Posted on 27 May 2010 by Laxman | Email|Print
From Expressindia.com: Days after a leading Islamic seminary held as un-Islamic women working in offices in proximity with men, another seminary has issued a fatwa that Muslim women can work in offices but with a veil.
Mufti of Darul Iftah of Bareilvi Sharif Mohd Ayyub Alem Rizvi has issued the fatwa that Muslim women can work in institutions after wearing the veil but with some conditions. However, the conditions were not known…………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Gulf-daily-news.com: The prospects for growth in Islamic securities markets are likely to be positive in spite of the credit crunch, an increase in commodity prices and the widespread global economic slowdown.
That was the message to the opening session of the Sixth World Conference of the Islamic capital markets and investment funds at the Gulf Hotel from Central Bank of Bahrain (CBB) executive director of financial institutions supervision Abdul Rahman Al Baker yesterday……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Tradearabia.com: Investor sentiment has shifted in both Islamic and conventional finance since the economic downturn with people now looking at lower risk investments, delegates at the conference were told.
‘People are looking to move away from equities to safer havens like gold and cash at the moment,’ said Malaysian Stock Exchange global head of Islamic markets Raja Teh Maimunah Raja Abdul Aziz……………………………………….Full Article: Source
Posted on 26 May 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 interest.
Sales of so-called sukuk globally increased to $20.2 billion last year from $14.1 billion in 2008, according to data compiled by Bloomberg. They climbed 31 percent to $4.8 billion so far this year……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Thejakartaglobe.com: Malaysia’s national mortgage company, Cagamas, will launch an Islamic bond program worth up to $3.02 billion, using the new structure to court Gulf investors and bridge the divide on Shariah compliance between the two regions.
Sukuk , or Islamic bonds, being developed with the Malaysian unit of Saudi’s Al Rajhi Bank, will be structured to enable Middle Eastern investors to trade the securities in secondary markets……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Reuters: Indonesia’s finance ministry said it rejected all incoming bids, worth 1.2 trillion rupiah ($129.6 million) in total, at its sukuk auctions on Tuesday, as debt woes in Europe prompted investors to demand high yields.
Indonesian stocks fell more than 4 percent on Tuesday afternoon before closing down 3.66 percent, as most Asian markets declined on concerns that the euro debt woes could trigger a new banking and global economic crisis……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Reuters: The number of Islamic fund liquidations is expected to rise unless the nascent industry can develop the scale needed to tap into a large enough pool of Muslim wealth to succeed, a director at Ernst & Young said.
Assets managed by Islamic funds are hovering at about $52 billion, a fraction of the Muslim wealth pool estimated to be $300 billion, Ashar Nazim, a director at Ernst & Young, told Reuters on the sidelines of a two-day Islamic capital markets conference which ends on Tuesday……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Newzglobe.com: Backed by strong fundamentals and increasing demand, Takaful premiums are estimated to increase by 30 percent to US$8.9 billion (Dh32.6bn) this year globally with GCC holding a lion’s share of 70.4 percent of the total. The UAE is the fastest growing takaful market in the world with a compound annual growth rate.
Encouraged by growth in Muslim population and non-Islamic countries’ warming up to the concept of Islamic banking, the value of assets managed by Islamic banks is expected to grow to US$4 trillion by 2020……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Insurancenewsnet.com: Although Islamic Shariah law has strict limitations on the use of premiums from takaful sales, Allianz Malaysia said it is open to tapping the market, with its estimated annual growth of up to 20% under positive government support.
“We are interested in takaful business as it is an attractive and promising segment with a lot of potential for growth,” Alexander Ankel, chief executive of Allianz Malaysia, told BestWeek Asia/Pacific……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Commodityonline.com: The internal working group of Reserve Bank of India (RBI), led by Anand Sinha, was supposed to examine the feasibility of Islamic banking business in India; they concluded that Islamic Banking in India is not possible unless we amend the Banking Regulation Act. This in my view is not imperative.
Had there been any objective of finding possibility to erode the hurdles for financial inclusion of any community who hate involvement in interest based transactions, one could have well concluded that ‘though Islamic banking needs amendments, under prevailing acts in India, interest free banking is quite possible’……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Zawya.com: Growing tendency towards favoring Islamic banking requires the upgrade of financial services at Sharia-compliant banks, Ahamdi Governor Sheikh Dr. Ibrahim Al-Duaij Al-Sabah said Monday.
His remarks to reporters came on the occasion of inaugurating the new branch of Boubyan Bank at Al-Bairaq Shopping Mall in Oqaila, the 16th for the Kuwaiti lender……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Thestar.com.my: Come June, there will be some excitement in the banking industry when Bank Negara reveals some of the successful recipients for foreign commercial banking licences in line with the financial sector liberalisation plan.
Up to five new banking licences are expected to be issued in niche and up to two new takaful licences will also be announced……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Reuters: Ratings agency Fitch downgraded Dubai Bank on Tuesday as concerns mount that other Dubai companies to which it is connected, including its owner, state conglomerate Dubai Holding, face financial difficulties.
Fitch cut its individual rating on Dubai Bank to ‘D’, which means there are concerns regarding its profitability and balance sheet integrity, management, operating environment or prospects, according to the agency’s website……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Gulfnews.com: In the next few months, banks in the smaller economies in the region will reduce their loan to deposit ratios and investment banks will be regulated in a much harsher way, according to the UAE Central Bank Governor.
“Banking regulations will probably be amended in the coming few months…. will steer their banking system towards lowering the growth rate of loans and advances plus investments versus stable deposits,” Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor, said at the closing of the Menasa Forum on Monday……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Firstthings.com: To what extent is sharia compatible with Western law? Dr. Rowan Williams, the Archbishop of Canterbury, and Britain’s Supreme Court president Lord Phillips created a stir in 2008 by proposing that British courts might permit the application of Muslim religious law.
Numerous American scholars have suggested that sharia might have an application to family law. All the proponents of importing sharia into the West cite the example of Jewish religious law, Halakha, which has coexisted seamlessly with Western law for two thousand years……………………………………….Full Article: Source
Posted on 26 May 2010 by Laxman | Email|Print
From Arabnews.com: Economic growth in the Middle East and North Africa will gain momentum in 2010 along with global recovery, but challenges to some banking systems weigh on the outlook, the International Monetary Fund said on Tuesday.
A potential repricing of sovereign debt due to the Dubai and Greek debt crises was adding uncertainty to the outlook for the MENAP region, which also includes Afghanistan and Pakistan, the IMF said in its regional economic report……………………………………….Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Reuters: DBS Group, Southeast Asia’s largest lender, is shrinking its Singapore-based Islamic unit in yet another sign that the city-state’s efforts to promote sharia banking is struggling.
Islamic Bank of Asia (IB Asia), in which DBS has a just over 50 pecent stake, has transferred 10 of its 65 staff to DBS and redeployed others to new roles within the Islamic bank, a spokeswoman said………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Business24-7.ae: Most Islamic fund managers are struggling to build scale amid a decline in average fees which have dropped by almost 25 per cent over the past few years, according to a study by Ernst & Young.
“Almost 70 per cent of Islamic fund managers are struggling to build scale and have under $75 million (Dh275m) in assets under management (AUM), while 55 per cent have less than $50m AUM. On the other hand, average fee charged by Islamic fund managers have dropped by almost 25 per cent since 2006, and is expected to continue at this level for the foreseeable future,” said the study released yesterday………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Gulf-times.com: Global Islamic fund assets stagnated at $52.3bn in 2009, remaining at almost the same level as the $51.4bn posted in 2008, said Ernst & Young in its fourth annual ‘Islamic Funds and Investment Report’.
In contrast, the global conventional mutual fund assets under management showed signs of recovery from their lows of $19tn in 2008, reaching $22tn in 2009………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Africasia.com: Analysts are predicting a sharp rise in the market for Islamic bonds. The Gulf states are already attracting substantial inflows of international capital and predictions are that the market for Islamic finance could eventually reach $5 trillion.
Moody’s, the international ratings agency, is expecting a substantial revival this year in the market for Islamic bonds, or sukuk. Their optimism is being fuelled by new issues, both corporate and sovereign, in the Gulf states that are already attracting substantial inflows as international investors return to the market………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Gulfnews.com: The Islamic Finance market is in desperate need of high-quality scholars who will help to grow the industry, Islamic banking industry specialists said yesterday at the Menasa Forum in Dubai. Conventional banking has strict regulations, and Islamic banking has its Sharia scholars.
Harris Irfan, head of Islamic Products for Barclays Capital and Barclays Wealth, said there were only 15 very well-known names, leaving a gaping hole, with Islamic banks searching for solutions in a $1 trillion market………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Bursa Malaysia feels that there is a strong need for diverse products that match different investors’ appetites, supported by an adequate amount of regulatory oversight championing public interest, in order to create a more appealing Islamic investment landscape.
Global Head of Islamic Markets, Raja Teh Maimunah Raja Abdul Aziz shared this sentiment at the World Islamic Funds and Capital Markets Conference in Bahrain on 24 May 2010, where she presented a paper on ‘Tapping into Strong Fundamentals – Revitalising Growth Prospects for Islamic Investment’………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Cbonds.info: Malaysia may sell more than $600 million of five-year Islamic bonds, the country’s first overseas debt offering in almost eight years, according to Barclays Capital as the prime minister officially launched the sale.
The Southeast Asian nation started to market the securities in Asia today, with the roadshow set to end in New York on May 27, when the final size will be determined, said Steven Clayton at Barclays Capital Markets Malaysia, one of three arrangers along with HSBC Holdings plc and Malaysia’s CIMB Group Holdings Bhd. Stops are also planned in Europe and the Middle East, a banker familiar with the deal said yesterday………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Thenational.ae: Kenya is considering allowing Islamic financial products as the east African country tries to tap into funding from the Middle East.
The effort by the Central Bank of Kenya comes two years after the country licensed its first Islamic banks. Gulf African Bank, the first Islamic bank in the country, has found its niche and was looking to capitalise on the call for new financial products………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Arabtimesonline.com: Hamad Abdul Mohsen Al Marzooq, Chairman and Managing Director of Ahli United Bank (AUB), said that the conversion phase into a bank operating in accordance with Islamic Shari’ah provisions required the cooperation with a group of partners who could meet the needs of the Bank and its customers, and complete the conversion process within the time frame set out the Central Bank of Kuwait and according to its instructions related to the Islamic banks business.
Al-Marzouq added that the choice of ITS was a strategic one as the latter’s experience was a key factor in the conversion of AUB, formerly known as the Bank of Kuwait and the Middle East, into an Islamic institution, pointing out that the agreement was a preliminary step for a long-term relationship expected to be extended between both organizations………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Ameinfo.com: Sharjah Islamic Bank (SIB) has signed a strategic agreement with MasterCard Worldwide to issue MasterCard debit and credit cards.
According to the agreement, which was signed at the bank’s headquarters in Sharjah by H.E Mohammed Abdullah, CEO of Sharjah Islamic Bank, and Raghu Malhotra, General Manager, Middle East (Gulf countries) of MasterCard Worldwide, Sharjah Islamic Bank will be a strategic collaborator for MasterCard in the UAE………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based BBK will issue a bond “any time the market permits”, the bank’s chief executive said on Monday, having held investor meetings last week.
The meetings in Asia and Europe were arranged by HSBC, Deutsche Bank and Citigroup with a view to a potential benchmark US dollar Eurobond issue under the bank’s existing euro medium term notes (EMTN) programme………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Thefinancialexpress-bd.com: Influential financial institutions of the world including IDB thanked the government, especially the central bank, for assisting the growth of the Islamic financial services industry (IFSI) in the country through creation of requisite conducive environment.
Different financial institutions of the world lauded the role of the government in their messages and letters sent on the occasion of 27th AGM of Islami Bank Bangladesh Limited (IBBL) held recently. The messages were read out to the shareholders of the bank during the AGM, said a press release………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Islamic Finance is all set to be a $ 2 trillion industry in the next half a decade according to Rushdi Siddiqui, Global Head of Islamic Finance, Thomson Reuters.
Speaking at a panel discussion at the MENASA Forum titled ‘The Challenges Ahead for Islamic Finance’, Siddiqui said: “It took the Islamic Finance industry 40 years to become a $ 1 trillion industry. It will take another two to five years to become a $ 2 trillion industry.”……………………………………..Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
The Ernst & Young Islamic Funds and Investments Report (IFIR) 2010, which was launched today at the 6th Annual WIFCMC in Bahrain, will also be a key topic of discussion by the delegates attending the inaugural Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2010).
Sameer Abdi, Islamic Financial Services Advisory Leader, Ernst & Young EMEIA, will on the 14th June 2010 give a presentation at WIBC Asia 2010 based on the findings from the IFIR 2010 Report. According to the Report, Singapore, as an established financial services centre has a well defined framework for fund management and has over the years revised its regulatory framework and tax structure to facilitate various Shari’ah compliant financial products………………………………………Full Press Release: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Zawya Dow Jones: Bahrain’s sovereign debt stands at $2.23 billion, the highest in the country’s history, representing 17.2% of gross domestic product, Manama-based Al Wasat daily reports Monday, citing public data.
The next payment for the foreign currency debt amounts to $230 million and will be due in November 2011, the paper reports. Bahrain is expected to issue Islamic or conventional bonds to cover the sukuk that will mature in November 2011, the daily adds………………………………………Full Article: Source
Posted on 25 May 2010 by Laxman | Email|Print
From Globalarabnetwork.com: While Bahrain’s economy is well along the road to recovery, rebounding after last year’s slowdown, there are growing concerns that this journey may be affected by the rising debt crisis in Europe, with a possible impact on the Kingdom’s Islamic financial sector.
Throughout the first half of May, a number of Bahrain’s leading sharia-compliant banks and finance houses have been releasing data on their first-quarter results. In many cases the reports make for comforting reading, showing solid performances across the board, rolling back losses or spiking profits as confidence returns………………………………………Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Arabnews.com: Judging by the spate of conferences on Islamic finance organized in the Russian Federation and the rest of the CIS countries in recent months, interest in Islamic finance is fast developing in a region that should be a natural market for the global industry.
The region is rich in natural resources, especially oil, gas, minerals and cotton, and has a combined Muslim population in excess of 120 million………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Brudirect.com: Islamic financial institutions are faced with several challenges which have to be addressed before their products can be marketed at a global level, experts said.
Humphrey Percy, chief executive of the Bank of London and the Middle East, said there were 1.6 billion Muslims in the world, but only 14 per cent use banks and Islamic finance represents less than one per cent of global finance systems………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Gulfnews.com: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, made an extraordinary comment last month, “… we are conducting feasibility studies to evaluate the costs and benefits of a bid [for the 2020 Olympics].”
Qatar submitted a bid to host the 2022 World Cup, and bid committee Chairman, Shaikh Mohammad Khalifa Al Thani, said, “… A World Cup in Qatar will be a new World Cup, bringing people and different cultures together in the name of football…”…………………………………Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Thestar.com.my: The change of government in Britain has not changed the nation’s commitment towards Islamic finance and banking. Sir Iqbal Sacranie, who headed the delegation from the Muslim Council of Britain (MCB) at the recently concluded World Islamic Economic Forum (WIEF), said the new coalition government had indicated that it would still support efforts in developing Islamic finance in Britain as it was beneficial to the country.
“From what we have heard, they are committed to it. It is good for the country. It is beneficial. The parties (Conservatives and Liberal Democrats) have indicated their support for Islamic finance,” he said………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Astburymarsden.com: London will play a central role in the future expansion of the Islamic finance sector, it has been predicted. During a special address at the World Islamic Economic Forum (WIEF), Prince Andrew told delegates the British market is a significant - and growing - one, the Khaleej Times reports.
The special representative for international trade and investment noted: “The UK is already the largest centre in the western world for Islamic finance and eighth globally.”…………………………………Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Asianews.it: In the midst of a world crisis, Islamic financing is growing. “In some countries, growth is as much as 10-15 per cent annually,” Malaysian Prime Minister Najib Razak said in opening the annual World Islamic Economic Forum in Kuala Lumpur.
Forum participants encourage Muslim countries to back Islamic financing, counting on the positive trend of the sector, which could also interest non-Muslims. “The time is right for this,” Razak said………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Thestar.com.my: Response has been lukewarm to the Sukuk 1Malaysia 2010, according to local banks polled by StarBiz yesterday. However, the sukuk, which was available since yesterday, has been attracting customers above 40 years old, a bank personnel said.
“Response is not that good. We received less than 10 depositors today,” said a Public Bank Bhd representative in Mont’Kiara. He said customers were between 40 to 50 years old………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Arabnews.com: In the Kingdom, for a seminar on Islamic finance recently, Nigel Denison, director and head of asset management, Bank of London and the Middle East (BLME) said that the totally-Shariah based bank is currently working on the development of a Shariah-compliant Absolute Return Fund.
“We have been watching the whole scenario of active and passive fund management and have been working with a lot of interest on the development of an absolute return fund,” said Denison…………………………………Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Ameinfo.com: Even during the slowdown that resulted from the financial crisis many new branches of Islamic retail banks were opened worldwide. However, as a new e-friendly generation enters the scene, the industry will need to upgrade its services and distribution channels and expand into untapped markets to continue to grow.
On the search for a low-risk, non-interest and ethical way of investing, investors might regard Islamic finance, which is expected to reach $1 trillion globally in 2010, as a trustworthy alternative way of sheltering their savings from the rumbles of any financial crisis………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Menafn.com: Industry analysts at the International Islamic Finance Forum 2010 are of the opinion that the value of assets managed by Islamic banks is expected to grow to AED14.6 trillion (US$ 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 ………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Btimes.com.my: Standard Chartered believes that its international network, understanding of its markets and expertise in Islamic banking will help spur Malaysia’s efforts to become an international Islamic financial centre.
Standard Chartered Malaysia Bhd (StanChart Malaysia) managing director and chief executive officer Osman Morad cited its longstanding presence in the Middle East since 1920, and in the United Arab Emirates (UAE) from 1958, as an indication of its deep-rooted knowledge of Islamic finance markets………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Dubai Islamic Bank (DIB) has launched a two-year Islamic Certificate linked to the RBS Crescent Dynamic Middle East 2 Strategy. This US dollar-denominated certificate is issued by the Royal Bank of Scotland Group, and is available for subscription from Dubai Islamic Bank between 22 May – 10 June 2010.
Distributed by DIB’s Wealth Management division, the Shari’ah-compliant RBS Crescent Dynamic Middle East 2 Strategy is based on a dynamic strategy designed to capture returns in rising markets while limiting losses in periods of falling markets and high volatility………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Tradearabia.com: Emirates NBD said customers applying for personal or priority banking products or services at its branches in the Burj Khalifa area, will get an opportunity to win a “Stay for two” at the Jal Fujairah Resort and Spa.
The special customer promotion which runs till June 15 is valid across the four bank branches that are operational in the Burj Khalifa area at Old Town, The Residences, and the two branches located at Dubai Mall………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
Hamad Abdul Mohsen Al Marzooq, Chairman and Managing Director of Ahli United Bank (AUB), said that the conversion phase into a bank operating in accordance with Islamic Shari’ah provisions required the cooperation with a group of partners who could meet the needs of the Bank and its customers, and complete the conversion process within the time frame set out the Central Bank of Kuwait and according to its instructions related to the Islamic banks business.
Mr. Al-Marzouq added that the choice of ITS was a strategic one as the latter’s experience was a key factor in the conversion of AUB, formerly known as the Bank of Kuwait and the Middle East, into an Islamic institution, pointing out that the agreement was a preliminary step for a long-term relationship expected to be extended between both organizations………………………………….Full Press Release …………………………………: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB), has announced the commencement of the sale of residential units at the Village Garden Katameya project situated in east Cairo.
ADIB’s Burooj recently signed a cooperation agreement with Palm Hills Developments (PHD), a real estate developer in Egypt, which is listed on both the Egypt and London Stock Exchanges. The agreement covers the sale of 425 units of Palm Hills Development’s Village Garden Katameya project, with a total value of EGP 315 million ($55.8 million)………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Tradearabia.com: UAE’S Aabar Investments, which has stakes in Daimler and Virgin Galactic, on Sunday said it entered into a $800 million loan agreement with local and international lenders.
International Petroleum Investment Co (IPIC), wholly-owned by the government of Abu Dhabi, is the majority shareholder in Abu Dhabi-listed Aabar, which is the emirate’s fastest growing investment vehicle………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Arabnews.com: The Middle East is waiting with bated breath for the adoption of Saudi Arabia’s mortgage law. Mortgage providers stress that the Saudi law would be a precedent and a potential model for the other Gulf Cooperation Council (GCC) countries to follow.
The GCC mortgage market is potentially tens of billions of dollars in size, and according to several mortgage providers more customers in the GCC are opting for Islamic mortgages………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Theborneopost.com: The market share for Islamic financing in the country’s financial services sector is poised to surpass the 20 per cent target set for this year.As at December 31 last year, total assets for Islamic banking sector reached RM303.3 billion, accounting for 19.2 per cent from the total banking market share.
Association of Islamic Banking Institutions Malaysia’s president Datuk Seri Zukri Samat revealed this to The Borneo Post after the launching of the 6th National Symposium on Islamic Banking and Finance 2010 at a hotel here yesterday………………………………….Full Article: Source
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