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Islamic Finance Briefing - Archive | April, 2010

Islamic financial system can bails out sick economies, claims Pak economist

Posted on 23 April 2010 by Laxman  |  Email|Print

From Pakobserver.net: The Pakistan Economy Watch (PEW) on Thursday said properly developed Islamic financial system can reduce miseries of humanity by bailing out ailing economies. The fast-growing Islamic finance industry (IFI) has potential to contain unemployment and boost economies if an efficient and effective monitoring mechanism is in place.
This will also help boost confidence of masses. Integral mechanism of IFI has successfully sustained the impact of credit crunch and global financial meltdown which has made it popular across the globe, said Dr. Murtaza Mughal, President PEW………………………………………Full Article: Source

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First Gulf Bank keeps costs under control

Posted on 23 April 2010 by Laxman  |  Email|Print

From Gulfnews.com: First Gulf Bank has managed to maintain margins higher than most peers at 3.63 per cent for the first quarter of this year, resulting in a robust 23 per cent on-year increase in net profit to Dh920 million, analysis of its financial statement shows.
“The balance sheet is still growing, margins are stable, operating costs remain under check and the capital base is extremely strong,” said Al Mal Capital Vice-President Deepak Tolani, who has an “outperform” rating on FGB………………………………………Full Article: Source

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Saudi banks set to get positive rating

Posted on 23 April 2010 by Laxman  |  Email|Print

From Arabnews.com: Capitalization underpins the credit ratings on Standard & Poor’s rated banks in Saudi Arabia and will likely continue to be a rating positive this year, said Standard & Poor’s Ratings Services in a report “S&P RAC Ratio Adds Insight On Saudi Banks’ Risk Profiles - And Emphasizes Capital As A Supportive Rating Factor,” published on Tuesday.
“We consider that the capitalization of the banks we rate in Saudi Arabia ranges from adequate to solid and is a supportive rating factor,” said Standard & Poor’s credit analyst Nicolas Hardy. “Consequently, we think these banks carry sizable capital cushions to absorb unexpected losses.”……………………………………..Full Article: Source

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Bank Rakyat eyes Bruneian prospects

Posted on 23 April 2010 by Laxman  |  Email|Print

From Dailyexpress.com.my: Bank Rakyat will conduct a study on the banking business potential in Brunei, says its Managing Director Datuk Kamaruzaman Che Mat. He said bank officials would be sent to the oil-rich sultanate next month to speak to the relevant authorities.
“We’ll focus on prospects of the banking business and the potential for the Ar-Rahnu syariah-compliant Islamic pawnbroking concept,” he told reporters after launching the bank’s Creativity and Innovation Day Wednesday………………………………………Full Article: Source

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Islamic project financing prescribed as “permitted business” under banking regulations

Posted on 23 April 2010 by Laxman  |  Email|Print

From Lexology.com: The Monetary Authority of Singapore has issued the Banking (Amendment) Regulations 2010, which introduce a new Regulation 23E on prescribed procurement business. This regulation clarifies that Singapore banks may enter into Istisna transactions.
Isitisna is a sales transaction whereby an asset is transacted before it comes into existence. It is a flexible form of transaction which is widely applied in project finance and in the financing of manufacturing and pre-export transactions………………………………………Full Article: Source

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Malaysian roadshow to woo Mideast investors

Posted on 23 April 2010 by Laxman  |  Email|Print

From Btimes.com.my: Malaysia will make its third visit to promote its Islamic finance initiative in the Middle East next week as the country seeks to woo more investors from the oil-rich region.
The Malaysia International Islamic Financial Centre (MIFC) roadshow will be held in the United Arab Emirates (UAE) and Saudi Arabia from April 27 to May 2. This will be followed by a Malaysia Showcase in Bahrain on May 3………………………………………Full Article: Source

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GCC business confidence rises in Q1 -HSBC

Posted on 23 April 2010 by Laxman  |  Email|Print

From Maktoob.com: Gulf business confidence rose in the first quarter of this year with Saudi at the top and the UAE at the bottom, but whether real signs of improvement are here to stay remains to be seen.
The HSBC Business Confidence Index rose 5.1 points to 85.3 points in the first quarter, its highest level in more than a year, the bank said on Thursday………………………………………Full Article: Source

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Dubai Investments approves 6pct cash dividend

Posted on 23 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Dubai Investments, the largest investment company listed on the Dubai Financial Market, has approved a cash dividend of 6 per cent for the year ended December 2009.
The company’s shareholders have also unanimously approved the appointment of Mohamed Saif Darwish Ahmed Al Ketbi as director of the company in place of Anis Abdullah Al-Jallaf, who had tendered his resignation from the board of directors………………………………………Full Article: Source

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Oman fund buys 12.6pct stake in Petrovietnam unit

Posted on 23 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Oman Investment Fund has acquired a 12.6 per cent stake in Petrovietnam Insurance Co, the insurance arm of Vietnam’s state oil and gas group, for $42.4 million, a statement said on Thursday.
The deal makes the fund, run by the government of Oman, a strategic investor in the Hanoi-based insurance firm, the joint statement sent to Reuters said………………………………………Full Article: Source

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Mubadala ties up $2.5bln credit

Posted on 23 April 2010 by Laxman  |  Email|Print

From Gulfnews.com: Mubadala Development Company said it has achieved financial closure on a new $2.5 billion three-year corporate multi-currency revolving credit facility with 21 international financial institutions.
Having received more than $4 billion (Dh14.7 billion) in commitments, each lender was allocated approximately $119 million, the firm said………………………………………Full Article: Source

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Nakheel may offer trade creditors 10pct return on Sukuk

Posted on 22 April 2010 by Laxman  |  Email|Print

From Bloomberg: Nakheel PJSC, the unit of Dubai World that is restructuring $10.5 billion of debt, plans to pay an annual return of 10 percent on Islamic bonds it seeks to issue to trade creditors, said two people familiar with the proposal.
The deal is conditional on trade creditors representing at least 95 percent of the value of all claims agreeing to the proposal, according to the people who declined to be identified because the plan hasn’t been made public. Nakheel plans to issue the five-year bonds in July and list the securities on Nasdaq Dubai. The return will be paid twice a year……………………………………..Full Article: Source

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Investors buy up Nakheel’s $980mln Sukuk, expecting repayment

Posted on 22 April 2010 by Laxman  |  Email|Print

From Zawya Dow Jones: Investors are betting Dubai World will pay off $980 million sukuk issued by its property arm Nakheel to avoid a default as it negotiates a debt restructuring proposal with creditors worth about $24 billion.
The sukuk, or Islamic bond, matures May 13 but creditors are doubtful that a debt restructuring proposal with Dubai World will be agreed on in time. Sukuk holders are buying up the paper, betting that Dubai World will pay it off……………………………………..Full Article: Source

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Tabreed to finish recapitalisation by 2010-end

Posted on 22 April 2010 by Laxman  |  Email|Print

From : National Central Cooling Company (Tabreed), the Middle East’s largest cooling firm, will complete its recapitalisation plan by the end of the year and considering alternatives to the annual payments on Dh1.7 billion of sukuk due in 2011, a senior company official said.
Chief Finance Officer Steve Ridlington said: “The firm has launched a recapitalisation process to achieve a stable long-term capital structure and anticipates addressing its debt maturities and raising new capital to support the execution of its business plan. The recapitalisation programme is expected to be completed this year.”……………………………………..Full Article: Source

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UAE’s Tabreed mulling alternatives on bond payments

Posted on 22 April 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: District cooling firm Tabreed, assisted by Abu Dhabi last month, said on Wednesday it is considering alternatives to annual payments on $463 million of Islamic bonds due in 2011.
The move could signal more state support for the firm, a Standard & Poor’s analyst said………………………………………Full Article: Source

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GIB raises $933mln in Saudi bond sale

Posted on 22 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahrain-based Gulf International Bank (GIB) has raised SR3.5 billion ($933 million) in a bond sale that it priced at 110 basis points over the Saudi interbank offered rate, it said on Wednesday.
Saudi-backed GIB said the five-year issue was placed with private investors………………………………………Full Article: Source

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Islamic banks: Lenders of the future

Posted on 22 April 2010 by Laxman  |  Email|Print

From Freshbusinessthinking.com: At a time when the global economy has suffered its worse crash since the thirties, more and more businesses and entrepreneurs have been hard-pressed to find viable financing solutions.
Now, more than ever, Islamic Banking and Financing offers sources of funding to companies in dire need of capital. While the financial crisis has wreaked havoc around the world, Islamic banks have increased their reserves as well as attracting new client bases………………………………………Full Article: Source

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Nigeria: The coming of Islamic banking

Posted on 22 April 2010 by Laxman  |  Email|Print

From Ngrguardiannews.com: Islamic banking concept hit Nigeria’s financial landscape few years ago, with its unique interest-free operational profile attracting not quite a few enquiries from prospective investors and subscribers.
Several fora had also tried to eliminate the seemingly hidden features of the concept in the country, even though it had already become a well-subscribed banking reality in several countries, especially in the Middle East………………………………………Full Article: Source

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Nigeria: Prospects in Islamic banking’s investment products

Posted on 22 April 2010 by Laxman  |  Email|Print

From Ngrguardiannews.com: Many may not be conversant with the practice of a banking system that prohibits the charging of interest, focuses on investment made in the private sector through interest-free financing, is built on Sharia principles, and not the least, the details of how securitisation and conventional insurance issues are handled using the Islamic banking model.
Recently, major initiatives have gone out to aid Nigeria’s participation in the financial world without violating Islamic principles and without bearing the economic penalty………………………………………Full Article: Source

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UAE’s First Gulf Bank Q1 profit up 23 pct

Posted on 22 April 2010 by Laxman  |  Email|Print

From Reuters: First Gulf Bank (FGB), the United Arab Emirates’s (UAE) second largest bank by market value, reported a 23-percent rise in first quarter profits on Wednesday, beating analysts expectations.
The bank said it had net profit of 920 million UAE dirhams ($250.5 million), up from 750 million dirhams in the year earlier period………………………………………Full Article: Source

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Bahrain banking on the future

Posted on 22 April 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Bahrain is looking to consolidate its position as one of the key players in the Islamic finance sector, working to build on its current position of strength and ensure it has the skills base to launch further expansion in the future.
At the end of 2009, 27 of the 140 banks operating in Bahrain were sharia-compliant lenders, with combined assets of $25.5bn, more than 10 percent of the sector’s total………………………………………Full Article: Source

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Bahrain’s Ithmaar says CEO Hussain to leave bank

Posted on 22 April 2010 by Laxman  |  Email|Print

From Reuters: Bahrain’s Ithmaar Bank said its chief executive and the head of a unit it is merging with will leave the bank, three weeks after a rights issue by the lender raised only half the targeted amount.
In a statement on Wednesday, the bank said its Chief Executive Mohamed Hussain and Faisal Al Alwan, chief executive of Ithmaar’s fully-owned Shamil Bank would join Dar Al-Maal Al-Islami Trust , the bank’s largest shareholder………………………………………Full Article: Source

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Ahli Bank holds Islamic Banking and Investment training program

Posted on 22 April 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: In keeping with its ongoing training and development programme for employees, Ahli Bank recently conducted training seminar for the benefit of 29 employees.
The training was conducted by Dr Ali Mohieeldin Al Qurradaghi, Professor of Islamic Studies at Qatar University and Head of Shariah Advisory and Supervisory Board………………………………………Full Article: Source

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Standard Chartered launches Shariah compliant Saadiq Platinum MasterCard credit card

Posted on 22 April 2010 by Laxman  |  Email|Print

From Ameinfo.com: Continuing to place customers first, Standard Chartered Bank in partnership with MasterCard Worldwide has launched its Shariah compliant Saadiq Platinum MasterCard Credit Card.
The addition to the Bank’s existing Islamic banking offering highlights its commitment to build a comprehensive suite of products which are in line with the beliefs and values of its customers………………………………………Full Article: Source

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Noor Islamic Bank deploys SunGard reconciliation and exception management technology

Posted on 22 April 2010 by Laxman  |  Email|Print

From Finextra.com: Noor Islamic Bank PJSC (NIB), a leading Islamic bank in the United Arab Emirates, has deployed SunGard’s Ambit Reconciliation & Exception Management solution to support its volume growth.
Ambit Reconciliation and Exception Management will help Noor Islamic Bank to meet its growing volume requirements by automating the matching and reconciliation process across its cash nostro and cards business………………………………………Full Article: Source

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Bank Rakyat eyes banking business prospects in Brunei

Posted on 22 April 2010 by Laxman  |  Email|Print

From Bernama: Bank Rakyat will conduct a study on the banking business potential in Brunei, says its Managing Director Datuk Kamaruzaman Che Mat.
He said bank officials would be sent to the oil-rich sultanate next month to speak to the relevant authorities………………………………………Full Article: Source

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Banks demand higher rates after Dewa bond

Posted on 22 April 2010 by Laxman  |  Email|Print

From Gulfnews.com: The recent $1 billion (Dh3.67 billion) bond issue by the Dubai Electricity and Water Authority (Dewa), priced at 8.5 per cent, has prompted many banks in the group of Dubai World lenders to demand higher interest on the restructured debt.
“If a prominent government-related entity (GRE) is willing to pay 8.5 per cent on its newly issued debt, there should be some parity in the interest payouts on similar debt obligations,” a senior banker from the group of 90-plus lenders told Gulf News yesterday………………………………………Full Article: Source

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Methaq offers first ever SME Takaful

Posted on 22 April 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Methaq Takaful Insurance Company offers UAE customers an SME Takaful Package, catered specifically to the growing demand for SME business options. The insurance package is already Shariah approved and authorised by the relevant industry regulators to be offered to commercial businesses.
The package—which covers a variety of areas including property, business interruption, fidelity guarantee, legal liability and personal accident—is part of a series of products recently rolled out by Methaq including marine cargo, motor fleet and satellite insurance………………………………………Full Article: Source

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Takaful Emarat set to launch new products

Posted on 22 April 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: Takaful Emarat, a Shariah-compliant life and health insurance company, said on Tuesday the company would continue to build its infrastructure and introduce new products during the year.
Headquartered in Dubai, the insurance company was established in the emirate through a joint venture between Al Buhaira National Insurance Company & UNIQA Group, Austria. The paid-up capital of the company is Dh150 million………………………………………Full Article: Source

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DMCC’s DSAM Kauthar Commodity Fund named

Posted on 22 April 2010 by Laxman  |  Email|Print

From Albawaba.com: In recognition of its outstanding performance, Dubai Shariah Asset Management (DSAM) Kauthar Commodity Fund was named ‘Best Fund-of-Funds’ at the annual Falaika Islamic Fund Awards.
This announcement was made today by Dubai Multi Commodities Centre (DMCC). The annual Falaika Islamic Fund Awards recognises top performers in the global Shariah-compliant investment marketplace………………………………………Full Article: Source

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‘Zain Saudi Arabia faces no funding problems’ - CEO

Posted on 22 April 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Loss making mobile operator Zain Saudi Arabia does not face any financing pressure despite huge investments it has made. The company, which is 25 percent owned by Kuwait’s Zain, said in January it was in talks with creditors after missing some commitments last year on a $2.5 billion Islamic loan.
It started operations late in 2008 after paying with other investors $6 billion to win the third Saudi mobile license. It competes with larger rivals Saudi Telecom and Mobily………………………………………Full Article: Source

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London’s interaction with the MENA region

Posted on 22 April 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: London has a major advantage in the area of Islamic finance, given the cluster of both retail and corporate Islamic institutions located there. Despite the financial crisis, he and others remain optimistic that the UK government will go ahead with its plans to launch a sovereign Islamic bond, or sukuk.
Dubai’s near default proved a game changer for not just Dubai and the United Arab Emirates, but for the Gulf as a whole as international confidence in sovereign-owned companies plummeted and several UAE government related enterprises (GRE), including some of its major banks with exposure to Dubai GREs, found their credit ratings downgraded by Moody’s and other agencies………………………………………Full Article: Source

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Mideast economies to grow 4.5pct: IMF

Posted on 22 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Middle East and North African economies are recovering at a good speed with projected growth of 4.5 percent in 2010 and fiscal stimulus should stay in place to cement the rebound, the International Monetary Fund said on Wednesday.
However, the pace of recovery in advanced economies and the impact from Dubai’s debt crisis were key downside risks and the outlook substantially uncertaint, the IMF said in its World Economic Outlook………………………………………Full Article: Source

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Islamic finance needs tighter regulations

Posted on 21 April 2010 by Laxman  |  Email|Print

From Middle-east-online.com: Islamic finance has emerged relatively unscathed from the global economic crisis but there is a need for tighter regulations and higher standards.
The Shariah finance industry, which abides by religious laws that prohibit the payment and collection of interest, is worth an estimated $800-950 billion (Dh2.9 trillion-Dh3.4trn) and expanding rapidly in the Muslim world and in the West…………………………………….Full Article: Source

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France/Islamic finance: a marriage of convenience … almost at the break-even point

Posted on 21 April 2010 by Laxman  |  Email|Print

From Middle-east-online.com: France, proclaimed in November 2008 as a “haven” for Islamic finance, is considered “too slow” to implement this type of funding, despite the enthusiasm it generates in the political, financial, professional and academic milieus, in a global context where conventional finance is decried since the subprime crisis.
Seminars, forums, roundtables, and conferences, led by jurists, tax specialists, bankers, and academics, succeed in calling for the integration of a finance, which operates entirely in accordance with Sharia (Islamic law), in French regulations…………………………………….Full Article: Source

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United States: Structured thoughts: Sharia-compliant structured products

Posted on 21 April 2010 by Laxman  |  Email|Print

From Mondaq.com: The same features that continue to attract investors to structured products have recently garnered the interest of Islamic investors. Structured products provide retail investors with access to sophisticated payout structures and allow exposure to particular underlying securities in which a direct investment may be impossible or prohibitively expensive.
As the international securities markets begin to show signs of renewed life, issuers will likely position themselves to take advantage of the largely untapped market of Sharia-compliant structured products…………………………………….Full Article: Source

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Shariah friendly Italian financial instruments

Posted on 21 April 2010 by Laxman  |  Email|Print

From Independent.com.mt: Studio Associate Dagradi & Soleto of Milan, has recently concluded an agreement with Erremme Business Advisors, consulting firm specialised in Islamic Finance based in Malta and working in various Gulf countries.
The common goal is to provide a legal and fiscal framework of Islamic Finance assistance in the Italian jurisdiction…………………………………….Full Article: Source

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Saudi insurers need religious sanctionand M&As to surge

Posted on 21 April 2010 by Laxman  |  Email|Print

From Gulf-times.com: Saudi Arabia’s insurance industry is poised for growth in the coming years if customers overcome misgivings about compliance with Islamic law and companies consolidate to gain critical mass.
The world’s top oil exporter is one of the least-insured countries and has a fast-growing population of over 25mn, of which 70% are under the age of 30. ……………………………………Full Article: Source

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Takaful Ikhlas starts marketing ‘Savings Takaful’ product

Posted on 21 April 2010 by Laxman  |  Email|Print

From Bernama: Takaful Ikhlas Sdn Bhd, which postponed the marketing plan for its “Ikhlas Hajj Savings Takaful” package since June last year, started marketing the product nationwide on Tuesday.
The product packaged its Ikhlas Savings Takaful with Ikhlas Immediate Death Expense Takaful Rider and Ikhlas Critical Illness Takaful Rider…………………………………….Full Article: Source

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DIB named top Takaful products distributor

Posted on 21 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Dubai Islamic Bank (DIB) has won the “Best Takaful Distributor in the UAE” award for the first quarter of 2010, thanks to the continuing popularity of its Al Islami Takaful Savings Programme.
The award was recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development, said a DIB statement…………………………………….Full Article: Source

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Ithmaar becomes Islamic retail bank

Posted on 21 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Ithmaar Bank will become a retail-focused Islamic bank following approval from the Central Bank of Bahrain (CBB).
“The CBB’s formal approval allowed Ithmaar to immediately implement its highly anticipated plans for a comprehensive reorganization with its wholly-owned subsidiary, Shamil Bank,” said Ithmaar Bank chairman Prince Amr Mohammed Al Faisal…………………………………….Full Article: Source

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ADIB kicks off earnings season with a winner

Posted on 21 April 2010 by Laxman  |  Email|Print

From Thenational.ae: Abu Dhabi Islamic Bank (ADIB) has provided a rousing overture for first-quarter reports from UAE banks, but also a hard act to follow.
After a woeful time last year, ADIB posted a 9 per cent rise in first-quarter net profits to Dh293 million (US$79.76m). The result was backed by a sharp increase in deposits and Sharia-compliant loans, which were up 28 per cent to Dh50 billion and 17 per cent to Dh42bn, respectively, from the same quarter last year…………………………………….Full Article: Source

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Doha Bank posts QR315mln Q1 profit

Posted on 21 April 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Doha Bank has posted net profits of QR315m in the first quarter (Q1) of this year which translates into 25 percent Return on Equity.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of Board of Directors, announcing the bank s financial results for Q1 of 2010, said yesterday:” This is an outstanding result and shows that Doha Bank is yet again generating returns on shareholder equity that are truly world class. “……………………………………Full Article: Source

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KHC Q1 net income jumps 50pct

Posted on 21 April 2010 by Laxman  |  Email|Print

From Tradearabia.com: Kingdom Holding Company (KHC), the investment firm of Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud, said its net income for the first quarter rose to SR75.2 million, up 50 per cent when compared to the same period last year.
Announcing the financial results for the quarter ended March 31, KHC said the shareholders’ equity too rose significantly in the light of global economic recovery and the favourable operating results…………………………………….Full Article: Source

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CBB Sukuk Al-Ijara oversubscribed

Posted on 21 April 2010 by Laxman  |  Email|Print

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 310 %.
Subscriptions worth BD31m were received for the BD10m issue, which carries a maturity of 182 days…………………………………….Full Press Release: Source

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Abu Dhabi’s TNI seeks up to $1bln for MENA fund

Posted on 21 April 2010 by Laxman  |  Email|Print

From Arabnews.com: Abu Dhabi’s The National Investor (TNI) hopes to raise up to $1 billion for its new Middle East and North Africa equity fund, targeting an economic and corporate recovery in the region.
The fund, which will close the first stage of fundraising on June 17, is targeting institutional investors across the Middle East, Europe and Latin America, and will be funded with $30 million of seed capital from TNI…………………………………….Full Article: Source

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Investor confidence in GCC up in March

Posted on 21 April 2010 by Laxman  |  Email|Print

From Gulf-times.com: Investor confidence in the GCC economies improved in March, following the Dubai World’s announcement of a restructuring proposal on March 25, Dubai-based investment bank Shuaa Capital said.
The monthly GCC Investor Confidence Index rose 15.2 points to 120.8 points, its second biggest gain after Dubai developer Nakheel’s sukuk announcement in December, Shuaa said in its GCC investor sentiment report…………………………………….Full Article: Source

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World finance Islamic finance awards 2010

Posted on 21 April 2010 by Laxman  |  Email|Print

Islamic Finance has entered a new stage of development, emerging after the global financial crisis as a more equitable and efficient alternative to the Western approach. Interest in Islamic Finance began in the 1970s, mainly due to the accumulated petro-dollars in Arab countries.
In a rather pragmatic approach, it was thought in the West that respecting Islamic principles regarding finance would attract wealthy Arab investors. ……………………………………Full Press Release: Source

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Korea: Islamic bonds stuck in limbo

Posted on 20 April 2010 by Laxman  |  Email|Print

From Joongang Daily: Lee Yul-hee, the head of the Islamic finance team at Korea Investment & Securities, a local securities firm, has to fumble for the right words whenever Muslim investors ask when they will be able to buy Islamic bonds issued by Korean companies. Have the promised regulatory changes been made yet?

The Korean government last year promised to ease restrictions that would pave the way for the local issuance of Islamic, or sukuk, bonds that are favored by Muslim investors because they conform to Islamic laws banning interest payments……………………………………Full Article: Source

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Indonesia: Govt to issue another global sukuk in October

Posted on 20 April 2010 by Laxman  |  Email|Print

From ANTARA News: The government will issue another global sukuk (sharia bonds) in October 2010 to meet part of financing target in the 2010 state budget.

The global sukuk would be issued prior to the issuance of retail sukuk in the fourth quarter of 2010, Director General of Debt Management at the Finance Ministry Rahmat Waluyanto said here on Monday……………………………………Full Article: Source

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Indonesia eyes Islamic T-bills, retail sukuk in 2010

Posted on 20 April 2010 by Laxman  |  Email|Print

From Forexpros.com: Indonesia may issue Islamic treasury bills and retail sukuk this year to diversify funding sources, develop the Islamic debt market and finance the state budget deficit, finance ministry officials said on Monday.

The ministry also said it expected to issue conventional bonds for retail investors in July or August, with maturities of up to five years……………………………………Full Article: Source

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