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Islamic Finance Briefing - Archive | January, 2010

Mumtalakat planning to tap sukuk market

Posted on 29 January 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Bahrain’s sovereign wealth fund, which invests mostly at home, plans to diversify away from private equity projects and into stocks and bonds, its chief executive said.

Talal Alzain also said that Mumtalakat expects to receive a credit rating this year, which would allow it to tap capital markets for funding, including sukuk………………………………..Full Article: Source

The world’s Sukuk markets are good medium-term growth prospects

Posted on 29 January 2010 by Laxman  |  Email|Print

From Bi-me.com: Medium-term growth prospects for the world’s sukuk market are good, said Standard & Poor’s Ratings Services in a report.

“We foresee stable growth in issuance of these securities in 2010, after a recovery last year to issuance of US$23.3 billion,” said Standard & Poor’s credit analyst Mohamed Damak in the report, “The Sukuk Market Is Likely To Show Steady Growth In 2010.”……………………………….Full Article: Source

S&P says prospects weaker for Dubai sukuk issuers

Posted on 29 January 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: While the medium-term prospects for the global sukuk market remain strong, the prospects are weaker for Dubai-based issuers and potentially other countries in the Gulf.

That’s the assessment of ratings agency Standard & Poor’s (S&P), which also said that Malaysia and South East Asia were likely to lead the global sukuk market in issuance of the next couple of years………………………………..Full Article: Source

Gulf bond issuers focus on US market

Posted on 29 January 2010 by Laxman  |  Email|Print

From Saudigazette.com.sa: Gulf bond issuers are likely to tap US investors for a more diverse funding base, despite the fallout from Dubai’s debt troubles, as demand for high rating emerging market debt rises, bankers in Dubai said.
There has been an increase in Gulf Arab corporate and quasi sovereign issuers opting for 144a types of issues, which are regulated under the US securities commission allowing US investors to buy into the issue………………………………..Full Article: Source

Sime Darby lists Sukuk program on Bursa Malaysia

Posted on 29 January 2010 by Laxman  |  Email|Print

From Bernama: Sime Darby Bhd today listed its Ringgit Malaysia Sukuk Programme on Bursa Malaysia with a combined master limit of RM4.5 billion under the Exempt Regime.

The sukuk was structured based on the Islamic principle of musharakah, Bursa Malaysia said in a statement Thursday………………………………..Full Article: Source

India: Islamic banking safe play

Posted on 29 January 2010 by Laxman  |  Email|Print

From Telegraphindia.com: The government of India appears wary of introducing an interest-free Islamic banking system in the country at a time some Congress politicians and Muslim financiers are making a pitch for it.

The Shariah prohibits collection or payment of interest, so many Muslims now avoid opening bank accounts. Advocates of Islamic banking say that introducing Shariah-compliant banking —– where banks neither pay interest on deposits nor charge interest on loans —– would benefit 15 crore Indian Muslims and also the economy by helping unlock the huge sums uninvested by the community………………………………..Full Article: Source

QFCA chief debunks Islamic finance myth

Posted on 29 January 2010 by Laxman  |  Email|Print

From Zawya.com: It’s a myth to assume Islamic finance products are safer than conventional products and underlying risks should be studied more carefully, Qatar’s top regulator said.

Despite being billed as a safer alternative to traditional banking because assets must underpin deals, Islamic bondholders have found they may not have any more legal safeguards than conventional counterparts in the event of default. Such issues were highlighted after sukuk or Islamic bonds had the first ever defaults last year………………………………..Full Article: Source

Canada to offer Shariah-compliant mortgages?

Posted on 29 January 2010 by Laxman  |  Email|Print

From IsraelNN.com: Shariah-compliant mortgage banking, in accordance with Islamic religious law, may soon become a reality in Canada, according to a report published Wednesday by the Canada Mortgage and Housing Corporation (CMHC).

The law firm Gowling, Lafleur Henderson LLP, which prepared the report, said it found no legal obstacle to the practice. It added that “given the growth of Islamic financing internationally, it can be expected that international harmonization of IF accounting and reporting… will occur in due course.”……………………………….Full Article: Source

Al Hesn - four ways to Takaful cover from Emirates Islamic Bank

Posted on 29 January 2010 by Laxman  |  Email|Print

From Cpifinancial.net: The Al Hesn Takaful programme consists of four different plans with monthly contributions ranging from AED 30 to AED 265 to suit the various requirements of the bank’s customer base.
Plans cover natural death, as well as death by accident, permanent total or partial disablement due to an accident, death due to an accident in common carriers and a cash benefit on hospitalization in addition to a lump sum benefit on hospitalization exclusively for Emirates Islamic Bank’s customers………………………………..Full Article: Source

Emirates Global launches BancaTakaful product

Posted on 29 January 2010 by Laxman  |  Email|Print

From Regionaltimes.com: Emirates Global Islamic Bank has launched a BancaTakaful product ‘Sarparast Family Takaful Plan’ in collaboration with Pak-Qatar Family Takaful and FWU AG a global facilitator of BancaTakaful.
Sarparast is the latest addition to EGIBL’s product portfolio, and has primarily been designed keeping in mind their customers’ security and customer satisfaction. Sarparast will provide customers with long term saving plans by addressing their future financial needs, and will offer financial protection to families in the unfortunate case of the breadwinner’s untimely death………………………………..Full Article: Source

Middle East banks - Terrorist financing top concerns in the financial sector in 2010

Posted on 29 January 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: Innovations Software Technology will host the Innovations Conference for Banks Middle East 2010, which will take place on February 2 at the Novotel World Trade Centre in Dubai.

The conference, being held for the first time in the Middle East, will focus on the banking and financial industry’s growing interest in compliance as well as the industry’s increasing concern for financial crime and terrorist financing………………………………..Full Article: Source

GCC banks, economies gathering steam

Posted on 29 January 2010 by Laxman  |  Email|Print

From Saudigazette.com.sa: The economies of the six-member Gulf Cooperation Council are forecast to post growth, with their banks expected to perform better this year amid steady high oil prices, the Kuwait-based Global Investment House (GIH) said in a study.
“Starting 2010, the major question that lingers in the minds of investors is whether the worst is over? We believe that the GCC banks collectively have already seen the worst and 2010 will be a year of asset and profit consolidation before the banks embark on a steeper profitability trajectory in the years ahead,” the study said………………………………..Full Article: Source

Arab Banking swings to Q4 profit

Posted on 29 January 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahrain-based Arab Banking Corp on Thursday swung back to a fourth-quarter profit, while its shareholders approved a planned capital hike.

The bank said net profit in the three months ending December 31 was $42 million, compared with a $28 million net loss in the same quarter a year earlier………………………………..Full Article: Source

First Gulf Bank’s 2009 profit up 10pct

Posted on 29 January 2010 by Laxman  |  Email|Print

From Business24-7.ae: First Gulf Bank (FGB) said its 2009 net profit rose 10 per cent to record Dh3.31 billion compared to the previous year. Its fourth quarter 2009 net profit rose 27 per cent to Dh855 million, from Dh671.4 million in the year earlier period.
The fourth-quarter result beat most analyst expectations. EFG Hermes analysts had forecast a Dh746 million effort………………………………..Full Article: Source

Oman expecting economy to bounce back strongly

Posted on 29 January 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: The Omani government is expecting the economy to bounce back strongly in 2010, following slower growth in 2009 as a result of the global financial crisis.

The minister of national economy, Ahmed Macki, was reported on January 2 saying that he anticipated Oman’s GDP to grow by 6.1% in real terms during 2010, with inflation remaining relatively stable at 3.5%………………………………..Full Article: Source

Qatari businessmen invited for Islamic forum

Posted on 29 January 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: World leaders and the global business community will converge to Malaysia this May for the 6th World Islamic Economic Forum (WIEF).

WIEF Secretary-General, Tan Sri Ahmad Fuzi Abdul Razak who is in Doha as part of a road-show to promote the event told a news conference yesterday that the Forum, one of the most important business events this year will focus on opportunities in the Muslim World………………………………..Full Article: Source

Cisi finds Malyasian partner for Islamic finance launch

Posted on 29 January 2010 by Laxman  |  Email|Print

From Exchange-handbook.co.uk: The Chartered Institute for Securities & Investment (CISI) has accredited the Securities Industry Development Corporation, Malaysia as a training partner. A ‘train the trainer’ programme in Malaysia has helped to underpin the introduction by the CISI of its Islamic Finance Qualification (IFQ) into this key market.
The CISI has accredited the training arm of the Securities Commission Malaysia, the Securities Industry Development Corporation (SIDC), as a training partner. Last month the SIDC hosted a tailored, three-day training scheme, run by a CISI preferred external trainer, to equip 26 delegates with skills to teach the ground-breaking IFQ………………………………..Full Article: Source

Al Tamimi elects new managing partner

Posted on 29 January 2010 by Laxman  |  Email|Print

From Tradearabia.com: Al Tamimi & Company, the largest law firm in the Middle East, has elected Husam Hourani, Dubai-based head of the banking and finance practice, as its managing partner.

The new role includes the leadership of the fast-growing firm with over 360 staff in 10 offices throughout the Middle East including the UAE, Iraq, Jordan, Kuwait, Qatar and Saudi Arabia………………………………..Full Article: Source

MFSA close to issuing guidelines on Islamic securities market

Posted on 29 January 2010 by Laxman  |  Email|Print

From Timesofmalta.com: The Malta Financial Services Authority is close to concluding technical studies which will put it in a position to publish guidelines on an Islamic securities market in the first half of 2010. In the case of Islamic banking, a number of legal and technical difficulties have been identified that are being studied by the competent authorities before proceeding further.

Finance Minister Tonio Fenech revealed the lie of the land when he answered a parliamentary question by Labour MP Leo Brincat………………………………..Full Article: Source

Islamic finance “safe” billing is myth: Qatar regulator

Posted on 28 January 2010 by Laxman  |  Email|Print

From Reuters: It’s a myth to assume Islamic finance products are safer than conventional products and underlying risks should be studied more carefully, Qatar’s top regulator said on Wednesday.
Despite being billed as a safer alternative to traditional banking because assets must underpin deals, Islamic bondholders have found they may not have any more legal safeguards than conventional counterparts in the event of default……………………………….Full Article: Source

Indian govt may allow Islamic banking, eyes $1trillion funds

Posted on 28 January 2010 by Laxman  |  Email|Print

From Indiatimes.com: Aggressively pitching for $1 trillion worth of Sharia-compliant funds from the Gulf countries for investments in its infrastructure development, the UPA government has drafted a report on Islamic banking even as RBI and the finance ministry are jointly working on necessary legislative changes to implement the same.

A committee headed by the Cabinet Secretary and comprising secretaries from other ministries, including finance, submitted a report to the government recently on the prospects of Islamic banking in the country and on drawing investments from abroad, Rajya Sabha deputy chairperson K Rahman Khan said on Wednesday……………………………….Full Article: Source

Lobby wants India to allow Islamic financial institutions

Posted on 28 January 2010 by Laxman  |  Email|Print

From Livemint.com: Islamic economic groupings are asking the Congress-led United Progressive Alliance (UPA) government to allow alternative financial institutions that comply with the Shariah, or Islamic law, to operate in the country.

The Indo-Arab Economic Co-Operation Forum has asked Prime Minister Manmohan Singh to institutionalize an alternative financing system to attract investment from Muslims, according to K. Rahman Khan, deputy chairman of the Rajya Sabha……………………………….Full Article: Source

Deputy Speaker of Indian Council of States pitches for Islamic banks in India

Posted on 28 January 2010 by Laxman  |  Email|Print

From ANI: In what could spark off another controversy and provide fresh ammunition to the opposition BJP on the issue of minority appeasement, the Deputy Speaker of the Rajya Sabha ( or the ‘Council of States’ is the upper house of the Parliament of India) and senior Congress party leader K Rahman Khan today urged the government to create a Sharia-compliant institutional mechanism in the banking sector. He called it “Participatory Banking”.

Khan told media that Sharia-compliant banks should work as an alternate banking system, similar to what existed in the UK, Russia and the U.S. “Mutual funds and venture capital funds are in tune with Islamic laws,” Khan added……………………………….Full Article: Source

Toronto Financial Services Alliance welcomes CMHC report on Islamic financing

Posted on 28 January 2010 by Laxman  |  Email|Print

From Newswire.ca: The Toronto Financial Services Alliance (TFSA) welcomed the release of a report prepared for Canada Mortgage and Housing Corporation (CMHC) that concludes that Islamic financing products - and, in particular, housing loans - can be accommodated under Canadian legal and accounting rules.

“The TFSA has recently established a working group to consider challenges and opportunities for Toronto related to Islamic finance,” said TFSA president Janet Ecker, “and these findings will be encouraging to our members.”………………………………Full Article: Source

Islamic financing in Canada legal, but still poses hurdles

Posted on 28 January 2010 by Laxman  |  Email|Print

From Mortgagebrokernews.ca: Shariah-compliant mortgages and other types of Islamic financing would be legal in Canada, but the CMHC has no plans to insure them or change any legislation or administrative practices to accommodate them, concluded a report.

“Islamic financial products should not present any particular difficulties under Canadian accounting standards,” said a study conducted by the CMHC that noted the growing demand for these types of loans……………………………….Full Article: Source

MPs confirm UK commitment to Islamic finance at Norton Rose event, although no intention to launch a Government sukuk

Posted on 28 January 2010 by Laxman  |  Email|Print

From Opalesque Industry Update: International legal practice Norton Rose LLP hosted its ‘New Year - New Opportunities in Islamic Finance’ seminar on Wednesday 20 January 2010 with keynote addresses from Sarah McCarthy-Fry MP, Exchequer Secretary to the Treasury and Mark Hoban MP, Shadow Financial Secretary to the Treasury.

In her opening talk Mrs McCarthy-Fry confirmed the Government’s support for Islamic finance, which has been evidenced by the tax law changes made through the Finance Act 2009. She did however state that there is currently no intention to launch a UK Government sukuk. In response to questions from the floor in this regard, Mrs McCarthy-Fry highlighted the current market conditions and the Government’s concern that a UK Government sukuk would not offer value for money as amongst the reasons behind this decision……………………………….Full Article: Source

Malta runs into problems with Islamic banking

Posted on 28 January 2010 by Laxman  |  Email|Print

From Di-ve.com: Malta should be in a position to issue guidelines on securities under Islamic finance law by the middle of the year, but there were still legal and technical problems to sort out with respect to banking, Finance Minister Tonio Fenech said.

Mr Fenech was replying to a Parliamentary Question posed by MP Leo Brincat. A consultation document on the introduction of Islamic finance in Malta was issued last year by the Malta Financial Services Authority……………………………….Full Article: Source

Tamweel says Amlak merger still possible in Q1

Posted on 28 January 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: The planned merger between troubled Dubai Islamic mortgage companies Tamweel and Amlak is still possible in the first quarter as progress is being made, Tamweel’s chairman said on Wednesday.

Tamweel and Amlak have both been hit hard by the collapse of Dubai’s once booming property sector and shares in the two companies were suspended in 2007 and have not traded since……………………………….Full Article: Source

Mideast watch: Steady growth predicted in Islamic bond market

Posted on 28 January 2010 by Laxman  |  Email|Print

From MNI: The medium-term growth prospects for the world Islamic bond — Sukuk — market are good in 2010, although tight liquidity in the capital markets and the weakness of the dollar means is unlikely to regain its dominant position in Sukuk issuance until the following year.

In a report published Wednesday, Standard & Poor’s predicted steady growth in Islamic bond issuance in 2010, with about $20 billion of Sukuk publicly announced in the past that is likely to come to market if conditions permit……………………………….Full Article: Source

First Gulf Bank reports 10pct increase in full year 2009

Posted on 28 January 2010 by Laxman  |  Email|Print

From Albawaba.com: The Board of Directors of First Gulf Bank (FGB) today announced its full year 2009 financial results with Net Profit reaching a new record at AED 3,310 million, representing a 10% increase over the bank’s 2008 results.

Abdulhamid Saeed, Board Member and Managing Director commented on the results, “Once again, FGB delivers an outstanding financial performance in 2009. At a time where the world is challenged by the global economic crisis, FGB emerges stronger and delivers record results. This reaffirms the bank’s leading position as a very solid financial institution built on strong fundamentals.”………………………………Full Article: Source

Large provisions to hit 6 UAE banks’ margins: CS

Posted on 28 January 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: Leading investment bank Credit Suisse has predicted that earnings of the six national banks would be affected by heavy provisioning in the fourth quarter of the year 2009.

In a forecast on country’s top banks for the upcoming Q4 09 results, Credit Suisse predicted that margins would be more resilient than initially expected, but the increase from interest income is likely to be offset by rising credit costs……………………………….Full Article: Source

AmIslamic Bank expects 30pct growth in assets

Posted on 28 January 2010 by Laxman  |  Email|Print

From Bernama: AmIslamic Bank Bhd is confident of achieving a double-digit growth in its Islamic banking business for the financial year ending March 31, 2010.

Managing director and chief executive officer Datuk Mahdi Murad, in stating this Wednesday, said the bank expected to see a 30 per cent growth in assets and profitability……………………………….Full Article: Source

BKME upon turning point as it converts to Shariah-compliant mode

Posted on 28 January 2010 by Laxman  |  Email|Print

From NNN-KUNA: The Bank of Kuwait and the Middle East (BKME) expects 2010 to prove a year of major and strategic changes towards operation as an Islamic Sharia-compliant bank as of the second quarter, upon completion of procedures to obtain the required Amiri Decree approving the conversion.

A statement by the bank Tuesday said that the preliminary procedures are complete, and the approval of the Central Bank of Kuwait had been obtained, and this enables a conversion in record time……………………………….Full Article: Source

Emirates NBD discontinues use of Standard and Poor’s ratings

Posted on 28 January 2010 by Laxman  |  Email|Print

From Ameinfo.com: Emirates NBD announced that the company has elected to discontinue use of Standard & Poor’s Investors Service for rating of its banking subsidiaries, Emirates Bank International PJSC (EBI) and National Bank of Dubai PJSC (NBD).
Following the successful completion of the integration and the migration to the Emirates NBD core banking platform, all assets, liabilities and operations of Emirates Bank International and National Bank of Dubai have been assumed by Emirates NBD PJSC……………………………….Full Article: Source

Qatar banks fastest growing in GCC

Posted on 28 January 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: The Qatari banking sector is currently the fastest growing among GCC economies, with over 30 percent year on year growth expected for 2010, George Nasra (pictured), IBQ Managing Director said.

“We believe this momentum is likely to continue to continue in 2010 as recovery broadens out across the region,” he said……………………………….Full Article: Source

Head of Bahrain bank detained for embezzling $2 bln

Posted on 28 January 2010 by Laxman  |  Email|Print

From Sify.com: The chief executive of The International Banking Corp (TIBC) has been detained by Bahrain authorities on allegations of embezzling more than $2 billion.

The public prosecutor ordered the detention of the executive, who may not be named according to Bahraini law, after he was charged with breach of trust and theft following two days of interrogation, the Arabic-language daily al-Bilad said……………………………….Full Article: Source

Oman uncovers $220 mln investment fraud

Posted on 28 January 2010 by Laxman  |  Email|Print

From Maktoob.com: Thousands of investors have been swindled out of a total of 88 million rials ($220 million), Oman’s prosecutor’s office said on Wednesday, in what one analyst said could be the Gulf Arab countries biggest securities portfolio fraud.

“So far, as many as 3,254 people fell prey to the swindlers and the total amount swindled by the cheats so far stands at 88.4 million rials,” the public prosecutor’s office said in a statement……………………………….Full Article: Source

Dubai- DMCC to settle $200mln Sukuk in Q2

Posted on 28 January 2010 by Laxman  |  Email|Print

From Menafn.com: The Dubai Multi Commodities Centre, part of Dubai World, plans to pay the final installment on its five-year $200 million sukuk in the second quarter of 2010, its chief executive officer said on Tuesday.

Malcolm Wall Morris said DMCC would pay the final installment of $20 million when it is due in the second quarter this year. Speaking at a Press conference, Morris said DMCC’s large-scale Jumeirah Lakes Towers development, a mixed-use real-estate project covering 87 towers, was going ahead as planned and was due for completion in 2011……………………………….Full Article: Source

EIB introduces the first comprehensive life takaful cover in the banking industry

Posted on 28 January 2010 by Laxman  |  Email|Print

In line with its commitment to be at the forefront of innovation & service excellence, EIB, one of the leading financial institutions in the region, in alliance with AMAN Insurance Co., has introduced Al Hesn Takaful, a new bankassurance cover for a contribution of as little as AED 1 per day !

Al Hesn Takaful consists of 4 different plans with monthly contributions ranging from AED 30 to AED 265 to suit the various requirements of the diverse customer base……………………………….Full Press Release: Source

Bahrain’s insurance market to grow

Posted on 28 January 2010 by Laxman  |  Email|Print

From Albawaba.com: Economic Development Board Chief Executive, Shaikh Mohammed bin Essa Al Khalifa, welcomed today the latest addition to Bahrain’s financial sector, Zurich Insurance Company (ZIC).
Earlier this week, the international firm was granted a general insurance license by the Central Bank of Bahrain to operate from Bahrain and expand its activities throughout the Gulf region to provide services to a larger corporate client-base……………………………….Full Article: Source

Islamic mortgages

Posted on 28 January 2010 by Laxman  |  Email|Print

From Myfinances.co.uk: Shariah law prohibits paying or receiving interest, which means taking out a mortgage is difficult for many Muslims living in the UK. There are, however, a range of mortgages which have been created to enable Muslims to pay back a loan without compromising Islamic principles.
There are three types of Islamic mortgages. Ijara Mortgages are the most common and are essentially lease-to-own contracts. The would-be buyer finds a home, agrees a price but then the lender pays for the property and becomes the owner……………………………….Full Article: Source

Dow Jones Islamic Market Indexes in January: The struggle continues

Posted on 28 January 2010 by Laxman  |  Email|Print

From Eyeofdubai.com: According to the old traders’ bonmot, “as January goes, so goes the year”. The stock market performance of the first four weeks is supposed to give us an idea of how indices will develop throughout the entire year.
If this theory holds, then 2010 will be a mixed and volatile period which will not mark the long expected recovery. In January (as of the close of trading on January 25), only 10 out of a selection of 25 equity indexes of the Dow Jones Islamic Market (DJIM) universe achieved positive rates of returns……………………………….Full Article: Source

US financial meltdown gives a boost to Islamic banking

Posted on 28 January 2010 by Laxman  |  Email|Print

From Thefinancialexpress-bd.com: Malaysia achieved a spectacular success with Islamic finance. At end June last year, it accounted for about 19 per cent of the country’s banking assets. At end-August, the Islamic capital market reached 803 billion Malaysian ringgit, representing 54 per cent of market capitalisation of the Malaysian stock market.
The total financing estimated at 115 billion ringgit constitutes 15.5 per cent of the total financing portfolio of the banking industry. Net non-performing financing remains low at 2.4 per cent……………………………….Full Article: Source

Islamic finance pauses for breath

Posted on 27 January 2010 by Laxman  |  Email|Print

From Cpifinancial.net: The global market for Islamic financial services is estimated to have risen by 25 per cent to reach $951 billion by end-2008. The Islamic Finance report from International Financial Services London (IFSL) notes that the Islamic finance sector is feeling the influence of the downturn in the global economy with asset growth likely to have paused for breath in 2009.

Parts of Islamic finance face particular challenges: some Islamic banks are exposed to the downturn due to the falling real estate market and to liquidity constraints. The Sukuk market, despite a 30 per cent recovery in issuance from a low of $15 billion in 2008 to $20 billion in 2009, is being tested by its ability to deal with several defaults……………………………….Full Article: Source

No legal hurdles to Islamic financing, mortgages in Canada, says CMHC report

Posted on 27 January 2010 by Laxman  |  Email|Print

From Canadian Press: Most forms of Islamic financing, including Shariah-compliant mortgages, would pose no legal hurdles if widely offered in Canada, concludes a CMHC report expected Wednesday.

The 88-page Canada Mortgage and Housing Corp. study notes that Islamic funding instruments are widely available throughout the world, but even in Muslim countries, often comprise a minority share……………………………….Full Article: Source

Global sukuk sales seen down in 2010, Dubai crisis weighs

Posted on 27 January 2010 by Laxman  |  Email|Print

From Themalaysianinsider.com: Global sukuk issuance will be weaker than expected this year, with some analysts seeing a drop of as much as a fifth from 2009, as Dubai’s debt crisis and an expected rise in borrowing costs weigh on sentiment, a Reuters poll shows.

The majority of 12 Islamic bankers and industry experts surveyed expect issuance to range between $15 billion-$17 billion in 2010, down from a similar poll in October which estimated over $20 billion in sales this year……………………………….Full Article: Source

Bank Melli Iran rejects rumors on bankruptcy

Posted on 27 January 2010 by Laxman  |  Email|Print

From Tehrantimes.com: The financial manager of Bank Melli Iran (BMI) has refuted the rumors on declaring bankruptcy by the bank, saying BMI is the largest bank in Iran and across the Islamic world, considering its total assets of around $54 billion.

After a recent decision by Finance and Economic Affairs Ministry to ban the withdrawal of more than 150 million rials (roughly $15,000) per day, a rumor spread that two major Iranian banks (Melli and Mellat) were on the verge of declaring bankruptcy……………………………….Full Article: Source

Bank Melli Iran, the largest in Islamic banking

Posted on 27 January 2010 by Laxman  |  Email|Print

From Presstv.ir: Bank Melli Iran (BMI) is the largest bank in Iran and across the Islamic world, considering its total assets of around $54bn, a BMI official says.

The total assets of BMI at the end of second quarter of 1388 (September, 2009) have increased to US $59 billion, the head of financial department at BMI, Hojatollah Ghasemi, said Monday, denying reports that the bank is bankrupt……………………………….Full Article: Source

New watchdog set to probe Sharia violations on finance

Posted on 27 January 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: A new watchdog is to be launched to investigate suspected violations of Sharia-compliance among Islamic finance products.

The committee will be launched in the first half of 2010, and is being established by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance……………………………….Full Article: Source

Increase in Dubai’s bond issue boosts GCC debt market

Posted on 27 January 2010 by Laxman  |  Email|Print

From Zawya.com: An upsurge in Dubai’s bond issue sharply boosted the debt market in Gulf oil producers in the fourth quarter of 2009 and it is poised for further recovery in 2010 as banks remain tight, said a Saudi investment company.

After a downturn in previous quarters because of the global fiscal crisis, the debt markets in the six-nation Gulf Co-operation Council (GCC) began to rebound in the third quarter of 2009 and extended their recovery in the last quarter, led mainly by conventional issuance by UAE and Qatari sovereigns, said NCB Capital, an affiliate of the Saudi National Commercial Bank……………………………….Full Article: Source

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