Posted on 21 October 2009 by Laxman | Email|Print
From Koreaherald.co.kr: The Korean government should offer incentives to Korean investors buying Islamic financial products, known as sukuk, to help attract more money from the Middle East, according to the head of Doha Bank’s Seoul unit.
“While the Korean government is scrambling to attract Islamic funds by discussing tax benefits to investment in some types of Islamic bonds sold by Korean issuers, incentives for Korean sukuk investors are also very much in need,” Kwon Kwan-soon, who heads the Doha Bank Seoul Representative Office, said…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Reuters: Power utility Saudi Electricity 5110.SE said it would borrow from banks and use Islamic bond to help finance a 6.88 billion riyals ($1.84 billion) contract signed on Tuesday.
The Gulf’s largest utility by market value signed the agreement awarding South Korean builder Doosan Heavy Industries & Construction and Arabian Bemco Contracting Co the contract to expand al-Qurrayah power plant…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Thenational.ae: Abu Dhabi Investment House (ADIH) is launching a US$300 million (Dh1.1 billion) Sharia-compliant hospitality development fund to invest primarily in projects in the MENA and Asia regions.
The three-year fund will focus on airlines, tourism, accommodation, food services and leisure, ADIH said in a statement…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Business24-7.ae: Jordan is considering issuing Islamic debt, or sukuk, by the year end to help it cover part of its spiralling budget deficit that has worsened due to the global downturn, finance ministry officials said yesterday.
They said a finance ministry committee was set up to study how to introduce the Islam-compliant paper for the first time in the kingdom, which relies on conventional six-month, one-year and three-year maturity T-bills and bonds…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Alarabiya.net: The World Bank’s International Finance Corporation (IFC) has set price guidance for a $100 million Islamic bond, the proceeds of which will be used to fund projects in Yemen and Egypt, an executive said on Tuesday.
Michael Essex, director of the IFC’s Middle East and North Africa department, told Reuters the organization had set price guidance at 35-40 basis points over 5-year U.S treasuries…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Thestar.com.my: One of the most contentious issues regarding Islamic banking and finance is whether the whole concept is in line with Islam. On one side are sceptics who argue that there is no difference between Islamic banking and conventional banking. To them Islamic banking is simply conventional banking in Islamic garb.
The argument often offered by this group is the practice in Islamic banking of using interest rates in the calculations of the “selling price”…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been fully subscribed by 100%. Subscriptions worth BD5 million were received for the BD5m issue, which carries a maturity of 182 days.
The expected return on the issue, which begins on 22 October 2009 and matures on 22 April 2010, is 0.95%…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Reuters: Doha Bank, Qatar’s fourth-largest bank by market value, posted a 19 percent drop in third-quarter net profit, broadly in line with expectations.
The lender reported a nine-month net profit of 850.8 million Qatar riyals ($233.7 million), according to a statement posted on the local stock exchange, up 2 percent from the same quarter last year…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Gulf-daily-news.com: A $66 million compensation payment to victims of US swindler Bernard Madoff and other one-off charges dented nine-month net profit at National Bank of Kuwait, the country’s biggest bank yesterday said.
NBK reported a net profit of 201.5m Kuwaiti dinars ($706m) for the nine months to September 30, compared with 243.7m dinars in the same period last year…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Tradearabia.com: Emirates NBD is seeking to expand in Saudi Arabia by opening additional branches, the latest bank to signal its interest in the Arab world’s largest economy, its chief financial officer said on Tuesday.
‘We’re very keen to open branches there,’ Sanjay Uppal told Reuters on the sidelines of a technology conference. ‘Saudi Arabia is very important because of its GDP and population,’ he said…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Gulf-times.com: Qatar First Investment Bank, a Shariah-compliant investment bank, stays focused on strengthening its role in private equity, corporate advisory, strategic investments, asset management and investment banking services, its chief executive officer Mike De Graffenried has said.
QFIB is authorised by Qatar Financial Centre Regulatory Authority. It started functioning early this year…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Business24-7.ae: Kuwait’s Global Investment House (GIH) has reached a deal with its creditors to restructure and reschedule its debt.
The investment firm, which held a meeting in the UAE with its creditors on Monday, is expected to sign the final deal before the end of November, daily newspaper Al Watan said. Global defaulted on most of its debt earlier this year…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Cpifinancial.net: Capital Management House (CMH), the Bahrain based investment bank, has been upgraded from “Investment Business Firm- Category 1” to a “Wholesale Investment Bank License by the Central Bank of Bahrain.
The Wholesale Islamic investment Banking license enables CMH to offer a wider range of wholesale banking products and services to its shareholders and client base as well as to receive banks and clients deposits. ………………….Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Gulf-times.com: Doha Bank’s third quarter net profit fell 19% to QR204.8mn from QR254.7mn in the same period last year, DB’s income statement shows.
The bank made a nine month net profit of QR850.8mn, up 2% on QR833.8mn on the same period in 2008. The operating income for the period has gone up by 17% to QR1.54bn compared with QR1.32bn in the same period last year…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Gulfnews.com: Emirates NBD joined hands with international insurer Aviva and local insurer National General Insurance (NGI) in a move offering a wide range of long-term savings, investments, life insurance and medical protection solutions to Emirates NBD customers.
These products will be available through Emirates NBD branches starting next month and will cater to all of the bank’s key customer segments…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Thenews.com.pk: With the introduction of Al-Islami Saving & Takaful Plan, Dubai Islamic Bank Pakistan Limited (DIBPL) became the first Islamic bank to launch Bancatakaful in Pakistan maintaining its tradition of being an industry leader.
The Al-Islami Saving & Takaful Plan, is a co-branded product with Pak Qatar Family Takaful Limited (PQFTL) and FWU AG…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Arabianbusiness.com: GCC governments do not provide a safety net for expatriates who lose their jobs. Laws typically date back to a time when visiting workers didn’t put down their own roots.
Oil workers, construction engineers and airline staff were taken care of by their companies: housing, schools, transportation were all provided for in the much-missed ‘expat package’…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Thenational.ae: Dubai and the companies it controls are taking advantage of a rally in global markets to pay off loans and seek cheaper funds from international investors as the emirate tackles its debt burden estimated at US$85 billion (Dh312.16bn).
The Government of Dubai yesterday invited investors to attend a round of fund-raising presentations starting on Thursday in Europe, Asia and the UAE. The last time Dubai raised funds from international investors was in April last year…………………..Full Article: Source
Posted on 21 October 2009 by Laxman | Email|Print
From Ameinfo.com: The Dubai International Financial Centre (DIFC) hosted a seminar on 20 October, 2009 that explored new opportunities in the Islamic Finance industry and the solutions offered by the sector for some of the concerns raised by the current global economic crisis.
Titled ‘Islamic Finance - Solutions for a Post-Crisis World’, the sixth event forms part of the Knowledge Series, a regular series of seminars organised by DIFC to explore key industry trends and raise awareness about its regulations, infrastructure and business support services…………………..Full Article: Source
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