Posted on 23 August 2010 by Laxman | Email|Print
From Emirates247.com: Bank of Sharjah has raised $150 million (Dh550.5m) through a club term-loan facility which exceeded by 50 per cent from target. This one-year loan effectively replaces a $200 million term loan, which closed oversubscribed in June 2007, and was repaid during June 2010.
Mandated Lead Arrangers for the facility include Commerzbank Aktiengesellschaft, Intesa Sanpaolo, National Bank of Abu Dhabi, UniCredit Group and Wells Fargo Bank…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Ameinfo.com: Kuwait Financial Centre ‘Markaz’, one of the Middle East’s leading investment banking and asset management companies, announced its financial results for the First Half ended 30 June 2010.
The Company reported a net profit of KD1.44m, or 3 fils per share, compared to a net profit of KD2.18, or 5 fils per share for the same period in 2009…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Arabfinance.com: The International Islamic Organization for Trade Finance, a member in the Islamic Bank for Development, will implement financial operations by a total value of $ 386 million, to help in financing Egypt’s strategic energy needs, especially crude oil and petroleum products.
In its financial report issued in the first half of the year 2011/2010, the Organization reported its implementation for 36 trade operations for 16 countries with a total value estimated at $ 1.253 billion at the end of the first half of this year…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Businessday.co.za: Some Malaysian Islamic products have not been accepted in the Gulf because authorities there say they are not Sharia compliant.
But narrowing differences over Sharia interpretation, the quest for new markets and Asia’s growing economic clout have begun to turn the tide, offering investors hopes of a deeper sukuk market, improved transparency and more uniform Sharia standards…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Arabnews.com: Bahrain’s Gulf Finance House, the investment firm hit hard by a regional property crisis, said on Sunday it plans to increase its capital base by $300 million.
In a statement to the Bahrain bourse, the Islamic investment firm said it plans to raise the capital “imminently” but did not elaborate on how it plans the raise…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Gulf Finance House (GFH) has announced its financial results for the six months ending 30 June 2010 in which the bank made significant progress in executing upon its recovery plan.
Total income for the period was $25.9 million compared to $67.9 million for the first half of 2009 following a reduction in income from investment banking services. Net loss for the period was reduced by 50 per cent to $47.7 million compared to a net loss of $92.1 million for the first half of 2009. Expenses were reduced by 54 per cent to $73.6 million compared to total expenses of $160.1 million in the first half of 2009…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Sundaytimes.lk: The LOLC group entered the area of Islamic Finance as a part of the company’s product development initiatives. LOLC being the first leasing company in Sri Lanka was used to mainly dealing in the area of auto finance in the form of Hire purchase, Leasing and Loans etc. whilst also boasting of a large customer base.
Towards the mid 90s the company experienced a rapid decline in their Muslim customers, due to the fact that leasing was perceived as an interest based product…………………………………….Full Article: Source
Posted on 23 August 2010 by Laxman | Email|Print
From Hindustantimes.com: Halal travel is now gaining popularity as demand for products and services permitted by Islam extends beyond food and interest-free financial instruments, and affluent Muslim travellers make their influence felt.
Halal travel is expected to be worth 100 billion US dollars annually within two years, said Fazal, who resigned from a senior management job at a major telecom firm in 2006 and set up his own company to tap into the expected boom…………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Reuters: Split by an age-old rivalry stemming from the fight for market share and differences in sharia interpretation, Islamic banking hubs Malaysia and the Middle East have struggled to work together in the past, resulting in fragmented standards and localised markets which have divided the industry.
Some Malaysian Islamic products have not been accepted in the Gulf because authorities there say they are not sharia compliant……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Islamic bond yields at four-year lows are failing to deter investors amid a flagging global recovery and dwindling new issuance of sukuk.
The average yield on dollar-denominated notes that comply with religious principles from Dubai to Malaysia fell 22 basis points, or 0.22 percentage point, so far this week to 5.25 percent, the lowest level since December 2005, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. The yield has dropped 200 basis points this year……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Afghanistan plans to issue licenses for three Islamic banks, the first to offer a range of services that comply with religious law in a country where 99 percent of the population is Muslim.
Afghan United Bank, Ghazanfar Bank and Maiwand Bank are seeking permission to provide products that meet Shariah principles, said Aimal Hashoor, a central bank spokesman in Kabul……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Ibtimes.com: Islamic Bank of Britain (IBB) has landed a capital injection of $31 million from founding shareholder Qatar International Bank (QIB).
Close on the heels of the shareholder approval of the capital ijnection, IBB announced details of two new Sharia-compliant home mortgage products……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Thenational.ae: Abu Dhabi Islamic Bank (ADIB), the country’s second-largest Sharia-compliant lender, has a new game plan to capture business from the football-mad UAE. The bank has signed a sponsorship deal to become an official partner of the UAE Football League (UFL).
“ADIB’s UFL sponsorship demonstrates our intent to reach our customers throughout the UAE and to deliver a unique value proposition that is relevant to them as passionate and loyal football fans,” said Petr Klimes, the senior vice president and group marketing director at ADIB……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Albawaba.com: Al hilal bank, one of the leading Islamic Banks in the UAE, has recently signed an agreement with both Abu Dhabi Tawteen Council (ADTC) and Emirates Institute for Financial and Banking Studies (EIFBS), to increase the number of UAE nationals in the banking sector through the “Dirasati” programme.
Launched by ADTC, the “Dirasati” programme offers training opportunities for more than 200 UAE nationals through special courses provided by EIFBS. Programme graduates will be awarded a diploma degree in conventional or Islamic banking……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Globalarabnetwork.com: The Syrian banking sector appears to be in rude health, reporting record figures at a time when many banks in the region are still absorbing the impact of the global financial crisis. In July 2010, the Central Bank of Syria released figures showing that bank assets in the country have topped $40bn for the first time.
With banking expanding across a number of business lines, growth levels have outstripped neighbours in the region. Both state-owned and private banks have been performing strongly this year……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Tradearabia.com: Kuwait’s government has given the green light to the country’s banks to finance a KD30 billion ($104.2 billion) development plan and is prepared to back them with guarantees, newspapers reported on Thursday.
Kuwait’s parliament approved the four-year plan in February. It is aimed at decreasing the Gulf Arab state’s dependence on oil for state revenues, and boosting private sector participation in projects……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Efinancialcareers.ie: It’s a tad ironic, perhaps, that a nation with one of the proportionately largest Roman Catholic populations in the world is turning to Islamic finance for new opportunities. Are Ireland’s ambitions realistic, and what jobs are likely to be created if it succeeds?
Any new jobs are still a way off, but the Irish government has recently made some regulatory and tax changes designed to attract more business from Islamic finance institutions. Understandably, considering the small Muslim population, the focus is initially going to be on wholesale rather than retail financial services……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Reuters: US based power plant developer AES has completed the sale of its Islamic power plant assets, held jointly with the Islamic Development Bank Infrastructure Fund under the name AES Oasis, by selling a 58% stake in the Barka 1 456MW power and water plant in Oman to Saudi company Acwapower for US$200m.
Three of the four plants in the Oasis portfolio have now been sold, including the 650MW Lal Pir and PakGen assets in Pakistan, which were sold to local investors led by Nishat Mills for US$117m in June. The assets have been badly hit by the recent flooding in the country……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Gulfnews.com: Bahrain’s Gulf Finance House (GFH), which is trying to raise more capital to improve its liquidity, made a second-quarter net loss of $39.9 million, according to Reuters calculations.
The Islamic investment house said in a statement its net loss during the first half of the year was $47.7 million, compared with $92.1 million during the year-earlier period……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Gulf Finance House EC said its first-half loss narrowed after it cut costs and liabilities as the Bahrain-based investment bank restructures its business.
The loss was $47.7 million after $92.1 million in the year- earlier period, the Manama-based bank said in an e-mailed statement today. Expenses fell 54 percent to $73.6 million, while liabilities were reduced to $965 million at the end of June from $1.8 billion a year ago……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Thisisguernsey.com: A New suite of Guernsey-based Islamic-compliant investments has been listed on the Channel Islands Stock Exchange.
The launch of World Shariah Funds PCC Ltd by local investment manager Argyll Investment Services follows its participation in the GuernseyFinance presence at the Fund Forum Middle East conference in Bahrain in October 2009……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Bernama: The Organisation of the Islamic Conference (OIC) should seriously consider establishing an emergency fund to address efficiently and urgently natural disasters and catastrophes that may affect individual member states in the future.
This was contained in the final communique of the emergency meeting of OIC member states’ permanent representatives on the floods in Pakistan, that took place in Jeddah on Wednesday……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Istockanalyst.com: Celcom Axiata Bhd has successfully placed RM4.2 billion nominal value unrated sukuk (trust certificates) under a private offering to the Employees Provident Fund Board (EPF), CIMB Islamic Bank Bhd and Malayan Banking Bhd.
The sukuk issuance, with tenures ranging from five to 10 years, will be provided by Celcom’s wholly-owned subsidiary, Celcom Transmission (M) Sdn Bhd (CTX)……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Jordan will select banks including JPMorgan Chase & Co., HSBC Holdings Plc, Credit Suisse Group AG and Arab Bank Plc to manage the sale of a $500 million Eurobond, Finance Minister Mohammad Abu Hammour said.
The government plans to offer debt maturing in five years by the fourth quarter of this year to help finance the nation’s budget deficit, Abu Hammour said in an interview by telephone from Amman today……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Todayszaman.com: The sukuk, an Islamic financial certificate similar to a bond, has made its debut on the Turkish market with participation bank Kuveyt Türk raising funds through a $100 million three-year issue, which is expected to boost funds inflow to the country.
The bank has become the first financial institution in Turkey and Europe to issue sukuk securities, led by Citigroup and the Liquidity Management House (LMH). The financing received one-and-a-half times more demand than anticipated……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Bernama: Hong Leong Tokio Marine Takaful Bhd (HLTM Takaful) will introduce two new family products and finalise its partners for the products soon.
Chief executive officer Ab Latiff Abu Bakar said the company planned to launch the new products in mid-October this year and will also be developing other product offerings which incorporate Islamic services such as Wakaf, Korban, Zakat and the Hajj……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been named the best Takaful distributor in the UAE for the second quarter of 2010.
The award was recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development, in recognition of the performance of the Al Islami Takaful savings programme……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Emirates247.com: Saudi Arabia has invited local businesswomen for their first conference to discuss investment opportunities in the Gulf Kingdom within a drive to expand their role in the domestic economy, the local press has said.
Hundreds of Saudi female investors will attend the October 4-5 conference in Riyadh, to be sponsored by the Federation of Saudi Arabian Chambers of Commerce and Industry with the participation of the government……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Globalarabnetwork.com: The Third meeting of the Gulf monetary council attended by governors of monetary institutes and central banks of member states, concluded last night with the participation of the Central Bank of Kuwait Governor Sheikh Salem Abdulaziz Al-Sabah.
The meeting that was headed by the Vice Governor, Saudi Arabian Monetary Agency, Dr. Mohammad Al-Jasser, discussed several issues concerning coordination and joint cooperation among member states, to accelerate the establishment on the Gulf Central Bank……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Maktoob.com: An Australian Muslim woman who sought permission to keep her face and head covered while she gives evidence at an upcoming trial was told by a judge Thursday she would have to remove her veil.
The case is the first time in Australia that a court has had to consider whether a witness should be allowed to keep their face hidden behind the type of veils some Muslim women wear as a mark of modesty……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Thenational.ae: Following in the footsteps of the Ottoman Empire through its sheer scale and glitz, the colossal Saudi clock tower may just succeed in changing the watches of the world. The clock tower and complex is a hospitality project and, its developer hopes, a magnet for tourists.
For the King Abdul Aziz Endowment that is behind the development, Abraj al Beit is part of a plan to triple the number of pilgrims that Mecca can handle during haj, to 10 million……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Maktoob.com: Nearly two years after Barack Obama’s election as US president, a growing number of Americans misidentify his faith as Muslim, according to a new poll released Thursday.
Despite Obama’s attendance in church and his repeated public statements about his Christian faith, nearly one in five respondents on the survey said they believed he is a practitioner of Islam, while only 34 percent of Americans correctly identified him as a Christian, down sharply from a year earlier……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Bloomberg: Barclays Capital, the investment banking arm of London-based Barclays Plc, is offering Shariah- compliant repurchase agreements to allow Islamic banks and investors manage their funds.
Barclays introduced the product worldwide two weeks ago and is focusing on clients in Malaysia and the Middle East, where the largest Islamic financial institutions are based, Harris Irfan, the bank’s Dubai-based head of Islamic finance products, said in an interview………………………………………Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Thejakartaglobe.com: The central bank is considering easing restrictions on Islamic banks by allowing them to adjust loan terms and boost lending.
“Shariah banks have asked that loans that are still current be allowed to be restructured,” Mulya Siregar, director of Islamic banking at the central bank, said in an interview in Jakarta on Tuesday……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Reuters: Indonesia will delay a planned $650 million global sukuk offer to the first half of 2011 from October because a lower budget deficit forecast reduces this year’s borrowing needs, a government official said on Wednesday.
Indonesia, the world’s most populous Muslim country, is keen to develop Islamic finance and has sold $650 million in sovereign sukuk in 2009. It has not sold any global sukuk so far this year……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Finanznachrichten.de: Malaysia’s national mortgage firm Cagamas said on Wednesday it has sold 1 billion ringgit ($317.1 million) in three-year tradeable sukuk at a yield of 3.48 percent.
The paper, which is part of a 5 billion ringgit fund raising programme, had a subscription rate of 2.7 times, Cagamas said in a statement……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Gulfnews.com: Malaysian national mortgage corporation Cagamas Bhd said Wednesday it has issued a one billion Malaysian ringgit three-year Sukuk Al Amanah Li Al Istithmar, the first such Islamic bond of its kind to be issued in Malaysia.
The sukuk, part of Cagamas’ five billion ringgit (Dh 5.8 billion) Islamic medium term note program, was priced at a yield of 3.48 per cent, Cagamas said in a statement……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Thestar.com.my: Celcom Axiata Bhd has successfully placed out RM4.2bil nominal value unrated sukuk under a private offering as part of an internal exercise to streamline Celcom’s business functions and to establish a network-centric entity.
In a statement, Celcom said the sukuk issuance, with tenures ranging from five to 10 years, would be issued by its wholly-owned subsidiary Celcom Transmission (M) Sdn Bhd (CTX)……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Tradearabia.com: The Central Bank of Bahrain (CBB) said that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 630 per cent.
Subscriptions worth BD63 million were received for the BD10 million ($26.52 million) issue, which carries a maturity of 182 days. The expected return on the issue, which begins on August 19 and matures on February 17, is 0.90 per cent……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd has recorded a higher turnover of RM615 million for its financial year ended March 31, 2010, compared with RM581 million in the previous year.
The general takaful segment contributed RM217 million, up from RM140 million previously, the company said in a statement Wednesday……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Albawaba.com: Shareholders of Islamic Bank of Britain approved a £20million capital injection from founding shareholder Qatar International Islamic Bank.
The additional capital will allow IBB to realise product development plans including the growth of its Islamic mortgage alternative, the Home Purchase Plan. IBB immediately released details of two new products to be launched as a result of the capital injection……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: HSBC Amanah Qatar launched HSBC Amanah Premier - the world’s first Islamic banking service aimed at internationally mobile, affluent consumers.
HSBC Amanah Premier, a cross-border Islamic banking and wealth management service, is an expansion of HSBC’s market-leading premium banking proposition HSBC Premier, offering customers access to HSBC Premier benefits with Shariah compliant products……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Allafrica.com: New Islamic financing tax laws were likely to attract more foreign investors to SA, Tasneem Gangat, a tax consultant at Grant Thornton, said yesterday.
The proposed new laws would bring several types of Islamic financing transactions into the tax net and bolster SA’s gross domestic product (GDP), she said. By giving recognition to Islamic investors, SA would be on a par with other global jurisdictions……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Legalweek.com: Pinsent Masons is set to launch an Islamic finance practice with the return of Al-Harith Sinclair from DLA Piper. Sinclair, a specialist in Islamic project finance structures, will join Pinsents’ City office as a partner on 1 May to establish and head up the firm’s Islamic finance practice.
In the new practice, Sinclair will focus on Islamic finance including Islamic treasury products, financial regulation and insurance work for new clients in London and the Gulf region, as well as targeting some of the Islamic banks established in the City……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From Zawya.com: As the concept of Islamic banking Islamic grows, banks following the system were urged to establish “permanent fatwas” instead of temporary ones, organizers of the two-day 31st session of “Al-Baraka Symposium for Islamic Economics” that starts today (Wednesday) said in a statement ahead of the meeting.
The initiative was taken in the light of increasing number of Islamic financial institutions along with the growing volume of their assets and deposits, and the consequential interest of many international institutions supporting Islamic banking……………………………………….Full Article: Source
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Posted on 19 August 2010 by Laxman | Email|Print
From CNBC: Worldwide Islamic bond issuances doubled in the first half of 2010 from a year earlier. Musa Hitam, chairman of World Islamic Economic Forum Foundation, tells CNBC’s Yousef Gamal El-Din, Chloe Cho & Steve Sedgwick why Islamic finance is a more assured means of investing.………………………………………Full Article: Source
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Posted on 18 August 2010 by Laxman | Email|Print
From Timeslive.co.za: Consultancy firm Grant Thornton says South African Islamic investors and financiers are likely to be recognised by way of a new insertion in the Income Tax Act. The proposed new section of the act would take into account Sharia practices which involve profit and risk sharing and forbade the paying or receiving of interest or investment in certain industries.
“The proposed new section of the act brings three types of Islamic financing transactions into the tax net - the investment account agreement called Mudarabah, the financing transaction known as Murabaha and joint ownership financing which is termed Diminishing Musharaka, all removing interest from the equation,” Tasneem Gangat, a tax consultant at Grant Thornton, said in a statement……………………………………….Full Article: Source
Posted on 18 August 2010 by Laxman | Email|Print
From Bloomberg: The International Islamic Financial Market, founded by the central banks of Bahrain, Indonesia and Malaysia, plans to create Shariah-compliant repurchase agreements to help Islamic banks manage funds and boost trading.
The IIFM, a Bahrain-based standards-setting body for Islamic markets, wants to introduce repos that don’t violate the religion’s ban on interest. It has proposed allowing third parties to act as intermediaries between buyers and sellers of sukuk used as collateral for short-term funds……………………………………….Full Article: Source
Posted on 18 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Bahrain Financial Harbour Holding Company, whose owners, Emar Bahrain, agreed to purchase Gulf Finance House’s (GFH) 49.88 per cent investment in BFHHC in June 2010, announced that it has fully repaid a $134 million Sukuk facility arranged by Liquidity Management Centre (LMC) which was used to finance the construction of the Financial Centre within Bahrain Financial Harbour.
GFH advised upon the structure of the Sukuk and raised funds for the facility as part of its remit as financial advisor to Bahrain Financial Harbour, as well as being the originator and driving force behind the project……………………………………….Full Article: Source
Posted on 18 August 2010 by Laxman | Email|Print
From Emiratesfn.com: Norton Rose LLp, the international legal practice, has acted for International Innovative Technologies Limited (IIT) in the UK’s first ever Sukuk.
Dubai based Millennium private Equity Limited are the ultimate financiers in the transaction, which has raised financing using the musharaka (joint venture) Sukuk structure for the technology development company based in the North East of England……………………………………….Full Article: Source
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