Islamic Finance Briefing - Archive | July, 2010
Posted on 28 July 2010 by Laxman | Email|Print
From Presstv.ir: Ministers and academics from Muslim countries have attended a two-day gathering at Oxford University to discuss how to market Islamic products to the rest of the world.
The Oxford Islamic Forum opened Monday to discuss the rise in Muslim consumerism and the power of Islamic finance, Press TV’s correspondent in London, Hassan Ghani, reported……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Bloomberg: Islamic bonds in Dubai are set to extend this year’s rally as Dubai World predicted it will complete debt restructuring in the “coming months,” said Unicorn Investment Bank BSC and Emirates NBD Asset Management.
The average spread on securities that comply with religious principles sold by Gulf Cooperation Council borrowers narrowed six basis points to 545 percentage points on July 23, a day after Dubai World announced the estimated timeframe for renegotiating its debt, according to the HSBC/NASDAQ Dubai GCC US Dollar Sukuk Index……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: Kuwait’s International Investment Group (IIG) said it was unable to make a $152.5 million Islamic bond payment, its second default this year, and named KPMG as its advisor to look at restructuring options.
IIG said on Monday its payment on the Islamic bond, or sukuk, had been scheduled for July 12……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Arabnews.com: The acronym of the latest sukuk issued by Cagamas Berhad, the National Mortgage Corporation of Malaysia and leading securitization house, which was developed in collaboration with Al-Rajhi Bank of Saudi Arabia, is certainly catchy - “Sukuk ALIM”.
The structure, Sukuk Al-Amanah Li Al-Istithmar (Sukuk ALIM), which took over a year to structure and which was issued last week under Cagamas’s RM5 billion Islamic Commercial Paper (ICP) and Islamic Medium Term Note (IMTN) Programs, has been hailed as “first-of-its-kind”, “innovative” and one which would supposedly satisfy investors from a Shariah compliance point of view bridging Asia and the Middle East……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
National Bonds Corporation PJSC, the leading Shari’a compliant savings scheme, has achieved sales of over AED 1 billion in the first half of 2010, taking its total number of customers to more than 590,000, a growth of 5% over last year. This means that around 8.5% of the UAE population is now National Bonds holders.
The popular savings scheme increased its number of female savers to 145,000, holding AED 1.1 billion in funds. Another segment that achieved growth in 2010 is minors, customers under the age of 16, who now number 94,000 with a total of AED 350 million in funds. UAE nationals increased to 168,000 and hold over AED 1 billion in funds……………………………………….Full Press Release: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Reuters: Nakheel, the property developer behind Dubai’s palm-shaped islands, has proposed repaying its bank debt after five years and one outstanding $1.85 billion syndicated Islamic loan after seven, a source close to the company said.
Bankers have until the end of August to respond to undisclosed terms of Nakheel’s multi-billion dollar restructuring plan, including the rates of interest and repayment schedules for syndicated and bilateral loans……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
Emirates NBD announced its results for the six months ended 30 June 2010. H1 2010 total income of AED 4.9 billion, down 11% compared with H1 2009. Net interest income in H1 2010 of AED 3.5 billion, down 5% versus H1 2009.
Commenting on the Groups performance, His Excellency Ahmed Humaid Al Tayer, Chairman of Emirates NBD said: Emirates NBD delivered a robust performance in the first half of 2010, reflecting the strength of our business model and cementing our position as the regions leading banking group……………………………………….Full Press Release: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Gulfnews.com: Emirates NBD is in the process of raising $250 million (Dh919.5 million) from international financial markets through auto loan securitisation.
“This is the first of its kind securitisation deal in the region where we are bundling our auto loan portfolio to raise funds at internationally competitive rates. The securitisation deals form part of our efforts to augment our medium term funding,” Rick Pudner, Chief Executive Officer of Emirates NBD, said yesterday………………………………………..Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: UAE interest rates charged by banks may decline in the second half as liquidity improves and competition to win deposits eases, Rick Pudner, chief executive officer, Emirates NBD, said.
Many of the country’s banks have worked over the last year “to increase the levels of liquidity and deposits,” Pudner said on a conference call today, after announcing the bank’s second quarter results……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Cpifinancial.net: Jordan Dubai Islamic Bank (JDIB) and New York-based Hewitt Associates ink deal for Hewitt to develop a comprehensive Performance Management System and a Long Term Incentive plan for JDIB’s employees
The bank says the move is aimed at making its human resources (HR) systems more scientific, and an employee’s experience with JDIB more enriching and long-term oriented……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Alwatandaily.com: Kuwait’s Gulf Bank swung to a second-quarter (Q2) net profit of 1.48 million Kuwaiti dinars (5.14 million US dollars) from a loss of KD 9.1 million a year earlier, buoyed by a one-off disposal.
Gulf Bank in a statement on Monday reported a net profit of KD 2 million for the first half (H1) to June 30. Reuters calculated the Q2 net profit by subtracting its Q1 net of KD 524,000……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Bernama: Deputy Prime Minister Tan Sri Muhyiddin Yassin extended Monday, an invitation to South Korean companies to invest in various sectors including green technology, Islamic financial services, health travel and oil and gas related activities in Malaysia.
He said by doing so, the companies would help South Korea and Malaysia to mutually gain economic success, over the long term……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Financemarkets.co.uk: A former Supreme Court judge has launched a campaign to introduce Islamic banking and finance to India. Justice Krishna Iyer said Islamic finance has the potential to offer sustainable growth while reducing inequality.
“Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries,” he said. “It is very relevant in our country where 20 million people are starving.”………………………………………Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Meattradenewsdaily.co.uk: It is estimated that the market for Shari’ah compliant products is currently worth over $2 trillion and growing fast.
As Muslim countries develop, there is strong interest from non-Muslim companies that want to understand, enter and penetrate this huge market that spans the food and beverage, retail, cosmetics, healthcare, pharmaceuticals, travel and tourism, and logistics industries amongst others. The challenge for them is how to do this……………………………………….Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Arabnews.com: After a hiatus of over three years largely due to inertia from regulators and head offices, Japanese institutions are finally going to the market to raise millions of dollars in Islamic financing. The good news is for Malaysia because much of this activity is centered in or out of Kuala Lumpur.
Over the last two weeks Nomura Holdings, Inc. appointed Kuwait Finance House (Malaysia) as the mandated lead arranger for its debut $100 million Sukuk Al-Ijara. The two-year issuance will be the first US dollar denominated issue by a Japanese corporation out of Malaysia………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Brecorder.com: The emergence of micro-finance was the financial solution to the basic financial needs of the poor people. Micro-finance is usually defined as the provision of basic financial products and services to the under-privileged segment of society, which has no access to the conventional financial institutions.
Access to finance or credit is the fundamental right of every entrepreneur, who is willing to expand or start his or her business, but this right is denied by current financial system of commercial banks………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Financialpost.com: Islamic financing appears to have fallen on hard times in Britain. Once heralded as a huge growth opportunity for banks (considering the U.K. has an estimated 2.4 million Muslims), a lack of competitive rates has instead led to some banks axing their Shariah-compliant product offerings completely.
“Most of the Islamic offerings are simply not competitive compared to their conventional counterparts,” Ahmad Alanani, an associate director for the Middle East and North Africa at Exotix Ltd. in London, told Bloomberg earlier this month. “They have failed to achieve the mass appeal it was hoped they would.”……………………………………..Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Arabnews.com: A major campaign to introduce Islamic banking and finance into India was kicked off in the Kerala city of Kochi with Justice Krishna Iyer taking the lead. “I welcome Islamic finance in India,” said Iyer, a former Supreme Court judge.
“Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries, including the United States, and it is very relevant in our country where 20 million people are starving,” Iyer said………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thefinancialexpress-bd.com: Islamic banking will be more widespread in near future, said AHM Mustafa Kamal MP, chairman of the parliamentary standing committee on the finance ministry, at a ceremony in the city Saturday.
“Nowadays Islami Shariah-based banking system is being incorporated even by the non-Muslim countries also. It has become possible only because Islami banking is the best way of banking. Very soon this banking system will be executed by the other countries of the world,” said Mustafa Kamal………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Albawaba.com: Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced the launch of ADIB’s 56th branch located at Al-Hamra Mall in Ras Al-Khaimah. This new branch is ADIB’s 3rd branch in Ras Al-Khaimah and its 13th branch in Northern Emirates.
This launch reflects the Bank’s expansion strategy to strengthen its on-ground presence and services outreach and to extend its network of active branches and ATM machines within the UAE………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Tradearabia.com: The African Development Bank (AfDB) has approved a $150 million line of credit for Afreximbank, the Tunis-based AfDB said in a statement.
‘This line of credit will be used to finance trade and trade-related projects across the participating states of Afreximbank in Africa,’ the statement said………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Arabnews.com: Khaled Mohammed Al-Aboodi is a member of a new breed of Islamic development bankers. As CEO and general manager of the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank (IDB) Group, he has a mandate which potentially is as important as its parent, especially in linking between Islamic finance and the real economy through supporting Islamic financial institutions to extend financing to small-and-medium-sized enterprises (SMEs).
On his watch, the ICD has been transformed from a predictable and modest institution, to one setting the Islamic finance agenda in the member countries in which it operates………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thestar.com.my: Danajamin Nasional Bhd yesterday became the first financial guarantee insurer to provide an Islamic guarantee (or Al-Kafalah) for sukuk, with the issuance of the first Danajamin guaranteed sukuk programme.
Chief executive officer Ahmad Zulqarnain Onn said the RM75mil sukuk issued by LBS Bina Group Bhd comprised two tranches – a RM35mil four-year sukuk and RM40mil five-year sukuk………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Bloomberg: Petroliam Nasional Bhd.’s Islamic bonds are set for a second straight record gain this month, luring funds without religious requirements from the U.S., Europe and Israel.
The yield on Petronas’s 4.25 percent notes maturing in 2014 fell as much as five basis points to 3.07 percent today, the lowest level since the bonds were sold in August 2009, prices from Royal Bank of Scotland Group Plc show. They returned 6 percent this year, 1.7 percent in July and 1.4 percent in June………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thestar.com.my: Ekovest Bhd has agreed to the proposed cash subscription for up to RM35mil in nominal value of redeemable secured junior sukuk to be issued by Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) through CIMB Investment Bank Bhd.
Ekovest told Bursa Malaysia yesterday the junior sukuk issuance would entitle the company to profits of 11% per annum on nominal value of the junior sukuk………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Zawya.com: International law firm Hogan Lovells has acted as counsel to Barwa City Real Estate Company (QSC) on a US$3.5 billion murabaha financing provided by Qatari Diar Finance (QSC).
The murabaha proceeds will be used to finance a number of real estate projects including Barwa City, Barwa Financial District and Barwa Commercial Avenue, each a large scale project being developed by Barwa in Qatar. This facility, flowing from global investor enthusiasm, is comfortably the largest murabaha financing of its kind closed to date………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Zawya.com: Bahrain-based Sakana Holistic Housing Solutions, the innovative Islamic mortgage finance provider, recently signed an agreement with Al Sarhan & Al Humaidan Real Estate Company, developer of Dar Al Ezz 1 Busaiteen, to provide Islamic mortgage finance to its customers.
Dar Al Ezz 1 is a 14 storey tower located at Busaiteen offering 80 freehold apartments consisting of 40 single and double-bedroom each………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Dubai Financial Market (DFM) reported a 79.8 percent fall in second-quarter profit as declining trading volumes weighed on earnings. The firm made Dh25.9m ($7.05m) in the three months ending June 30, compared to Dh128.3m in the second quarter of 2009, it said in a statement.
Trading commission fees fell to Dh43.5m in the second quarter, from Dh126.7m a year earlier, according to the statement. Earlier this year, DFM bought Nasdaq OMX’s one-third stake in the Nasdaq Dubai, with the two Dubai-based bourses switching to a single trading platform………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Albawaba.com: The Talal Abu-Ghazaleh CIMA Academy hosted the global launch of the CIMA (Chartered Institute of Management Accountants) Certificate in Islamic Finance in Arabic in Amman on July 22nd at Talal Abu-Ghazaleh Forum/Talal Abu-Ghazaleh College of Business. The launch of the Arabic certificate marks a major step forward for the Islamic finance industry – it is the first global qualification of its kind to be offered by a professionally chartered accountancy body.
Meanwhile, the two bodies will also cooperate in the Global Business Challenge; a competition in the business field provided by CIMA and will be represented in the Arab region through Talal Abu-Ghazaleh College of Business……………………………………..Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Bloomberg: Duet Mena Ltd. and Algebra Capital Ltd., Dubai-based managers of $500 million, said they may buy Islamic bonds from Malaysia’s Cagamas Bhd., the first under a new structure that complies with the Persian Gulf’s stricter religious laws.
Cagamas, the nation’s biggest mortgage holder, plans to seek funds in the oil-rich region by offering 5 billion ringgit ($1.5 billion) of notes that meet the guidelines of the Bahrain- based Accounting & Auditing Organization for Islamic Financial Institutions……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Financialpost.com: Islamic financing has fallen on hard times in the United Kingdom. Once heralded as a huge opportunity for banks (considering the UK has an estimated 2.4 million Muslims), a lack of competitive rates has resulted in some banks cutting their Shariah-compliant product offerings completely.
Islamic financing took off in the U.K. a few years ago, when banks such as HSBC and Lloyds Banking Group PLC launched financing that complied with Islam’s ban on interest. A perceived demand led to 22 lenders tapping into the market by the end of last year……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Aawsat.com: At the beginning of the Islamic banking experience, there were only exclusive Islamic Banks, there was no such thing as “Islamic Windows” as conventional banks had yet to realize the size of the opponent that had entered the banking industry.
They thought that Islamic finance was a practice based upon religious fervour that was bound to fail because it was not capable of providing a suitable alternative to conventional banking……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported on Wednesday a 22 percent rise in second quarter net profit, beating expectations.
The lender made a net profit of $138.4 million in the second quarter, up from $113.3 million in the year earlier period, KFH said in a statement on the bourse website……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Arabnews.com: Kuwait Finance House hit a two-month high on Thursday after reporting above-forecast earnings, helping the country’s index rise for a third day in four. Gulf markets remained in a sideways trend, with little to draw in buyers amid uncertainty over the world economy and largely uninspiring results from regional corporates.
KFH climbed 2 percent. The Islamic lender reported a 22 percent rise in second-quarter profit, beating a forecast from EFG-Hermes by 25 percent……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Standardmedia.co.ke: Chase Bank has launched a Sharia’h banking product to cater for Small and Medium Enterprises (SMEs) and Muslim faithful.
Presenting a compliance certificate to the bank yesterday, Chairman of the Shariah Board, Sheikh Ibrahim Lethome said Chase Iman offers a variety of current accounts for individuals, businesses, special products for women and children……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Bloomberg: Kazakhstan’s banks won’t sell any bonds abroad this year, removing the need for the government to create a benchmark for its fixed-income markets by selling debt on international capital markets, the Finance Ministry said.
The ministry said July 20 it canceled plans to sell as much as $750 million of bonds to investors outside its borders this year after obtaining a $1 billion loan from a World Bank unit……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Btimes.com.my: Bank Negara Malaysia (BNM) is right not to force local banks to merge as they will do so on their own once competition heats up in an increasingly liberalised market, says a banking expert from PricewaterhouseCoopers (PwC).
Banks aren’t seriously considering merging as yet as they haven’t really felt the full heat of the sector’s liberalisation, he said……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Bloomberg: Barwa Real Estate Co., a Qatar-based property developer, said one of its units got a $3.5 billion Islamic murabaha financing from Qatari Diar Finance.
The financing for Barwa City Real Estate Co. is in two murabaha contracts: the first provides $1 billion maturing in July 2015, and the second $2.5 billion due July 2020, Barwa said in a statement to the Qatar bourse today……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Thestar.com.my: AmInvestment Bank Group’s fund management division is confident of achieving 20% to 25% growth in assets under management (AUM) for its fiscal year ending March 31, 2011. The bank’s AUM stood at RM20.2bil as at June 30.
Funds management division retail funds director Ng Chze How said with a bullish outlook in the commodity and equity markets, the group expects its fund management division to perform well, especially in the medium to longer-term……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Macleans.ca: Starting in September, students can enrol in Canada’s first university course in Islamic finance. Walid Hejazi, the professor at the University of Toronto’s Rotman School of Management who is developing the three-day program to begin in January 2011, says it will cater to executives who “want to get an edge to differentiate themselves.”
Participants will study sharia-compliant financial instruments (Islamic law prohibits usury), as well as the legal and tax implications of Islamic finance……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Forbes: The Iranian Revolution of 1979 began with Ayatollah Khomeini promising Iranians full freedom and a government by the people and for the people. In his speeches leading up to the Revolution, the Ayatollah proclaimed that, “A nation that doesn’t have freedom does not have civilization. A civilized nation is one that is free.”
He also said that, “There should be freedom of the press and people should have the right to their opinion” and “In our government, clergy will not govern but help you with your spirituality. In our government, women will be free, and officials can be publicly criticized.”………………………………………Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Bloomberg: Growth in Islamic financing in the U.K. has been hampered by an economic slump and what Moody’s Investors Service describes as a lack of government support.
HSBC Amanah, a unit of Europe’s biggest bank, says Malaysia and the Middle East have better growth prospects. Lloyds Banking Group Plc, the U.K.’s largest mortgage lender, stopped offering home financing that complies with Shariah law because the overseas underwriter withdrew, Emile Abu-Shakra, a spokesman at the bank in London, said……………………………………….Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Gulf-times.com: The Islamic bond market, slowly recovering from Dubai’s debt crisis last year, will pick up following issuance by well-rated companies like Nomura, a manager at the UK’s largest Islamic bank said.
Solid companies will be the main issuers of sukuk or Islamic bonds as activity picks up after the summer lull, said Jason Kabel, manager of the BLME Shariah USD Income fund, run by the Bank of London and the Middle East……………………………………….Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
The Bahrain office of Baker & McKenzie has acted for the Saudi Binladin Group on a SAR700m ($187m) Sukuk Al-Murabaha issued by SBG Sukuk Limited. The short term Sukuk was privately placed with key Saudi investors.
The Baker & McKenzie team was led by Ian Siddell, Partner and Head of the Gulf Banking & Finance practice, who said: “Having assisted the Saudi Binladin Group on their inaugural sukuk issuance in 2008, we are pleased to have, once again, advised the Saudi Binladin Group on this innovative short term sukuk which represents a first in many respects for the Saudi market. The strong response the issuance received from the Saudi market highlights the strength of the Saudi Binladin Group.”………………………………………Full Press Release: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Bloomberg: Dubai World-owned Nakheel PJSC’s Islamic bonds are trading at yields twice as high as in 2007 even after a four-month rally, underscoring the difficulty for Persian Gulf real-estate companies to borrow through debt sales.
“Access to the market is still difficult for companies operating in the real-estate sector,” Mohamed Damak, Paris- based credit analyst and co-chair of the Islamic finance working group at Standard & Poor’s, said in an interview yesterday. “The market is somewhat closed for these entities.”………………………………………Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Reuters: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported on Wednesday a 22 percent rise in second-quarter net profit, beating expectations.
The lender made a net profit of 39.9 million dinars ($138.4 million) in the second quarter, up from 32.7 million dinars in the year earlier period, KFH said in a statement on the bourse website……………………………………….Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Thenational.ae: The noted Islamic scholar Khurshid Ahmad once described the philosophy behind Islamic banking: “Money never becomes the objective, the hero of the cast. It remains an intermediary and an instrument for real productive effort, for asset creation, and for the expansion of physical economic activity.”
Islamic banking essentially reminds us that money is not the end goal, but rather an intermediary that helps build non-monetary assets in society. As a result, say Sharia scholars, one should never profit from money alone, and one should never use money for unproductive purposes (including haraam activities like alcohol and gambling)……………………………………….Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Microcapital.org: Citigroup is considering opening Shariah-compliant banks in the Pakistan market to serve the Muslim population whose beliefs prohibit paying interest on loans. Financial institutions offering Shariah-compliant loans do not charge interest on the loans but instead make money through fees and profit-sharing arrangements with the borrowers.
Commenting on the potential market, Global Director of Citi Microfinance Robert A. Annibale said, “There are large microfinance banks in Indonesia, Bangladesh, Pakistan, Morocco, Egypt and India where the strength of the Muslim population is greater. But interestingly none of them are Shariah-compliant”………………………………………Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the Foreign Currency ratings of Sharjah Islamic Bank (SIB) at A- long-term and A2 short-term with a Stable Outlook and a Support rating of 2 .
The ratings are strongly underpinned by the support of the federal government and the government of Sharjah’s ownership of the Bank……………………………………….Full Article: Source
Posted on 22 July 2010 by Laxman | Email|Print
From Tradearabia.com: Emirates NBD, a leading bank in the region, has launched a flexible deposit scheme, which allows customers to make partial withdrawals from their fixed deposit, while still keeping the rest of the deposit intact.
FlexiDeposits has been launched with the objective to offer customers the comfort of flexibility, security and high returns, all together in one fixed deposit offering, a statement said……………………………………….Full Article: Source
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