

Dubai to use bond to help firms

Posted on 26 February 2009 by Laxman  |  Email|Print

From Tradearabia.com: Dubai’s government said on Wednesday $10 billion in bond proceeds from the UAE central bank would be enough for now to help the emirate’s companies pay off debts and restructure to deal with a real estate slump.

The Gulf trade and tourism hub is ready to issue a second $10 billion tranche when needed, and was considering launching a stimulus package for small and medium enterprises, the director-general of Dubai’s Department of Finance said….. Full Article: Source

Islamic financial bodies less affected by financial mayhem says CBK chief

Posted on 26 February 2009 by Laxman  |  Email|Print

From Gulfbase.com: Islamic financial institutions were affected by the global financial crisis at lesser extent than that which was faced by the conventional financial institutions, Kuwaits top banker said here Tuesday.

To prove that, no institution from the Islamic finance industry has collapsed so far, contrary to what happened to several conventional financial institutions, Sheikh Salem Abdulaziz Al-Sabah, Governor of the Central Bank of Kuwait (CBK), said….. Full Article: Source

Rasmala to launch two funds

Posted on 26 February 2009 by Laxman  |  Email|Print

From Tradearabia.com: Rasmala Investments Saudi has received approval from Saudi Arabia’s Capital Market Authority to launch two Saudi equity funds.

One of the funds will be managed according to the Shari’a guidelines approved by the fund’s Shari’a committee and the other will be a conventional fund, said a statement. The funds will be open-ended and they hope to raise about $100 million each initially….. Full Article: Source

KPMG firms named Best Islamic Services Provider

Posted on 26 February 2009 by Laxman  |  Email|Print

From Bernama: KPMG member firms worldwide were named “Best Islamic Assurance and Advisory Services Provider” for the second consecutive year at the 2009 Euromoney Islamic Finance Awards ceremony in London.

KPMG is a global network of professional firms providing audit, tax and advisory services in 145 countries, including Malaysia where the firm has 63 partners and about 1,800 staff….. Full Article: Source

United Gulf Bank posts $207 mln net profit

Posted on 26 February 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: United Gulf Bank (UGB) earned a net profit of $207.2 million, or 25.31 cents per share, last year. This was a decrease of 6.2 per cent on the $220.9m profit for 2007.

The bank said its last year’s results were achieved while applying conservative accounting principles on asset valuation and despite a $141.7m loss in the fourth quarter….. Full Article: Source

Islamic finance 2009

Posted on 26 February 2009 by Laxman  |  Email|Print

From Ifsl.org.uk: The global market for Islamic financial services rose by 37% to $729bn at end-2007. IFSL’s new report Islamic Finance 2009 notes that Sukuk issues and the value of Islamic funds were down in 2008, but Islamic banks have been less affected by the credit crunch than many conventional banks.

Meanwhile, London has been consolidating its position as the key western centre for Islamic finance, with three new Sharia compliant firms authorised during 2008….. Full Article: Source

Back to basics: The Islamic world of Sharia law

Posted on 26 February 2009 by Laxman  |  Email|Print

From Rightsidenews.com: Since Islam is primarily a political system, it would only make sense that it has a legal code. The Islamic legal code is called Sharia (also shariah), meaning the way. The source of the Sharia is the Koran and the Sunna (found in the Sira and the Hadith). Since the Sunni Muslims and Shia Muslims do not agree on which Hadith to use, they have slightly different Sharia systems.

Sharia law covers all aspects of life, including how a man and woman should have sex, for instance. Roughly there are five areas of Sharia law:…. Full Article: Source

Islamic financiers meet as downturn bites business

Posted on 25 February 2009 by Laxman  |  Email|Print

From Reuters: Scholars, lawyers and investors will gather on Tuesday to discuss the future of Islamic finance just as the industry once thought resistant to the global downturn is showing signs of weakening.

Islamic finance had been seen as relatively safe until recently, because its ban on interest and strict guidelines on speculative instruments such as derivatives and hedge funds meant it had largely avoided toxic assets….. Full Article: Source

Deloitte expects double-digit growth from Islamic financing

Posted on 25 February 2009 by Laxman  |  Email|Print

From Thestar.com.my: International financial consulting firm Deloitte sees double digit growth in global Islamic finance in the next few years on the back of growing interest from non-Islamic markets, said Daud Vicary Abdullah, a specialist in Islamic finance with Deloitte Consulting Malaysia Sdn Bhd.

“Countries like Japan, South Korea and Singapore are showing more interest in the Islamic finance because of the value of the products offered and also the transparency of the transaction,” Daud said at the launch of the Deloitte Islamic Finance Centre of Excellence for the Asia Pacific region in Kuala Lumpur….. Full Article: Source

Deloitte chooses Malaysia for Islamic finance hub

Posted on 25 February 2009 by Laxman  |  Email|Print

From Bernama: Deloitte has set up an Islamic finance centre of excellence in Malaysia to provide consultation on Islamic finance for the Asia Pacific region.

This is the professional services firm’s only such centre in the region and one of its three globally together with London and Dubai….. Full Article: Source

India’s Reliance Capital to make Malaysia its Islamic hub

Posted on 25 February 2009 by Laxman  |  Email|Print

From Thestar.com.my: India’s largest asset manager Reliance Capital Asset Management Ltd aims to stamp its mark in the Islamic fund management business worldwide by making Malaysia its international hub for global Islamic investment activities. The company will soon open its first office in Kuala Lumpur.

“We have already incorporated our subsidiary in Malaysia and are in the process of setting up the back-end operations….. Full Article: Source

MoU to raise awareness on Islamic banking

Posted on 25 February 2009 by Laxman  |  Email|Print

From Minivannews.com: Two Memorandums of Understanding (MoU) were signed today to raise awareness about Islamic banking in the Maldives and to institute a Hajj fund to enable would-be pilgrims to travel to Mecca.

The MoUs were signed between the Islamic ministry and Fine Line Holding of Malaysia. The objective of the first MoU is to “work towards assisting the Maldivian government in its vision of enlightening the Maldivians on the basic operational and functional capabilities…of the Islamic Banking and Finance system.”…. Full Article: Source

Derivatives dispute divides Islamic finance market

Posted on 25 February 2009 by Laxman  |  Email|Print

From Reuters: Islamic banks are struggling to develop hedging tools as religious differences cast doubt on the use of derivatives, exposing the industry to risks of increased volatility as markets deteriorate.

Strict rules on transparency and simpler deal structures saved sharia lenders from the worst of the current credit crisis, but their ability to survive future shocks is in question because they have few instruments to guard against wild swings in currency and interest rate movements….. Full Article: Source

Discussion on Islamic finance begins in UK

Posted on 25 February 2009 by Laxman  |  Email|Print

From Gulf-times.com: Scholars, lawyers and investors were gathering here yesterday to discuss the future of Islamic finance just as the industry once thought resistant to the global downturn is showing signs of weakening.
Islamic finance had been seen as relatively safe until recently, because its ban on interest and strict guidelines on speculative instruments such as derivatives and hedge funds meant it had largely avoided toxic assets….. Full Article: Source

Indonesian Islamic banking outlook to 2013

Posted on 25 February 2009 by Laxman  |  Email|Print

With the global financial crisis raising doubts over the world’s conventional financial system, the banking industry in Indonesia stands to benefit from the global downturn and expects to continue rapid growth in the coming years.

The financial crisis is having no negative impact on the development of Islamic banking in the country. So far, Islamic banks have not showed any weakening of their performance and we expect both assets and lending would grow at a CAGR of over 50% between 2009 and 2013….. Full Press Release: Source

Islamic financial bodies less affected by financial mayhem - CBK chief

Posted on 25 February 2009 by Laxman  |  Email|Print

From Zawya.com: Islamic financial institutions were affected by the global financial crisis at lesser extent than that which was faced by the conventional financial institutions, Kuwait’s top banker said here Tuesday.

To prove that, no institution from the Islamic finance industry has collapsed so far, contrary to what happened to several conventional financial institutions, Sheikh Salem Al-Sabah, governor of the Central Bank of Kuwait (CBK), said in a keynote speech at the 8th Annual Islamic Finance Summit, organized by Euromoney Institutional Investor plc, held here from February 24-25, 2009….. Full Article: Source

Zeti: Globalise Islamic finance to weather economic crisis

Posted on 25 February 2009 by Laxman  |  Email|Print

From Thestar.com.my: Malaysia has called for the internationalisation of the Islamic financial system in weathering the global economic crisis. Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said Malaysia and Britain could optimise the potential synergies from such collaboration in tackling the financial turmoil.

She said the move could also strengthen linkages between nations in preparing for the next phase of development of the global economic and financial systems….. Full Article: Source

Islamic mega-bank mergers touted

Posted on 25 February 2009 by Laxman  |  Email|Print

From Businessday.co.nz: The Islamic banking sector in the Middle East will see a round of mergers and acquisitions in 2009 that will pave the way for banks with billions of dollars in assets, a leading industry body said.

“Consolidation is necessary,” Mohamad Nedal Alchaar, secretary general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), said in an interview….. Full Article: Source

Gold-backed Islamic security launch soon

Posted on 25 February 2009 by Laxman  |  Email|Print

From Business24-7.ae: A Shariah-compliant tradeable security backed by gold will be launched in Dubai next week, sources familiar with the plan said yesterday.

Investors have rushed into gold as a haven from the global economic storm and as insurance against potential future inflation….. Full Article: Source

Saudi, UAE, Kuwait GDP to contract says study

Posted on 25 February 2009 by Laxman  |  Email|Print

From Tradearabia.com: Saudi Arabia, the United Arab Emirates and Kuwaiti economies are set to contract this year amid an oil price slump before economic growth resumes in 2010, Banc of America Securities-Merrill Lynch said.

The decline in gross domestic product (GDP) for the three largest economies in the world’s top oil-exporting region follows a combined Gulf growth rate of almost 43 percent in the last six years, the investment firm said in a research note….. Full Article: Source

Indonesia raises $515.5 mln from debt auctions

Posted on 25 February 2009 by Laxman  |  Email|Print

From Reuters: Indonesia raised a total of 6.15 trillion rupiah ($515.5 million) from its debt auctions on Tuesday, more than double its target, to help fund its ballooning budget deficit and shield the economy against a global downturn.

The bond sales are a critical part of the government’s funding for a budget deficit that is now forecast to reach 2.6 percent of gross domestic product in 2009 and as the global economic slowdown is taking its toll on Indonesia’s commodity and other exports….. Full Article: Source

DFSA, Central Bank in pact

Posted on 25 February 2009 by Laxman  |  Email|Print

From Gulfnews.com: The Dubai Financial Services Authority (DFSA) yesterday said it has entered into a Memorandum of Understanding (MoU) with the Central Bank of the UAE, regarding co-operation and exchange of regulatory information.

The MoU was signed by Paul Koster, DFSA chief executive and Saeed Abdullah Al Hamiz, executive director for Banking Supervision and Examination Department at the Central Bank. …. Full Article: Source

Bank Asya sees increased 2008 profits despite crisis

Posted on 25 February 2009 by Laxman  |  Email|Print

From Todayszaman.com: Bank Asya, Turkey’s leading participation bank, announced yesterday that its net profits for 2008 grew by 12 percent to TL 247 million over the previous year, when profits totaled TL 221 million.

In a written statement the bank said it had continued its growth despite the negative effects of the financial turbulence that is still battering global markets….. Full Article: Source

Pak govt paid USD 6 million to Taliban to agree to ceasefire

Posted on 25 February 2009 by Laxman  |  Email|Print

From PTI: The Taliban in Pakistan’s restive Swat valley received Rs 480 million (USD 6 million) in compensation from the government after agreeing to a ceasefire with security forces for an indefinite period, a media report said today.
The militants agreed to lay down arms and endorse a peace deal between the government and religious hardliner Sufi Mohammad to impose Shariah or Islamic laws in Swat in exchange for the payment, Italian news agency Adnkronos International (AKI) reported quoting security sources….. Full Article: Source

U.S. aid funding the Pakistani Taliban

Posted on 25 February 2009 by Laxman  |  Email|Print

From Weeklystandard.com: As one of the conditions to ending the fighting in Swat, Taliban chieftain Mullah Fazlullah has demanded the government pay reparations to the Taliban. And the guy who is footing the bill?

The U.S. taxpayer, according to Pakistani reporter and Taliban expert Syed Saleem Shahzad. At least $6 million has been paid to the Taliban and more is on the way….. Full Article: Source

Hong Kong eyes Islamic finance products

Posted on 24 February 2009 by Laxman  |  Email|Print

From Zawya.com: The Hong Kong Special Administrative Region government is finalizing new tax laws which would facilitate the introduction of Islamic finance on a par with equivalent conventional products, and there is a strong possibility that the Hong Kong Airport Authority (HKAA) will issue the debut quasi-sovereign Sukuk from the island enclave during 2009.

Professor K.C. Chan, the secretary for financial services and the Treasury, Hong Kong government, confirmed that the Hong Kong Administration “is putting in place tax neutrality measures to facilitate the development of Islamic finance….. Full Article: Source

Indonesia raises more than forecast in retail sukuk

Posted on 24 February 2009 by Laxman  |  Email|Print

From Reuters: Indonesia said it raised more than expected in its first retail sharia-compliant bond and will go ahead with plans to tap a wider range of investors to finance a ballooning budget deficit as it tries to shield the economy from the global crisis.

The government has announced a 71.3 trillion rupiah ($5.97 billion) fiscal stimulus plan, including infrastructure spending, which is intended to boost slowing growth and create jobs as the country heads for elections….. Full Article: Source

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