Posted on 24 February 2010 by Laxman | Email|Print
From WAM: The meeting of Unified law “system” for the supervision and control of insurance business in GCC countries started today at the headquarters of GCC General Secretariat.
The meeting is discussing a number of issues concerning supervision and control over the insurance business in GCC countries, which include a proposal submitted by the United Arab Emirates on the definition of Takaful insurance “Islamic Insurance”……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Insurancenewsnet.com: The takaful - or sharia compliant - insurance industry has grown at double or three digit growth rates so far as the Gulf Arab region is underpenetrated with insurance products in general, and has also attracted business from conventional peers.
But issues like the absence of long term sukuk, or Islamic bonds, to compliment some of the products are hampering the process of asset deployment……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd was named the “Best Takaful Provider” at the recent Euromoney Islamic Finance Awards 2010.
Organised by financial magazine, Euromoney, the awards ceremony was held at the Landmark Hotel in London……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Reuters: Bahrain-based Islamic investment house Arcapita posted a $159 million second-quarter loss due to a slump in income from placement fees and lower asset valuations after property markets plunged.
The company said on its website its income in the quarter ended Dec. 31 fell to $12.6 million from $101.8 million a year earlier, when it posted a quarterly profit of $30.6 million……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Gulf-times.com: The Qatar Financial Centre (QFC) is establishing a research centre of global repute, “Quantum”, in association with leading international data-mining entities.
“We are incubating a research centre, in partnership with leading research firms,” QFC Authority acting CEO Shashank Srivastava told the concluding day of the Beltone Financial conference on ‘Investments in the Middle East and North Africa region’……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based Securities & Investment Company (Sico) said its four regional equity funds had delivered a strong perfomance in 2009 despite the crisis. The funds which netted solid returns also received high ratings (AA and A) from Standard & Poor’s.
Sico’s flagship Khaleej Equity Fund, rated ‘AA” by S&P, and which invests in equities listed on the six GCC stock markets, achieved a return of 16.9 per cent for the year……………………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Reuters: Dubai World which is in talks to restructure some $22 billion debt, is unlikely to pay off developer Nakheel’s $980 million Islamic bond, a source familiar with the matter said on Monday, and all options are open.
“It is very unlikely that the bond will be paid off,” the source. “Incredibly unlikely.” The person, who spoke on condition of anonymity, said all options are on the table for the issue which comes due May 13………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Zawya.com: Iran Daily: Bahrain will establish the world’s biggest Islamic bank within the next 6 to 12 months. The creation of a planned Islamic investment megabank is in “fairly advanced stages” and it will likely be launched in the next 6 to 12 months, an executive at a firm advising on the project said this week, Barcelona News wrote.
A plan to form the world’s largest Sharia-compliant lender, which is being promoted by Chairman of Al Baraka Banking Group Sheikh Saleh Abdullah Kamel, has been in the works for some years………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Bernama: Local Islamic banks need to innovate more to remain competitive within the industry following the government’s move to liberalise the financial services sector.
“I think it is a question of survival for competitors. Local players need to buck up and innovative more to effectively compete………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Theedgemalaysia.com: Bank Islam Malaysia Bhd targets to open another 10 branches nationwide, bringing its total network to 110 branches by year-end, said its managing director Datuk Seri Zukri Samat.
He said Bank Islam would spend an average of RM700,000 to set up a new branch with an estimated floor area of 5,000 sq ft. The nation’s first Islamic bank currently has 100 branches and more than 700 self-service terminals………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Business24-7.ae: Shariah-compliant Ajman Bank will announce better-than-expected results for the full year as it has started building up provisions in line with the UAE Central Bank guidelines, its deputy CEO said.
Ali E Alshqoosh Al Mueen said the bank was financially sound and had substantially increased its customer deposits. The bank will announce the results following the meeting of the Board of Directors today………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Maktoob.com: Investors from Kuwait and other Gulf states plan to set up in South Africa an Islamic investment bank with a capital of about $1 billion, Kuwait’s Al Anbaa newspaper reported Monday, citing the investors’ legal advisor.
The investors, who weren’t named, plan to approach the South African authorities next week to present an official application to create the bank, said Saad Al Rayyes, the paper reported………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Albawaba.com: IBQ, the strategic partner of NBK in Qatar, announced today its financial results for 2009, achieving the second highest growth rate in earnings for Qatar based banks. Net profits increased 12% to reach QAR 342 million as compared to QAR 305 million in 2008 due to a 15% rise in Annual Operating Income.
This increase was achieved against the backdrop of the international economic crisis and is a further indicator of the strength of the local economy and the robust business performance of the bank………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Gulf-times.com: Doha Bank is focusing on strengthening its financial position through doubling and diversifying the assets while maintaining operating results and achieving sustainable growth in its core income.
The bank, with the help of its Shariah Controlling Authority, had launched fresh Islamic banking products and services as well as improving the existing ones, before December last year………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: National Bank of Abu Dhabi has begun commercial banking operations in Jordan and will use it as a base to expand in neighbouring markets, bank officials said on Monday.
Abu Dhabi’s largest bank by market value was granted approval by the Central Bank of Jordan (CBJ) last August to set up a subsidiary with a minimum capital of $71 million, as stipulated by the country’s banking regulations………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Business24-7.ae: Most of the UAE banks continue to maintain a loan-to-deposit (LTD) ratio higher than prescribed by the UAE Central Bank and analysts expect this gap, which is estimated at $10 billion (Dh36.7bn), will narrow in the coming period.
In spite of restricted lending that helped the ratio to improve since the last quarter of 2008, analysis of banks’ data by Emirates Business showed that several banks far exceeded the recommended level………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Reuters: Dubai will present an “equitable” plan to Dubai World creditors next month that does not give preferential treatment to the government but banks are unlikely to warm to the proposal, a source familiar with the matter said.
Dubai World, the debt-laden conglomerate whose property units built iconic landmarks in the Gulf Arab emirate, is in talks with creditors over restructuring $22 billion in debt………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Arabnews.com: The Saudi mortgage law, which has been in planning stages for almost a decade, is likely to be passed in a few months from now. The implementation of the mortgage law is expected to drive Saudi housing demand and prices as more people access the market.
Experts say if the law is finally put into place, it could usher in a new boom period for mortgage financing in Saudi Arabia - an area traditionally avoided by financial institutions due to a lack of proper regulation………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Thenational.ae: It is good news for existing shareholders that the mortgage provider Tamweel is preparing to petition the Emirates Securities and Commodities Authority to allow trading of its shares to resume.
They would finally be able to salvage some of their investments locked in the shares for more than a year. Sheikh Khaled bin Zayed Al Nehayan, the chairman of Tamweel, told Reuters on Sunday that he expects to request as early as next month that trading resume, once Tamweel’s full financial report is released………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Gulfbase.com: Gulf Capital, one of the largest Middle Eastern private equity firms, announced today the final closing of its latest private equity fund, GC Equity Partners II. The Fund was heavily oversubscribed with final commitments totaling approximately AED 2 billion (US$ 533 million), making it the largest private equity fund raised in the region in 2009.
In a marked departure, GC Equity Partners II was the first ever regional private equity Fund to derive the majority of its investors from international markets including the USA, Europe and Asia. The composition of the investor base includes some of the largest and most prestigious global and regional sovereign wealth funds, pension funds, endowments, banks and insurance companies………………………Full Article: Source
Posted on 23 February 2010 by Laxman | Email|Print
From Bloomberg: Mubadala Development Company PJSC, the Abu Dhabi government-owned investor that holds a stake in Ferrari SpA, will get more government funding this year.
The United Arab Emirates government approved 21 billion dirhams ($5.7 billion) in capital contributions to the group in 2009, of which Mubadala used 8.8 billion dirhams in the first half of last year, the newspaper said, citing Matthew Hurn, the company’s executive director of group treasury………………………Full Article: Source
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Posted on 23 February 2010 by Laxman | Email|Print
From Tradearabia.com: The Qatar Exchange is planning the launch of a bond trading platform by September as part of its efforts to begin a new universal trading system, the bourse’s chief executive said on Monday.
“We are investigating the possibilities of a bond market right now. The next step would be to move to issuers in the broader community deliverable in September,” Andre Went told reporters in Doha………………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From BBC: A Guernsey investment expert believes the island could benefit from adopting an Islamic finance system. The asset-based system avoids most speculative investment and borrowing. The bank and investors involved share the risks and rewards.
Toby Birch, from Birch Assets Ltd, said it was similar to a system adopted at the end of the Napoleonic war……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Cnobbi.com: Representative in Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) said that Russia is considering the adoption of its standards, said Islamic-finance.
The head of JP Morgan in Islamic structuring Safdar Alam said that Kazakhstan will be a leading player in the field of Islamic banking in part because the region is a strong financial player……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Btimes.com.my: Russia is seeking Malaysia’s help to develop and implement a full-fledged Islamic financial system there. IFC Linova general director Linar G. Yakupov said Islamic financial services are growing at a robust rate in Russia with huge future potential.
“The Russian federal government has recognised Islamic financial services as one of the many new economic models of the future, which can be nurtured as there is huge demand for Islamic products such as sukuk, hire purchase, property fiancing, private loans and others,” Yakupov said in an interview in Kuala Lumpur……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Birminghamstar.com: The Australian government has expressed an interest in creating a finance hub for the nearly one billion Muslims in Asia-Pacific region. Government ministers are known to want to expand Islamic banking to help Australia become a dominant player in regional financing.
Banking systems that comply with Islamic beliefs are becoming a worldwide industry, with banks in the Asia Pacific region already common in Indonesia and Malaysia……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Bi-me.com: The second Islamic Financial Services Mission, organised by Dubai Export Development Corporation, ended in a high note with further dialogues already in progress with state and federal regulators to make legislative changes to support the growth in Australia’s Islamic financial sector.
The recently concluded mission, which aims to strengthen the exports of Dubai’s Islamic Financial products and services, was the largest focused sector outward trade mission planned by EDC, an agency of the Dubai Department of Economic Development (DED), Government of Dubai……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Leading global companies are selecting Bahrain over the other financial centres is a sign of the stride the kingdom has made over the last four decades.
News that consulting giant Deloitte has opted to base its new Islamic Finance Knowledge Centre (IFKC) in Bahrain reflects the kingdom’s track record as the most established financial centre in the Gulf and a global hub for Islamic finance, Economic Development Board (EDB) chief operating officer Kamal Ahmed said……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai’s debt woes underscore the need for regulation and restructuring in the Islamic finance industry, said experts at a major banking summit in Dubai.
Repayment fears about the sukuk (Islamic bonds), issued by Dubai World’s property unit Nakheel put Islamic finance on the global stage and tarnished an industry that had been expected to remain buoyant even as conventional banks slowed down……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Reuters: Predominantly, Islamic finance and investment products have been backed by infrastructure or commodities assets. But executives at the 2010 Reuters Islamic Banking and Finance Summit said product diversification was needed to cut the over-reliance on real estate in the Gulf.
“Sharia scholars are eager to support the renewable energy initiative, but the Islamic banking industry (in the Gulf) does not seem to be overly interested in this area although I am aware of a couple of deals involving acquisitions of clean tech companies in the U.S. and wind farms in the UK,” said Ayman Khaleq, partner at the Vinson & Elkins law firm in Dubai……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Businessweek.com: Saudi Arabian Oil Co., the world’s biggest crude producer, and Total SA hired banks to sell Islamic bonds to help fund the construction of a $12 billion oil refinery, said two bankers familiar with the transaction.
Saudi Arabian Oil, also known as Aramco, and Total, Europe’s largest refiner, appointed Deutsche Bank AG, Samba Financial Group and Calyon to manage the mainly domestic bond sale, said the bankers, who declined to be identified as the details are private. The lead managers will start investor meetings late next month or at the beginning of the second quarter, they said……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Tradearabia.com: Abu Dhabi-listed Waha Capital may opt for a convertible bond issue at its board meeting on Monday, a company spokesman said on Sunday.
‘It is an option the board will discuss at its meeting tomorrow. There’s a possibility,’ the spokesman said declining to elaborate……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Thestar.com.my: The country’s existing Islamic banking players remain unfazed by the upcoming competition in the form of more licences to be issued for world-class Islamic banks and takaful operators.
CIMB Islamic Bank Bhd executive director and chief executive officer Badlisyah Abdul Ghani said the move would result in a greater variety of syariah-based financial services and products being offered to the public……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Arabnews.com: The global banking and finance sector needs major structural changes in order to play a leading role in poverty alleviation and to encourage popular participation in nation building efforts, said Omar Abubacker, president of the Indian Forum for Interest-Free Banking (IFIB) in Jeddah.
Abubacker called upon the Indian government to make necessary amendments in the banking law in order to introduce interest-free banking, which he said could lead a massive cash flow into the national economy and bring about greater development in the country……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Business24-7.ae: Shariah-compliant Ajman Bank will announce better-than-expected results for the full year as it has started building up provisions in line with the UAE Central Bank guidelines, its deputy CEO said.
Ali E Alshqoosh Al Mueen said the bank was financially sound and had substantially increased its customer deposits. The bank will announce the results following the meeting of the Board of Directors……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Bi-me.com: Fitch Ratings has affirmed Abu Dhabi Islamic Bank’s (ADIB) Long-term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, Short-term IDR at ‘F1′, Individual Rating at ‘C/D’, Support Rating at ‘1′ and Support Rating Floor at ‘A+’.
The affirmation of ADIB’s Long- and Short-term IDRs and Support Rating reflects the extremely high probability of support from its shareholders and the UAE authorities, in case of need……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Globalarabnetwork.com: The affirmation of ADIB’s Long- and Short-term IDRs and Support Rating reflects the extremely high probability of support from its shareholders and the UAE authorities, in case of need. Fitch’s opinion of likely support is based on the long history of support for banks in the UAE, ADIB’s prominent shareholders and the bank’s domestic Islamic franchise.
The affirmation of the Individual Rating reflects the bank’s sound liquidity and adequate capitalisation. It also reflects high concentrations in financing and asset quality deterioration in 2009……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Business24-7.ae: Shariah-compliant Ajman Bank is planning to launch a real estate fund to buy assets towards the lower side in the UAE, according to its deputy CEO.
Speaking to Emirates Business, Ali E Alshaqoosh Al Mueen, Deputy Chief Executive Officer of Ajman Bank, said the bank is going to get necessary approval to launch a real estate fund from the regulatory body. He added that there were good opportunities in property sector towards the lower side now……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Cpifinancial.net: Al Rajhi Capital, the investment banking subsidiary of Saudi Arabia’s Al Rajhi Bank, and Bahrain-based Arcapita Bank have set up a $500 million (SAR 1.875 billion) fund, the ARC Real Estate Income Fund.
The two companies will seed the fund with a joint investment of $50 million (SAR 187 million). They said they will combine their resources and expertise to source and acquire investments for the fund in “high-quality, income-generating” real estate assets in Saudi Arabia and other countries in the GCC……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Arabnews.com: In some countries such as Malaysia, Saudi Arabia, Indonesia, Bahrain and South Africa, pension funds have diversified their investment portfolios to include investments in Shariah-compliant products.
Analysts stress that if pension and social security funds in the Muslim countries divert a mere 30 percent of their portfolios to the Islamic finance sector, the industry would receive a massive boost……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Ameinfo.com: The opening Keynote Plenary session at The 5th Annual World Takaful Conference (WTC 2010) will feature take-home strategies by leading industry decision makers, testimony of the overall significance of the forum in shaping the future of the global Takaful industry.
Dr. Ahmed Al Janahi, Managing Director, Noor Takaful & Deputy Group CEO, Noor Investment Group, Dr. Saleh J. Malaikah, Vice Chairman & Chief Executive Officer, Salama Group and Hussein Al Meeza, Managing Director and Chief Executive Officer, Dubai Islamic Insurance and Reinsurance (AMAN) will revisit Takaful growth forecasts in the aftermath of the global economic crisis……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Business24-7.ae: Four Gulf nations embarking on the world’s second major monetary union may fail to produce a common currency despite final approval of the project by their heads of state, a key Saudi investment firm said yesterday.
Riyadh-based consultancy company Jadwa Investments said it remained doubtful that Saudi Arabia, Kuwait, Qatar and Bahrain would attain the monetary project although they are scheduled to meet in March to create the Gulf Monetary Authority, which will pave the way for a GCC Central Bank……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Brudirect.com: An International conference on Islamic finance organised by the Sultan Shari( Ali Islamic University (Unissa) will look into resolving issues facing the industry and even tackle challenges in the distribution of zakat funds, a dean at the university said.
Slated on March 1-2, the conference will be attended by international resource speakers. Dr Mohamed Sharif Bashir, dean of Faculty Business and Management Science at Unissa and chairman of the conference’s organising committee, said he hopes the conference will serve as a forum for the presentation and exchange of ideas on areas of improvement in the development of the Islamic banking and finance industry, both locally and internationally……………………Full Article: Source
Posted on 22 February 2010 by Laxman | Email|Print
From Radianceweekly.com: Financial systems are crucial for the efficient allocation of resources in a modern economy. The main role played by financial intermediaries are asset transformation, conduct of orderly payments, brokerage and risk transformation.
They not only channel resources from capital surplus agents (generally households) to capital deficit one (business) but also allow international smoothing of households’ consumption and business expenditure, enabling both firms and households to share risks……………………Full Article: Source
Posted on 19 February 2010 by Laxman | Email|Print
From Reuters: The creation of a planned Islamic investment megabank is in “fairly advanced stages” and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday.
A plan to form the world’s largest sharia-compliant lender — which is being promoted by the chairman of Al Baraka Banking Group Sheikh Saleh Abdulla Kamel — has been in the works for some years…………………………………..Full Article: Source
Posted on 19 February 2010 by Laxman | Email|Print
From Business24-7.ae: As the world’s financial systems found themselves struggling through another challenging year in 2009, Islamic finance reached a new landmark. By year end, the steadily growing sector saw a cumulative total sukuk issuance reaching $100 billion (Dh367.3bn). In 2009, assets of the top 500 Islamic banks grew by 28.6 per cent to $822bn, up from $639bn in 2008.
Many Islamic financial institutions appear to have been insulated from the global financial crisis, largely due to the Islamic finance principles that prohibit interest………………………………….Full Article: Source
Posted on 19 February 2010 by Laxman | Email|Print
From Khaleejtimes.com: Islamic banking has yet to explore many financial prospects and investment opportunities despite all its progress in recent years, and a significant presence in the international financial system, said Mohamed Musabbeh Al Neaimi, Chief Executive Officer of Mawarid Financeand Al Jazeera Financial Services board head.
Sharing his view exclusively with Khaleej Times Al Naeimai said Islamic financing has huge potential to grow worldwide. However, he said, just providing the traditional banking product in the shape of Islamic system would not put us on the leading position…………………………………..Full Article: Source
Posted on 19 February 2010 by Laxman | Email|Print
From Reuters: The Islamic finance industry has so far neglected retail banking that could provide it with a funding base more stable than its main wholesale and investment business, the head of Islamic finance at Ernst & Young said.
“I think almost everybody forgets that retail customers are what make Islamic finance … so you have to go down to the individual,” Sameer Abdi told the Reuters Islamic Banking and Finance Summit in Bahrain…………………………………..Full Article: Source
Posted on 19 February 2010 by Laxman | Email|Print
From Reuters: Dubai’s debt woes underscore the need for regulation and restructuring in the Islamic finance industry, said experts speaking at Reuters Islamic Banking and Finance Summit in Dubai.
Repayment fears about the sukuk, or Islamic bonds, issued by Dubai World’s property unit Nakheel put Islamic finance on the global stage and tarnished an industry that had been expected to remain buoyant even as conventional banks slowed down…………………………………..Full Article: Source
Posted on 19 February 2010 by Laxman | Email|Print
From Btimes.com.my: The future of Islamic finance promises great potential and is well on its way to surpass the widely used conventional financial system as many become aware that the Islamic way provides a viable alternative for better economic and business activities.
International Centre for Education in Islamic Finance (INCEIF) head of economics and governance department Syed Abdul Hamid Al Junid said Islamic finance is different due to the ethics and morality involved…………………………………..Full Article: Source
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