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Islamic Finance Briefing - Archive | September, 2010

Ijara enforcement judgments in Dubai

Posted on 24 September 2010 by Laxman  |  Email|Print

From Mondaq.com: The Banking Litigation team at Al Tamimi continues to assist many of our clients with enforcement of finance documents before the UAE Courts. To date, we have obtained a number of successful judgments in relation to the enforcement of conventional and Islamic finance transactions for our clients.
In terms of Islamic finance, the Dubai Court of First Instance has recently issued the first few judgments in connection with Ijara finance transactions. The Ijara finance documents considered by the Court related to property finance provided by an Islamic financial institution……………………………………….Full Article: Source

More than meats the eye: Islamic Finance

Posted on 24 September 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Of course, there has been something of a tabloid crusade against all things Islamic in the British press, which has been cited by some as the reason Islamic finance has not enjoyed much success in the UK.
The Islamic Bank of Britain has yet to turn a profit, the UK’s first ‘Halal’ insurance firm, Salaam Insurance, closed its doors in 2009 after just 18 months of trading. alburaq – owned by Arab Banking Corporation – has effectively withdrawn its savings and mortgage products from the mass market and HSBC Amanah has scaled down its Islamic banking staff in Britain……………………………………….Full Article: Source

Islamic asset allocation in the current environment

Posted on 23 September 2010 by Laxman  |  Email|Print

From Investmentweek.co.uk: Over the past two decades Islamic finance has become an increasing focus of the global investment community. Indeed, a recent estimate puts the value of the Islamic finance industry at $1trn worth of assets and predicts that it will grow by 10% to 15% per annum.
Although still mainly focused on the Middle East and Asia, it is now expanding beyond these markets into Europe and the US……………………………………….Full Article: Source

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Arabian Gulf sukuk may reach $5bln in Q4

Posted on 23 September 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Banks and companies in the Arabian Gulf may issue the most Islamic debt in three years in the fourth quarter as economic growth accelerates and Dubai’s companies reach agreements to restructure debt.
The Islamic Development Bank, a Jeddah-based multilateral lender, said on Aug. 24 it would raise $1 billion selling debt that complies with Shariah law’s ban on interest, taking planned offerings for the remainder of the year to $5.5 billion……………………………………….Full Article: Source

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QIB sukuk roadshow

Posted on 23 September 2010 by Laxman  |  Email|Print

From Gulf-times.com: Qatar Islamic Bank (QIB), the country’s largest Shariah-compliant lender by market value, will kick-off a global roadshow tomorrow in Asia ahead of a planned sukuk sale, a person familiar with the matter said.
“It will be a US dollar benchmark transaction,” the person, who didn’t wish to identified, said. QIB chief executive officer Salah Mohammed Jaidah said in May the bank planned to sell around $750mn in Islamic bonds……………………………………….Full Article: Source

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Al Baraka plans $200 mln Islamic bond sale

Posted on 23 September 2010 by Laxman  |  Email|Print

From Reuters: Bahraini Islamic lender Al Baraka will launch a $200 million Islamic bond sale this year to fund expansion in France, its chief executive said.
Proceeds from the sukuk will be used to set up branches in France, Adnan Yousif told Reuters on the sidelines of a conference on Wednesday……………………………………….Full Article: Source

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Citigroup has plans to arrange further sales of Islamic bonds from Turkey

Posted on 23 September 2010 by Laxman  |  Email|Print

From Balkans.com: Citigroup Inc. has plans to arrange further sales of sukuk, or Islamic bonds from Turkey after managed a $100 million issue for Kuveyt Turk Katilim Bankasi AS .
Hulusi Horozoglu, director of global Islamic banking at Citigroup, in an e-mail to Bloomberg said that Citigroup is having talks with other potential sellers of Shariah-compliant debt in the country……………………………………….Full Article: Source

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Islamic banks to become specialised business

Posted on 23 September 2010 by Laxman  |  Email|Print

From Gulf-times.com: Shariah-compliant investment banks (SCIB) in the Gulf region, which faced a near-collapse on global financial crisis, is likely to see a potential rebirth but in the form of specialised business lines of larger Islamic banking groups, according to global credit rating agency Moody’s.
“A potential rebirth of this sub-sector is likely to take a different form from the pre-crisis model,” said Anouar Hassoune, vice president-senior credit officer at Moody’s Financial Institutions Group……………………………………….Full Article: Source

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Recovery of GCC Islamic investment banks depends on improved risk management

Posted on 23 September 2010 by Laxman  |  Email|Print

A recovery of the tarnished Shari’ah-compliant investment banks (SCIB) would require that lessons from the crisis — such as the need to improve risk management be applied, says Moody’s Investors Service in its Special Comment on this troubled banking sub-sector. The global financial crisis had brought about a near-collapse of the SCIB model, with a handful of spectacular mid-crisis defaults of a few SCIBs further severely undermining the SCIB model.
“A potential rebirth of this sub-sector is likely to take a different form from the pre-crisis model,” says Anouar Hassoune, Vice President Senior Credit Officer in Moody’s Financial Institutions Group. “Specifically, Moody’s expects SCIBs to evolve away from being the preserve of boutique investment houses created by individual investment bankers. Instead, Moody’s believes that the SCIB concept could re-emerge in the form of specialised business lines of larger Islamic banking groups seeking to diversify.”………………………………………Full Press Release: Source

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Shariah banks capital inadequate: survey

Posted on 23 September 2010 by Laxman  |  Email|Print

From Gulf-times.com: The Islamic finance industry is under regulated and that many Shariah-compliant banks are inadequately capitalised, according to Deloitte survey. The survey, the first of its kind by Deloitte and carried out during the first half of this year, involved industry practitioners and top executives from Islamic financial institutions in the Middle East.
About 66% of the respondents feel the Islamic finance industry is under regulated……………………………………….Full Article: Source

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Crisis to shape new Islamic investment banking

Posted on 23 September 2010 by Laxman  |  Email|Print

From Alrroya.com: Development plans for the creation of a full-fledged shariah-compliant investment banking (SCIB) sector had to be put on a back burner following the onset of the global financial crisis, which undoubtedly stunted growth in the banking and finance industry worldwide.
The SCIB concept – originally conceived as boutique investment houses created by individual investment bankers – had suffered considerably during the crisis, but would likely evolve as part of larger Islamic banking groups that are seeking to diversify, says Anouar Hassoune, Moody’s Vice President-senior credit officer and lead analyst for Islamic banks……………………………………….Full Article: Source

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Pakistan urging Persian Gulf loans for farmers: Islamic finance

Posted on 23 September 2010 by Laxman  |  Email|Print

From Bloomberg: Pakistan’s central bank, seeking to double Islamic banking assets in three years, is urging lenders from the Persian Gulf to open branches in rural areas.
Albaraka Banking Group, the largest publicly traded Islamic lender in Bahrain, is increasing branches to 80 from 30, Kaleem Iqbal, a senior executive vice president at the local unit, said in a Sept. 21 interview in Islamabad. Meezan Bank, controlled by Kuwait’s Noor Financial Investment Co., is opening 25 outlets this year, said Amir Ali, head of investment banking in Karachi……………………………………….Full Article: Source

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Ithmaar adviser urges responsible spending

Posted on 23 September 2010 by Laxman  |  Email|Print

From Tradearabia.com: People to take a more responsible view of spending and resist the growing culture of consumerism, said a senior Bahraini Sharia scholar and an Islamic banker.
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

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Noor’s AlQemzi named CEO of the Year-Best Islamic Bank at the CEO ME awards 2010

Posted on 23 September 2010 by Laxman  |  Email|Print

From Albawaba.com: Hussain AlQemzi, Group Chief Executive Officer of Noor Investment Group and Noor Islamic Bank has been named CEO of the Year– Best Islamic Bank at this year’s CEO Middle East Awards in Dubai, United Arab Emirates.
The award has been given in recognition of AlQemzi’s role in the development and growth of the country’s Islamic Banking and Finance industry, and his ability to sustain the corporate agenda of Noor Islamic Bank, despite the tough financial challenges posed by the global financial crisis……………………………………….Full Article: Source

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Tariq Al-Samahiji the new CEO of BNP Paribas Najmah

Posted on 23 September 2010 by Laxman  |  Email|Print

From Cpifinancial.net: BNP Paribas has appointed Tariq Al-Samahiji as CEO of BNP Paribas Najmah and Global Head of BNP Paribas Islamic Finance and Investments, with effect from 1 September 2010. Tariq’s responsibilities cover the development of BNP Paribas’ Shari’ah-compliant business in all geographies worldwide
Tariq has been with BNP Paribas since 2002. Prior to taking on this new role, and since 2007, he was the CEO of BNP Paribas Investment Partners covering the MENA region. He was also the coordinator of all Investment Solutions activities, which included: Investment Partners, Personal Investors, Insurance, Wealth Management, Securities Services and Real Estate Services……………………………………….Full Article: Source

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BLME launches Islamic capital markets desk

Posted on 23 September 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Bank of London and The Middle East plc (BLME), London’s wholesale Shari’ah-compliant bank, has created an Islamic capital markets desk in response to market demand for high quality Islamic assets and Sukuk by established issuers.
The Islamic capital markets desk, which will be headed up by Massoud Janekeh, will provide UK and international corporates with robust and commercially attractive products that offer a genuine alternative to conventional financing instruments……………………………………….Full Article: Source

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Islamic Bank of Britain pre-tax loss narrows

Posted on 23 September 2010 by Laxman  |  Email|Print

From StockMarketWire.com: Islamic Bank of Britain posts a pre-tax loss of £4.3m for the six months to the end of June compared with $4.6m a year ago. Operating income fell to £694,979 - down from £1,0m last time - and it had cash and cash equivalents of £4.7m against £3.6m at the corresponding stage in 2009.
Chairman Mohsen Moustafa said: “The board expects the challenging market conditions to persist through the remainder of the financial year.”………………………………………Full Article: Source

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Oman central bank approves creation of new bank

Posted on 23 September 2010 by Laxman  |  Email|Print

From Gulfnews.com: The Central Bank of Oman (CBO) has cleared a request by Sayed Asa’ad Bin Tarek Bin Taimour Al Saeed, Representative of Sultan Qaboos Bin Said, to set up a new commercial bank in the country.
The decision, to give the green signal to new bank — Al Izz International Bank — was taken at a meeting of the CBO Board of Governors on Tuesday evening……………………………………….Full Article: Source

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DIB launches second Qiyadi leadership development programme for UAE Nationals

Posted on 23 September 2010 by Laxman  |  Email|Print

From Eyeofdubai.com: In line with its 2010 strategy to achieve 45 per cent Emiratisation across its operations, Dubai Islamic Bank (DIB) announced the launch of its successful second Qiyadi leadership programme.
Initially developed by Dubai Islamic Bank in 2006, Qiyadi, or Leadership, is a long-term leadership development programme that aims to equip the participants with the skills required to assume managerial positions within the Bank. The programme is open to both DIB employees, as well as talented UAE nationals wishing to pursue a career at the bank……………………………………….Full Article: Source

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UAE banks will not require support

Posted on 23 September 2010 by Laxman  |  Email|Print

From Gulfnews.com: The UAE’s banking sector is adequately liquid and the capitalisation levels are far in excess of Central Bank requirements, thus the banking sector will not require Central Bank support, said Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre and Chairman of the Emirates Banks Association.
Speaking to reporters on the sidelines of a conference on the media’s impact on the Arab banking and financial sectors Al Tayer said the timely intervention of the federal government and the UAE Central Bank helped the banks to meet the capital and liquidity requirements during the financial crisis……………………………………….Full Article: Source

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Historic deal for Middle Eastern finance

Posted on 23 September 2010 by Laxman  |  Email|Print

From Nebusiness.co.uk: North East law firm Hay & Kilner helped Gateshead technology company IIT make history by raising £6.4m with the UK’s first Islamic bond. International Innovative Technologies, which is based in the Team Valley, made contact with Dubai’s Millennium Private Equity through WPIL, who provided the North East fund with seed funding in 2006.
While Millennium was interested in investing in IIT’s energy-efficient milling and power-generation technologies, any fundraising deal had to comply with Shariah law, which prohibits traditional features of Western deals such as charging interest, as well as association with activities such as gambling or drinking alcohol……………………………………….Full Article: Source

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Nakheel nears final agreement with creditors, Al Ittihad says

Posted on 23 September 2010 by Laxman  |  Email|Print

From Bloomberg: Nakheel PJSC, the Dubai World-owned property developer, is close to reaching a final agreement with its creditors, Al Ittihad reported, citing a government official it didn’t identify.
Nakheel received the percentage of approval it requires from creditors to reach the settlement, the newspaper said. Construction Delivery Group is the only creditor that rejected Nakheel’s offer, Al Ittihad reported, citing the United Arab Emirates’ Contractors Association chairman Ahmed Saif Belhasa……………………………………….Full Article: Source

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Changes in South Africa tax bill aim to stimulate Islamic investment

Posted on 23 September 2010 by Laxman  |  Email|Print

From Bikyamasr.com: There’s good news for the Islamic banking system with the recent initiated change in the Islamic tax laws in South Africa. The tax exemption laws, which were discriminatory, will be reversed and this will perhaps pave the way for immediate growth in the Islamic banking sector.
With the positive changes in the banking sector, banks will be more participant on providing debt help options to financially stressed consumers. The National Treasury is hoping to achieve this growth in the Islamic banking sector with the proposed amendments in the tax bill……………………………………….Full Article: Source

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Investing in the ‘Islamic Triangle’ ETFs

Posted on 23 September 2010 by Laxman  |  Email|Print

From Etftrends.com: Investors who want greater diversification in their portfolios need to think globally. Keeping that in mind, investors may want to consider investing in the “Islamic Triangle” or exchange traded funds (ETFs) that cover the Middle East North Africa (MENA) area.
First off, countries in the Middle East, around half of the 20 in the Islamic Triangle area, have tied their currencies to the U.S. dollar, and the low interest rate environment in the U.S. reflates these countries faster as a result of little or no structural problems, ………………………………………Full Article: Source

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UPA partners CIMA to offer Islamic finance course

Posted on 23 September 2010 by Laxman  |  Email|Print

From Bernama: The UCSI Professional Academy (UPA), which signed a memorandum of understanding Wednesday with the Chartered Institute of Management of Accountants (CIMA), will start offering an Islamic finance course on Oct 16, 2010.
The collaboration is considered unique as UPA will offer the CIMA Certificate in Islamic Finance as well as CIMA accounting courses, its manager Sudesh G. Balasubramaniam told reporters after the signing ceremony here……………………………………….Full Article: Source

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Islamic finance industry is under regulated

Posted on 22 September 2010 by Laxman  |  Email|Print

From Arabnews.com: The total assets of Islamic finance sector in the six-nation Gulf Cooperation Council (GCC) countries, which exceed $600 billion, have prompted the calls for regulating the Islamic finance industry and for imparting more training and skills to professionals working in this area.
This was one of the findings of a major survey conducted by Deloitte’s Islamic Finance Knowledge Center (IFKC), which was shared by Deloitte’s experts, Tuesday……………………………………….Full Article: Source

ME Islamic finance growing say executives

Posted on 22 September 2010 by Laxman  |  Email|Print

From Tradearabia.com: More than 79 per cent of business leaders across the region are more optimistic about the prospects for Islamic finance than they were a year ago.
That is the main conclusion of a major survey into Islamic finance carried out by business advisory and accountancy firm Deloitte which points out that 61 per cent of leaders feel that Islamic finance professionals require more training and skills development……………………………………….Full Article: Source

Kuwait says it has too many Islamic banks

Posted on 22 September 2010 by Laxman  |  Email|Print

From Maktoob.com: Kuwait’s central bank governor said the Gulf Arab state is saturated with Islamic banks. Sheikh Salem Abdul-Aziz al-Sabah told Arabic language daily al-Seyassah that there were five Kuwaiti Islamic lenders registered with the central bank and five conventional banks.
Saudi Arabia’s Al-Rajhi Bank, one of the biggest Islamic lenders in the Gulf, also operates in Kuwait. “I believe that with this the Kuwaiti market has reached saturation point for Islamic banks at this stage,” the governor said……………………………………….Full Article: Source

Senegal, Pakistan in Islamic banking push for growth

Posted on 22 September 2010 by Laxman  |  Email|Print

From Bloomberg: Senegal, Pakistan and Afghanistan, among the world’s 50 poorest nations, are turning to Islamic banking to spur economic growth by encouraging people to take out loans and open savings accounts.
Outstanding domestic bank lending accounted for 3.5 percent of Afghanistan’s gross domestic product in 2008, 25 percent in Senegal, 27 percent in Nigeria and 46 percent in Pakistan, according to data compiled by the World Bank……………………………………….Full Article: Source

Swiss private bank seeks ME growth

Posted on 22 September 2010 by Laxman  |  Email|Print

From Tradearabia.com: Swiss private bank Lombard Odier aims to more than double its business stemming from the Middle East and is considering local partnerships to that end, a senior executive said.
Lombard Odier has had ties to the oil-rich region since the 1970s but only opened a representative office in Dubai in 2007……………………………………….Full Article: Source

Indonesia may issue global bond or sukuk in Q1 2011

Posted on 22 September 2010 by Laxman  |  Email|Print

From Reuters: Indonesia’s debt office said on Tuesday it may issue a global bond or global sukuk early in the first quarter of 2011.
Indonesia has previously said it 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……………………………………….Full Article: Source

Pakistan, Cagamas, Indonesia plan issuance: Islamic bond alert

Posted on 22 September 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 sukuk fell 24 percent to $10.7 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source

CBB Sukuk Al-Ijara oversubscribed

Posted on 22 September 2010 by Laxman  |  Email|Print

From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 620%. Subscriptions worth BD62m were received for the BD10m issue, which carries a maturity of 182 days.
The expected return on the issue, which begins on 23 September 2010 and matures on 24 March 2011, is 0.85%……………………………………….Full Article: Source

RAM Islamic bullish on Malaysia sukuk market

Posted on 22 September 2010 by Laxman  |  Email|Print

From Btimes.com.my: The country’s sukuk market is likely to be favourable this year with RM261.1 billion sukuk outstanding in the first half, up from RM248.7 billion as end of 2009. From January till May this year, total new corporate sukuk approved by the Securities Commission stood at RM970 million.
Local rating agency RAM Ratings sees promising sukuk market this year, with government-related infrastructure projects and banks’ capital-raising exercises to remain the bulk of the domestic debt capital market’s activity……………………………………….Full Article: Source

RAM reaffirms AA3 rating on Malakoff’s Islamic securities

Posted on 22 September 2010 by Laxman  |  Email|Print

From Bernama: RAM Rating Services Bhd has reaffirmed the AA3 rating of Malakoff Corporation Bhd’s RM5.6 billion Islamic Medium-Term Notes and the P1/AA3 ratings of its RM600 million Islamic Commercial Paper/Medium-Term Notes.
In a statement here on Tuesday, the rating firm said the long-term ratings have a stable outlook……………………………………….Full Article: Source

Malaysia to kickstart private investment

Posted on 22 September 2010 by Laxman  |  Email|Print

From Reuters: Malaysia on Tuesday outlined ambitious plans to double its national income (GNI) by stimulating $444 billion of investments over the next 10 years, mostly from the private sector. Financial services will see investments worth 211 billion ringgit, mainly through leveraging Malaysia’s lead in Islamic finance to target markets like Turkey, Indonesia and Egypt.
A government thinktank has identified 133 projects with investments worth $444 billion, of which 92 percent will come from the private sector……………………………………….Full Article: Source

Allfunds Bank creates first Sharia compliant B2B fund platform

Posted on 22 September 2010 by Laxman  |  Email|Print

Allfunds Bank SA, the leading European B2B platform has launched an Islamic Services Unit allowing it to fully serve Islamic investors around the world. The recently endorsed Fatwa, signed by the four member Sharia’h Board of Amanie Dubai, one of the leading Islamic consultancy firms, positions Allfunds Bank as the first and sole B2B fund platform fully compliant with Sharia principles. Allfunds Bank already offers more than 80 Sharia’h compliant funds, sourced from 15 fund promoters based in Luxembourg, Ireland, UAE and Saudi Arabia.
This latest development establishes Allfunds Bank as the centre of excellence in the Islamic Open Architecture space and will create further opportunities to expand its service offer. Clients of Allfunds Bank will have direct access to the largest available range of Islamic funds through the fully automated platform, thus diversifying their choice for investments……………………………………….Full Press Release: Source

JETS Islamic ETF to cease trading in October

Posted on 22 September 2010 by Laxman  |  Email|Print

From Jutiagroup.com: JETS Dow Jones Islamic Market International Index Fund (JVS), having failed to attract investor assets, will cease trading on October 19, 2010. The fund had just $2.2 million at the end of last month, which is about the same as when it launched on July 1, 2009.
Unless other sponsors announce some earlier delisting dates, JVS will become the 32nd ETF closure of 2010. It has been a regular member of ETF Deathwatch, appearing at #17 in the current issue……………………………………….Full Article: Source

Citigroup plans more Islamic bond sales from Turkey; in talks with other sellers

Posted on 21 September 2010 by Laxman  |  Email|Print

From Gulf-times.com: Citigroup plans to arrange more sales of Islamic bonds, or sukuk, from Turkey after managing a $100mn issue for Kuveyt Turk Katilim Bankasi AS, an executive at the company said.
Citigroup is having talks with other potential sellers of Shariah-compliant debt in the country, said Hulusi Horozoglu, director of global Islamic banking at Citigroup, in an e-mailed response to questions. He said there was “significant appetite” from investors for the Kuveyt Turk sale last month……………………………………….Full Article: Source

AmIslamic issues Senior Sukuk under Senior Sukuk Musyarakah program

Posted on 21 September 2010 by Laxman  |  Email|Print

From Bernama: AmIslamic Bank Bhd has successfully issued a RM550 million Senior Sukuk under its newly established 30-year RM3 billion Senior Sukuk Musyarakah Programme.
In a statement here Monday, the bank said the programme which has been assigned a long term rating of AA3 by RAM Rating Services Bhd, would enable AmIslamic Bank to tap the capital markets for long-dated funding and improve its asset-liability management, thereby mitigating liquidity and interest rate risk……………………………………….Full Article: Source

Abu Dhabi debt poised for best quarter in year: Islamic finance

Posted on 21 September 2010 by Laxman  |  Email|Print

From Bloomberg: Abu Dhabi bonds are heading for their best quarter in a year. Union Investment and LCF Edmond de Rothschild CI Ltd. say investors are ready to snap up any new issue from the oil-rich Persian Gulf emirate.
The government’s 6.75 percent dollar-denominated non- Islamic notes due April 2019 have returned 6.6 percent, set for the biggest quarterly gain since September 2009, and more than the 6 percent increase for Qatar’s 5.25 percent debt maturing in January 2020, according to data compiled by Bloomberg……………………………………….Full Article: Source

QFIB, Gulfmena to set up Islamic asset management firm

Posted on 21 September 2010 by Laxman  |  Email|Print

From Reuters: Qatar First Investment Bank (QFIB) and specialist regional asset manager Gulfmena Alternative Investments plan to set up a sharia-compliant asset management firm to tap into rising demand for Islamic investment products.
The new company will be majority owned by QFIB, while Gulfmena will manage the investments, the companies said in a joint statement on Monday……………………………………….Full Article: Source

BNP Paribas names new head of Islamic finance ops

Posted on 21 September 2010 by Laxman  |  Email|Print

From Reuters: BNP Paribas named Tariq Al-Samahiji as global head of its Islamic finance and investments business and chief executive of the bank’s Islamic finance arm, Najmah.
BNP Paribas’s Global Head of Corporate and Investment Banking Alain Papiasse made the announcement in a statement on Monday……………………………………….Full Article: Source

Saudi Hollandi bets on retail banking

Posted on 21 September 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Saudi Hollandi Bank, the kingdom’s oldest bank, will put more focus on retail banking in the short-term to boost profit growth after multi-billion dollar defaults by some Saudi family-owned firms.
The lender, part-owned by Royal Bank of Scotland, does not have a new cost-cutting policy, Managing Director Bernd van Linder said yesterday, after a 50 percent drop in costs led it to a stellar profit growth performance during the second quarter……………………………………….Full Article: Source

CIMB Islamic’s new property financing product

Posted on 21 September 2010 by Laxman  |  Email|Print

From Btimes.com.my: CIMB Islamic Bank Bhd has launched the “Ijarah Property Financing-i”, an Islamic property financing product to finance completed houses or business premises.
Under the new financing scheme, the bank will first lease properties to customers who can take ownership of the assets once financing is completed……………………………………….Full Article: Source

Mideast Islamic finance growing say executives

Posted on 21 September 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: More than 79 per cent of business leaders across the region are more optimistic about the prospects for Islamic finance than they were a year ago.
That is the main conclusion of a major survey into Islamic finance carried out by business advisory and accountancy firm Deloitte which points out that 61pc of leaders feel that Islamic finance professionals require more training and skills development……………………………………….Full Article: Source

Islamic finance: Tricor expands into Dubai

Posted on 21 September 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Tricor Group, a member of The Bank of East Asia Group, is expanding into Dubai and the Middle East through a new Joint Venture with Praesidium.
“This initiative will make Tricor a leading provider of Back Office Services to conventional and Islamic businesses in the Middle East,” a press release claimed. “Tricor has joined forces with a Dubai based boutique compliance and client advisory practice specialising in both conventional and Islamic Finance, well known globally for its Islamic Finance support services.”………………………………………Full Article: Source

Thirty nominees for Royal Award for Islamic finance

Posted on 21 September 2010 by Laxman  |  Email|Print

From Bernama: Thirty individuals in Islamic finance from all over the world, being considered, for the inaugural Royal Award for Islamic Finance. The award is spearheaded by the Malaysia Islamic Financial Centre (MIFC) and supported by Bank Negara Malaysia and the Securities Commission.
It will act as a benchmark recognition of the global Islamic Financial industry……………………………………….Full Article: Source

Islamic finance becomes subject of summits

Posted on 21 September 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: It is said that every cloud has a silver lining. The global economic crisis has not been without one such. The Islamic finance, economics, banking, sukuk (bonds) — subject of debate and doubts just a few years ago — has come to be accepted as an investible, profitable, viable system in the world economic order, and become the subject of summits.
According to Zeti Akhtar Aziz, Governor of Bank Negara Malaysia, in the last decade Islamic finance has evolved into a complete and competitive form of financial intermediation, effectively serving consumers and businesses, both Muslims and non-Muslims;………………………………………Full Article: Source

First trade creditor files suit against Nakheel

Posted on 21 September 2010 by Laxman  |  Email|Print

From Reuters: The first trade creditor has filed a lawsuit against Dubai World’s Nakheel property developer unit with the special tribunal set up to handle disputes over its debt restructuring, which could further delay a settlement.
The tribunal said the suit, filed in mid-August, was served by Dubai-based Construction Delivery Group (CDG)……………………………………….Full Article: Source

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September 2010
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