Posted on 23 December 2009 by Laxman | Email|Print
“We need to improve products and become more innovative to serve the needs of the industry by providing the right products at the right time,” Shaikh Khalid Bin Zayed Al Nahyan, chairman of Salama said…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Indiatimes.com: Italian insurance giant Generali is considering a possible joint venture with the Qatar Islamic Bank (QIB) in the high-growth sector of Islamic insurance, or Takaful, Generali said on Tuesday.
Generali chief executive Sergio Balbinot said in a statement that the partnership could create “a leading player for Takaful business in the Gulf” with the potential to expand operations across Europe and Asia…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Dow Jones: Italy’s Assicurazioni Generali SpA has signed a preliminary agreement with Qatar Islamic Bank SAQ and a subsidiary to look into forming a joint venture in the Takaful insurance sector.
The joint venture would combine Generali’s technical skills in insurance, QIB’s knowledge of the market and Beema skills in Takaful, a joint statement said Tuesday…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Alibaba.com: Indonesia’s finance ministry has set an indicative target of 3 trillion rupiah ($316 million) for its retail sukuk bonds due to be sold in February, Rahmat Waluyanto, head of the ministry’s debt office, said.
The sukuk, or Islamic bonds, are part of an array of debt instruments aimed at retail, institutional, and foreign investors, as the finance ministry plans to borrow 175.1 trillion rupiah in 2010 to fund its budget deficit and repay maturing bonds…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Islamonline.net: The government of Abu Dhabi and the UAE Central Bank stepped in with a $10 billion bailout offer for the state-run Dubai World, which has recently been in debt.
Out of the allocated amount, $4.1 billion is meant to take care of the World’s immediate debt obligations comprising Shari’ah-compliant bonds (sukuk) of the Nakheel, the property development arm of the company, which was due on December 14, the announcement date…………………………………..Full Article: Source
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Posted on 23 December 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 oversubscribed by 200%.
Subscriptions worth BD10m were received for the BD5m issue, which carries a maturity of 182 days…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Arabianmoney.net: The enormous bad publicity surrounding Nakheel’s $3.5 billion sukuk or Islamic bond repayment this month has exposed these debt instruments as nothing more than unsecured commercial bonds, with no recourse to underlying assets in the event of a default.
There is, of course, an irony in that Nakheel actually repaid its sukuk in full and on time thanks to the last minute intervention of the Abu Dhabi Government which dropped the Dubai Government a $10 billion lifeline…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Menareport.com: Al Salam Bank-Bahrain has scored yet another achievement in innovative Shari’acompliant products by exclusively designing the Takaful-principle-based credit card which came as a result of extensive researches and studies conducted by the Bank’s team.
The Bank has successfully obtained the necessary legislative approvals for this unique product from both the Central Bank of Bahrain and the Bank’s Shari’a Supervisory Board, and is working for its launch shortly…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From CP: The Bank of Nova Scotia said Tuesday it has been approved to set up independent operations in Dubai’s financial district, making it the first Canadian bank to do so.
The licensing clearance from the Dubai International Financial Center allows the bank’s ScotiaMocatta division to open an independent branch in one of the Middle East’s hubs for international finance…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Tradearabia.com: The UAE’s National Bank of Fujairah has appointed Vincent Cook as the new chief executive officer on Tuesday, a statement on the Abu Dhabi bourse website said.
Former chief executive Steve Mullins stepped down in November 2008 without explanation, and Michael J Connor had been acting CEO since April…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Dubaichronicle.com: In recognition of its commitment to delivering creative, innovative and relevant products and services that raise the bar across the Islamic banking industry, Dubai Bank was presented with the “Best Marketing/Advertising Campaign” award for its Kunooz Savings Programme at the 2009 Islamic Business and Finance Awards held recently in Dubai.
Dubai Bank was among many contenders ranked for their exceptional performance, especially during the current period of global financial volatility…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Kuwait Finance House-Bahrain (KFH-Bahrain) 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
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Posted on 23 December 2009 by Laxman | Email|Print
From Iloubnan.info: The head of Islamic banking development projects at ESA believes that Islamic banking is still at its early stages in Lebanon.
In Lebanon, Islamic banking is at early stages and just started developing a few years ago. However, the first Islamic bank in Lebanon, Al Baraka, dates back to the 70s, but lacked a legal mechanism for its development. Today there are several Islamic banks; the newest is Blom development, a subsidiary of Blom bank…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Kippreport.com: Shariah compliant Islamic insurance company carves a niche with its innovative products and solutions customized for the region.
SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, is marking three decades of excellence in the region, reinforcing its market leadership with its range of solutions to cater to the insurance sector across the region and beyond…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Khaleejtimes.com: Stock market operator Dubai Financial Market PJSC, or DFM, made an offer on Tuesday to buy rival Nasdaq Dubai for $121 million to expand its asset class offering and raise additional revenue.
The offer to acquire 100 per cent of Nasdaq Dubai comprises $102 million in cash and 40 million DFM shares. Nasdaq Dubai is an international financial exchange that currently lists shares, derivatives, exchange-traded commodities, structured products Sukuk, or Islamic bonds, and conventional bonds…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai must raise funds to feed its mushrooming debt but the Gulf emirate dreads imposing taxes to avoid breaking a business model that helped turn it from a lazy fishing town to a regional trade and tourism hub.
Selling some prized assets appears to be an easier option, said analysts…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Btimes.com.my: Malaysia will offer two scholarships to eligible Qataris to pursue the Chartered Islamic Finance Professional programme at the International Centre for Education in Islamic Finance in Kuala Lumpur next year.
Raja Muda of Perak Raja Dr Nazrin Shah, in announcing this yesterday, said two research grants will also be awarded to Qatari researchers by the International Syariah Research Academy for Islamic Finance…………………………………..Full Article: Source
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Posted on 23 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: A gathering for Arab finance decision makers must be held annually for the sake of developing the Arab financial markets, Syrian Finance Minister Mohammad Al-Hussein said on Tuesday.
This came during his speech to the fourth annual meeting for Union of Arab Securities Authorities (UASA) which began here with the participation of 13 Arab states, including Kuwait…………………………………..Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Gulfnews.com: Sukuk issuance in the UAE crossed $26.8 billion (Dh98.3 billion) from 34 issuances between 2000 and 2008, making the country a market leader in the Gulf’s Islamic bond market.
The Dubai International Financial Centre (DIFC), home to the largest exchange for sukuk by listed value, worth more than $16 billion, on Monday launched DIFC Sukuk Guide — a comprehensive introduction to various sukuk structures, as well as legal and regulatory information on issuing sukuk from the DIFC and listing sukuk on Nasdaq Dubai………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
Sukuk issuances that saw a massive decline in 2008 have begun to pick up and the recently issued sukuks in the region were heavily oversubscribed………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Gulf-times.com: The near-default of Dubai developer Nakheel’s Islamic bond will trigger calls for better bankruptcy rules in the Gulf as investors wake up to legal and financial risks now that the boom years are over.
Sukuk are fixed income products that behave like conventional bonds but don’t pay interest—which is banned by Shariah law—and roughly offer the same protection as an ordinary unsecured corporate bond in case of a default………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Tempointeractive.com: The government will issue the second batch of new retail islamic bond next year expected to raise Rp3 trillion on January 10th, at the signings of the cooperation for the bond issue with 18 underwriters at the Finance Department on Monday (21/12).
Director General of Debt Management with the ministry Rachmat Waluyanto said the ministry set the price per bond at Rp1 million with a minimum purchase of Rp5 million, and due to mature in three years. But it is yet to set coupon rates on January 21st………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Thejakartaglobe.com: Indonesia plans to sell Rp 3 trillion ($315 million) of Islamic bonds to retail investors in January and February, said Rahmat Waluyanto, director general of the Ministry of Finance’s debt management office. The notes will be on offer from Jan. 25 to Feb. 5 and will mature on Feb. 10, 2013, Waluyanto said.
Southeast Asia’s largest economy is selling bonds next year to help finance the 2010 budget deficit that the government forecasts will reach Rp 98 trillion, equivalent to 1.6 percent of gross domestic product………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
The Dubai International Financial Centre Authority today announced the release of the “DIFC Sukuk Guide” - a comprehensive introduction to various sukuk structures, as well as legal and regulatory information on issuing sukuk from the DIFC and listing sukuk on NASDAQ Dubai.
The guide reflects the leading role that DIFC plays in global Islamic finance. Not only is it home to the largest exchange for sukuk by listed value, worth more than $16bn, it provides an operating, listing and incorporating environment that is world class, and ideally suited to structured Islamic, and non-Islamic, products………………………………….Full Press Release: Source
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Posted on 22 December 2009 by Laxman | Email|Print
Zawya, the leading online business and investment opportunity platform focusing on the Middle East, and Ipreo, premier global provider of deal execution software and capital markets analytics, are partnering to offer a complete solution for buyside and sellside professionals within the Sukuk and IPO markets.
The combined offering will be a single integrated platform to provide the most powerful, accurate and timely intelligence in the market, enabling buyside professionals to make real-time decisions whilst giving sellside professionals the most advanced tools to originate, market and distribute Sukuks and IPOs to the investment community………………………………….Full Press Release: Source
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Posted on 22 December 2009 by Laxman | Email|Print
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.
The Islamic Business & Finance Awards have been designed to recognize and reward excellence throughout the global Islamic Finance community. They honor Islamic Financial institutions from around the world and emphasize on the importance and growth of Islamic finance………………………………….Full Press Release: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Business24-7.ae: UAE banks are expected to keep a low profile in lending operations in 2010 despite an expected improvement in domestic demand triggered by a recovery in oil prices and the local economy, a key Saudi bank said yesterday.
Lending by the country’s 24 national banks and 28 foreign units sharply slowed down in the first half of 2009 and is projected to grow by only around five per cent through the year and in 2010 against 38 per cent in 2008, the Saudi American Bank Group (Samba) said in its December economic bulletin………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
FromTthepeninsulaqatar.com: Doha Islamic has been adjudged as the Best Domestic Islamic bank in the Middle East - 2009. The accolade was conferred by the prestigious Banker Middle East Awards 2009 for excellence in a glittering ceremony held at Emirates Tower Hotel, Dubai.
The award conferred on Doha Islamic is in recognition of the trust and confidence by the local financial services community and an acknowledgement of Doha Islamic’s customer centric approach and progressive outlook committed in providing one-stop-financial service experience to its ever expanding customer base………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Moody’s Investors Service has today taken a number of rating actions on the four Lebanese rated banks: Bank Audi, BLOM Bank, Byblos Bank and Bank of Beirut:
Moody’s has downgraded to Ba3 from Ba2 the long-term global local currency (GLC) deposit ratings of Bank Audi, BLOM Bank and Byblos Bank. In addition, the outlook on foreign currency deposit ratings of Bank Audi, BLOM Bank, Byblos Bank and Bank of Beirut has been changed to positive from stable………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Poten.com: IBA, part of DBS Group, said Eric Ang, DBS’ Head of Capital Markets and an IBA director, will provide oversight of the Islamic bank’s business until a successor is named. He will be assisted by the bank’s Managing Director for Corporate Banking and Capital Markets, Tan Jeh Wuan.
IBA was set up in 2007 by DBS, which holds 50 per cent plus one share, and a group of Middle Eastern investors to provide Islamic banking services to customers in Asia and the Middle East………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Arabnews.com: The Ithmaar Bank board of directors, during a meeting held at the bank’s headquarters in Bahrain, elected Prince Amr Mohammed Al-Faisal as chairman of the board and Khalid Abdulla-Janahi as executive vice chairman in line with the bank’s commitment to the international corporate governance best practice.
The board of directors also established a group executive management committee to be chaired by the executive vice chairman………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Bernama: HSBC Bank Malaysia Bhd has appointed Mukhtar Hussain as its new deputy chairman and chief executive officer (CEO) from Dec 15, 2009.
Mukhtar first joined the HSBC group in 1982 as a graduate trainee, the bank said in a statement on Monday………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Bloomberg: Maybank Investment Bank Bhd. and Mizuho Securities Co. signed a preliminary agreement to form a “strategic alliance” and work together to further develop markets in Malaysia, Japan and other regions.
The two companies plan to cooperate on primary and secondary markets, mergers and acquisition advisory and Islamic markets, they said in a joint statement today………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Standard & Poor’s Ratings Services said today that it has revised its Banking Industry Country Risk Assessment (BICRA) of the State of Kuwait (AA-/Stable/A-1+) to Group 5 from Group 4.
At the same time, Standard & Poor’s confirmed its 15%-30% estimate of the potential level of gross problematic assets (GPAs) expressed as a percentage of domestic private-sector credit over the full course of an economic recession in Kuwait………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai World, faced with a $22 billion debt restructuring, told creditors it had $40 billion in total debts and will pitch a standstill proposal in mid-January, a banking source said on Monday.
Dubai’s flagship conglomerate outlined its financial position to creditors, as it seeks to restructure debt linked to itself and main property units, Nakheel and Limitless World………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Indiatimes.com: Dubai World disappointed creditors on Monday by making little progress on securing standstill on $22 billion of debt, as a key creditor meeting turned out to be a tame affair with less than half the expected attendees showing up.
Dubai World said the meeting was an overview and that creditors need to form a panel for talks to proceed, but gave few details………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Insurancejournal.com: A.M. Best Co. issued a bulletin that said it believes that the new “Exposure Draft (ED) Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings,” published by the Islamic Financial Services Board (IFSB), “provides a good basis for evaluating the capital of Takaful insurers, and therefore will provide sound guidance to regulators of such companies.”
The guidance that solvency requirements should be set for both the Takaful Fund and the Shareholders’ Fund is “particularly important given the quasi mutual status of these companies and the segregation of funds,” Best continued………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Tradearabia.com: Top Opec exporter Saudi Arabia expects to post a fiscal deficit of SR70 billion ($18.67 billion) in 2010, its second straight deficit, as it increases spending, the finance ministry said on Monday.
The kingdom, a member of the Group of 20 leading economies, forecasts expenditures of SR540 billion for 2010, including SR260 billion for investment projects………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Business24-7.ae: Gulf states are likely to keep their large spending packages in place next year, even as major economies withdraw stimulus, as higher oil prices give the world’s top oil exporting region enough room to support a fragile recovery.
The global financial crisis slashed income for top Arab economies making them drain reserves as they embarked on massive spending plans to help emerge from this year’s downturn………………………………….Full Article: Source
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Posted on 22 December 2009 by Laxman | Email|Print
From Thehindubusinessline.com: In true democratic fashion, the Swiss went to polls and cast their vote in a referendum on an important issue for them: whether new mosques to be built in Switzerland should have minarets.
And in an overwhelmingly clear decision, the answer was ‘no’ with 57.5 per cent of the electorate voting in favour of a ban and 42.5 per cent against. This vote, and the fact that 22 out of 26 cantons (or states) supported the initiative, makes it a go for a constitutional amendment………………………………….Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Presstv.ir: Iran is to issue Islamic bonds worth 2.5 billion euros during the current year, with the amount of bonds to be issued reaching 5 billion euros next year.
“The government of Iran guarantees the bonds’ interest,” said Iranian Minister of Economics and Finance Affairs, Seyyed Shamseddin Hosseini, in a meeting with deputy head of the Islamic Development Bank (IDB), Abdullah Aziz al-Hanavi…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Farsnews.com: Iranian Economy Minister Seyed Shamseddin Hosseini announced that Tehran intends to issue international Islamic bonds, and called on the Islamic Development Bank (IDB) to aid Tehran with selling the bonds.
In a meeting with Deputy Head of Islamic Development Bank for Financial Affairs Abdullah Aziz al-Hanavi, the Iranian minister said that the country will issue bonds worth of 2.5 billion euro and the IDB can buy these bonds and present them in international markets………………………………..Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Godubai.com: Islamic finance is gaining a strong ground, not only in the Arab world, but globally as it fully caters to a cross-section of both Muslims and non-Muslims, says an executive in the Islamic Insurance Company.
It’s a known fact that Islamic finance sector is also becoming a global alternative to conventional banking, says the Vice Chairman and CEO of Salama Islamic Arab Insurance Company, Dr Saleh J Malaikah…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Arabnews.com: The international community, including many emerging countries, is still deliberating on the necessary financial reforms at both the national and international level to pre-empt the type and scale of the global crisis that the world has been witnessing over the last year or so.
There remain serious differences over a number of issues although on the fundamental issue of promoting financial stability and resilience, there is a broad consensus………………………………..Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Arabnews.com: Nigeria is potentially the largest market for Islamic finance in Africa. It is with South Africa one of the two largest economies on the continent. However, due to political and religious sensitivities, the country is a latecomer to licensing non-interest banks and products.
With a dynamic new governor at the Central Bank of Nigeria, the country’s policy is changing through the recognition that non-interest finance is an alternative form of financial management and is open to anyone interested in ethical and socially-responsible finance irrespective of religion and region…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Thecityherald.com: Did you know that it is possible to take on an interest-free home loan? Do you believe that your investments should follow ethical principles? This is possible through the financial structures that follow the Islamic law.
Thousand of people, Muslim and not, have already turned away from their traditional banks to join the Islamic banking system…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai Islamic Bank (DIB) has announced the launch of the Al Islami Infinite Credit Card, an invitation-only card available exclusively to ultra high net worth clients of the bank.
The hand-crafted card, which is encrusted with a diamond and illustrated with genuine gold calligraphy, offers a wide range of unparalleled privileges, including international concierge services, airport lounge access, travel insurance, purchase protection and much more, said a bank statement…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Menafn.com: Gulf Finance House, or GFH, a leading Middle Eastern Islamic investment bank, announced that its board has appointed Ted Pretty as Group Deputy CEO of the bank.
“As part of our plan to build a broad and highly experienced management team, the board is pleased to announce the appointment of Ted Pretty as Group Deputy CEO, Dr Esam Janahi, chairman of the bank said…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Arabianbusiness.com: Bahrain based Islamic lender Ithmaar said on Sunday that its board has elected a new chairman, amid its restructuring and shortly before a planned rights issue to repair its balance sheet.
Ithmaar said its board has elected Amr Mohammed al Faisal as the new chairman, while previous chairman Khalid Abdulla Janahi will become executive vice chairman…………………………………Full Article: Source
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Posted on 21 December 2009 by Laxman | Email|Print
From Albawaba.com: Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, has been named Best Investment House as part of the 2009 Islamic Business and Finance Awards organized by CPI Financial in Dubai. The awards are based on peer recommendations and are designed to recognise and reward excellence throughout the global Islamic finance community.
Commenting on the award, Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of Unicorn, said: “In challenging times like these, recognition by our peers, which is always gratifying, is even more meaningful than ever…………………………………Full Article: Source
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