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Islamic Finance Briefing - Archive | June, 2010

Stability during financial crisis lends momentum to Islamic banks

Posted on 30 June 2010 by Laxman  |  Email|Print

From Investmentexecutive.com: Islamic banking institutions have weathered the global financial crisis better than their conventional counterparts and are rapidly gaining momentum worldwide, but the sector in Canada continues to face considerable headwinds, a panel of experts said.
At an Islamic finance conference in Toronto on Monday, speakers commended the impressive performance of Islamic financial institutions and investment products during the financial crisis……………………………………….Full Article: Source

U.A.E. plans Shariah money makets after law: Islamic fnance

Posted on 30 June 2010 by Laxman  |  Email|Print

From Bloomberg: The United Arab Emirates, the second-largest Gulf economy, may follow Malaysia, Bahrain and Indonesia in selling Islamic securities with maturities of less than 12 months as legislators consider establishing a local debt market, according to Royal Capital PJSC.
Islamic bills would give Shariah-compliant banks more investment options, said Ahmed Talhaoui, Abu Dhabi-based head of investment at Royal Capital, which is 44 percent-owned by United Gulf Bank BSC, an investment bank in Bahrain……………………………………….Full Article: Source

India’s Reliance Capital plans Islamic funds

Posted on 30 June 2010 by Laxman  |  Email|Print

From WSJ: The Malaysian unit of Reliance Capital Asset Management, India’s largest asset management firm, plans to launch its two maiden Shariah-compliant funds as it seeks to tap into Malaysia’s importance as a Shariah-compliant financial hub and the growing demand for Islamic funds from the region.
Reliance Asset Management (Malaysia) Sdn. Bhd. said in a statement Tuesday the two funds–a quantitative Global Equity fund and an India Country fund–will be the first in a series of funds it is planning from Malaysia to target Islamic finance investors……………………………………….Full Article: Source

Reliance Capital to launch Shariah-compliant funds in Malaysia

Posted on 30 June 2010 by Laxman  |  Email|Print

From Indiatimes.com: Reliance Capital Asset Management’s Malaysian arm today announced the launch of its first Shariah-compliant products, including an India Fund, from next week.
Being schemes adhering to Shariah laws, the money generated will not be invested in any instruments that carry interest rates……………………………………….Full Article: Source

OSK-OUB to launch Islamic products

Posted on 30 June 2010 by Laxman  |  Email|Print

From Btimes.com.my: OSK-UOB Islamic Fund Management Bhd (OSK-UOB IFM) intends to launch equity-based and Asean-centric Islamic financial products initially before moving more sophisticated unit trust funds.
The company, which was recently granted the Capital Markets Services Licence by the Securities Commission to carry out Islamic fund management business activities, will offer products like Syariah-based equity funds, balanced funds, sukuk funds, money market funds, feeder funds and index funds……………………………………….Full Article: Source

Indonesia rejects all bids in $111 mln sukuk auction

Posted on 30 June 2010 by Laxman  |  Email|Print

From Reuters: Indonesia’s finance ministry rejected all bids in a sukuk auction on Tuesday amid investors’ concerns over poor trading liquidity in the paper, in sharp contrast to strong demand for the country’s conventional debt.
The auction only attracted 474 billion rupiah of bids. The ministry had targeted raising 1 trillion rupiah ($110.9 million) from the auction, which is usually held once a month, to help plug the state budget deficit……………………………………….Full Article: Source

Pakistan, Turkey, Axiata plan Sukuk sales: Islamic bond alert

Posted on 30 June 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.
Global sales of so-called sukuk fell 23 percent to $6.48 billion so far this year, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source

Takaful penetration low in Pakistan

Posted on 30 June 2010 by Laxman  |  Email|Print

From Tribune.com.pk: Takaful, an Islamic alternate to conventional insurance, has very little penetration in Pakistan, but like conventional insurance, it has immense potential as it not only shares risk but also offers fair returns, said CEO of Pak-Qatar General Takaful, Rohail Alikhan.
He was talking to the members of the banking and insurance sub-committee of the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday……………………………………….Full Article: Source

Takaful growing 35pct faster than conventional insurance worldwide

Posted on 30 June 2010 by Laxman  |  Email|Print

From Sananews.net: Takaful is growing 35% faster than conventional insurance worldwide with over 133 Takaful operators and US$ 4.3 billion market size, which is expected to increase by US$ 8 billion in 2012.
These views were presented by CEOs of Pak-Qatar Family Takaful and Pak-Qatar General Takaful while addressing the members of Banking and Insurance Sub-Committee of Karachi Chamber of Commerce and Industry (KCCI) on Tuesday……………………………………….Full Article: Source

Islamic banks hold big portion of CDs

Posted on 30 June 2010 by Laxman  |  Email|Print

From Business24-7.ae: A big portion of certificates of deposits (CDs) issued by the Central Bank is held by Islamic banks which are better placed than conventional banks on the liquidity front.
Though the total CDs with the Central Bank as at end-March 2010 amount to Dh68.5 billion, more than Dh20bn are held by Islamic banks which do not stand to get paid against that as Islamic banks do not accept interest……………………………………….Full Article: Source

Gulf banks need more provisions to avert future ‘bubbles’: AMF

Posted on 30 June 2010 by Laxman  |  Email|Print

From Arabtimesonline.com: Some Gulf banks need more provisions to scrub themselves clean from problems from the credit crisis and their lending must become more prudent to avoid future bubbles, the head of the Arab Monetary Fund said.
Jassim Al-Mannai, director general of the Abu Dhabi-based AMF, also told Reuters in an interview the Arab economies will grow around four percent this year but that he saw no threat from inflation……………………………………….Full Article: Source

Dubai Islamic Bank and Flydubai launch online booking payment service

Posted on 30 June 2010 by Laxman  |  Email|Print

From Uaetoday.com: In line with its commitment to providing technologically advanced services to its customers, Dubai Islamic Bank (DIB) announced today the launch of a new booking payment method for flydubai and DIB customers via Al Islami Online Banking.
This new service makes travel bookings even easier for DIB customers, who can now book and pay for flydubai bookings without a card and from the comfort of their homes or offices……………………………………….Full Article: Source

Senegal seeks Bahrain help in Islamic finance

Posted on 30 June 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: The government of Senegal is looking to Bahrain to help develop its Islamic finance industry. The countries leaders are convinced that as it develops as a financial centre it could provide a gateway for Bahrain institutions to tap into the entire sub-Saharan Africa region.
Senegal-based SYM International Finance Corporation, in partnership with the government of Senegal, yesterday took part in a forum at Gulf Hotel as part of its efforts to assist the Senegal government to promote the Senegal Financial Services Centre and attract more private investments……………………………………….Full Article: Source

UAE plans local debt market set up - Royal Capital

Posted on 30 June 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: The UAE, the second-largest Gulf economy, may follow Malaysia, Bahrain and Indonesia in selling Islamic securities with maturities of less than 12 months as legislators consider establishing a local debt market, according to Royal Capital PJSC.
Islamic bills would give Shariah-compliant banks more investment options, said Ahmed Talhaoui, Abu Dhabi-based head of portfolio management at Royal Capital, which is 44 percent-owned by United Gulf Bank BSC, an investment bank in Bahrain……………………………………….Full Article: Source

Does Islamic finance work?

Posted on 30 June 2010 by Laxman  |  Email|Print

From Gulfnews.com: With Sharia-compliant products yet to take off in G20 nations, financial institutions need to have reality check on offerings in non-Muslim countries. A newspaper in London, an acknowledged hub for Islamic finance, ran an eye-catching headline recently: “After six years, Sharia-compliant bank products are ‘huge flop’.”
The jury is still out on embryonic Islamic finance industry in London, but using the micro-cap sized Islamic Bank of Britain (IBB), on which the Times based its story, shows more about the company and its offering than it does about the state of Islamic finance in a non-Muslim country……………………………………….Full Article: Source

Securities Commission to host two Islamic finance forums

Posted on 30 June 2010 by Laxman  |  Email|Print

From Bernama: The Securities Commission (SC) will host two major Islamic finance forums next month to discuss challenges and opportunities for further growth in the sector, in particular sukuk.
On July 1, the SC will host the 4th Islamic Capital Market Forum with the theme of “Sukuk: Transferring Best Practice”……………………………………….Full Article: Source

Global Islamic finance industry targets US$2 trillion in the next five years

Posted on 29 June 2010 by Laxman  |  Email|Print

The global Islamic finance industry has been forecasted to touch the AED7.3 trillion (US$2 trillion) mark in the next three to five years. However, Islamic finance has not reached even three percent of the 1.6 billion Muslims globally.
The growth of Islamic finance has been slow but steady. Industry analysts are of the opinion that the sector will witness growth in the areas of retail, consumer banking, small and medium sized enterprises (SME) commercial banking and investment banking towards the end of 2010……………………………………….Full Article: Source

Malaysia leads in filling Shariah service gaps

Posted on 29 June 2010 by Laxman  |  Email|Print

From Bloomberg: The Islamic finance industry is catching up with Malaysia in offering a full range of services, supporting growth in an industry with $1 trillion in assets, said the chief executive officer of CIMB Islamic Bank Bhd.
Malaysia has a Shariah-law compliant alternative for every conventional product available because of its early start, Badlisyah Abdul Ghani said in a June 25 interview in Kuala Lumpur. Automobile financing complying with the religion’s ban on interest accounted for 80 percent of new loans last year, said Badlisyah……………………………………….Full Article: Source

WCOA to promote Malaysia hub of Islamic finance

Posted on 29 June 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: Malaysia would use the 18th Edition of World Congress of Accountants 2010 (WCOA) to promote the country as a hub of Islamic finance, a top official of the event organiser said.
The WCOA, which is also dubbed as the ‘Olympics’ of the accountancy profession, is being held in Malaysia for the first time. The theme of the event is ‘Accountants: Sustaining Value Creation.’………………………………………Full Article: Source

UK’s Islamic banking market strong

Posted on 29 June 2010 by Laxman  |  Email|Print

From Kippreport.com: The UK, as the Bank of England and the erstwhile Financial Services Authority (FSA) will confirm, does not authorise Shariah-compliant or Islamic banks, for neither the words ‘Shariah-compliant’ nor ‘Islamic’ appear in the UK Banking Act. In fact they could only appear through the passing of primary legislation.
The five so-called Islamic banks in the UK – IBB, European Islamic Investment Bank (EIIB), Bank of London & the Middle East (BLME), European Finance House (EFH) and Gatehouse Bank – are all authorised under the above Act, but their internal operations are conducted under Islamic banking principles and satisfy the provisions of the Act……………………………………….Full Article: Source

Investors wary of Ithmaar makeover

Posted on 29 June 2010 by Laxman  |  Email|Print

From Thenational.ae: Bahrain’s Ithmaar Bank converted into a Sharia-compliant retail lender earlier this year but the facelift has yet to impress many investors.
The lender’s shares have lost 11 per cent of their value in the first two sessions this week, dropping 4 per cent yesterday to close at 12 US cents. The stock has hit multiple 52-week lows this month and retreated more than 50 per cent from its peak in late June last year……………………………………….Full Article: Source

Dubai Islamic Bank launches three new account options

Posted on 29 June 2010 by Laxman  |  Email|Print

From Ameinfo.com: In line with its commitment to offering pioneering Sharia-compliant products and services to its customers, Dubai Islamic Bank (DIB) announced today the launch of three new account variants to its product portfolio.
Tailored to meet the needs of different customer segments, the new accounts - Al Islami 2-in-1 Account, Al Islami Current Account Plus and Al Islami E-Savings Account - represent the bank’s latest addition to its diverse product range……………………………………….Full Article: Source

Gulf banks ‘need more provisioning’

Posted on 29 June 2010 by Laxman  |  Email|Print

From Tradearabia.com: Some Gulf banks need more provisions to scrub themselves clean from problems from the credit crisis and their lending must become more prudent to avoid future bubbles, the head of the Arab Monetary Fund said.
Jassim Al-Mannai, director general of the Abu Dhabi-based AMF, also told Reuters in an interview the Arab economies will grow around four percent this year but that he saw no threat from inflation……………………………………….Full Article: Source

KFH expecting better second quarter results

Posted on 29 June 2010 by Laxman  |  Email|Print

From Ameinfo.com: Bader al-Mukhaizeem, chairman of Kuwait Finance House has said the lender is expected to post better results in the second-quarter of 2010 compared to the first quarter, Reuters has reported.
The country’s biggest Islamic lender posted a net profit of KD30.9m ($106m) in the first quarter of 2010, down 21.4% from the year earlier period. KFH is currently focusing its operations on the markets of the UAE, Qatar and Oman, he added……………………………………….Full Article: Source

GCC e-commerce volumes to hit $100bln

Posted on 29 June 2010 by Laxman  |  Email|Print

From Tradearabia.com: The volume of electronic commercial transactions in the GCC region is poised to hit $100 billion in goods and services this year, said a expert citing recent study reports.
A significant development is currently underway in the region with the use of Information and Communication Technology (ICT) for commercial transactions, said Jamil Ezzo, director general of ICDL GCC Foundation, the governing body and certification authority of International Computer Driving Licence program in the Gulf region and Iraq……………………………………….Full Article: Source

UAE issues takaful law to regulate industry

Posted on 29 June 2010 by Laxman  |  Email|Print

From Tradearabia.com: A new UAE law regulating the growing Islamic insurance industry will provide more transparency and oversight but the extra costs of compliance may drive consolidation in a fragmented market, lawyers said.
The Islamic insurance, or takaful, law was issued on Sunday, placing companies under the jurisdiction of the Insurance Authority of the United Arab Emirates and giving them a year to reorganise their processes……………………………………….Full Article: Source

Plan to offer EUR13bln bonds on international markets

Posted on 29 June 2010 by Laxman  |  Email|Print

From Zawya.com: Minister of Economy and Finance Shamseddin Hosseini on Sunday said Iran has acquired permission to issue foreign participation bonds worth €13 billion, which can be heeded by Islamic Development Bank (IDB) and banks and financial institutions in the Islamic states.
He made the remark in the fifth meeting of the Executive Board of IDB in Baku, the Public Relations Office of the Organization for Investment and Economic and Technical Assistance of Iran reported……………………………………….Full Article: Source

Is Islamic finance a ‘huge flop’?

Posted on 29 June 2010 by Laxman  |  Email|Print

From Altmuslim.com: In London, an acknowledged hub for Islamic finance, the Times had an eye-catching headline recently: ‘After six years, Sharia-compliant bank products are ‘huge flop.’ It resulted in numerous comments by those involved in Islamic finance, reminding us all that negativity draws a reaction.
But the jury is still out on the embryonic Islamic finance sector in London, and using a micro-cap size listed Islamic bank, the Islamic Bank of Britain (IBB), may be more about the entity and its offering than the viability of Islamic finance in a non-Muslim country……………………………………….Full Article: Source

Senegal - Bahrain Islamic Finance Forum

Posted on 29 June 2010 by Laxman  |  Email|Print

From Zawya.com: SYM International Finance Corporation, in partnership with the Government of Senegal, convenes a Forum in Bahrain on June 28, 2010, as part of its efforts to assist the Government of Senegal promote the Country Financial Services Center and attract more private investments.
A comprehensive presentation of Senegal Financial Services Center will be provided to the audience, with a special emphasis on its structure, its actors, its general regulatory framework, its business activities and its main products……………………………………….Full Article: Source

What drives Arab interest in Turkey?

Posted on 29 June 2010 by Laxman  |  Email|Print

From Hurriyetdailynews.com: Much is being made of the growing interest in Turkey among Arabs. A lot of this interest is being tied to Prime Minister Recep Tayyip Erdoğan’s strong stand on Israel. Arab streets frequently feature his portraits and Turkish flags these days. But is Israel the only factor behind this growing interest?
A Palestinian journalist friend thinks not. He made this amply clear recently when we were discussing the inevitable subject of Turkey’s new role in the Middle East. According to him we have to note three things well……………………………………….Full Article: Source

Islamic finance and Canadian mortgages (Video)

Posted on 29 June 2010 by Laxman  |  Email|Print

From Theglobeandmail.com: Guy David, partner, Gowling Lafleur Henderson, explains the potential for Islamic finance in Canada, including its application to residential mortgages and the capital markets.………………………………………Full Article: Source

Abu Dhabi: Law to regulate Islamic insurance

Posted on 28 June 2010 by Laxman  |  Email|Print

From Gulfnews.com: The Ministry of Economy issued a law on the Islamic insurance system (Takaful) to regulate the work of Islamic insurance companies in the country. Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the UAE Insurance Authority, issued the new system.
This insurance system, which is the first of its kind to be approved in the Arab region, gives Islamic insurance and reinsurance companies a grace period of one year to adjust their status in line with the provisions of the Islamic insurance law……………………………………….Full Article: Source

New agencies to standardise Islamic banking

Posted on 28 June 2010 by Laxman  |  Email|Print

From Business24-7.ae: An important effort towards achieving international consistency was the creation of two multilateral institutions: the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board. The Islamic banking industry is a fast-growing sector that offers an array of opportunities.
Although the Middle East still represents the biggest share of the total Islamic banking sector, Western countries are gearing towards this new trend that presents a unique opportunity to diversify……………………………………….Full Article: Source

Senegal to showcase Islamic banking potential

Posted on 28 June 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahrain will host a key Islamic banking forum with Senegal on Monday that aims to assist the Senegalese government in its efforts to promote the financial services sector and attract more private investments.
SYM International Finance Corporation is organising the event in co-operation with the Senegalese government……………………………………….Full Article: Source

StanChart benefits from rapid progress in Islamic finance

Posted on 28 June 2010 by Laxman  |  Email|Print

From Btimes.com.my: Standard Chartered Plc (StanChart), the oldest bank in Malaysia, is benefiting greatly from rapid development of Islamic banking and finance in Malaysia, especially the Malaysia International Islamic Finance Centre (MIFC) initiative.
StanChart Saadiq chairman Shayne Nelson said the development of the industry in Malaysia has narrowed the differences in syariah interpretation, which in turn has made it easier for banks to launch products for global marketplace……………………………………….Full Article: Source

Syria: Cham Bank revenues grow by 96.7 pct

Posted on 28 June 2010 by Laxman  |  Email|Print

From KUNA: Cham Bank, the first Sharia-abiding bank in Syria, said Friday its revenues grew by 96.7 percent in 2009 compared with the figures of the previous year. The bank made record high revenues from crediting activities which hit 297.
275 million Syrian pounds (a US dollar equals SYP 45.79) before deducting the dividends of depositors, said Jamal Abdul-Hameed Al-Mutawa’, chairman of the bank and former CEO of the Commercial Bank of Kuwait (CBK)……………………………………….Full Article: Source

IDB board decides to raise capital, reelects Mohamed Ali as president

Posted on 28 June 2010 by Laxman  |  Email|Print

From Arabnews.com: The subscribed capital of the Islamic Development Bank (IDB) has been increased from ID16 billion to ID18 billion. The decision was taken by the bank’s Board of Governors its 35th annual meeting which was held in Baku, Azerbaijan, June 23-24.
The Islamic Dinar (ID) is a unit of account of IDB which is equivalent to one Special Drawing Right of the International Monetary Fund……………………………………….Full Article: Source

Qatar’s banking sector sees ‘remarkable’ growth

Posted on 28 June 2010 by Laxman  |  Email|Print

From Gulf-times.com: Qatar’s banking sector registered a remarkable 38.4% compounded annual growth during 2004-09, according to a study by TAIB Securities research.
Both conventional and Islamic banking segments fuelled the growth in overall banking activity, said TAIB Securities, the leading Bahrain-based international brokerage firm and a subsidiary of TAIB Bank, in its GCC equity report……………………………………….Full Article: Source

Bahrain’s banking growth ‘extraordinary’

Posted on 28 June 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahrain has succeeded in building a leading regional financial services sector and the sector’s growth has been extraordinary, said a senior banker.
Reacting to a Reuters report on Bahrain banking, Gulf Finance House Group CEO Ted Pretty said IMF reports suggest that Bahrain also ranks well in financial system stability. By any measure Bahrain has achieved much, he said……………………………………….Full Article: Source

ADIB first to launch Cash Cover Takaful Service

Posted on 28 June 2010 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top- tier Islamic financial services group, is now the first bank in the region to launch the Cash Cover Takaful Service that provides customers coverage against financial loss and emergency medical expenses in the event of a fraud resulting from theft, assault, or robbery.
The bank will provide coverage for up to AED 100,000 that a customer may lose due to an incident after withdrawing money within 100 meters of any of the ATMs or Banks branches in the UAE……………………………………….Full Press Release: Source

Awareness on export credit and investment insurance rising in OIC countries

Posted on 28 June 2010 by Laxman  |  Email|Print

From Arabnews.com: The export credit and investment insurance culture in the 56 member countries of the Organization of the Islamic Conference (OIC), has traditionally been at best under-developed although there are signs that this has started to change.
The prime mover behind this industry in the OIC countries is the Jeddah-based Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a standalone member of the IDB Group……………………………………….Full Article: Source

Australian initiatives to boost Shariah-compliant projects

Posted on 28 June 2010 by Laxman  |  Email|Print

From Arabnews.com: In a clear statement of intent, the Australian government has launched a series of initiatives that when completed and hopefully adopted will make the country one of the most proactive Islamic finance markets in the Asia-Pacific Region.
Australia is a relative newcomer to Islamic finance and has been left behind by the surge in interest in other Asia-Pacific countries such as Korea, China, Hong Kong, Japan, Singapore and Thailand……………………………………….Full Article: Source

Australia set to accommodate Islamic sharia finance

Posted on 28 June 2010 by Laxman  |  Email|Print

From Newsweekly.com.au: All over the Western world, governments are bending over backwards to accommodate sharia finance. This is an interest-free banking and finance system which Muslims want to have run as a parallel economic stream in Western nations.
The United Kingdom leads the world in this practice, and now Australia and other nations are seeking to get their share of the action……………………………………….Full Article: Source

Islam provides greater economic stability: Pak economist

Posted on 28 June 2010 by Laxman  |  Email|Print

From Thenews.com.pk: Islamic financial system provides greater economic stability than the present economic system, a senior economist said on Saturday.
Speaking on the topic “Islam and the future of economics” at a seminar on “Islamic economics and finance”, organised by the Institute of Business Administration (IBA) in collaboration with Meezan Bank, Dr Ishrat Husain, Dean and Director IBA said that the global financial crisis in 2008 and 2009 exposed the flaws in the present system……………………………………….Full Article: Source

Adaptation of Islamic economic system to alleviate poverty

Posted on 28 June 2010 by Laxman  |  Email|Print

From Dailytimes.com.pk: Ex Governor State Bank of Pakistan, Ishrat Hussain has said that Islamisation of economic system, if adopted and practiced in its true form, at any time in the future will strengthen the economy particularly income distribution and poverty alleviation which have proved elusive under the present western economic model.
This will, in fact, eliminate the sources of instability, violence and propensity towards terrorism arising from a sense of deprivation……………………………………….Full Article: Source

LB Finance launches Islamic finance unit

Posted on 28 June 2010 by Laxman  |  Email|Print

From Dailymirror.lk: Financial trailblazer LB Finance is once again set to revolutionise the industry, this time with Al Salamah, its brand new Islamic Finance unit.
Al Salamah is to offer a wide range of financial services including investment accounts, trade financing, leasing and gold loans (pawning), all structured according to the principles of Shari’a Law, and will be available to all Sri Lankans regardless of ethnicity and religion……………………………………….Full Article: Source

Consider setting up supra-sovereign wealth fund, Muslim nations told

Posted on 28 June 2010 by Laxman  |  Email|Print

From Btimes.com.my: Muslim economies should consider setting up a supra-sovereign wealth fund, given the shifting in investment fund flows to the East, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
The combined Muslim economies of Asia, Middle East, Central Asia and Africa (or MAMICA) are contributing significantly to global growth……………………………………….Full Article: Source

Sukuk gain to six-month high on global growth: Islamic finance

Posted on 28 June 2010 by Laxman  |  Email|Print

From Bloomberg: Islamic bonds are trading at their highest level in more than six months as companies reach agreements with creditors to restructure debt and the global economy recovers.
The Dow Jones Citigroup Sukuk Index, which measures the performance of Islamic bonds globally, closed at 120.53 yesterday, the highest since Nov. 30 and leaving it 3.8 percent short of the record set Nov. 25. The index has climbed 6.3 percent from its low in December, helped by Dubai World’s May 20 agreement to restructure part of its $23.5 billion of debt……………………………………….Full Article: Source

Jordan to tap Islamic or Eurobonds debt market

Posted on 28 June 2010 by Laxman  |  Email|Print

From Ameinfo.com: Jordan officials and bankers have said the kingdom wants to speed up issuance of Islamic bonds or Eurobonds to tap more competitive sources of funding to contain its budget deficit.
“Domestic borrowing costs have gone up sharply and this only piles pressure on the treasury … that is why the government is moving ahead with more innovative means to tap lower-cost funding abroad,” one senior banker who requested anonymity told the news service……………………………………….Full Article: Source

Bursa Suq Al-Sila’ facilitates Sukuk 1Malaysia

Posted on 28 June 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Bursa Malaysia reports the issuance of the Malaysian Government’s Sukuk 1Malaysia through its Shari’ah compliant trading platform, Bursa Suq Al-Sila’. The MYR 2.4 billion ($738 million), is the single largest transaction since the launch of the world’s first, end-to-end Shari’ah-compliant commodity trading platform in August 2009.
Sukuk 1Malaysia, issued by Bank Negara Malaysia, on behalf of the Malaysian Government, is an additional investment instrument for Malaysian citizens who are 21 years and above………………………………………..Full Article: Source

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