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Islamic Finance Briefing - Archive | November, 2009

Imitating traditional banking will destroy Islamic banking

Posted on 30 November 2009 by Laxman  |  Email|Print

From Aawsat.com: When the global financial crisis first struck markets and international financial institutions, it caused massive Tsunami waves that flooded financial ports all over the world in bankruptcy, leaving no country untouched.
The world began to look around it and was surprised to discover that only a few small islands in this financial ocean had managed to survive this devastating Tsunami…………………………..Full Article: Source

Dubai debt - Accounting, economics, Islamic banking and the rules of finance

Posted on 30 November 2009 by Laxman  |  Email|Print

From Glgroup.com: The Middle Eastern countries and Islam do not believe in interest -money is not an asset and cannot have a cost (interest). It can only be traded in relation to some commodity. The present crisis has shown that if a cost is not attributed to money then the result is a crisis.
In this analysis I look at the effects of the Dubai debt crisis in relation to accounting rules…………………………..Full Article: Source

Focus on due diligence for Islamic bonds as defaults rock market

Posted on 30 November 2009 by Laxman  |  Email|Print

From Thejakartaglobe.com: Defaults on Islamic bonds and the debt delay requested by Dubai World will transform the market, as investors demand more transparency and subject new issues to forensic due diligence.

Investors in state-run Dubai World’s main real estate developer, Nakheel, were stunned following the announcement the company and its parent would delay by at least six months repayment on billions of dollars in debt…………………………..Full Article: Source

Dubai World may still pay Nakheel Sukuk by deadline

Posted on 30 November 2009 by Laxman  |  Email|Print

From Thenational.ae: Dubai World could still meet the December 14 deadline on the US$4 billion (Dh14.69bn) payment of a sukuk from Nakheel under one option being considered by advisers to the conglomerate.

Repayment on schedule is one of four alternatives being considered by Dubai World, which announced on Wednesday it would seek a freeze on billions of dollars in debt repayments to bondholders and creditors……………………………Full Article: Source

Dubai debts test Islamic finance

Posted on 30 November 2009 by Laxman  |  Email|Print

From Islamonline.net: As the world is still recovering from an economic meltdown, an unfolding debt crisis in the flashy lifestyle-Gulf state of Dubai is sending shockwaves around the world, putting the booming Islamic finance to a test.

“A Default by Dubai will put the world of Islamic finance to the test at a time when hard questions are being asked by bankers and lawyers about the protection afforded by financial instruments based on Shari`ah law,” commented The Australian on Saturday, November 28…………………………..Full Article: Source

Dubai illustrates that Sukuks may be junk bonds

Posted on 30 November 2009 by Laxman  |  Email|Print

From Istockanalyst.com: Shariah compliant bonds skirt the Islamic dictum that no interest is to be received from loaning money by linking bonds to an underlying asset, say, real estate, that throws off income. This arms-length strategy is designed to permit Islamic investors to receive money on their investment that is not technically interest.
Recently, as pointed out in the Financial Times, there has been growing concern about whether these bonds, called sukuks, are the conservative investment vehicles they were made out to be…………………………..Full Article: Source

As Dubai crashes from wonder to blunder, who will go down with it?

Posted on 30 November 2009 by Laxman  |  Email|Print

From Guardian: Dubai’s story of hotels and hubris in the desert sands is well rehearsed, but where will the narrative end?
A relatively happy conclusion would be for the damage to be localised and containable, for Abu Dhabi or the International Monetary Fund to step in as backer, and for world markets to regain a measure of calm. An unhappy denouement hardly bears thinking about…………………………..Full Article: Source

Mirage fades as economic storm hits Dubai

Posted on 30 November 2009 by Laxman  |  Email|Print

From Theaustralian.com.au: Analysts fear that Nakheel - which is part of Dubai World - could crumble like a sandcastle into the Persian Gulf and, if that happens, Dubai World and perhaps Dubai itself could follow.

“Dubai World is the Middle East’s Lehman Brothers,” said one local banker on the weekend…………………………..Full Article: Source

Dubai crisis: Making mountain out of molehill?

Posted on 30 November 2009 by Laxman  |  Email|Print

From Business-standard.com: Amid a pall of gloom over millions of families across India– dependent on regular remittances from the Middle East– after Dubai World’s repayment crisis, businessmen and analysts on the ground find the world was over-reacting and worries perhaps unfounded.
“It may have been headline material but it was 48 hours too late,” says a Dubai World official on condition of anonymity. According to him, for all practical purposes this was debt payment delay and not a default as it is being made out to be…………………………..Full Article: Source

Abu Dhabi to aid Dubai on ‘case by case’ basis

Posted on 30 November 2009 by Laxman  |  Email|Print

From Arabnews.com: Abu Dhabi, wealthy capital of the United Arab Emirates, will “pick and choose” how to assist debt-laden neighbor Dubai, a senior official said on Saturday, after fears of a Dubai default sent global markets reeling.

“We will look at Dubai’s commitments and approach them on a case-by-case basis. It does not mean that Abu Dhabi will underwrite all of their debts,” the official in the government of the emirate of Abu Dhabi told Reuters by phone…………………………..Full Article: Source

Moody’s rules out ratings cut on UAE Banks

Posted on 30 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: Moody’s Investor Service said that ratings on banks in the UAE were already on review, and that no immediate downgrades are expected in light of Dubai’s debt crisis.

The banks with significant exposure to the city-state’s crisis were already on review or carried a negative outlook on their deposit ratings, Moody’s said…………………………..Full Article: Source

Fitch affirms Islamic Development Bank at ‘AAA’/'F1+’

Posted on 30 November 2009 by Laxman  |  Email|Print

From Ameinfo.com: Fitch Ratings has affirmed the Islamic Development Bank’s (IDB) Long-term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook, and affirmed its Short-term IDR at ‘F1+’.
The ratings are based on the strong support from the bank’s 56 member countries, its excellent asset quality and substantial capital base…………………………..Full Article: Source

Fitch downgrades Dubai Bank, Tamweel and Bahrain-based TAIB Bank

Posted on 30 November 2009 by Laxman  |  Email|Print

From Globalarabnetwork.com: Fitch Ratings has today downgraded the Long-term Issuer Default Ratings (IDRs) of Dubai Bank (to ‘BBB-’ from ‘BBB+’), Tamweel PJSC (to ‘BB’ from ‘BBB’) and TAIB Bank (to ‘BB’ from ‘BBB-’). The Outlooks on Dubai Bank and TAIB Bank are Negative.
Tamweel remains on Rating Watch Evolving…………………………..Full Article: Source

Bahrain-based Gulf Finance House lowered to ‘BB+/B’ on weakened stand-alone credit profile

Posted on 30 November 2009 by Laxman  |  Email|Print

From Albawaba.com: The operating environment for Gulf-based investment banks continues to be unsupportive, weighing substantially on earnings and prompting revisions of business models.
We are lowering our counterparty credit ratings on GFH to ‘BB+/B’ from ‘BBB-/A-3′…………………………..Full Article: Source

UAE cbank sets up liquidity facility for banks

Posted on 30 November 2009 by Laxman  |  Email|Print

From Reuters: The United Arab Emirates’ central bank set up a facility on Sunday to support liquidity in the banking system Dubai’s government sought to delay debt payments from two of its flagship firms, sending global markets lower.

Dubai rocked the financial world on November 25 when it said it would ask creditors of Dubai World, the conglomerate behind its rapid expansion, and Nakheel, builder of its palm-shaped islands, to agree to a standstill on billions of dollars of debt as a first step to restructuring…………………………..Full Article: Source

Islamic banking thrive in Lebanon

Posted on 30 November 2009 by Laxman  |  Email|Print

From Muslims.net: Islamic banks are thriving in Lebanon after proving efficiency in facing the ramifications of the global financial crisis.

Banks that are based on Islamic teachings of Shareia, though newly established, they covered a wide-range of customers and were licensed by the Central Bank of Lebanon (BDL), Director General of the Islamic bank Al-Baraka Mutasim Mihmisani told KUNA…………………………..Full Article: Source

Iran privatises $63bln equity

Posted on 30 November 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Iran said yesterday that it has privatised $63 billion worth of government equity in state-owned firms, meeting half of the target currently set as part of its privatisation drive.

Gholam Reza Heydari Kord Zanganeh, head of the state-run Privatisation Organisation, said the divestment cut the government’s part of the gross domestic produce to around 45 per cent from 60pc before the programme…………………………..Full Article: Source

Financial crisis – Opportunities for suppliers of Islamic finance technology

Posted on 30 November 2009 by Laxman  |  Email|Print

The current Financial Crisis offers tremendous opportunities to Technology Suppliers who are prepared to re-architect their solution offering.

I have put my thoughts together in a paper that was published last hear. You can read the paper………………………….Full Paper: Source

Key economic role for Islamic finance

Posted on 30 November 2009 by Laxman  |  Email|Print

From Iqna.ir: Islamic finance has a potential role in contributing not only to global financial stability but also towards more balanced global growth.

While Islamic finance by its very nature and its direct link to economic activity contributes to this process, the recognition of the new financial challenges ahead require further steps to be taken to strengthen its resilience and robustness, Central Bank of Malaysia governor Dr Zeiti Akhtar Aziz told a high-level conference on financial stability in Kuala Lumpur…………………………..Full Article: Source

Western investors watch nervously as worth of Islamic bond is tested

Posted on 27 November 2009 by Laxman  |  Email|Print

From Timesonline.co.uk: A default by Dubai will put the world of Islamic finance to the test at a time when hard questions are being asked by bankers and lawyers about the protection afforded by financial instruments that are Shariah compliant.

The bond that lies at the heart of the threat of default and financial ignominy for Dubai is a sukuk, an instrument invented by bankers and Islamic scholars to comply with a Shariah (Islamic law) prohibition against the payment of interest on money……………………………Full Article: Source

Dubai debt default fears spill into world markets

Posted on 27 November 2009 by Laxman  |  Email|Print

From AFP: The shock from Dubai’s move to suspend payments due on a slice of government-backed debt spilled over on Thursday into world markets and caused a sharp weakening in global Islamic bonds.

The move to restructure the state-owned Dubai World and the proposal to request a minimum six-month moratorium on its maturing debt has also triggered fears of a domino effect across the emirate’s indebted state-run corporates, pushing debt rating agencies to slash the grading of Dubai companies……………………………Full Article: Source

Dubai World shock sends Asian Sukuk yields higher

Posted on 27 November 2009 by Laxman  |  Email|Print

From WSJ: The shock from Dubai World’s restructuring and call for a standstill on its group debts sent yields on Islamic bonds issued from Asian borrowers sharply higher Thursday.

The sukuk of the Indonesian government and Malaysia’s national oil company Petronas were particularly hard hit. But many were convinced it was a knee-jerk reaction……………………………Full Article: Source

Dubai default risks ‘perfect storm’

Posted on 27 November 2009 by Laxman  |  Email|Print

From Theage.com.au: Dubai shook investor confidence across the Persian Gulf after its proposal to delay debt payments risked triggering the biggest sovereign default since Argentina in 2001.

The cost of protecting government notes from Abu Dhabi to Bahrain rose, extending the steepest increase since February as Dubai World, with $US59 billion ($64 billion) of liabilities, sought a “standstill” agreement from creditors……………………………Full Article: Source

Gulf bonds plunge, CDS soar on Dubai; shadow on planned bonds

Posted on 27 November 2009 by Laxman  |  Email|Print

From Reuters: Dubai’s shock move to restructure billions of dollars in debt fuelled a heavy selloff in Gulf bonds on Thursday while debt insurance costs soared, endangering planned issues from the region in the near future.

At least one issuer was forced to pull a bond sale after Dubai said on Wednesday it was seeking a standstill on debt held by flagship firms Dubai World and property developer Nakheel, until at least May 2010……………………………Full Article: Source

Islamic bond problems herald due-diligence era

Posted on 27 November 2009 by Laxman  |  Email|Print

From Reuters: Islamic bond defaults and the standstill requested for Dubai’s Nakheel will transform the market as investors demand more transparency and subject new issues to forensic due diligence.

Investors in real estate developer Nakheel were stunned following the announcement on Wednesday that the company and its owner state-run Dubai World would delay by at least six months repayment on billions of dollars in debt……………………………Full Article: Source

Hope on Nakheel’s sukuk

Posted on 27 November 2009 by Laxman  |  Email|Print

From Thenational.ae: Bradley Hope, our intrepid property reporter, managed to dig up more detail yesterday on the terms of Nakheel’s bond than we had space to publish. But for those trying to dig deeper into what outcomes might be possible, his findings may be useful.

For those who don’t recall, Nakheel sold $3.5bn in Islamic bonds, or sukuk, back in 2006. They come due Dec. 14 and will pay $4.05bn in principal, profits and compensation for not having issued shares into which bondholders could conver……………………………Full Article: Source

S&P: Several Dubai government-related entities downgraded following debt restructuring

Posted on 27 November 2009 by Laxman  |  Email|Print

From Globalarabnetwork.com: Standard & Poor’s Ratings Services said it had taken rating actions on a number of Dubai-based government related entities (GREs) and transactions.
Standard & Poor’s has downgraded DIFC Investments LLC, DP World Ltd., Jebel Ali Free Zone (FZE), Dubai Holding Commercial Operations Group LLC (DHCOG), and Emaar Properties PJSC. All of these entities have been placed on CreditWatch with negative implications……………………………Full Article: Source

S&P: 4 Dubai-based banks placed on creditwatch with negative implications

Posted on 27 November 2009 by Laxman  |  Email|Print

From Globalarabnetwork.com: Standard & Poor’s Ratings Services said today that it has placed on CreditWatch with negative implications its ‘A-’ long-term counterparty credit ratings on Emirates Bank International (EBI), National Bank of Dubai (NBD), and Mashreqbank (Mashreq) and its ‘BBB+/A-2′ ratings on Dubai Islamic Bank (DIB).
At the same time, Standard & Poor’s has affirmed its ‘A-2′ short-term counterparty credit ratings on EBI, NBD, and Mashreq……………………………Full Article: Source

The impact on technology supporting Islamic finance

Posted on 27 November 2009 by Laxman  |  Email|Print

From Risk.net: The rapid growth of the Islamic financial market in the Gulf Cooperation Council (GCC) region and South East Asia over the last five years has created a thriving market for the suppliers of support technology to develop and enhance their offerings to meet the increasing demands of their customers who operate within this specialized segment.
However, the current economic meltdown in the US and European markets (which is likely to spread to other regions) will force Islamic finance players to review and redefine their focus on how to survive in a highly turbulent market place……………………………Full Article: Source

Key economic role for Islamic finance

Posted on 27 November 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Islamic finance has a potential role in contributing not only to global financial stability but also towards more balanced global growth.

While Islamic finance by its very nature and its direct link to economic activity contributes to this process, the recognition of the new financial challenges ahead require further steps to be taken to strengthen its resilience and robustness, Central Bank of Malaysia governor Dr Zeiti Akhtar Aziz told a high-level conference on financial stability in Kuala Lumpur……………………………Full Article: Source

IFSB to focus on issues related to Islamic finance stability

Posted on 27 November 2009 by Laxman  |  Email|Print

From Btimes.com.my: The Islamic Financial Services Board (IFSB) Council has resolved to discuss pertinent issues related to financial stability in future meetings, particularly those concerning the Islamic financial services industry.

In a statement yesterday, the IFSB said that its inaugural forum on financial stability issues will be held in April next year in Khartoum, Sudan. The forum will follow the 16th Meeting of the IFSB Council there……………………………Full Article: Source

Safeena Islamic fund acquires first investment in marine asset

Posted on 27 November 2009 by Laxman  |  Email|Print

From Bernama: Safeena (L) Ltd, the first Malaysian Islamic shipping fund established more than a year ago, has completed its first investment with Jimbaran AS, a Norwegian entity that owns and manages chemical tankers.

A statement by its equity shareholders, Asian Finance Bank and Amanah Investment Bank (L) Ltd, said the investment was made through Istisna (construction contract) and Ijarah Mawsufah fi Dzimmah (forward lease)……………………………Full Article: Source

Allianz Takaful inks pact with StanChart

Posted on 27 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: Insurance major Allianz Takaful and Standard Chartered Bank have announced a five-year sales agreement to promote insurance products from Allianz Takaful in Bahrain.

As part of the deal, the bank will promote and sell Allianz Takaful’s life insurance portfolio comprising features like protection, savings, investment and child education……………………………Full Article: Source

S&P: Bahrain-based Gulf Finance House outlook remains negative

Posted on 27 November 2009 by Laxman  |  Email|Print

From Globalarabnetwork.com: Standard & Poor’s Ratings Services today said it has lowered its long- and short-term counterparty credit ratings on Bahrain-based Gulf Finance House G.S.C. (GFH) to ‘BB+/B’ from ‘BBB-/A-3′. The outlook is negative.

“The rating action reflects our opinion that GFH’s stand-alone credit profile is no longer consistent with an investment-grade rating owing to uncertainties on the bank’s implementation of its revised business model and delivery of sustainable profitability,” said Standard & Poor’s credit analyst Goeksenin Karagoez……………………………Full Article: Source

Pakistan: SBP chief lauds Islamic banks performance

Posted on 27 November 2009 by Laxman  |  Email|Print

From Dawn.com: State Bank of Pakistan Governor Salim Raza has said that the performance of Islamic banks has been impressive compared to their conventional counterparts during the last two years.

Speaking at a opening ceremony of 10 more branches of Dubai Islamic Bank here on Wednesday, the SBP governor said due to active support of the central bank the total assets of Islamic banking industry had grown to Rs323 billion up to September 2009 while their deposits reached to Rs245 billion……………………………Full Article: Source

Problems for Dubai are only just beginning over future of Islamic bond

Posted on 26 November 2009 by Laxman  |  Email|Print

From Timesonline.co.uk: The region’s financial markets are being scrutinised; the Gulf sovereign wealth funds that prowled the world, snapping up prize assets, including stakes in Citigroup, the American bank and Daimler, the German car company have suffered big losses.
Even more shameful, the legal underpinning of a trillion-dollar market in Islamic bonds is being tested………………………….Full Article: Source

Dubai recovery hopes hit by debt ’standstill’ call

Posted on 26 November 2009 by Laxman  |  Email|Print

From Telegraph: Dubai World, one of the emirate’s main state holding companies, said it was asking for a delay on maturities until at least May 30. It has $60bn (£35.9bn) in declared liabilities and one of its subsidiaries, the “palm island” developer Nakheel, is due a $3.52bn Islamic bond repayment, plus charges, on December 14.
The company also unveiled a restructuring programme, to be headed by Aidan Birkett, Deloitte’s managing partner for corporate finance………………………….Full Article: Source

Nakheel 5-year Sukuk jumps 1pct after Dubai’s $5 bln bond sale

Posted on 26 November 2009 by Laxman  |  Email|Print

From Bloomberg: Nakheel PJSC’s five-year Islamic bond prices jumped 1 percent after Dubai’s government raised $5 billion by selling bonds to Abu Dhabi-based Al Hilal Bank and National Bank of Abu Dhabi PJSC.

Nakheel’s $3.52 billion bond maturing on Dec. 14 rose to 111.25 cents on a dollar today from 110.25 cents, according to prices provided by National Bank of Abu Dhabi. Nakheel is a real- estate developer controlled by Dubai’s government………………………….Full Article: Source

Dubai raises $5 bln in debt fightback

Posted on 26 November 2009 by Laxman  |  Email|Print

From Maktoob.com: Debt-laden Dubai said on Wednesday it had secured $5 billion through a bond and sukuk fully subscribed by two banks linked to the government of Abu Dhabi, as the once booming emirate digs it way out of an $80-billion debt pile.

The $5 billion is part of a $20 billion sovereign bond programme Dubai launched in February to help struggling state-related entities………………………….Full Article: Source

Dubai debt woes turn ugly after it seeks standstill deal

Posted on 26 November 2009 by Laxman  |  Email|Print

From Zawya Dow Jones: Dubai’s efforts to deal with its mountain of debt estimated to exceed $80 billion were dealt a hammer blow Wednesday after it asked for a standstill on the obligations of one its largest state-owned companies.

The request to extend the maturity until at least May 30 on Dubai World’s debts, which include a $3.52 billion sukuk due December issued by its subsidiary Nakheel, raised wider concerns about the emirate’s ability to meet its financial commitments………………………….Full Article: Source

S&P downgrades Dubai govt entities on debt worry

Posted on 26 November 2009 by Laxman  |  Email|Print

From Reuters: Standard & Poor’s on Wednesday downgraded its ratings on several Dubai government-related entities after the government said it will ask creditors of two flagship firms for a standstill on billions of dollars of debt.

The government said the request is a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate’s breakneck growth………………………….Full Article: Source

Dubai govt statement on Nakheel, Dubai World restructuring

Posted on 26 November 2009 by Laxman  |  Email|Print

From Reuters: Dubai’s government on Wednesday said it will ask creditors of two of its flagship companies — Nakheel and Dubai World — for a debt standstill. Following is the government’s statement on the matter:

The Government of Dubai, acting through the Supreme Fiscal Committee (”SFC”), has authorised the Dubai Financial Support Fund (”DESE”) to spearhead the restructure of Dubai World with immediate effect………………………….Full Article: Source

First Gulf Bank prices 3-year $500mln bonds

Posted on 26 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: UAE-based First Gulf Bank’s (FGB) $500 million three-year bonds were priced at 250 basis points over mid-swaps, representing a coupon of 4 per cent, an executive of the bank said on Tuesday.

The bonds were issued under FGB’s recently updated $3.5 billion European Medium Term Note Programme………………………….Full Article: Source

UAE’s Mubadala secures $1bln to fund Zayed University

Posted on 26 November 2009 by Laxman  |  Email|Print

From Thenational.ae: Abu Dhabi government-owned Mubadala Development Company said on Wednesday it secured a $1 billion financing for the Zayed University project.

The public-private partnership (PPP) project involves the construction of a new university campus for 6000 students in Abu Dhabi, and is the fourth such infrastructure financing, Mubadala said in a statement………………………….Full Article: Source

Stable outlook for GIB’s $4bln Euro notes

Posted on 26 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: Moody’s has assigned a stable outlook to the $4.0 billion Euro Medium Term Note Programme (EMTN) of Gulf International Bank (GIB).

Moody’s has assigned ratings of A3 and Baa1 to the senior unsecured and subordinated notes, respectively, to be issued under the programme………………………….Full Article: Source

Moody’s downgrades Gulf Investment Corp

Posted on 26 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: Moody’s has downgraded Gulf Investment Corporation’s (GIC) bank financial strength rating (BFSR) to D- from D.

The D- rating now maps to a Baseline Credit Assessment (BCA) of 13, down from 12 (on a scale of 1 to 21, where 1 reflects the lowest level of risk)………………………….Full Article: Source

S&P assigns A rating to Oman-based Vision Emerging GCC Fund

Posted on 26 November 2009 by Laxman  |  Email|Print

From Globalarabnetwork.com: Standard & Poor’s Fund Services announced today that it has assigned an A (New) fund management rating to the Vision Emerging GCC Fund, an Oman domiciled open-ended investment fund.

Launched in May 2005, the fund is the first fund from Vision Investment Services Co to be awarded an S&P Fund Services rating………………………….Full Article: Source

CI issues stable outlook for Emirates NBD

Posted on 26 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: Capital Intelligence (CI), the international credit rating agency, has issued Emirates NBD, foreign currency ratings of A+ long-term, A1 short-term and a financial strength rating of A with a support of 1. All ratings carry a Stable outlook.

At the same time CI has withdrawn the ratings previously assigned to Emirates Bank International (EBI) and National Bank of Dubai (NBD) following the legal integration of the two banks on November 21 to form ENBD………………………….Full Article: Source

RAM Ratings reaffirms AA3 rating of Cerah Sama’s Islamic securities

Posted on 26 November 2009 by Laxman  |  Email|Print

From Cpifinancial.net: RAM Ratings has reaffirmed the AA3 rating of Cerah Sama’s first issuance of MYR 380 million ($113 million) under its MYR 600 million ($178 million) Islamic Medium-Term Notes (IMTN) Programme, with a stable outlook.

Cerah Sama is an investment-holding company (IHC) that wholly owns Grand Saga Sdn Bhd (Grand Saga) – operator of the Cheras-Kajang Highway (the Highway) – and Trupadu Sdn Bhd, its provider of operation and maintenance (O&M) services………………………….Full Article: Source

Takaful firm in key Kuwait deal

Posted on 26 November 2009 by Laxman  |  Email|Print

From Tradearabia.com: Takaful International Company has signed a MoU to launch a product in Kuwait.

The company signed the agreement with Takaful International Company for Takaful Insurance to launch the Heya product in the Kuwait insurance market………………………….Full Article: Source

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