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Islamic Finance Briefing - Archive | April, 2010

Nigeria: ‘Conventional insurance is Haram in Islam’

Posted on 30 April 2010 by Laxman  |  Email|Print

From Allafrica.com: Looking at the concept of insurance, what the basis is, these are companies dealing in risks. They insured your risks so that whenever an unforeseen contingency happens, they will intervene and pay you compensation.

Now looking at this arrangement from Islamic perspective, you can hardly find it to be acceptable to Shariah. This is because Shariah, in its pristine nature does not allow any transaction which has some elements of uncertainty. If there is any element of uncertainty which we technically call Garar(uncertainty) from the Shariah perspective, then that Garar tainted whatever contract it enters into…………………………………..Full Article: Source

Nigeria: Insurance is not against Islam - NCRIB president

Posted on 30 April 2010 by Laxman  |  Email|Print

From Allafrica.com: It is noteworthy that Islamic finance has developed mainly in two directions namely Islamic banking and Islamic insurance (Takaful). While information about Islamic banking is being increasingly disseminated, features, models and structures of Takaful are little known particularly in Pakistan.

All human beings are invariably exposed to the possibility of meeting catastrophes and disasters giving rise to misfortunes and sufferings such as death, loss of limbs, accident, destruction of business or wealth, etc………………………………….Full Article: Source

Zurich aims to enter Takaful market in Saudi Arabia, Malaysia

Posted on 30 April 2010 by Laxman  |  Email|Print

From Tradingmarkets.com: In the world of Islamic insurance, the three great pillars of the market are Iran, Saudi Arabia and Malaysia. Zurich Financial Services, like the majority of the insurance world, will not enter Iran, but Saudi Arabia and Malaysia are two countries where the insurer plans on establishing a takaful presence, according to Geoff Riddell, Zurich’s chairman of global corporation and chief executive officer of Asia-Pacific and the Middle East.

“We certainly believe we need to be entering takaful. We’re looking at different ways of doing it,” Riddell said…………………………………..Full Article: Source

Islamic finance resists shift to equity financing

Posted on 30 April 2010 by Laxman  |  Email|Print

From Btimes.com.my: When Kuwait Finance House Malaysia helped develop a US$1.3 billion (RM4.16 billion) real estate project in the country in 2005 as a partner in the deal, Islamic equity property ventures were a rarity.

Five years on, the bank is embarking on its fourth building project using a similar equity concept but few others in the industry want to follow the same path, reflecting Islamic finance’s slow and difficult shift away from debt instruments…………………………………..Full Article: Source

Citigroup’s return to Saudi Arabia may need more than Alwaleed

Posted on 30 April 2010 by Laxman  |  Email|Print

From Bloomberg: Citigroup Inc. is aiming to open for business in Saudi Arabia six years after selling its stake in a bank there. Returning might not be as easy as departing.

Since leaving the country in 2004, the company has said it would like to regain a foothold. Saudi officials, though, are protecting banks from new competition, according to Jean- Francois Seznec, visiting associate professor at Georgetown University’s Center for Contemporary Arab Studies…………………………………..Full Article: Source

Islamic banks agree on cross-border trade

Posted on 30 April 2010 by Laxman  |  Email|Print

From Theborneopost.com: Malaysian and UK Islamic banks have agreed to undertake greater collaboration in cross-border Islamic liquidity management transactions.The decision was made at the end of the Malaysian-UK Islamic Treasurers Workshop, held at the Westminster Conference Centre in London on April 12-13.

The workshop, aimed at encouraging greater interaction between and harmonising business practices of Malaysian and UK Islamic banks, was attended by over 40 senior treasury officials of both countries…………………………………..Full Article: Source

BSN targets 26 Islamic branches by year-end

Posted on 30 April 2010 by Laxman  |  Email|Print

From Thestar.com.my: Bank Simpanan Nasional (BSN) is targeting to have 26 full-fledged Islamic banking branches nationwide by year-end as part of its effort to widen its footprint in the Islamic banking arena.

General manager and chief executive Datuk Adinan Maning said the bank planned to have at least two Islamic banking branches in every state…………………………………..Full Article: Source

Bank Negara Malaysia hosts Global Islamic Finance Forum 2010

Posted on 30 April 2010 by Laxman  |  Email|Print

From Zawya.com: Bank Negara Malaysia is to host the second Global Islamic Finance Forum (GIFF). Themed “Islamic Finance: Opportunities for Tomorrow”, GIFF 2010 will be held in Kuala Lumpur from 25th to 28th October 2010. GIFF 2010 is a key international event in the calendar of Islamic finance following the success of the inaugural GIFF in March 2007.

GIFF 2010 is a high-level multi-track event that brings together regulators, scholars and financial industry players who are key drivers in shaping Islamic finance globally………………………………….Full Article: Source

Noor Islamic launches new leadership program

Posted on 30 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Noor Islamic Bank (NIB) has announced the launch of its Leadership Excellence and Accelerated Development (LEAD) program.

The program, being implemented in association with Gallup, one of the world leading experts in human capital and customer management consultancy, is in support of NIB’s continued investment in its people, the bank said………………………………….Full Article: Source

BEE funding models: The Islamic option

Posted on 30 April 2010 by Laxman  |  Email|Print

From Fm.co.za: South Africa-based private equity firm ScandCo Capital Partners believes a model based on the principles of Islamic finance could be the solution. The Islamic model, which is a private equity arrangement, does not allow debt and is therefore a practical alternative, says ScandCo CEO Shukri Cornelius.

Using this model, cash-strapped BEE partners would not be expected to outlay capital if share prices lost a chunk of their value. “Funding extended using the principles of Islamic finance would make a deal completely free of risk and uncertainty,” says Cornelius. It’s a factor that BEE partners in recent collapsed deals have been eyeing with interest…………………………………..Full Article: Source

Debriefing Nakheel - Wider implications for the Sukuk market

Posted on 30 April 2010 by Laxman  |  Email|Print

From Roubini.com: The recent debt restructuring of Dubai World and the last minute rescue of property subsidiary Nakheel, which issued one of the largest Islamic bonds three years ago, has shaken the confidence in Islamic finance owing to growing controversy about the interaction of shari’ah compliance and principles of investor protection in times of distress.
As creditors are about to sign their settlement agreements in late April 2010 there remains general concern about whether shari’ah compliance might hamper an orderly dispute resolution under conventional law and about the legal enforceability of asset claims under the current Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) recommendations on sukuk structures…………………………………..Full Article: Source

Bangladesh: Islamic finance gets new chairman

Posted on 30 April 2010 by Laxman  |  Email|Print

From Thedailystar.net: Islamic Finance and Investment Ltd has elected Anis Salauddin Ahmed as chairman and Montasir Billa and Liaquat Hossain Moghul as vice chairmen, the company said in a statement yesterday.

The election took place at the company’s 106th Board of Directors meeting in Dhaka on Sunday…………………………………..Full Article: Source

Interest, Usury and Islam – Lessons from Islamic and Ethical Finance

Posted on 30 April 2010 by Laxman  |  Email|Print

From Iviews.com: The notion of the moral economy is intrinsic to all the major faiths, each of which has placed ethical boundaries on the behavior of those active in the market.

The ten commandments of the Jewish Torah or Christian Old Testament laid down an ethical boundary - or regulation - for work:………………………………….Full Article: Source

Outlook for Sukuk promising, says Alliance Investment Bank CEO

Posted on 29 April 2010 by Laxman  |  Email|Print

From Bernama: The outlook for Islamic bond, Sukuk, is promising as both Muslim and non-Muslim investors are increasingly choosing Islamic financial products and services over conventional ones.

“There is recognition among market participation that Sukuk is an acceptable and viable alternative investment tool,” said chief executive officer of Alliance Investment Bank Sachi Ratnajoothy at Monash University here Wednesday………………………………….Full Article: Source

Kencana said to hire AmInvestment Bank for Islamic bond sale

Posted on 29 April 2010 by Laxman  |  Email|Print

From Bloomberg: Kencana Petroleum Bhd., the Malaysian oil and gas services company, hired AmInvestment Bank Bhd. to help it sell as much as 250 million ringgit ($78 million) of Islamic bonds, according to a person familiar with the matter.

The bonds, known as sukuk, may be marketed to investors next month with maturities of three, five and seven years, the person said, asking not to be named as the details are private………………………………….Full Article: Source

Saad investors agree to dissolve Islamic bond trust

Posted on 29 April 2010 by Laxman  |  Email|Print

From Businessweek.com: Citicorp Trustee Co. Ltd., trustee for a $650 million Islamic bond sold by a unit of Saudi Arabia’s Saad Trading, Contracting and Financial Services Co., said investors agreed to dissolve the trust after the unit defaulted on the debt.

Citicorp said in August the trust will be closed if holders of the bonds who represent at least 25 percent of the aggregate value of debt outstanding voted for it. The dissolution may allow investors to claim assets used to back the Islamic securities sold in May 2007 by Saad Group’s Golden Belt 1 Sukuk Co. BSC………………………………….Full Article: Source

Cagamas prints $156mln sukuk

Posted on 29 April 2010 by Laxman  |  Email|Print

From Ifrasia.com: Malaysia’s national mortgage corporation Cagamas issued a US$156m five-year Islamic deal yesterday (April 27). A statement from the borrower said the notes were unsecured obligations and will rank pari passu with other existing unsecured obligations of the company.
The bonds were priced at 4.35% via lead manager AmInvestment Bank. Ram and Marc have given respective ratings of AAA to the notes to reflect Cagamas’s state-owned status, as well as its strategic importance in keeping public housing affordable.
The company had raised M$380m of Islamic MTNs in one- to three-year tenors in late February this year………………………………….Full Article: Source

SEC to award Rabigh contracts, launch Sukuk

Posted on 29 April 2010 by Laxman  |  Email|Print

From Us-sabc.org: Saudi Electricity Company (SEC) will receive a $4 billion (SR15 billion) loan from the Saudi Government over the next two years. SEC plans to use this loan to award contracts for a 2,400 megwatt power plant in Rabigh. The plant is expected to be completed in the summer of 2014, with the contracts being awarded in the coming weeks.
South Korea’s Doosan Heavy Industries and Construction, Hyundai Heavy Industries, and France’s Alstom are current bidders on the project………………………………….Full Article: Source

Australia to overhaul tax laws to assist Islamic finance growth

Posted on 29 April 2010 by Laxman  |  Email|Print

From Radioaustralia.net.au: Australia will overhaul sections of its taxation laws to ensure they don’t hamper the growth of Islamic banking, finance, and insurance products. Islam prohibits the act of making money from money, but even foreign exchange can traded in accordance with Sharia law, and Islamic finance is sometimes seen as based on a more sound set of fundamental principles than Western practices.
Last year it was estimated the global value of Islamic financial assets was more than 800 billion US dollars- and that could double by 2012………………………………….Full Article: Source

Australia asks for Middle-East help on Islamic finance processes

Posted on 29 April 2010 by Laxman  |  Email|Print

From Kazakhstannews.net: Australia has signalled it will introduce Islamic finance as part of a foreign investment overhaul. Nick Sherry, the Australian assistant treasurer, speaking in Abu Dhabi, said he was in the region on behalf of the Australian government, which wants to explore the industry.

Mr Sherry will hold talks with UAE government officials and financial organisations to begin a comprehensive review of the expansion of Islamic finance, banking and insurance products………………………………….Full Article: Source

Dow Jones Islamic Market Indexes in April 2010: Why debt matters

Posted on 29 April 2010 by Laxman  |  Email|Print

From Albawaba.com: It was the East again which won the monthly race for index points within the Dow Jones Islamic Market (DJIM) Index family. The DJIM Singapore Index topped the charts by ending 7.27% higher at 1,084.47 points (as of the close of trading of April 26).
The South East Asian banking centre was followed by the DJIM South Korea Index (gaining 6.86% at 859.47 points) and the DJIM Turkey Index (6.22% higher at 3,581.70 points). In the meantime, the US and Europe stabilized………………………………….Full Article: Source

Dundee first university in UK to offer Islamic course in financing

Posted on 29 April 2010 by Laxman  |  Email|Print

From Scotsman.com: A Scottish university is to offer the UK’s first postgraduate course in Islamic finance. Dundee University will unveil its MSc in Islamic accounting and finance at a conference on ethical finance in Edinburgh today. The course has been created to meet increased demand from the banking sector.
Dr Rania Kamla, a lecturer in the accountancy and finance department at Dundee who will lead the new course, said high street banks were increasingly catering for Muslims and needed knowledgeable staff………………………………….Full Article: Source

Executives undergo training in Shariah-compliant finance

Posted on 29 April 2010 by Laxman  |  Email|Print

From Gulf-times.com: The Qatar Faculty of Islamic Studies (QFIS) has launched the fifth course in the second series of its ‘Training Executive Programme’ courses for the 2009-2010.
The series, a joint initiative of the Qatar Financial Centre and the Qatar Foundation, is being organised in conjunction with the Qatar Finance and Business Academy (QFBA), a specialised educational academy………………………………….Full Article: Source

How Islamic banks fund projects

Posted on 29 April 2010 by Laxman  |  Email|Print

From Asiaone.com: Islamic finance uses both debt and equity to fund transactions. Some experts see equity financing as being closer to the syariah’s original aim of promoting equality in sharing risks and rewards, but others say debt instruments play a similarly important role.

The global financial crisis has prompted debate about the use of excessive debt and speculation to fuel growth………………………………….Full Article: Source

Banking outlook in the wake of Dubai crisis

Posted on 29 April 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: Although largely untouched by the global credit crunch, the MENA region has had some casualties. Relatively isolated and insulated from the global financial crisis, the banks in the Middle East and North Africa (MENA) region have been largely cushioned against the corrosive damage inflicted on many banking sectors worldwide.
But while the region is expected to bounce back in 2010 as global recovery takes root, the region’s financial sector has not escaped completely unscathed………………………………….Full Article: Source

Bank of Sharjah posts 23pct net profit growth

Posted on 29 April 2010 by Laxman  |  Email|Print

From Gulfnews.com: Bank of Sharjah Wednesday reported a 23 per cent growth in net profit for the first quarter of this year to Dh134 million compared to Dh109 million in the same period of 2009.

Assets reached Dh18.4 billion, an increase of 14 per cent over the corresponding last year and 2 per cent over the asset level for the full year 2009. Equity increased 9 per cent to reach Dh3.9 billion compared to the last year’s first quarter level of Dh3.6 billion after a Dh240 million cash dividend payout for the first quarter………………………………….Full Article: Source

UK takaful insurer sold to Kuwaiti buyer

Posted on 29 April 2010 by Laxman  |  Email|Print

From Postonline.co.uk: Principle Insurance Holdings, parent company of the UK’s first Shariah compliant insurance group, has confirmed the conditional sale of its subsidiaries, Principle Insurance Company and Principle Marketing Services, to Al Salam Group Holding Company – a member company of the Kuwait-based Al Madina Group – for an undisclosed sum.
The Principle Group, which traded under the Salaam Halal insurance brand, was originally authorised by the Financial Services Authority in April 2008 and entered into solvent run-off in October 2009………………………………….Full Article: Source

New bid to revive UK’s only Islamic insurer

Posted on 29 April 2010 by Laxman  |  Email|Print

From Reuters: The UK’s only Islamic insurer is selling its subsidiaries to one of its largest shareholders, in a bid to kick-start the moribund sector after it pulled out of the market last year.

Principle Insurance Holdings, which operates as Salaam Halal, stopped writing policies in November last year, after running out of funds………………………………….Full Article: Source

Dubai gets JPMorgan, BofA loan refinancing to keep Almatis unit

Posted on 29 April 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Dubai International Capital got a boost in its efforts to keep its Almatis alumina making unit, with backing for a $685 million debt refinancing that would repay senior lenders including Oaktree Capital Management.

Dubai International is challenging a plan by Oaktree, the biggest of Almatis’s senior lenders, to seize control of Almatis after the German unit violated loan terms last year………………………………….Full Article: Source

Islamic finance for businesses

Posted on 29 April 2010 by Laxman  |  Email|Print

From Growthbusiness.co.uk: You don’t have to be Muslim to be eligible for Islamic finance. Cia Manes, an attorney at law firm Howard Kennedy, looks at how businesses could benefit from a growing pot of money.

When considering sources of business funding, applying for Islamic finance may not be the first option that springs to mind. But with Islamic investment vehicles sitting on billions of dollars, mainly from oil and gas returns, it’s an option that businesses would do well to think about. I’ve tried to answer some of the most common questions below………………………………….Full Article: Source

Pinsents set to launch new Islamic finance group

Posted on 29 April 2010 by Laxman  |  Email|Print

From Legalweek.com: Pinsent Masons is set to launch an Islamic finance practice with the return of Al-Harith Sinclair from DLA Piper. Sinclair, a specialist in Islamic project finance structures, will join Pinsents’ City office as a partner on 1 May to establish and head up the firm’s Islamic finance practice.

In the new practice, Sinclair will focus on Islamic finance including Islamic treasury products, financial regulation and insurance work for new clients in London and the Gulf region, as well as targeting some of the Islamic banks established in the City………………………………….Full Article: Source

AAOIFI annual Shariah conference unveiled

Posted on 29 April 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will convene its Annual Shari’a Conference on 26-27 May 2010 in Bahrain Conference Centre, Crowne Plaza Hotel, Manama, under the auspices of Central Bank of Bahrain.
AAOIFI, the international organisation that formulates standards on accounting, auditing, ethics, governance, and Shari’ah for the international Islamic finance industry, runs the Conference as a collaborative platform to highlight and discuss pertinent industry issues as well as to facilitate AAOIFI in the development of new standards and review of existing standards………………………………….Full Article: Source

Zakat alms contributions double

Posted on 29 April 2010 by Laxman  |  Email|Print

From Thenational.ae: Islamic alms contributions paid through the Government have almost doubled in the first few months of the year, the Zakat Fund revealed yesterday.

Revenues from individuals rose by 93 per cent in the first quarter of this year compared with the same period last year, to Dh8.6 million, and the number of contributors rose by almost 40 per cent………………………………….Full Article: Source

Islamic finance resists equity shift, may stunt growth

Posted on 28 April 2010 by Laxman  |  Email|Print

From Reuters: When Kuwait Finance House Malaysia helped develop a $1.3 billion real estate project in the country in 2005 as a partner in the deal, Islamic equity property ventures were a rarity.

Five years on, the bank is embarking on its fourth building project using a similar equity concept but few others in the industry want to follow the same path, reflecting Islamic finance’s slow and difficult shift away from debt instruments…………………………………..Full Article: Source

Equity-focused Islamic market will reap long-term gains

Posted on 28 April 2010 by Laxman  |  Email|Print

From Gulf-times.com: At the micro level, the economics of using equity or debt are still the same. Companies will choose whichever tool suits them best as a means of raising funds.
What hurt the market was the excessive leveraging and speculation via debt instruments. As with most things in life, anything that is excessive in nature will usually lead to trouble…………………………………..Full Article: Source

Islamic finance to expand role, presence in Asia

Posted on 28 April 2010 by Laxman  |  Email|Print

From Btimes.com.my: Islamic finance is uniquely positioned to expand its role and presence amid Asia’s new phase of growth, with huge opportunities for Muslim nations to boost trade with each other.

Perak regent Raja Dr Nazrin Shah said Asia is entering a new phase of growth, with increasing significance of the E7 emerging economies, of which four are in Asia…………………………………..Full Article: Source

India looks to start Shariah-compliant financial products

Posted on 28 April 2010 by Laxman  |  Email|Print

From Mydigitalfc.com: India needs to actively consider allowing introduction of Shariah-compliant Islamic finance products to channelise savings of the muslim community, K Reh-man Khan, deputy chairman of Rajya Sabha (Upper house of the Parliament of India), said onTuesday.

Speaking at the India Shariah Finance Summit in the capital, Khan said the mutual fund industry is the best vehicle for popularising Shariah-compliant products. He pointed out that mutual funds are largely compliant with Islamic finance principles since they do not pay interest…………………………………..Full Article: Source

KPMG for Islamic banking

Posted on 28 April 2010 by Laxman  |  Email|Print

From Deccanchronicle.com: Global consultancy firm KPMG on Tuesday pitched for Islamic banking products in the country and urged the RBI to come out with norms for these interest-free saving instruments along with proposed guidelines on fresh banking licences.

“The scope for launching Islamic finance products is huge here as the savings of Muslim population is untapped. The government should come out with a regulation on the governance of Islamic banking products so that banks can launch such products soon,” KPMG executive director for corporate finance and head financial services, Mr Abizer Diwanji said…………………………………..Full Article: Source

Islamic finance takes root in Spain

Posted on 28 April 2010 by Laxman  |  Email|Print

From Saudigazette.com.sa: Saudi businessmen expressed solidarity with the local academe for the propagation of Islamic finance in Europe, making Spain as its hub.
According to Dr. Abdullah Q. Turkistani, director of Islamic Economic Research Center, King Abdulaziz University, no less than the chairman of the Jeddah Chamber of Commerce and Industry (JCCI) showed strong support for the promotion of Islamic finance in Europe and Latin America through the Center of Islamic Economics and Finance (CIEF) which was established in Madrid last year under the collaborative efforts of the King Abdulaziz University and the Instituto de Empresa (IE) University in Madrid…………………………………..Full Article: Source

Islamic finance opens up exciting prospects for further linkages between muslim countries

Posted on 28 April 2010 by Laxman  |  Email|Print

From Bernama: Islamic finance opens up exciting prospects for further linkages between Muslim countries, especially in terms of trade with the intra-trade level between countries still relatively low.

In addressing this, Raja Muda Perak Raja Dr Nazrin Shah said against this backdrop, Islamic finance is uniquely positioned to expand its role and presence…………………………………..Full Article: Source

Raja Nazrin: Christian index not a threat to Islamic finance growth

Posted on 28 April 2010 by Laxman  |  Email|Print

From Themalaysianinsider.com: The launch of Europe’s first Christian equity index, Stoxx Europe Christian Index, will not be a threat to Islamic finance growth but will complement the rising demand for a more ethical type of investments, says the Raja Muda of Perak, Raja Dr Nazrin Shah.

As a result of the financial crisis, people are becoming aware that some of the ethical lapses of conventional banking or excesses could be avoided or mitigated, he said…………………………………..Full Article: Source

Nakheel, VTB Bank, Indonesia plan Sukuks

Posted on 28 April 2010 by Laxman  |  Email|Print

From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on paying interest.

Global sales of so-called sukuk notes increased to $20.2 billion last year from $14.1 billion in 2008, according to data compiled by Bloomberg. Sales total almost $2.2 billion so far this year…………………………………..Full Article: Source

Poll shows prospects brightening for global sukuk sales

Posted on 28 April 2010 by Laxman  |  Email|Print

From Thestar.com.my: Confidence in global markets for issuance of Islamic bonds, or sukuk, is rebounding as the Dubai debt crisis no longer burdens sentiment, a Reuters poll showed.

The majority of 10 Islamic bankers and industry experts surveyed expect issuance in 2010 to range between US$26bil and US$28bil or top US$28bil, up from a similar poll in January which expected only US$15bil to US$17bil in issuance…………………………………..Full Article: Source

Nakheel sukuk’s 10pct offer ‘very generous’

Posted on 28 April 2010 by Laxman  |  Email|Print

From Business24-7.ae: Al Ghurair, one of the key trade creditors of Dubai World, will begin to receive stalled payments from Nakheel beginning June. A top official from the company also said the 10 per cent profit on the sukuks offered to contractors is “very generous”.

Nakheel on Monday said it had started to sign deals with trade creditors. It said it would pay 40 per cent of trade creditors’ bills in cash, with the remaining 60 per cent transferred to a tradable sukuk (Islamic bond) that would pay 10 per cent annual return, if 65 per cent of contractors agree…………………………………..Full Article: Source

Nakheel sukuk bond seen repaid without debt deal

Posted on 28 April 2010 by Laxman  |  Email|Print

From Reuters: The lack of a formal debt deal for Dubai World is not expected to hinder the redemption of subsidiary Nakheel’s 2010 Islamic sukuk, which risks leaving some bank creditors still waiting on an agreement unhappy.
Nakheel has a $980 million Islamic sukuk maturing on May 13. Full repayment was conditional on its parent Dubai World reaching an agreement with its creditors on a restructuring proposal, but that may not appear in time…………………………………..Full Article: Source

Indonesia sells $22.21 mln of sukuk, below target

Posted on 28 April 2010 by Laxman  |  Email|Print

From Reuters: Indonesia’s finance ministry sold 200 billion rupiah ($22.21 million) of sukuk on Tuesday, well below its target amount of 1 trillion rupiah, reflecting investor concerns about poor liquidity for Islamic paper.

Investor demand for Indonesia’s conventional bonds remains strong as that debt is much more liquid and more easily traded than the Islamic debt…………………………………..Full Article: Source

Kencana eyes Dana-gua Sukuk

Posted on 28 April 2010 by Laxman  |  Email|Print

From Ifre.com: Kencana Petroleum is preparing to sell Malaysia’s first Islamic bonds to be credit-wrapped by government-owned Danajamin. AmInvestment Bank clinched the mandate on the deal which will be a high-profiled deal that will be watched by the industry on how a Danajamin guarantee will benefit lower-rated issuers.
Because it is the first Danajamin-guaranteed deal, the borrower and its lead are expected to ensure that all the bases will be covered before it is launched. The earliest date is penned for the middle of May. Kencana is eyeing a sale of M$250m (US$78m) of seven-year notes…………………………………..Full Article: Source

Islamic fund for green technology sector

Posted on 28 April 2010 by Laxman  |  Email|Print

From Bernama: Officials from the World Bank and the International Finance Corporation (IFC) will be in Kuala Lumpur next month to discuss the establishment of an Islamic financing facility for the green technology sector, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said.

The officials will be in Kuala Lumpur from May 10 for discussions with Bank Negara and the Ministry of Energy, Green Technology and Water to develop a suitable model in the creation of a syariah-compliant US$200 million fund…………………………………..Full Article: Source

All Daman funds declare dividends for Q1 2010

Posted on 28 April 2010 by Laxman  |  Email|Print

From Ameinfo.com: The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund closed the month at a Net Asset Value of Dhs109.20 per unit as of March 31, 2009, signifying a month-to-date rise of 1.65%.
A dividend of Dhs1 per unit has been announced for Q1 2010, bringing the ex dividend NAV as of April 1, 2010 to Dhs108.20. The current annualized dividend yield stands at 3.70% as against the NBAD Islamic Index at 1.13%…………………………………..Full Article: Source

MIDF to convert bond funds to money market funds

Posted on 28 April 2010 by Laxman  |  Email|Print

From Thestar.com.my: MIDF Amanah Asset Management Bhd has set its sights on converting two of its bond funds into money market funds before year-end, says chief executive officer and chief investment officer Scott Lim.

He said the bond funds — MIDF Amanah Bond Fund and MIDF Amanah Islamic Bond Fund — were not suitable to be managed as such due to the small size…………………………………..Full Article: Source

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