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Islamic Finance Briefing - Archive | May, 2010

Islamic ‘takaful’ insurance debates fund deficits

Posted on 31 May 2010 by Laxman  |  Email|Print

From Reuters: The Islamic insurance industry, or takaful, is debating who should chip in extra cash when its funds see deficits, showing the conflict of interests between policy holders and shareholders caused by its hybrid structure.

Islamic insurance is similar to mutual insurance but with a clear segregation of the assets owned by policy holders and those owned by the insurer…………………………………….Full Article: Source

Saudi Arabia tops in Islamic loans volume

Posted on 31 May 2010 by Laxman  |  Email|Print

From Business24-7.ae: Islamic loan volume exceeded $5.66 billion (Dh20.78bn) in Saudi Arabia during the May 2009 to May 2010 period, according to different research data. The loan volume in Qatar was the next highest at $2.75bn, followed by the UAE at $900 million, Bahrain at $540m, Turkey at $306m and Kuwait at $293m.

The Islamic finance industry would touch the $2 trillion mark in three to five years, said Rushdi Siddiqui, Global head of Islamic Finance, Thomson Reuters……………………………………Full Article: Source

Lack of legislation hinders Islamic finance march in Russia

Posted on 31 May 2010 by Laxman  |  Email|Print

From Arabnews.com: There is no doubt of the potential for Islamic finance in Russia and the CIS countries, but the major stumbling block is the absence of enabling legislation and a regulatory framework to facilitate Islamic financial products such as Murabaha, Ijara and sukuk.

These sentiments could not have been articulated better at the Moscow Forum on Islamic Finance & Investments which was held in the Russian capital last Thursday and attended by a host of local and international participants including Ali Hassan Jaafar, the Saudi Arabian Ambassador to Russia…………………………………….Full Article: Source

Malaysia maintaining pole position in Islamic finance

Posted on 31 May 2010 by Laxman  |  Email|Print

From Btimes.com.my: Backed with over 30 years of development in Islamic banking and finance, the country now has a deep capital market and broad range of consumer banking and Takaful products that attract both Muslims and non-Muslims.

Malaysia now has the critical mass of players - Syariah experts, products, tax incentives as well as legal clarity and certainty that support the expansion of Islamic banking and finance…………………………………….Full Article: Source

New Al Jazeera products offer flexible Shariah financing

Posted on 31 May 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Al Jazeera Finance has recently launched a new, more flexible approach to Shariah-Compliant financing, allowing customers a more comfortable manner in which to achieve their goals.

Al Jazeera Finance’s open financing assists its customers in creating tailor-made credit packages using Murabaha, Mosawama, Mosharaka and other Islamic financing models that can fully service their financing requirements unlike most banking models which focus on funding a single asset, says the company…………………………………….Full Article: Source

Tunisia launches its first Islamic Bank

Posted on 31 May 2010 by Laxman  |  Email|Print

From Guardian: The son-in-law of Tunisia’s president launched the country’s first Islamic bank on Friday to tap into growing demand for alternative finance and investment products in the secular-leaning country.
North Africa has begun to embrace Islamic finance after years watching from the sidelines, partly to channel more Arab Gulf petrodollars into the region…………………………………….Full Article: Source

Launch of Zitouna Bank: “new born Islamic finance in Tunisia, a true economic player”

Posted on 31 May 2010 by Laxman  |  Email|Print

From Tunisiaonlinenews.com: Zitouna Bank, the first Tunisian Islamic bank founded by the businessman, Mr. Mohamed Sakher El Materi, Chairman of “Princesse Holding Group”, officially started operations on Friday.

The inaugural ceremony, held at the Bank’s head offices, in EL Kram was attended by Messrs. Taoufik Baccar, Governor of Tunisia’s Central Bank (BCT), the Finance Minister Mohamed, Mr. Ridha Chalghoum, in presence of the Bank’s founder and a number of businessmen and finance professionals…………………………………….Full Article: Source

Bangladesh: Islamic banking to be monitored

Posted on 31 May 2010 by Laxman  |  Email|Print

From Bdnews24.com: The central bank has moved to introduce an independent, comprehensive guideline and monitoring system to supervise Islamic banking operations. The initiative has been included in the first-ever five-year strategic plan of the banking sector regulator.

The plan was officially unveiled at a programme on Sunday in the capital’s Hotel Purbani by Bangladesh Bank governor Atiur Rahman…………………………………….Full Article: Source

Emirates Islamic Bank launches summer credit cards campaign

Posted on 31 May 2010 by Laxman  |  Email|Print

From Ameinfo.com: Emirates Islamic Bank, one of the financial institutions in the region is running “take-off with up to 40, 000 bonus Skywards Miles” promotion this travel season. In addition to the various advantages and benefits of Skywards EIB credit card, new credit card holders will now earn introductory bonus of up to 40, 000 Skywards Miles.
Customers who subscribe to the Skywards EIB Credit Card during the promotion period will benefit through tiered bonus packages, dependent on the type of their card. Also they will have the chance to earn up to 15,000 monthly Skywards mile through the new spend grids introduced…………………………………….Full Article: Source

Arab banks reorient their priorities as they look east

Posted on 31 May 2010 by Laxman  |  Email|Print

From Gulfnews.com: Arab banks have long neglected the East and their priority now is to focus towards the fast-developing region, said Sulaiman Al Mazroui, board member of the Union of Arab Banks (UAB), in an exclusive interview with Financial Review.

“We shouldn’t just concentrate on the West, [but] explore opportunities in India, China, Japan, the Far East, Malaysia, Indonesia [and] Singapore,” he said. “There are huge developments there.”……………………………………Full Article: Source

Qatar: Assets of local banks grow by 21pct in Q1, 2010

Posted on 31 May 2010 by Laxman  |  Email|Print

From Gulf-times.com: Underpinned by the government’s sound fiscal measures, local banks have seen their assets growing by about 21% in the first quarter of this year compared with Q1, 2009, Qatar Central Bank Governor HE Sheikh Abdulla bin Saoud al-Thani has stated.

Addressing a business seminar on ‘changing market dynamics’ jointly hosted by Doha Bank and Doha Bank Assurance Company here he said measures undertaken by the QCB in line with Government directives have led to a ‘robust growth’ of the country’s banking industry…………………………………….Full Article: Source

Banks agree to DIC debt delay

Posted on 31 May 2010 by Laxman  |  Email|Print

From Thenational.ae: Dubai International Capital (DIC), the emirate’s premier investment vehicle, has reached a deal with its main bankers to delay repaying debts of US$2.6 billion (Dh9.55bn) for three months.

In a brief statement, the company said it and a “co-ordinating committee (Co-com) of banks presented a request to lenders for a three-month extension to September 30 of certain maturities…………………………………….Full Article: Source

Malaysia sells $1.25 bln sukuk

Posted on 31 May 2010 by Laxman  |  Email|Print

From Financeasia.com: The Malaysia sovereign ended an eight-year absence from the international debt markets with the issue of a $1.25 billion sukuk, or Islamic bond, early Friday morning. The 144A/Reg-S registered securities were issued with a five-year bullet that has been set to mature on June 4, 2015.

With a 3.93% fixed-rate coupon and a yield of 3.87%, this is only the second bond to be issued by an emerging market country in the past five years to yield below 4% — and the first ever by an Asian emerging market sovereign. The last country to issue at sub-4% was Russia, which sold a $5.5 billion dual-tranche bond in April that paid a yield of 3.741% on the $3.5 billion five-year tranche…………………………………….Full Article: Source

Insurance sector in Middle East made significant progress but still has room for improvement

Posted on 31 May 2010 by Laxman  |  Email|Print

From Ameinfo.com: In the last three years, policy makers and regulatory authorities have made progress in promoting the growth, competitiveness and development of the insurance industry in the Middle East and North Africa (Mena) region.
As the industry looks to build on this success, several key challenges will need to be addressed to sustain growth and bring the region in line with developed insurance markets around the world, according to a new study by Booz and Company……………………………………Full Article: Source

Agency fast gaining ground in takaful sales

Posted on 31 May 2010 by Laxman  |  Email|Print

From Thestar.com.my: Promoting takaful via agency is fast gaining prominence with more players now investing significantly to beef up their agency channel and grab a larger slice of the competitive takaful market.

This mode of distribution, according to an industry player, had become more significant in view of the “Takaful For All” approach adopted by newer takaful entrants whereby takaful could be sold or promoted by anyone regardless of faith and religious beliefs…………………………………….Full Article: Source

Opalesque Exclusive: Greek crisis pulls down Islamic markets in May - Dow Jones

Posted on 31 May 2010 by Laxman  |  Email|Print

From Komfie Manalo, Opalesque Asia: The Greek debt default problem which transformed into a Euro crisis, dragged down Islamic markets in May as the Dow Jones Islamic Indexes (DJIM) posted losses across the board during the month (-2.0% as of May 26).

In an Industry Commentary issued yesterday, DJIM said only two of its indexes posted positive returns: the DJIM Amana Sri Lanka Index (up 1.30%, closing at 1,766.82 points) and the Dow Jones Citigroup Sukuk Index (1% higher at 120.21 points)…………………………………….Full Article: Source

Malaysia sells $1.25 bln 5-year sukuk at par

Posted on 28 May 2010 by Laxman  |  Email|Print

From Reuters: The government of Malaysia on Thursday sold $1.25 billion worth of 5-year sukuk at par with a yield spread of 180 basis points over U.S. Treasuries, according to a market source familiar with the transaction.
The deal, Malaysia’s first global bond in eight years, priced at the tighter end of revised yield guidance of 180-190 basis points……………………………………….Full Article: Source

Demand strong for Malaysia sukuk‎

Posted on 28 May 2010 by Laxman  |  Email|Print

From Dow Jones: Demand for Malaysia’s five-year $1.25 billion Sukuk bond issue, launched earlier Thursday at 180 basis points over comparable U.S. Treasurys, has swelled to $4 billion, according to a person familiar with the deal.
The order volume indicates that despite market volatility, demand for emerging market notes remains high, the person said. Indeed, Malaysia initially planned to sell $1 billion in bonds……………………………………….Full Article: Source

CIMB Group keeps mum on launch of Sukuk

Posted on 28 May 2010 by Laxman  |  Email|Print

From Bernama: CIMB Group Bhd, one of the joint lead managers and bookrunners for the sale of Malaysia’s US dollar-denominated five year Islamic bond, is keeping mum on the launch date for the sukuk.
When asked if there would be a delay in launching the sukuk, its Group Chief Executive Datuk Seri Mohamed Nazir Tun Razak responded with a “No comment”……………………………………….Full Article: Source

Plan to make Malaysia regional sukuk leader

Posted on 28 May 2010 by Laxman  |  Email|Print

From Themalaysianinsider.com: Bank Negara and the Securities Commission will introduce a new master plan to make Malaysia the region’s leader in non-ringgit sukuk and other financial services.
“Our regulators have put in place policies, established institutions and provided incentives to encourage the development of such a market,” said Finance Minister II Datuk Seri Husni Hanadzlah……………………………………….Full Article: Source

UAE’s Tabreed says fails to make sukuk payment

Posted on 28 May 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Dubai-listed refrigeration and cooling company Tabreed on Thursday said it did not make distribution payments on its AED1.7bn ($462.8m) Islamic bond due in 2011. The payment was due on May 19, it said in a statement on Dubai’s bourse website.
Tabreed, also known as the National Cooling Co, deferred payment on the bond in April, sparking concerns the state may step in again and bail it out……………………………………….Full Article: Source

Tabreed in talks to restructure $1 bln in loans

Posted on 28 May 2010 by Laxman  |  Email|Print

From Bloomberg: National Central Cooling Co., the refrigeration company that delayed payments on an Islamic bond, is in talks with banks to restructure about 3.7 billion dirhams ($1 billion) in loans, the chief financial officer said.
“We are in discussions with about a dozen banks,” Stephen Ridlington said in a phone interview from Abu Dhabi today. “We don’t have a proposal on the table yet. Banks need to see the business plan we are developing.”………………………………………Full Article: Source

Australia to get Islamic finance friendly

Posted on 28 May 2010 by Laxman  |  Email|Print

From Expressindia.com: Shariat-compliance is fast catching on Down Under too. Australia will outline laws in the second half of 2011 to equalise the tax treatment of Islamic finance and conventional banking, a government official said on Thursday.
The comments from Nick Sherry, Australia’s assistant treasurer, mark the first time that the government has indicated a timeline for the change. Australia joins a growing number of non-Muslim countries, which include Hong Kong, looking to develop their Islamic finance sector by changing regulations to attract investors who can only put their money in sharia-compliant assets……………………………………….Full Article: Source

Islamic finance has wider appeal: Sherry

Posted on 28 May 2010 by Laxman  |  Email|Print

From Investordaily.com.au: Islamic finance products are not just limited to a Muslim audience, but could attract the same client base as socially responsible investment (SRI) products, according to assistant treasurer Nick Sherry.
“There are an increasing amount of people in our community interested in socially responsible investments and Islamic Shariah finance is in one sense a form of socially responsible investment,” Sherry said……………………………………….Full Article: Source

UK- A key western centre for Islamic financial services

Posted on 28 May 2010 by Laxman  |  Email|Print

From Globalarabnetwork.com: The global market for Islamic financial services, as measured by sharia compliant assets, is estimated by IFSL to have reached $951bn at end-2008, 25% up from $758bn in 2007 and three quarters up on the 2006 total. However, 2009 may have seen a pause following strong growth of previous years.
Commercial banks account for the bulk of the assets with investment banks, sukuk issues, funds and takaful making up the balance……………………………………….Full Article: Source

Dow Jones Islamic market index falls 11.7pct

Posted on 28 May 2010 by Laxman  |  Email|Print

From Tradearabia.com: The Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, dropped 11.7 per cent month-to-date, closing at 1869.50 as on May 25.
In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a loss of 12.24 per cent, month-to-date closing at 150.37……………………………………….Full Article: Source

Malaysian institutions urged to explore Islamic wealth management potential via international cooperation

Posted on 28 May 2010 by Laxman  |  Email|Print

From Peopledaily.com.cn: Malaysian financial institutions are urged to seek international cooperation to boost their Islamic wealth management services.
As a leading power in global Islamic finance industry, local institutions should seek the possibility of forging partnerships and joint ventures with world-class asset management companies to explore the potential in this segment, said Malaysia’s Second Finance Minister Ahmad Husni Hanadzlah……………………………………….Full Article: Source

Nakheel arrears less than market thinks - Arabtec

Posted on 28 May 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Cash-strapped Dubai developer Nakheel is not in arrears to Arabtec as much as some analysts fear, said Ziad Makhzoumi, chief financial officer of the largest builder in the United Arab Emirates.
Arabtec, which expects to receive an overdue payment by end-June following developer Nakheel’s debt restructuring, is well-funded after managing its cash resources carefully during the downturn, Makhzoumi told Reuters Insider……………………………………….Full Article: Source

Islamic finance market set to hit $1trn mark

Posted on 28 May 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Despite the economic downturn in the aftermath of the global financial crisis, the Islamic finance industry has been growing strongly with the opening of new markets such as the Commonwealth of Independent States.
The industry is poised to reach $1 trillion this year, a major landmark. Crossing this threshold could possibly ignite a new growth path for the industry, which according to some estimates has the potential to become a $5trn industry……………………………………….Full Article: Source

DIC seeks three-month debt delay

Posted on 28 May 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Dubai International Capital (DIC), the private equity unit of the emirate’s flagship conglomerate Dubai Holding, sought a three-month debt repayment delay yesterday, in another blow to the emirate’s financial image.
“Dubai International Capital and a coordinating committee of banks today presented to lenders a request for a three-month extension to 30 September 2010 of certain maturities,” the company said in a statement……………………………………….Full Article: Source

EDB COO says Islamic Finance Conference supports Bahrain’s role in driving forward the sector

Posted on 28 May 2010 by Laxman  |  Email|Print

From Cpifinancial.net: According to Kamal Ahmed, Chief Operating Officer of the Bahrain Economic Development Board (EDB), Bahrain plays a leading role driving forward the development and growth of the Islamic finance industry.
The conference is designed to give the international Islamic finance industry a collaborative platform to highlight and discuss pertinent industry issues as well as to help facilitate AAOIFI’s role in the development of new standards and the review of existing standards. Discussions at the Conference will be led by eminent Shari’ah scholars and members of Shari’ah Board of AAOIFI……………………………………….Full Article: Source

Investment Dar, Blom ruling raises Shariah risk, Moody’s says

Posted on 27 May 2010 by Laxman  |  Email|Print

From Bloomberg: A U.K. court ruling involving Kuwait- based Investment Dar Co. and Lebanon’s Blom Bank SAL will heighten the “operational risk” for Islamic finance transactions, said Moody’s Investors Service.
Investment Dar was granted the right to a trial by an English court as its attempts to effectively void an Islamic finance transaction with Blom, Khalid Howladar, a senior credit analyst at Moody’s wrote in an e-mailed report today……………………………………..Full Article: Source

Malaysia: Govt delays decision on sukuk size and timing

Posted on 27 May 2010 by Laxman  |  Email|Print

From Thestar.com.my: Malaysia has delayed making a decision on the size and timing of its first sale of Islamic bonds in eight years due to unstable market conditions, say two people with direct knowledge of the plan.
The decision would not be made this week because of swings in emerging-market assets, said one of the people, who declined to be identified because discussions were private. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah didn’t pick up calls to his mobile phone seeking comment……………………………………..Full Article: Source

Islamic branding: Is Bangladesh ready to cash in?

Posted on 27 May 2010 by Laxman  |  Email|Print

From Thedailystar.net: The world is slowly but surely realising the importance of the “halal” branding as major companies around the world move in to capture a global Muslim community, where the “ummah” brings together nearly 1.8 billion people around the world.
The majority of those people are in Asia, particularly South and East Asia. It’s also a very young demographic — 52% are under 24. This means a trend-setting, ambitious, and internationally connected market is at hand here……………………………………..Full Article: Source

Malta: Steps towards Islamic banking

Posted on 27 May 2010 by Laxman  |  Email|Print

From Timesofmalta.com: Research into the implications inherent in the regulation of banking activities based on Islamic principles, as well as the accounting of such activities, is still ongoing, Finance Minister Tonio Fenech told Parliament in reply to a question by Labour MP Leo Brincat.
Such research involved close examination of various banking aspects in the context of current legislation, regulations and legal principles at local, European and international levels……………………………………..Full Article: Source

Noor Islamic Bank on track despite banking crisis

Posted on 27 May 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Noor Islamic Bank remains on track to break even by 2012 despite challenges in the banking sector due to Dubai World’s financial woes and new worries over Dubai Holding, said Noor Islamic’s chief executive on Wednesday.
The company has no exposure to Dubai World and less than 2 percent exposure to Dubai Holding, which some analysts fear could be the next entity to face a large scale restructuring, said Hussain Al Qemzi in an interview with Reuters……………………………………..Full Article: Source

Jordan Dubai Islamic Bank trades on Amman bourse

Posted on 27 May 2010 by Laxman  |  Email|Print

From Reuters: Jordan Dubai Islamic Bank made its market debut on the Amman stock exchange on Wednesday, nearly 18 months after UAE-based investors bought a majority stake in a local Jordanian bank and rebranded it.
The UAE’s Dubai Islamic Bank had bought a 52 percent stake in Industrial Development Bank of Jordan and shares in the predecessor of Jordan Dubai Islamic Bank were then suspended on Dec. 30 2008……………………………………..Full Article: Source

UAE cbank to launch Islamic liquidity facilities

Posted on 27 May 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: UAE’s central bank plans to launch new liquidity facilities within the next three months to expand its policy arsenal and help the Gulf state’s Islamic banks manage cash, a senior official said on Wednesday.
Speaking to Reuters, Mohamed al Tamimi, deputy executive director at the central bank’s treasury department, said: “I believe that we are the first central bank in the region to issue Islamic certificates of deposit with maturities of one week up to one year.”…………………………………….Full Article: Source

Value of assets managed by global Islamic banks to touch US$ 4 trillion by 2020

Posted on 27 May 2010 by Laxman  |  Email|Print

Industry analysts at the International Islamic Finance Forum 2010 are of the opinion that the value of assets managed by Islamic banks is expected to grow to AED14.6 trillion (US$ 4 trillion) by 2020 . This would be possible as the world’s Muslim population grows larger and globally more non-Islamic jurisdictions warm up to the concept of Islamic banking. However, the need of the hour according to analyst is addressing issues such as evolving sukuk structures, poor corporate credit and product innovation .
These sentiments were expressed through an electronic voting system by delegates and high-profile speakers at the Forum. Poor corporate credit was rated deemed as the primary cause of recent sukuk defaults and near defaults, followed by lack of Islamic regulatory oversight. 44.5 percent of participants voted that sukuk structures will evolve only over the next three years from asset-based arrangements to true asset-backed……………………………………..Full Press Release: Source

Saleh resigns from Emirates NBD board

Posted on 27 May 2010 by Laxman  |  Email|Print

From Gulfnews.com: Emirates NBD Wednesday announced the resination of its Vice-Chairman Abdullah Mohammad Saleh. The board accepted his resignation, the bank told the Dubai Financial Market in a statement.
Saleh was the first Emirati officer of National Bank of Dubai (NBD) and served it right from its inception in 1963, according to the bank’s website. He was managing director of the bank from 1981 until December 2003……………………………………..Full Article: Source

S&P rating for top Kuwaiti Islamic bank on ‘credit watch’

Posted on 27 May 2010 by Laxman  |  Email|Print

From Msn.com: Standard and Poor’s ratings agency on Wednesday placed the A- long-term counterparty credit rating for top Islamic bank Kuwait Finance House on “credit watch” with negative implications.
“The rating action reflects our view that the material deterioration of asset quality indicators and reduced revenue-generating capability — linked to the bad performance of equity and real estate markets — have negatively affected KFH’s financial profile,” S&P said……………………………………..Full Article: Source

Saudi investors turning to bonds says HSBC

Posted on 27 May 2010 by Laxman  |  Email|Print

From Tradearabia.com: Volatile equity markets and low interest rates on deposits in recent years are drawing investors in Saudi Arabia towards bonds, a new asset class poised for growth, a senior investment banker from HSBC said.
Some SR50 billion worth ($13.33 billion) of bonds have been issued in the kingdom from mid-2006 with more issues in the pipeline, Fahad al-Saif, director of investment banking at HSBC Saudi Arabia, said on Wednesday……………………………………..Full Article: Source

Saudi Electricity Co plans international Sukuk in early ‘11

Posted on 27 May 2010 by Laxman  |  Email|Print

From Zawya Dow Jones: Saudi Electricity Co., or SEC, plans to issue an Islamic bond, or sukuk, in the international markets by early next year, after three sukuk issues in the local market, a senior company executive said Wednesday.
“We are soon going to tap the international markets. It might not be this year, maybe beginning of next year,” Ahmed Al Jogaiman, executive vice president for finance, said at a forum in Abu Dhabi……………………………………..Full Article: Source

Gulf Bond and Sukuk Association and EMTA sign Memorandum of Understanding

Posted on 27 May 2010 by Laxman  |  Email|Print

From Zawya.com: The Gulf Bond and Sukuk Association (GBSA) and EMTA, Trade Association for the Emerging Markets, announced today that they have signed a Memorandum of Understanding (MoU) to work together in actively promoting the fixed income markets in the Middle East.
The agreement was signed by Michael Grifferty, President of GBSA, and Michael Chamberlin, Executive Director of EMTA. Diego Gradowczyk of Barclays Capital, one of EMTA’s Co-Chairs, also attended the signing and witnessed the MoU……………………………………..Full Article: Source

South Africa: Introduction of tax legislation in relation to Islamic financing

Posted on 27 May 2010 by Laxman  |  Email|Print

From Lexology.com: It is with great interest that the introduction of tax legislation dealing with Islamic finance has been noted in the Taxation Laws Amendment Bill, 2010 (the Bill) that was released for comment recently.
In this context South Africa is thus following countries such as the United Kingdom and France that have introduced similar legislation and have attracted substantial investments following from the regularisation of these types of investments from a tax perspective……………………………………..Full Article: Source

Moody’s: implications for Islamic finance from recent UK court ruling

Posted on 27 May 2010 by Laxman  |  Email|Print

From Cpifinancial.net: In a new Special Comment, Moody’s examines the new concept of the “Shari’ah risk” associated with Islamic financial instruments and considers the implications of a recent English court decision, which highlighted a particular legal concern relating to potential disputes over Shari’ah compliance.
“Although the story is not yet over, the recent ruling in the case of Blom Bank (Blom) vs. The Investment Dar (TID) has some material implications for the Islamic finance industry,” says Khalid Howladar, a Moody’s Senior Credit Officer and author of the report……………………………………..Full Article: Source

Islamic funds industry ‘ready to bounce back’

Posted on 27 May 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: MEGA Events managing director Davis McLean predicted that next year would see the industry bounce back after a year of stabilisation. “This year we have seen the Islamic funds industry re-invent itself and by 2011 we expect growth to be back on track,” he said.
“That is certainly the view that came across here from experts from all over the world……………………………………..Full Article: Source

Gulf investors ‘prefer emerging markets’

Posted on 27 May 2010 by Laxman  |  Email|Print

From Tradearabia.com: Middle East investors are looking to invest more in emerging markets than in North America, Europe or Japan, lured by the higher returns such regions offer, a study released by US-based fund manager Invesco showed.
In a report published on Wednesday, the global money manager said about 82 per cent of the more than 200 participants it surveyed forecast a preference for exposure to emerging markets in the next three to five years, compared with 30 per cent for North America and 14 per cent for Europe……………………………………..Full Article: Source

GCC wealthy individuals focus more on ‘socially responsible investments’

Posted on 27 May 2010 by Laxman  |  Email|Print

From Saudigazette.com.sa: GCC’s high net worth individuals (HNWIs) are the most actively involved in their portfolio and are seen increasingly involved in socially responsible investing, Barclays Wealth said in its latest report released on Monday titled “The Changing Wealth of Nations”.
It also forecast that GCC HNWI’s have rosy outlook on global economy, particularly bullish on equities and property……………………………………..Full Article: Source

Mena economic outlook boost on capital inflows

Posted on 27 May 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Economic prospects for the countries of the Middle East and North Africa (Mena) have improved with the resumption of capital inflows and rising crude oil prices.
But stress in the banking and financial sectors along with slow credit activity are weighing on the rebound, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook report……………………………………..Full Article: Source

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