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Islamic Finance Briefing - Archive | September, 2010

Islamic finance seems overwhelmed by scholar reforms

Posted on 30 September 2010 by Laxman  |  Email|Print

From Reuters: Islamic finance is toughening supervision of its powerful religious advisers as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost independence and transparency.
Islamic banking is overhauling rules that govern the conduct of its influential sharia advisers, with competition for investor dollars and a growing market putting pressure on the once-arcane industry to adopt clearer, more uniform guidelines……………………………………….Full Article: Source

Islamic finance needs guides, not ‘police’

Posted on 30 September 2010 by Laxman  |  Email|Print

From Maktoob.com: Shariah advisers shouldn’t be looked on as only the “police” to the Islamic finance but rather the adviser, the caretaker, the guide and the institution that may shape the direction of the Islamic finance industry.
They shouldn’t only be the “police” who always look for mistakes and “offences” committed by the industry but should always be able to provide the best advice and steer the way for better operation of the industry……………………………………….Full Article: Source

Patchy scholar oversight makes global Shariah authority unlikely

Posted on 30 September 2010 by Laxman  |  Email|Print

From Themalaysianinsider.com: The idea that syariah advisors are subject to supervision is not exactly something new. At the international level, for example, the Auditing and Accounting Organisation of Islamic Financial Institutions (AAOIFI) in Bahrain already publishes a syariah standard on stipulations and ethics of fatwa (Islamic law ruling) for Islamic financial institutions as well as several governance standards on the role of syariah supervisory boards (currently being reviewed by AAOIFI).
The Islamic Fiqh Academy of the Organisation for Islamic Conference in Saudi Arabia in April 2009 issued a resolution on syariah supervision for Islamic banks, while the Islamic Financial Services Board in Malaysia in December 2009 published a standard on syariah governance systems for Islamic financial institutions……………………………………….Full Article: Source

Top Islamic finance scholars and their duties

Posted on 30 September 2010 by Laxman  |  Email|Print

From Reuters: Sharia advisers are the gatekeepers of the $1 trillion Islamic finance industry, issuing rulings on whether financial products satisfy the religion’s requirements.
As the industry grows, there are mounting calls to streamline and boost the supervision of sharia scholars, who are now regulated by a patchwork of national authorities and standard-setting bodies……………………………………….Full Article: Source

Islamic finance faces battle to unify industry

Posted on 30 September 2010 by Laxman  |  Email|Print

From Thejakartaglobe.com: Islamic finance is toughening supervision of its powerful religious advisers as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost transparency.
Competition for investor dollars and a growing market is putting pressure on the once-arcane industry to adopt clearer, more uniform guidelines……………………………………….Full Article: Source

Afganistan: Crisis and opportunity in Islamic finance

Posted on 30 September 2010 by Laxman  |  Email|Print

From Zawya.com: Afghanistan seems like a country which is tailor-made for Islamic finance, but it still doesn’t have a single Islamic bank. However, moves are afoot to bring it to the country. Mike Gallagher reports from Kabul on efforts to turn the economy around using Islamic finance.
Afghanistan has rarely been out of the news over the past nine years, as around 40 countries have been endeavouring to turn the country from one of the poorest (with a per capita GDP of around $1000) to something more stable and prosperous. The economy, after years of desperate hardship has been growing at around 10 per cent a year, admittedly from a very low base……………………………………….Full Article: Source

Asia to lag behind Persian Gulf in Sukuk sales

Posted on 30 September 2010 by Laxman  |  Email|Print

From Bloomberg: Asian issuers plan to sell $2.1 billion of Islamic debt in the fourth quarter, about 60 percent less than those announced in the Persian Gulf, where companies are seeking funds after Dubai World’s debt restructuring.
The dearth of issuance from Asia signals the Persian Gulf will overtake the region for the first time since the last quarter of 2009 with about $5.5 billion in offerings in the final three months, data compiled by Bloomberg show……………………………………….Full Article: Source

Malaysia Debt Ventures plans third Islamic bond sale next year

Posted on 30 September 2010 by Laxman  |  Email|Print

From Thestar.com.my: Malaysia Debt Ventures Bhd, a venture capital firm owned by the Finance Ministry, plans to issue about RM500mil of Islamic bonds in its third sukuk sale next year to fund investments, chief executive officer Md Zubir Ansori Yahaya said.
The company, which spends RM750mil on information technology and bio-technology projects annually, raised RM500mil of sukuk earlier this month, he said in an interview at a venture capital conference here on Tuesday……………………………………….Full Article: Source

Indonesia revives Sukuk after failures in July

Posted on 30 September 2010 by Laxman  |  Email|Print

From Bloomberg: Indonesia, the world’s most- populous Muslim nation, is reviving sales of Islamic bonds two months after consecutive auctions fell short of target because of concern over insufficient trading volume.
The Finance Ministry said this week it will offer 1 trillion rupiah ($112 million) of sukuk on Oct. 5, with maturities of five years to 20 years and coupons ranging from 8.8 percent to 10.25 percent……………………………………….Full Article: Source

Negative outlook for Borcos Shipping sukuk

Posted on 30 September 2010 by Laxman  |  Email|Print

From Btimes.com.my: Borcos Shipping Sdn Bhd, Malaysia’s second-largest provider of offshore support vessels, had the A1 rating on RM160 million of Islamic medium-term notes placed on rating watch with a negative outlook at RAM Rating Services Sdn Bhd.
This reflects a decline in daily charter rates and low utilization of its offshore support vessels, RAM said in a report today. A1 is RAM’s fifth-highest investment grade……………………………………….Full Article: Source

Emaar to issue $450 mln bond; may take writeoff

Posted on 30 September 2010 by Laxman  |  Email|Print

From Reuters: Dubai developer Emaar Properties said on Wednesday it would issue $450 million in convertible bonds, and that it may have to write off loans related to troubled Islamic mortgage provider Amlak.
Emaar said in a statement the five-year note, which would carry a coupon of 7.5 percent, was increased from an initial $375 million on strong demand, and could be further raised up to $500 million……………………………………….Full Article: Source

Emaar board approves $375mln bond issue

Posted on 30 September 2010 by Laxman  |  Email|Print

From Gulfnews.com: Emaar Properties, the UAE’s biggest listed real estate developer, said on Wednesday that the company’s board has agreed to issue convertible bonds worth $375 million (Dh1.37 billion).
In a filing to the Dubai Financial Market on Wednesday, the company said it had established a wholly owned subsidiary, Pyrus Limited, in Cayman Islands, that would issue a $375 million bond with the option to increase the size of the issue by another $125 million……………………………………….Full Article: Source

QIB bond said to yield 262.5 points over midswap

Posted on 30 September 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Qatar Islamic Bank may raise as much as $750 million by selling five year Islamic bonds that may be priced to yield 262.5 basis points above similar maturity midswap, four bankers familiar with the transaction said.
The bankers declined to be identified because the deal hasn’t been completed……………………………………….Full Article: Source

Australia’s Hyperion launches Islamic equity fund, targets Mideast

Posted on 30 September 2010 by Laxman  |  Email|Print

From Zawya Dow Jones: Australian investment manager Hyperion Asset Management has launched an Islamic equity fund that will initially target Middle East investors seeking to benefit from Australia’s economic growth potential.
“The fund will invest in listed Australian equities. We hope to have initial commitments in place by the end of October for the first close, which should be in excess of $40 million,” said Douglas Clark Johnson, chief executive officer at Codexa Capital, which consulted on fund structuring and marketing, and represents the product in selected markets……………………………………….Full Article: Source

CBB go-ahead for first offshore Islamic fund

Posted on 30 September 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: The Central Bank of Bahrain (CBB) has authorised formation and marketing of the Hyperion Australian Equity Islamic Fund, the first Sharia-compliant offshore fund comprised of the country’s stocks.
Investment manager for the fund is Hyperion Asset Management, a Brisbane-based, growth-style manager whose award-winning core investment team has worked together since 1997……………………………………….Full Article: Source

Family Shariah Fund six-month loss widens

Posted on 30 September 2010 by Laxman  |  Email|Print

From RTTNews: Family Shariah Fund Ltd, in its unaudited interim half year results for the six month period ended 30 June 2010, net loss widened to US$1.03 million or US$0.03 per share, from US$212 thousand or US$0.01 per share in the year ago period.
Total expenses declined to US$671 thousand, from US$778 thousand in the prior year period……………………………………….Full Article: Source

Maybank to boost Islamic finance ops in Indonesia

Posted on 30 September 2010 by Laxman  |  Email|Print

From Btimes.com.my: Top lender Malayan Banking Bhd (Maybank) has obtained Indonesian authorities’ approval to convert its unit PT Bank Maybank Indocorp into a full-fledged Islamic bank, its chief said.
The move allows Maybank to step up its Islamic banking activities in the world’s most populous Muslim nation. It also fits in with the group’s plan of becoming the largest Islamic bank in Asean by 2015, president and chief executive officer Datuk Seri Abdul Wahid Omar said……………………………………….Full Article: Source

Qatar limits Islamic finance of regular banks

Posted on 30 September 2010 by Laxman  |  Email|Print

From Alarabiya.net: Qatar’s central bank’s new rules on Islamic lending released on August 29 are set to be to the advantage of “true” Islamic banks in the long-run.
The new regulations prohibit conventional banks from allocating more than 10 percent of issued capital to Islamic banking operations and disallow them from opening additional branches for Islamic banking……………………………………….Full Article: Source

Indian expats present case for interest-free banking

Posted on 30 September 2010 by Laxman  |  Email|Print

From Arabnews.com: A group of Indian expatriate workers met with the Minister of Overseas Indians’ Affairs, Vayalar Ravi, here recently and presented a memorandum seeking his support to introduce interest-free banking and financial services in India.
“Minister Ravi offered his support for and commitment to any Interest-free financing projects in India for expatriate Indians which comes under the purview of the Indian constitution,” said Abdul Aziz V.K. of Al-Hayat School who is also a member of the group……………………………………….Full Article: Source

Al khaliji introduces Platinum and Classic credit cards

Posted on 30 September 2010 by Laxman  |  Email|Print

From Ameinfo.com: Al khaliji, the next generation bank, has introduced Qatar’s first fee-free credit cards offering 2% cashback on all purchases and a market leading package of financial benefits and superior protection for its valued customers.
In addition to 2% Cashback on purchases, the new Al khaliji Classic and Platinum Visa credit cards guarantee 0% commission on overseas transactions, no annual fee, no salary transfer, in addition to a highly competitive interest rate and market leading Anti-Fraud monitoring to protect purchases made in shops and online……………………………………….Full Article: Source

Tamweel takeover fans Amlak acquisition rumours

Posted on 30 September 2010 by Laxman  |  Email|Print

From Emirates247.com: With Dubai Islamic Bank (DIB) taking over troubled Islamic mortgage lender Tamweel, the market is rife with rumours that Emaar Properties, which is holding its board meeting today, will decide to offload its stake in Amlak Finance, the other non-bank mortgage lender in Dubai.
The Dubai-based Emaar Properties is the largest shareholder in Amlak, holding 45 per cent of its shares. No other single shareholder owns more than 5 per cent of Amlak’s shares……………………………………….Full Article: Source

Dow Jones Islamic markets in September 2010: Dubai is back on track

Posted on 30 September 2010 by Laxman  |  Email|Print

From Zawya.com: Almost a year ago, the emirate of Dubai was written off the books by some media. When real estate developer Nakheel found itself unable to pay off a US$3.52 billion Islamic bond (Sukuk) in November 2009, the sheikhdom suddenly was declared a place where dreams had turned to dust. Only a last -minute US$10 billon credit guarantee from neighboring emirate Abu Dhabi saved Dubai from defaulting.
It might be too early to declare victory, but September 2010 definitely marks - at the very least - a much needed stabilization for Dubai……………………………………….Full Article: Source

The Royal Award for Islamic Finance receives global nominations

Posted on 30 September 2010 by Laxman  |  Email|Print

Some of the world’s most outstanding individuals in Islamic finance are now being considered for The Royal Award for Islamic Finance. Unlike commercial awards which are deal-based, this Award focuses on an individual’s record of achievement and outstanding contribution towards the advancement of Islamic finance globally.
The 30 nominees represent the diversity and global acceptance of Islamic finance – from across all regions of the world, including the Middle East, Europe, South East Asia, Africa and Australia. This pool of influential drivers of global Islamic finance also includes non-Muslims and both genders. Nominations have come from every sector of the industry including Shariah, academia, industry practitioners, Islamic finance institutions, research institutions, Government agencies and NGOs……………………………………….Full Press Release: Source

Nigeria Sukuk debut targets Shariah hub role

Posted on 29 September 2010 by Laxman  |  Email|Print

From Bloomberg: Nigeria, Africa’s second-largest economy and home to 75 million Muslims, plans to sell its first Islamic debt within 12 months as part of a bid to become the continent’s center for Shariah-compliant financing.
“Nigeria will be the Islamic hub by 2020,” central bank Governor Lamido Sanusi said in a Sept. 24 telephone interview from the capital, Abuja. The government has yet to decide on a size for the sukuk sale, he said……………………………………….Full Article: Source

Nakheel plans $1.6 bln Sukuk, part of debt plan

Posted on 29 September 2010 by Laxman  |  Email|Print

From Reuters: Property developer Nakheel NAKHD.UL plans to issue a 6 billion dirham ($1.63 billion) Islamic bond as part of its debt repayment plan as it restarts several key projects, an industry executive said on Tuesday.
Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the remaining 60 percent through a sukuk Islamic bond……………………………………….Full Article: Source

Dubai said to raise $1 bln in 2 part 5 to 10-year bond sale

Posted on 29 September 2010 by Laxman  |  Email|Print

From Bloomberg: Dubai may raise $1 billion in a two-part bond sale in its first sovereign issue since the Dubai World credit crisis, according to a banker and an investor involved in the deal. The Persian Gulf financial hub’s 5-year, $500-million issue may be priced to yield about 6.75 percent, according to the people with knowledge of transaction.
Dubai’s 6.396 percent Islamic bonds maturing 2014 were yielding at 6.403 percent, down one basis point, at 6:31 p.m. in the emirate, according to prices on Bloomberg……………………………………….Full Article: Source

Dubai bond size may exceed $1bln

Posted on 29 September 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: With Dubai all geared up for the dual-tranche Eurobond sale, the size of the order book was estimated to exceed $1 billion by sources at lead managers. On Monday, Dubai mandated HSBC, Deutsche and Standard Chartered to lead the dollar-denominated bond, the first since last year’s debt crisis.
According to one source, the five-year issue would carry an initial yield guidance of 6.75 per cent, while the 10-year tranche may yield around eight per cent……………………………………….Full Article: Source

Dubai, Qatar’s QIB revive Gulf debt sales

Posted on 29 September 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: The Dubai government and Qatar Islamic Bank are among issuers leading the biggest Arabian Gulf borrowing push since the fourth quarter, a sign Dubai World’s debt restructuring is reviving confidence in the region.
Dubai may sell $1 billion next week in its first bond sale in a year, two bankers familiar with the plan said Sept. 23. Qatar Islamic Bank plans to offer its first dollar sukuk and will start meeting investors in the Middle East, Asia and Europe, it said last week……………………………………….Full Article: Source

Soaring Sukuk

Posted on 29 September 2010 by Laxman  |  Email|Print

From Zawya.com: According to KFH Research and NCB Capital, there seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year. KFH’s report predicts that global Sukuk issuance will reach $30 billion in 2010 in light of the recovery in global economic activity and the increase of Sovereign Wealth Funds (SWFs), companies, and the revival of private sector projects.
According to the report, the value of the Sukuk market has increased to reach about $100 billion in 2009, pointing out that the total value of issues for this market has seen a marked increase during the first half of 2010 to reach $16.5 billion - a growth of 16.3 per cent……………………………………….Full Article: Source

Indonesia aims for $111.8 mln at Oct 5 sukuk auction

Posted on 29 September 2010 by Laxman  |  Email|Print

From Reuters: Indonesia’s debt office said on Tuesday it aimed to raise 1 trillion rupiah ($111.8 million) at its auction of sukuk, or Islamic debt, scheduled for October 5.………………………………………Full Article: Source

Malaysia: Call to exploit Islamic finance expertise

Posted on 29 September 2010 by Laxman  |  Email|Print

From Btimes.com.my: Malaysia should make use of its Islamic finance expertise to attract more foreign direct investments (FDIs). “The outlook in Malaysia is very optimistic with vast opportunities for investment. I believe Malaysia is on the right track,” said Mary Buffett, the former daughter-in-law of famous investor Warren Buffett.
Yesterday, Buffet, the well-known American author of bestselling book “Buffettology” addressed almost 600 people at the “Dawn of the New Decade: Alternative Investment in Asia” conference……………………………………….Full Article: Source

Malaysia can take lead in improving Islamic finance

Posted on 29 September 2010 by Laxman  |  Email|Print

From Thestar.com.my: Malaysia, as a leader and innovator in Islamic finance, can do more in exploring the Islamic principles to create a more cohesive financial system, says Dr Armen V Papazian, fellow of the Judge Business School, University of Cambridge, England.
“At present, across the Islamic world, not even a single of them is printing money based on Islamic principles,” said Papazian, who is also chief executive officer of Keipr, a boutique consultancy firm in the United Arab Emirates, during his presentation……………………………………….Full Article: Source

Islamic answers to SME finance needs

Posted on 29 September 2010 by Laxman  |  Email|Print

From Zawya.com: With both the value of the SME and the Islamic finance sectors predicted to skyrocket over the next few years, it’s not surprising that the two have successfully intertwined in the GCC region. Isla MacFarlane reviews the most recent offerings for Shari’ah-compliant SME financing
SME financing could be deemed a natural fit for Islamic finance, by virtue of the fact that it deals directly with the real economy; creates employment; involves the productive use of resources; and contributes directly toward the alleviation of poverty……………………………………….Full Article: Source

New key AAOIFI standards: Contemplation option, defects option and honesty option

Posted on 29 September 2010 by Laxman  |  Email|Print

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari’a standards for the Islamic banking and finance industry, issued three new Shari’a standards, namely “Contemplation Option”, “Defects Option” and “Honesty Option”.
Commenting on the issue of these new standards, Secretary General of AAOIFI Dr. Mohamad Nedal Alchaar said that “The adoption of these new standards by AAOIFI Shari’a Board came after careful and indepth study in the same way as all other AAOIFI Shari’a standards are reviewed and assessed before issuance. The purpose of these standards is to seek setting Shari’a requirements and rules for the different modes of investment, insurance and financial services and provide interepretation for such requirements and rules”……………………………………….Full Press Release: Source

Standard Chartered Bank launches first Islamic US dollar nostro account

Posted on 29 September 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Standard Chartered Bank has announced the launch of the first Islamic US Dollar Nostro1 Account in the US. The facility will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a monthly basis.
Al Baraka Banking Group is the first bank in the region to benefit from this product and signed an agreement with Standard Chartered Bank at the Thought Leadership MENA Bankers Conference in Lebanon……………………………………….Full Article: Source

Islamic banking: Standard Chartered launches awareness drive

Posted on 29 September 2010 by Laxman  |  Email|Print

From Brecorder.com: Standard Chartered has launched an Islamic banking awareness campaign under its global Islamic brand ‘Saadiq’. Saadiq, which means ‘truthful’, is Standard Chartered’s identity for our global Islamic banking business.
Under the brand, the bank continues to offer a range of Islamic banking services in both wholesale and consumer banking with the guidance and advice of their Global Shariah Board……………………………………….Full Article: Source

Islamic banker ’s call for ‘responsible spending’

Posted on 29 September 2010 by Laxman  |  Email|Print

From Gulfweeklyworldwide.com: A senior Bahraini Sharia scholar and an Islamic banker has urged people to take a more responsible view of spending and to resist what he described as a growing culture of consumerism.
Dr Adel Marzooqie, the Ithmaar Bank Sharia adviser, said there appears to be a growing obsession over materialistic possessions with people in Bahrain and the rest of the region saving very little, if anything at all, of their monthly income……………………………………….Full Article: Source

Tamweel begins to take back properties

Posted on 29 September 2010 by Laxman  |  Email|Print

From Thenational.ae: Tamweel, one of the country’s biggest Islamic mortgage providers, has started to repossess defaulted properties and intends to apply much stricter rules when it starts lending again.
Dubai Islamic Bank (DIB) has increased its stake in the company in a move expected to pave the way for Tamweel’s return to home lending. Its shares were suspended almost two years ago along with those of its rival Amlak Finance, after both halted lending……………………………………….Full Article: Source

Islamic banking growth to hit $2.7trillion

Posted on 28 September 2010 by Laxman  |  Email|Print

From Gulfnews.com: Islamic banking is growing at a fast pace and its size globally is expected to reach $2.7 trillion (Dh9.9 trillion) by 2015, up from an estimated $1 trillion at present, a senior executive of Abu Dhabi Islamic Bank (ADIB) said yesterday.
“Globally, the industry is growing at a double digit rate [annually]. Due to its transparency, trust and ethical practices, clients are increasingly looking at Islamic solutions for themselves,” Malek Sarwar, Co-Head of Private Banking and Wealth Management Group,said……………………………………….Full Article: Source

Crisis-hit Islamic funds set for recovery

Posted on 28 September 2010 by Laxman  |  Email|Print

From Reuters: The asset management side of Islamic finance, which has been at a virtual standstill in the $1 trillion industry, is set to break out of its rut as demand rises for investment products catering to Muslim laws.
Consultants Ernst & Young estimate that between $360 billion and $480 billion of individual and institutional savings are available to the Islamic fund industry, making its growth potential hard to ignore for asset managers………………………………………Full Article: Source

BLME plans Shariah-compliant fund

Posted on 28 September 2010 by Laxman  |  Email|Print

From Zawya.com: Bank of London and the Middle East (BLME), 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 Nigel Denison, director and head of asset management, BLME, who was in Jeddah for a seminar on Islamic finance recently.
He said that it was in no way a hedge fund, but a reliable way of producing a Shariah-based strategy to positively produce an absolute return regardless of the direction of the market……………………………………….Full Article: Source

Dubai, Qatar Islamic revive Gulf debt sales: Islamic finance

Posted on 28 September 2010 by Laxman  |  Email|Print

From Bloomberg: The Dubai government and Qatar Islamic Bank SAQ are among issuers leading the biggest Persian Gulf borrowing push since the fourth quarter, a sign Dubai World’s debt restructuring is reviving confidence in the region.
Dubai may sell $1 billion this week in its first bond sale in a year, two bankers familiar with the plan said Sept. 23. Qatar Islamic Bank plans to offer its first dollar sukuk and will start meeting investors in the Middle East, Asia and Europe, it said last week. Chief Executive Officer Salah Mohammed Jaidah said May 19 the bank may issue as much as $750 million of notes that comply with the religion’s ban on interest……………………………………….Full Article: Source

Sukuk model grows in strength in spite of Islamic compliance doubts

Posted on 28 September 2010 by Laxman  |  Email|Print

From Thelawyer.com: In November 2007 Islamic finance, which until then had been soaring on the back of a bullish economy and a climate of more liberal interpretation, hit its first snag.
Sheikh Muhammad Taqi Usmani, head of the religious board at the Accounting and Auditing Organisation for ­Islamic Financial Institutions - the body that sets standards for Islamic finance products - declared that around 85 per cent of the sukuk in issuance broke key principles of Islam and were not sharia-­compliant……………………………………….Full Article: Source

Nakheel applied to Nasdaq Dubai to list sukuk - Arabtec CFO

Posted on 28 September 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Nakheel, the developer of palm-shaped islands off Dubai’s coast, has applied to the Nasdaq Dubai stock exchange to list a sukuk, or Islamic bond, said Ziad Makhzoumi, chief financial officer of contractor Arabtec Holding Co.
“In my understanding, Nakheel has already applied to Nasdaq Dubai to list the sukuk,” Makhzoumi told reporters at a conference in the UAE emirate of Ras al Khaimah on Monday. “We see the listing by year end but it’s not our decision.”………………………………………Full Article: Source

Central Bank of Bahrain Sukuk Al-Salam securities over subscribed

Posted on 28 September 2010 by Laxman  |  Email|Print

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD55.5m were received for the BD12m issue, which carries a maturity of 91 days……………………………………….Full Article: Source

Abu Dhabi not to issue sovereign bonds

Posted on 28 September 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Abu Dhabi will not issue sovereign bonds this year, while fellow United Arab Emirate member Dubai is determined to get a credit rating in the future, top government officials said yesterday.
Both Gulf Arab emirates have been testing investor interest in potential debt issues during recent months, with sources indicating debt-crisis hit Dubai may be first to tap the market……………………………………….Full Article: Source

World Islamic banking talks are lined up

Posted on 28 September 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: Though the Islamic finance industry has enjoyed rapid growth over the past few years despite the effects of the global financial slowdown, a key challenge is to ensure that this growth is sustainable.
It is against this backdrop that the 17th Annual World Islamic Banking Conference (WIBC 2010) will be held from November 22 to 24 at the Gulf Hotel, Bahrain……………………………………….Full Article: Source

Korea: Moves to establish a local Islamic bank face hurdles

Posted on 28 September 2010 by Laxman  |  Email|Print

From Joongang Daily: Korea is hoping to attract funds from oil-rich Middle East countries by setting up a local Islamic bank in the country, but the effort is still facing many challenges. The Islamic Bank Korea Organizing Committee was established in January 2009 under the auspices of the League of Arab States Chamber of Commerce in Korea.
The group is being led by Rhee Dong-wook, a Muslim convert, and Lee Tong-ho, a former president of Korea Development Bank. Their plans call for opening an Islamic bank, tentatively called Al Amir Bank……………………………………….Full Article: Source

Abu Dhabi Islamic Bank to offer funds from Allianz, NCB, HSBC

Posted on 28 September 2010 by Laxman  |  Email|Print

From Bloomberg: Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest lender complying with Muslim banking rules, plans to offer wealth-management clients access to funds from Allianz SE, NCB Capital and HSBC Amanah.
The bank is trying to win a greater share of the wealth- management market in the U.A.E., which is home to more than 55,000 households with investible wealth of more than a $1 million, Malik Sarwar, head of ADIB’s wealth-management business, told reporters in Abu Dhabi today……………………………………….Full Article: Source

New twist in Dubai Islamic Bank bank fraud case

Posted on 28 September 2010 by Laxman  |  Email|Print

From Zawya.com: Fresh charges against seven suspects. Dubai Prosecutors have added new charges against seven suspects allegedly involved in financial irregularities which caused a Dh1.8 billion loss to the Dubai Islamic Bank, Gulf News learnt yesterday.
Dubai Public Prosecution has charged the seven suspects — three Britons, two Pakistanis, a Turk and an American — with embezzling public funds, deliberately helping others to embezzle public funds, inflicting intentional loss to the government and its interests, and unlawful profiting and forging unofficial documents and using them, prosecution sources told Gulf News……………………………………….Full Article: Source

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