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Islamic Finance Briefing - Archive | December, 2009

IDB capital position ‘very strong’ - Standard and Poor

Posted on 30 December 2009 by Laxman  |  Email|Print

From Arabianbusiness.com: Islamic Development Bank’s long term and short term credit ratings were affirmed by Standard and Poor on Tuesday. The financial services company confirmed that the outlook for the bank is stable.

The report said that the bank’s capital position is extremely strong and its liquidity ample. Its long term credit received an AAA rating, while its short term credit was rated at A1+…………………………………….Full Article: Source

Malaysia Exchange may enable individuals to trade Islamic bonds

Posted on 30 December 2009 by Laxman  |  Email|Print

From Bloomberg: Malaysia, the world’s biggest market for Islamic bonds, may enable individuals to trade Shariah- compliant debt on its exchange as part of a plan to attract new investors to the securities.

“Bursa Malaysia is looking into the possibility of offering such a facility in response to market demand,” the bourse said in an e-mailed statement to Bloomberg News today. We are “reviewing the feasibility of such a regime with regulators,” it said, without giving a timeline for the project…………………………………….Full Article: Source

Malaysia plans 19 bond sales to fund development projects

Posted on 30 December 2009 by Laxman  |  Email|Print

From Muslims.net: Malaysia plans to conduct 19 bond sales next year to help raise funds for development projects and fin-ance its budget deficit. The government will sell notes maturing in 2013, 2015, 2017, 2019, 2020 and 2030, comprising both conventional and Islamic securities

The central bank, Bank Negara Malaysia, which conducts debt auctions on behalf of the treasury, didn’t provide details on the amount to be raised at each debt sale…………………………………….Full Article: Source

Islamic finance has ‘withstood global crisis impact,’ says Al Bastaki

Posted on 30 December 2009 by Laxman  |  Email|Print

From Khaleejtimes.com: Islamic finance has withstood the negative impact of the global financial crisis, proving its resilience, effectiveness and relevance to the global financial industry, said Farhan Al Bastaki, Executive Director for Islamic Finance at the Dubai International Financial Centre Authority.

While the world has been searching for an alternative to the conventional banking system deeply impacted by the global financial crisis, few have realised that a more stable, asset-backed and efficient system already exists, he said at a meeting of Shariah Advisory Panel of the International Islamic Financial Market, or IIFM — a body comprising 47 Islamic finance institutions from across the world…………………………………….Full Article: Source

Islamic finance an alternative

Posted on 30 December 2009 by Laxman  |  Email|Print

From Zawya.com: Islamic finance is the fastest growing market in ethical finance with an annual average growth of between 10 and 20 percent.

Current global Islamic finance assets stand at $800 billion and are expected to rise to $4 trillion by 2015. The credit crunch has provided Islamic finance with a unique opportunity to assert its values of ethic-based financing, which could help shape the global financial industry as a whole…………………………………….Full Article: Source

Shariah funds: Opportunities and challenges in the Australian market

Posted on 30 December 2009 by Laxman  |  Email|Print

From Mondaq.com: Australian fund managers wishing to test investor demand for Shariah-compliant products should consider Shariah windows when making investment decisions.

Australia is well placed to service the increasing regional and domestic demand for Shariah funds (also known as Islamic funds). However despite increasing demand, understanding of Shariah funds remains relatively low in the Australian financial services industry…………………………………….Full Article: Source

Germany’s first Islamic bank to open in early 2010

Posted on 30 December 2009 by Laxman  |  Email|Print

Germany’s first Islamic bank, a unit of Kuveyt Turk Bank of Turkey, is to open its doors in early 2010 in the southern city of Mannheim, an executive confirmed Tuesday. Under Islamic banking principles, interest on loans is forbidden and money cannot be lent to enterprises that flout Sharia law. Instead, borrowers must offer collateral and lenders receive a share of business profits.

The unit will open by March at the latest in Mannheim, a factory city with a large ethnic Turkish population, Istanbul-based Kuveyt Turk Bank said. It would seek a full local banking licence for Germany later…………………………………….Full Press Release: Source

CBB Sukuk Al-Salam securities over subscribed

Posted on 30 December 2009 by Laxman  |  Email|Print

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD18m were received for the BD6m issue, which carries a maturity of 91 days…………………………………….Full Article: Source

CIMB Islamic lists Sukuk on Bursa Malaysia

Posted on 30 December 2009 by Laxman  |  Email|Print

From Bernama: CIMB Islamic Bank Bhd’s Tier 2 Junior Sukuk Programme of up to RM2.0 billion in nominal value was admitted to the main market of Bursa Malaysia Tuesday under an exempt regime.

“The listing of our Islamic sub-debt on Bursa Malaysia further strengthens our commitment to the development of the Islamic finance industry, in this case, the Islamic debt capital market,” said CIMB Islamic chief executive officer Badlisyah Abdul Ghani…………………………………….Full Article: Source

Sabic plans US$2.7 bln bond sale to Saudi fund

Posted on 30 December 2009 by Laxman  |  Email|Print

From Bi-me.com: Saudi Basic Industries Corp., the world’s largest petrochemical maker known as Sabic, plans to raise SAR10 billion (US$2.7 billion) in a private placement of bonds to the government-run Public Investment Fund reported Bloomberg, citing a company statement.

The seven-year notes will help finance the company’s expansion plans, the Riyadh-based petrochemical maker said in a statement on the Saudi bourse Website today…………………………………….Full Article: Source

DIFC hosts IIFM Shariah panel meeting

Posted on 30 December 2009 by Laxman  |  Email|Print

From WAM: The Dubai International Financial Centre (DIFC) hosted a meeting of the Shari’ah Advisory Panel of the International Islamic Financial Market (IIFM) to obtain guidance from scholars and to explain the benefits of its Tahawwut (Hedging) Master Agreement.
The Agreement provides a framework and mechanism on hedging or risk management transactions that can be undertaken by the Islamic finance industry. It has been developed by the IIFM jointly with the International Swaps and Derivatives Association (ISDA)…………………………………….Full Article: Source

Investor confidence in GCC up post Nakheel sukuk payment, Shuaa

Posted on 30 December 2009 by Laxman  |  Email|Print

From Arabfinance.com: Investor confidence in the Gulf Cooperation Council (GCC) economies took a “significant” drop in December following the Dubai World crisis, but improved post the Nakheel sukuk payment, Shuaa Capital said.

The monthly GCC Investor Confidence Index dropped 32.7 points to 98.1 points in the wake of Dubai World’s announcement on Nov. 25 to request a standstill on its $26 billion debt obligations while it restructured various parts of its businesses, including developer Nakheel, Shuaa said…………………………………….Full Article: Source

Ahli United is named bank of the year

Posted on 30 December 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Ahli United Bank (AUB) has been named Bank of the Year - Bahrain for 2009 by The Banker magazine. This is the fourth year running AUB has won the award by this affiliate publication of the UK’s Financial Times Group.

The Banker’s 10th Bank of the Year Awards edition acknowledges those banks which proved successful in navigating the stormy waters of this year, one of the most challenging years in decades…………………………………….Full Article: Source

Path Solutions empowers Islamic banking operations at Al Baraka Bank Syria

Posted on 30 December 2009 by Laxman  |  Email|Print

From Ameinfo.com: Path Solutions, a leading provider of information technology solutions to the Islamic financial services industry, has announced that Al Baraka Bank Syria has selected Path’s Islamic banking solution to meet the growing industry demand.
Both Al Baraka Bank Algeria and Al Baraka Bank Sudan are currently using Path Solutions’ iMAL system…………………………………….Full Article: Source

Opalesque Exclusive: Stella Capital to launch real estate-focused Shariah fund in January, All Dow Jones Shariah Indexes secure strong returns in 2009

Posted on 29 December 2009 by Laxman  |  Email|Print

From the Opalesque team: Opalesque has learned that Stella Capital, an investment firm based in San Francisco, will launch a real estate-focused shariah fund in January 2010. According to fund documents, Stella Capital Al-Aqarat Fund LP’s Portfolio Manager Mark Stevens will “acquire 20 to 30 undervalued Shariah-compliant office, industrial and residential properties”.

The portfolio will focus on short-term property investments in California and select western states with values between $3m and $15m. The team will also include Managing Partner John Marshall, Risk Manager Seth Chandler and COO/Acquisitions Analyst David Smolenski. The fund fees include a 2% management fee and a 35% performance fee (with a 3% hurdle).

Shariah investing sees strong 2009 returns

“At a second glance, Islam and Christianity have more in common than it seems. The ban of interest - or riba - is one of them. Both the Koran and the Bible prohibit it. They both encourage ethical and sustainable investment, in order to maintain capital and preserve nature for future generations,” says Gerard Al-Fil, in a recent market commentary for Dow Jones Islamic Market (DJIM) Indexes.

As of December 22nd, the DJIM Indexes showed strong gains including +133% performance for the DJIM Indonesia Index and +103% for the DJIM BRIC Index. The smallest gains were made by DJIM Europe Titans at +22.85%, DJIM US Titans 50 at +18.80% and DJIM Japan at +16.08%.

“An asset allocation in line with Shari’ah, which is a non-interest, non-conventional, ethical style of investment, can help achieving these goals, no matter what the investor’s particular belief system,” comments Al-Fil.
Full performance table available: Source.

IDB grants $11.5bln for new projects

Posted on 29 December 2009 by Laxman  |  Email|Print

Ahmad Mohamed AliFrom Arabnews.com: The Islamic Development Bank (IDB) has adopted $11.5-billion “Medium Term Program” for new projects. This was announced here on Saturday by Ahmad Mohamed Ali, president of the IDB Group.

The program to run through 2010-12 was endorsed by the bank’s board of executive directors at its meeting held at IDB headquarters in Jeddah recently……………………………………Full Article: Source

Australia is opening up to Islamic finance

Posted on 29 December 2009 by Laxman  |  Email|Print

From Arabnews.com: Australia is the latest country that is currently reviewing its tax laws relating to financial transactions to ensure neutrality for the treatment of Shariah-compliant equivalent products especially bonds (sukuk) and home financing.

Earlier this month, Australia played host to a high-level Malaysian Islamic finance delegation led by assistant governor of Bank Negara Malaysia (BNM), the central bank, Muhammad Ibrahim, and comprising not only representatives of the Malaysian regulatory authorities, but also senior members of the Islamic fund management industry, Islamic banks, legal and professional services firms, and academic institutions……………………………………Full Article: Source

Korea: Islamic bond plan suffers setback

Posted on 29 December 2009 by Laxman  |  Email|Print

From Koreaherald.co.kr: Korea’s plan to tap into the Islamic finance market faces a setback as a parliamentary committee failed to approve a bill aimed at relieving tax burdens that have virtually blocked local companies from selling Islamic bonds.

A subpanel of the National Assembly’s Strategy and Finance Committee on Tuesday decided to put on hold a vote on the government proposal to exempt tax on profit distributions from Islamic bonds, or sukuk……………………………………Full Article: Source

Saudi Hollandi raises $193mln from sukuk sale

Posted on 29 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Saudi Hollandi Bank has raised SR725 million ($193.3 million) from the sale this month of its second sukuk, sources familiar with the deal said on Saturday.

Hollandi priced the issue at 190 basis points above the six-month interbank lending rate Saibor, sources at Saudi Hollandi Capital said. The six-month SAIBOR stood at 1.0475 per cent on Saturday……………………………………Full Article: Source

WCT affirms AA rating on WCT Sukuk

Posted on 29 December 2009 by Laxman  |  Email|Print

From Bernama: The rating on WCT Bhd’s RM300 million Redeemable Sukuk with Warrants has been affirmed at AA-IS by Malaysian Rating Corp Bhd (MARC).

It also affirmed the company’s RM300 million Islamic Commercial Papers/Medium Term Notes (CP/MTN) at MARC-1ID/AA-ID, RM100 million Islamic Fixed Rate Serial Bonds at AA-ID and RM100 million Islamic CP/MTN at MARC-1ID/AA-ID……………………………………Full Article: Source

KFH inks $242mln Chicago property deal

Posted on 29 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Kuwait Finance House (KFH), the country’s biggest Islamic lender, said it has signed a $242 million real estate deal in Chicago.

KFH owns 95 percent of the project, while the remaining is owned by Prism Company, the lender said in a statement. ‘KFH will focus on income producing assets with attractive yields and guaranteed occupancy levels,’ it added……………………………………Full Article: Source

Is the Dubai saga about to blow up again?

Posted on 29 December 2009 by Laxman  |  Email|Print

From Financialadvice.co.uk: It has been revealed that Dubai Properties Group has appointed a well-known debt restructuring expert amid concerns that the company’s finances are being stretched to the limit.
This is part of the Dubai authority group of companies and there are growing fears that this could be yet another stage in the debt crisis saga which has gripped Dubai over the last few weeks. …………………………………..Full Article: Source

GCC Investor Confidence: Shaken but still positive

Posted on 29 December 2009 by Laxman  |  Email|Print

From Bi-me.com: SHUAA Capital, the region’s leading financial services institution, today issued its December Special Edition GCC Investor Sentiment Report, the only report of its kind for the Gulf markets.

December has been an incredible month for the global financial community, given the events surrounding Dubai World and its announcement on 25 November 2009 to request a standstill on its debt obligations while it restructures various parts of its business, including the master developer, Nakheel. …………………………………..Full Article: Source

Scotiabank gets DIFC licence

Posted on 29 December 2009 by Laxman  |  Email|Print

From Gulfnews.com: Scotiabank became the first Canadian bank to operate from the Dubai International Financial Centre yesterday after receiving its licence from the Dubai Financial Services Authority (DFSA).

The licence also permits ScotiaMocatta, the bank’s precious metals division, to open its own branch in the DIFC……………………………………Full Article: Source

Saudi banks profit down 12.6pct

Posted on 29 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Profits generated by Saudi commercial banks, including the 11 listed ones, fell 12.6 per cent in the October-November period, central bank data showed on Monday ahead of fourth quarter earnings announcements.

Excluding branches abroad, Saudi banks made a profit of SR3.94 billion ($1.05 billion) during the period, according to the Saudi Arabian Monetary Agency’s (Sama) website……………………………………Full Article: Source

Kuwait Turkish Participation Bank joins the DIFC

Posted on 29 December 2009 by Laxman  |  Email|Print

From Dubaicityguide.com: Kuwait Turkish Participation Bank (Dubai) Limited has received a licence from the Dubai Financial Services Authority (DFSA) to provide a full range of Islamic finance banking services out of the Dubai International Financial Centre (DIFC).

H.E. Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre said: “Islamic Finance is one of the sectors that has been most resilient to the global financial crisis and continues to show significant growth potential……………………………………Full Article: Source

Pakistan: Islamic banks post remarkable growth in third quarter

Posted on 29 December 2009 by Laxman  |  Email|Print

From Pakwatan.com: The Islamic Banking Institutions (IBIs) have posted remarkable growth as compared to conventional banking and maintained their profitability with growth in assets and deposits during the third quarter ended September 30, 2009.
According to Quarterly Performance Review of the Banking System of the State Bank of Pakistan (SBP) share of Islamic Banking in assets of banking industry has also registered increase, reaching 5.3 percent in September 2009 as compared to 4.9 percent in December 2008…………………………………..Full Article: Source

Ratings reflect JIB’s strong franchise

Posted on 29 December 2009 by Laxman  |  Email|Print

From Arabnews.com: Jordan Islamic Bank for Finance & Investment (JIB), one of the oldest commercial Islamic banks set up in 1978 and the largest Shariah-compliant bank in Jordan, continues to consolidate its position in the sector in Jordan despite the opening of the Islamic finance market to foreign banks and a rise in problem financings due to the slowdown of the Jordanian economy in 2009 as a result of the impact of the global and regional credit crunch.

Not surprisingly, Capital Intelligence (CI), the international rating agency specializing in the emerging markets, has recently re-affirmed JIB’s financial strength rating of BBB- (BBB minus) and long-term and short-term foreign currency ratings of BB and B respectively……………………………………Full Article: Source

Al Baraka Tunisia unit launches new identity

Posted on 29 December 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: Al Baraka Bank Tunisia has launched its new unified corporate identity. In accordance with new identity, the name of the bank has been changed from Bank Et-tamweel Al-Tunisi Al-Saudi to Al Baraka Bank Tunisia.

This is in line with the strategy being implemented by the Bahrain-based Al Baraka Banking Group (ABG) to have a unified new corporate identity for the group and its subsidiary banks…………………………………..Full Article: Source

Dubai to host takaful forum

Posted on 29 December 2009 by Laxman  |  Email|Print

From Gulf-daily-news.com: A top gathering for takaful industry leaders will again be held next year in Dubai. The 5th Annual World Takaful Conference will be held from April 11 to 12.
The event, which builds on five years of successfully meeting industry needs, will set the stage for industry leaders to chart the future direction of the market, showcase cutting edge innovations, and also address the key enablers that will boost growth in the international takaful market……………………………………Full Article: Source

Horizon Hills Islamic notes ratings affirmed

Posted on 29 December 2009 by Laxman  |  Email|Print

From Btimes.com.my: The Malaysian Rating Corporation Bhd (MARC) has affirmed its rating on Horizon Hills Development Sdn Bhd’s Islamic Bank Guaranteed Medium-Term Notes (IMTN) Programme of up to RM200 million at AAA-ID(bg).

The rating house also affirmed the rating on Horizon Hills’ Islamic Commercial Papers (ICP) Programme of up to RM70 million at MARC-1 ID(s)……………………………………Full Article: Source

ITS named ‘best technology provider’ at Islamic business and finance awards

Posted on 29 December 2009 by Laxman  |  Email|Print

From Albawaba.com: International Turnkey Systems Group (ITS), a leading ICT (Information Communication Technology) provider, announced today that it has been named the ‘Best Technology Provider’ of the year at the Islamic Business and Finance Award ceremony.
The Award is a testament to ITS continued pioneering position in the Islamic Banking technology solutions field of business……………………………………Full Article: Source

A case study on the non-Muslims perception on Islamic finance

Posted on 29 December 2009 by Laxman  |  Email|Print

From Oystercove’s Inspirasi: It has been a hectic year 2009 for me but somehow it gonna finish in 3 more days. Anyhow, I have finally completed my thesis title “The non-Muslims perception on Islamic financial products: A case study in Taman Tun Dr. Ismail, Kuala Lumpur,Malaysia.”

Below is the abstract of my research: This study is about the non-Muslims perception on Islamic financial products. These products have shown tremendous growth in the past 20 years. Islamic financial products are based on Shariah and Islamic accounting principles unlike conventional financial products that based on interest…………………………………….Full Article: Source

Confusion over Gulf sukuk bankruptcy rules

Posted on 24 December 2009 by Laxman  |  Email|Print

From Zawya.com: The recent near-default of Nakheel’s Islamic bond has triggered calls for better bankruptcy rules in the Gulf as investors wake up to legal and financial risks now that the boom years are over.

Sukuks are fixed income prod-ucts that behave like conven-tional bonds but don’t pay interest - banned by Sharia law - and roughly offer the same protection as an ordin-ary unsecured corporate bond in case of a default…………………………………..Full Article: Source

S.Korea parliament delays bill on sukuk issuances

Posted on 24 December 2009 by Laxman  |  Email|Print

From Reuters: A key South Korean parliament panel on Wednesday decided to put on hold until early next year a vote on a government proposal to allow domestic companies to sell Islamic bonds, or sukuk, a finance ministry official said.
The Ministry of Strategy and Finance had proposed a revision to the tax code with the aim of treating sukuk as a bond so that South Korean issuers of sukuk could enjoy the same tax advantages as those applied to conventional bond issuers…………………………………..Full Article: Source

GFH buys back $9 mln of 2012 sukuk, eyes more

Posted on 24 December 2009 by Laxman  |  Email|Print

From Reuters: Islamic lender Gulf Finance House (GFH) said on Wednesday it has bought back $9 million of its $200 million sukuk maturing in 2012, and could buy more.
“We see it as an opportunistic buy to support the sukuk holders and support the price,” Mohammed al-Muqbel, head of treasury at GFH, told Reuters. GFH said the outstanding amount of the sukuk, or Islamic bond, was now $152.2 million…………………………………..Full Article: Source

Ingress seeks extension for sukuk

Posted on 24 December 2009 by Laxman  |  Email|Print

From Thestar.com.my: Ingress Sukuk Bhd (ISB) has issued a notice to the holders of the sukuk convening a meeting of sukukholders on Jan 6, 2010 to consider an extraordinary resolution to extend the maturity date of the first tranche of the sukuk due on Jan 9, 2010 to July 9, 2010 to enable the company to finalise the restructuring plan for the sukuk.

Rating agency MARC in July downgraded its rating on Ingress Sukuk’s RM160mil Sukuk Al Ijarah to DIS from CIS………………………………….Full Article: Source

Abu Dhabi Islamic in Emcredit deal

Posted on 24 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Emcredit, the UAE’s first government-backed credit bureau, said it has signed an agreement with the Abu Dhabi Islamic Bank (ADIB), to provide credit information services in supporting the bank’s financing activities.

ADIB is the first Abu Dhabi bank to become a full member of Emcredit, and among the leading Islamic banks in the country to invest in enhancing its risk management practices…………………………………..Full Article: Source

QIB eyeing Gulf markets with takaful joint venture

Posted on 24 December 2009 by Laxman  |  Email|Print

From Gulf-times.com: QIB will launch Islamic insurance products in the Gulf countries following the establishment of a takaful joint venture with Italy’s Generali and Beema, an insurance and reinsurance brokerage firm.

Recently, QIB had announced it had begun preliminary talks with Generali and Beema on setting up the Islamic insurance joint venture…………………………………..Full Article: Source

Khalijia Invest to launch Saudi operations

Posted on 24 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Khalijia Invest, a specialist in corporate finance and asset management, said it will soon start operations across Saudi Arabia in compliance with Shari’ah guidelines after it got approval from the Kingdom’s Capital Market Authority.

The company also unveiled its corporate logo, ‘Big opportunities in the small details…………………………………..Full Article: Source

Arab Banking Corp plans $1.1bln capital boost

Posted on 24 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Arab Banking Corporation (ABC), a leading banking group based in Bahrain, said it plans to increase its paid up capital from $2 billion to $3.11 billion by way of a priority rights offering to existing shareholders.

This will substantially enhance ABC’s shareholders’ equity which stood at $2.1 billion as on September 30, 2009, said ABC chairman Mohammed Layas after the bank’s Board of Directors meeting on Wednesday…………………………………..Full Article: Source

Gulf Finance House chief quits

Posted on 24 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Gulf Finance House (GFH), one of the leading Islamic investment banks in the Middle East, said on Wednesday its chief executive Ahmed Fahour has resigned. Group deputy chief executive Ted Pretty has been named the acting CEO.

The Board of Directors has reluctantly accepted Ahmed Fahour’s resignation as a board member and Group CEO of the Bank,’ the GFH said in a statement. Fahour was appointed as the CEO only in July…………………………………..Full Article: Source

Gulf Finance House announces Ted Pretty as acting CEO of Gulf Finance House

Posted on 24 December 2009 by Laxman  |  Email|Print

From Zawya.com: Gulf Finance House (GFH), the leading Middle Eastern Islamic Investment Bank announced today that the Board of Directors has reluctantly accepted Mr. Ahmed Fahour’s resignation as a Board Member and Group CEO of the Bank.

Mr Fahour has been appointed by the Australian Government as the Managing Director of Australia Post - a hugely important national asset for Australia…………………………………..Full Article: Source

Geneva based Faisal Private Bank appoints new CEO

Posted on 24 December 2009 by Laxman  |  Email|Print

From Arabianbusiness.com: Geneva based Faisal Private Bank said on Wednesday it had appointed Swiss national Mark Koch to replace outgoing chief executive officer Marco Rochat from January 1 with a mandate to broaden the Islamic finance focus of the bank.

Rochat had said on Tuesday he had resigned the chief executive role at Faisal, a subsidiary of Bahrain listed Ithmaar Bank, for personal reasons…………………………………..Full Article: Source

KFH-Bahrain wins top Islamic finance award

Posted on 24 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: Kuwait Finance House-Bahrain (KFH-Bahrain) has received the ‘Best Islamic Wealth Management’ award at the Islamic Business and Finance Awards 2009 organised by CPI Financial.

‘We are proud to receive the ‘Best Islamic Wealth Management Award’ as it is a manifestation of the hard work and innovation that KFH-Bahrain employees are known for,’ KFH-Bahrain managing director and chief executive officer Abdulhakeem Alkhayyat said…………………………………..Full Article: Source

GCC firms ‘upbeat, setting higher 2010 targets’

Posted on 24 December 2009 by Laxman  |  Email|Print

From Tradearabia.com: The corporate resilience in the Gulf region throughout 2009 has set the scene for an aggressive economic rebound in the year ahead with several firms setting higher revenue targets for 2010, according to a new study.

The survey conducted by the global HR consulting firm Mercer, said about 65.4 per cent of respondents said they expected to meet or exceed their revenue targets for 2009. A similar number (68.9 per cent) said they were setting higher revenue targets for 2010…………………………………..Full Article: Source

Kingdom of Bahrain ‘A/A-1′ sovereign ratings affirmed

Posted on 24 December 2009 by Laxman  |  Email|Print

From Cpifinancial.net: Standard & Poor’s are affirming the ‘A’ long-term and ‘A-1′ short-term sovereign credit ratings on the Kingdom of Bahrain.

Standard & Poor’s Ratings Services said it had affirmed its ‘A’ long-term and ‘A-1′ short-term sovereign credit ratings on the Kingdom of Bahrain…………………………………..Full Article: Source

Islamic banking and finance in Pakistan Zeenat Riaz

Posted on 24 December 2009 by Laxman  |  Email|Print

From Thefrontierpost.com: Islamic banking is based on the principles of Islamic economics and Islamic law.
Islamic form of government represents the political unity and leadership of the Muslim world therefore seeking to integrate some prominent and Islamic tenets into a secular economics framework. ………………………………….Full Article: Source

Book Review: Impetus to Islamic finance

Posted on 24 December 2009 by Laxman  |  Email|Print

From Thehindubusinessline.com: One of the most serious gaps in Islamic finance is the reluctance of market players to promote risk-sharing financial products, say the authors of Globalization & Islamic Finance: Convergence, prospects, & challenges, Hossein Askari, Zamir Iqbal, and Abbas Mirakhor.
They reason that institutions to support risk-sharing, partnership-based, and equity-style financing and investment are the most critical to achieving the full potential of an Islamic financial system…………………………………..Full Article: Source

Huge growth potential seen for Takaful market

Posted on 23 December 2009 by Laxman  |  Email|Print

From Gulf-times.com: A leading industry expert has predicted a huge growth potential for Qatar’s Takaful (Islamic insurance) market, estimating its annual growth at 25%.
Dr Ali Mohayeddin al-Qaradaghi, a professor of Islamic jurisprudence at Qatar University, said that the local Islamic insurance market has lots of expansion opportunities since “every policy holders with the conventional insurance firms is willing to turn to the Takaful scheme”…………………………………..Full Article: Source

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