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Islamic Finance Briefing - Archive | October, 2010

International borrowers take to Islamic bond market

Posted on 29 October 2010 by Laxman  |  Email|Print

From Nytimes.com: Until recently the issuance of Islamic bonds, or sukuk, was confined to the Muslim world. But now a number of international borrowers are tapping the markets, including Nomura Holdings in Japan and Europe’s first corporate borrower, International Innovative Technologies.
The $100 billion Shariah-compliant bond industry prohibits the generation of interest and investments in areas that go against Islamic moral codes……………………………………….Full Article: Source

Sukuk roadblocks may rise with national boards

Posted on 29 October 2010 by Laxman  |  Email|Print

From Bloomberg: The plan to create national Shariah boards to oversee sukuk sales is drawing criticism from bankers and lawyers who say the groups would increase bureaucracy in the $1 trillion Islamic finance industry.
The Accounting & Auditing Organization for Islamic Financial Institutions, a leading global regulator, is in the final stages of a plan recommending governments appoint panels of scholars and experts at the national level to rule whether products comply with the religion’s tenets, Mohamad Nedal Alchaar, secretary-general of the Manama, Bahrain-based body, said………………………………………Full Article: Source

The new appetite for Sukuk

Posted on 29 October 2010 by Laxman  |  Email|Print

From Ameinfo.com: The market for Islamic Bonds, or sukuk, became an indicator for the entire Islamic Finance industry. Not only has the Dubai World debt restructuring removed some doubts on Islamic Bonds, but the market has also gained pace in general. AMEinfo.com examines recent and future developments.
Sukuk has become a common financial instrument in East and West, for long-term and short-term financing. In October, the Dow Jones Citigroup Sukuk Index added 1.12% (as of the close of trading of October 25th)……………………………………….Full Article: Source

Malaysia: Sukuk listings on local bourse set to grow

Posted on 29 October 2010 by Laxman  |  Email|Print

From Thestar.com.my: Sukuk listings on the local stock exchange will continue to grow as the private sector seeks funding for development projects. “Malaysia has a lot of plans for development initiatives.
“The Government has indicated that they want the private sector to drive the investments for these initiatives so we expect the capital markets to be a major source of funding,” Bursa Malaysia Bhd chief executive officer Datuk Yusli Mohamed Yusoff told reporters today on the sidelines of the Global Islamic Finance Forum 2010……………………………………….Full Article: Source

Malaysia plans Islamic bonds for public to spur trade: Video

Posted on 29 October 2010 by Laxman  |  Email|Print

From Bloomberg: Malaysia plans to let issuers sell Islamic bonds, known as sukuk, to individual investors that can be traded on the local stock exchange as the government seeks to reverse a 24 percent decline in sales in the world’s biggest market for the bonds.
Sukuk pays asset returns to comply with the religion’s ban on interest. Haslinda Amin reports from Kuala Lumpur for Bloomberg Television……………………………………….Full Article: Source

ADIB launches $750mln 5-year Sukuk at midswaps +225 BPs

Posted on 29 October 2010 by Laxman  |  Email|Print

From Dow Jones: Abu Dhabi Islamic Bank PJSC , or ADIB, the emirate’s largest Islamic lender by market value, Thursday launched the sale of $750 million in five-year Islamic bonds, or sukuks, according to a person familiar with the matter.
The securities, which are slated to price later in the day, looked set to offer a yield relative to 225 basis points over comparable midswaps. The yield is slightly tighter than the guidance of 235 basis points announced a day earlier……………………………………….Full Article: Source

AIBIM to develop Malaysian ringgit Sukuk index

Posted on 29 October 2010 by Laxman  |  Email|Print

From Bernama: The Association of Islamic Banking Institutions Malaysia (AIBIM) is working to develop a Malaysian ringgit sukuk index.
The index is to measure the performance of highly liquid, high grade bonds, including on-the-run ringgit denominated sukuk in Malaysia, and will be mainly for use as the benchmark for investors seeking exposure to Syariah-compliant fixed-income securities, it said in a statement Thursday……………………………………….Full Article: Source

Bond rush from Gulf escalates in fourth quarter

Posted on 29 October 2010 by Laxman  |  Email|Print

From Gulfnews.com: Anticipation of another round of quantitative easing by the US Federal Reserve and an increased appetite for emerging market paper is pushing more Gulf entities to the global bond market in the fourth quarter of this year.
At least four companies said they were looking at raising more than $2 billion from bond issues in this quarter……………………………………….Full Article: Source

Sukuk trade association completes survey on investor relations

Posted on 29 October 2010 by Laxman  |  Email|Print

From Cpifinancial.net: The Gulf Bond and Sukuk Association (GBSA) said it has concluded a survey of Gulf-based issuers and investors on bond and Sukuk investor relations (IR). “The quality of the responses indicates growing recognition regular communication between issuers of bond and Sukuk and their stakeholders is essential.” stated GBSA President Grifferty.
GBSA IR Subcommittee member Jan-Willem Plantagie added, “IR has often been equated with shareholder relations, but debt IR should be considered a discipline in its own right.”………………………………………Full Article: Source

Islamic finance moves into the mainstream

Posted on 29 October 2010 by Laxman  |  Email|Print

From Financeasia.com: CIMB figures show that Islamic stocks outperformed conventional markets throughout the financial crisis and continue to grow, prompting specialists to conclude that Islamic finance is good for business.
It has taken a while, but Islamic finance is now comparable to conventional markets. The issue was one of the themes discussed as the Malaysia International Islamic Financial Centre gathered a first-class group of the industry’s leading practitioners and scholars to hold one last discussion on the global outlook for Islamic finance services and the development of a common framework for practitioners……………………………………….Full Article: Source

Call to set up standardised regulatory framework for Islamic finance

Posted on 29 October 2010 by Laxman  |  Email|Print

From Bernama: Leading practitioners and regulators in Islamic finance want a standardised regulatory framework be set up to further develop the industry globally.
Panellist Bilal Rasul, enforcement director of Securities & Exchange Commission of Pakistan, said more awareness be created on the industry in the Islamic world……………………………………….Full Article: Source

Malta as a gateway for Islamic Finance

Posted on 29 October 2010 by Laxman  |  Email|Print

From Maltabusinessweekly.com.mt: Over the last four years, the Malta Institute of Management, in collaboration with the Malta Union of Bank Employees, played a fundamental role in the efforts to create a constructive discussion on Islamic Finance and on Malta’s role as a gateway to Europe and North Africa for this method of financing.
We are pleased to note that, from a political perspective and in terms of effective transactions, there have been various positive developments over these years……………………………………….Full Article: Source

Pak-Qatar Family Takaful to issue rights shares

Posted on 29 October 2010 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: The Board of Directors of Pak-Qatar Family Takaful (PQFTL) has decided to further invest in the company by issuing right shares up to 33 percent of the base capital. This was decided at the Board of Directors meeting of Pak-Qatar Family Takaful held in Doha recently.
The meeting was chaired by Sheikh Ali bin Abdullah Al Thani, Chairman and was attended by all the members……………………………………….Full Article: Source

Dar Al Takaful gallops ahead with new equine product

Posted on 29 October 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Dar Al Takaful, an Islamic Insurance & Reinsurance Company, has launched what it says is the world’s first Shari’ah-compliant bloodstock policy, which will include a new insurance product to horse owners across the GCC to protect them from certain financial losses in the result of deteriorating health or incurred accidents involving their animals.
The company has established a specialised equine underwriting unit in Dubai, where insurance will be available for all breeds of horses……………………………………….Full Article: Source

Sabana REIT plans first $459 mln IPO in Singapore

Posted on 29 October 2010 by Laxman  |  Email|Print

From Realestatechannel.com: Singapore-based Shariah Compliant Industrial Real Estate Investment Trust, or Sabana REIT, is thinking big. The company announced it plans to raise about 600 million Singapore dollars (US $459 million) in an initial public offering on the Singapore Stock Exchange.
If successful, this would be the first Shariah-Compliant listing in Singapore……………………………………….Full Article: Source

Gambia signs US$ 44mln agreement with Islamic bank

Posted on 29 October 2010 by Laxman  |  Email|Print

The Gambian government and the Islamic Development Bank (IDB) Group have signed funding agreements, worth over US$ 44.932 million, for five major development projects in The Gambia.
According to a press release, the five loan agreements, which mark a historic milestone in The Gambian government’s relation with the bank group, included: the financing of the development of the University of the Gambia project for US$ 15.672 million; financing The Gambia Community Based Infrastructure and Livelihood Improvement Project for US$ 15.860 million; technical assistance grant for financing the Gambia Community Based Infrastructure and Livelihood Improvement Project for US$ 400,000……………………………………….Full Press Release: Source

ABC 9-month profit up 40pct, hits $112mln

Posted on 29 October 2010 by Laxman  |  Email|Print

From Tradearabia.com: Bahrain-based Arab Banking Corporation (ABC) has posted a consolidated group net profit of $112 million for the nine months ending September, 40 per cent higher than last year.
Net profit for the third quarter was $37 million, 8 per cent higher than the second quarter……………………………………….Full Article: Source

KFH Q3 net profit down 23pct

Posted on 29 October 2010 by Laxman  |  Email|Print

From Tradearabia.com: Kuwait Finance House (KFH), the country’s biggest Islamic lender, posted a 23-percent decline in third-quarter net profit on Thursday. Net income in the three months to September 30 fell to 26.5 million dinars ($94.24 million), according to Reuters calculations from a KFH statement.
That compared with 34.3 million dinars in the same period a year ago……………………………………….Full Article: Source

Islamic finance expert teaches course at NYSSA

Posted on 29 October 2010 by Laxman  |  Email|Print

Islamic finance practitioner Michael J.T. McMillen has partnered with the New York Society of Security Analysts (NYSSA) to teach his celebrated course Islamic Finance on November 23, 2010. Michael J.T. McMillen is a partner of the international law firm of Fulbright & Jaworski L.L.P. He is currently resident in the Dubai and New York offices, but also works in the Riyadh and London offices.
His practice focuses on Islamic finance, project finance and structured finance. He is a two-time recipient of the award for Best Legal Advisor in Islamic Finance by Euromoney Magazine……………………………………….Full Press Release: Source

Indian PM asks regulator to look into Malaysian Islamic banking model

Posted on 28 October 2010 by Laxman  |  Email|Print

From Indiatimes.com: Prime Minister Manmohan Singh said the Reserve Bank should look into Islamic banking practices in Malaysia, amid pressure on the central bank to introduce such a system in India.
“There have been from time to time demands for experimenting (with) Islamic banking. I would certainly recommend to RBI, which is looking into the question, to look at what is happening in Malaysia in this regard”, he said when asked whether India would like to learn something of Islamic banking from Malaysia……………………………………….Full Article: Source

Chinese officials visiting Malaysia to discuss Islamic Finance

Posted on 28 October 2010 by Laxman  |  Email|Print

From AhlulBayt News Agency: The Islamic Banking and Finance Institute of Malaysia (IBFIM), which has helped the northeastern Chinese city of Shenyang set up an Islamic finance centre, expects some positive development next week when the mayor of Shenyang and governor of Shenhe wisit Malaysia on Nov 8.
IBFIM chief executive officer Dr Adnan Alias, who disclosed this here Tuesday, said: “I am not sure what they want as we have fulfilled our role as advisers for the physical development for the project……………………………………….Full Article: Source

Islamic finance can make its mark globally

Posted on 28 October 2010 by Laxman  |  Email|Print

From Thestar.com.my: With Malaysia being the centre of Islamic finance in the world, the formation of a mega Islamic bank is an opportunity for Malaysia to make its mark globally.
Indonesia should also be involved in the formation of this mega Islamic bank in Malaysia, as there cannot be a mega Islamic bank without involving a mega Islamic country,” said Indonesian Islamic Banking Association (ASBISINDO) chairman and CIMB Islamic Bank Bhd independent non-executive director Dr A. Riawan Amin……………………………………….Full Article: Source

Sakana says Islamic finance will survive real estate slump

Posted on 28 October 2010 by Laxman  |  Email|Print

From Cpifinancial.net: R Lakshmanan, Chief Executive Officer of Sakana Holistic Housing Solutions, said that Islamic financial institutions (IFIs) providing mortgages for off-plan properties are significantly exposed to risks due to delayed delivery and cancellation of several real estate projects, because the IFI owns the asset.
In addition, the mortgage providers have also been affected to fall in property prices and increased defaults due to job losses……………………………………….Full Article: Source

A.T. Kearney says mergers and acquisitions essential for Islamic banking sector

Posted on 28 October 2010 by Laxman  |  Email|Print

From Cpifinancial.net: With the room for further organic growth being limited, mergers and acquisitions should be considered as an avenue for sustained growth, says A.T. Kearney. According to A.T. Kearney, the global financial crisis has put an end to the heydays of growth in the banking sector and the current market outlook suggests that these days are not returning quickly.
Islamic banks, which traditionally grew faster than their conventional peers, are also affected……………………………………….Full Article: Source

Bahrain’s Elaf applies for banking license to open in Malaysia

Posted on 28 October 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Elaf Bank, a closely held Islamic investment bank in Bahrain, has applied for a banking license in Malaysia, chief executive officer Jamil AK Jaroudi said.
In an interview in Kuala Lumpur, Jamil said: “If they give approval tomorrow, we will open tomorrow. We are ready. We have a strategic vision that we would like to bridge the two main Islamic hubs, Bahrain and Malaysia.”………………………………………Full Article: Source

First Gulf Bank Q3 net falls 9pct

Posted on 28 October 2010 by Laxman  |  Email|Print

From Tradearabia.com: First Gulf Bank (FGB), one of the leading banks in the UAE, has registered a nine per cent drop in its third quarter net profit which fell to Dh849 million ($231 million) compared to last year.
Announcing the results on Wednesday, the FGB said the total revenue rose 5 per cent to Dh1.54 billion compared to previous quarter, while it was 8 per cent lower than the same period last year……………………………………….Full Article: Source

Central banks to cooperate on Islamic liquidity management

Posted on 28 October 2010 by Laxman  |  Email|Print

From Financeasia.com: Eleven central banks and two multilateral organisations establish the International Islamic Liquidity Management Corporation to absorb excess liquidity and facilitate greater investment flows within the Islamic financial services industry.
Taking advantage of the international audience at this year’s Global Islamic Finance Forum (GIFF) in Kuala Lumpur, Bank Negara on Monday hosted the launch of the International Islamic Liquidity Management Corporation (IILM)……………………………………….Full Article: Source

Deal to set up Islamic liquidity managament unit

Posted on 28 October 2010 by Laxman  |  Email|Print

From Tradearabia.com: Articles of agreement for the establishment of the International Islamic liquidity management corporation (IILM) was signed at a major event in Kuala Lumpur recently.
Eleven central banks and two multilateral organisations participated in the International Islamic liquidity management corporation initiative facilitated by the Islamic financial services board (IFSB)……………………………………….Full Article: Source

Launch of IILM: An important landmark

Posted on 28 October 2010 by Laxman  |  Email|Print

From Arabnews.com: The signing on Monday by 11 central banks and two multilateral organizations of the articles of a memorandum of the International Islamic Liquidity Management Corporation (IILM), the latest transnational body to serve the global Islamic finance industry, potentially marks an important landmark in the 35-year-old contemporary Islamic finance movement.
The IILM was launched at the inaugural session of the Global Islamic Finance Forum (GIFF) held in Kuala Lumpur in the presence of Malaysian Prime Minister Mohd Najib Tun Abdul Razak; Raja Nazrin Shah, the crown prince of the State of Perak and ambassador at large of the Malaysia International Islamic Finance Centre (MIFC) Initiative;………………………………………Full Article: Source

Malaysia can lead in setting up SSWF

Posted on 28 October 2010 by Laxman  |  Email|Print

From Bernama: Malaysia is capable of getting other major Muslim nations to participate in the proposed Supra-Sovereign Wealth Fund (SSWF) to be established by the Islamic Development Bank (IDB) due to its reputation as a leader in Islamic finance globally, says an Islamic fund manager.
OSK-UOB Islamic Fund Management Chief Executive Officer & Chief Investment Officer, Md Noor A Rahman, said Malaysia can lead the way as it is far ahead in Islamic finance and had a track record of over 20 years……………………………………….Full Article: Source

Distressed deals alluring for Shariah funds

Posted on 28 October 2010 by Laxman  |  Email|Print

From Bloomberg: Islamic private equity funds in the Persian Gulf plan to take advantage of lower asset prices after the property market in Dubai tumbled as much as 50 percent from its peak in 2008.
“We want to take advantage of massive dislocations that have taken place in this market over the past three years,” Yahya Jalil, director of private equity at Abu Dhabi-based investment and advisory company The National Investor, said………………………………………Full Article: Source

ADIB set price guidance on 5-year benchmark Sukuk at 235 basis points over midswaps

Posted on 28 October 2010 by Laxman  |  Email|Print

From Dow Jones: Abu Dhabi Islamic Bank (ADIB), the emirate’s largest Islamic lender by market value, set guidance on a five-year benchmark Islamic bond, or sukuk, expected to sell Thursday, according to a person close to the deal.
The notes are seen pricing at 235 basis points over Midswaps, said the source. Barclays Capital, HSBC and Standard Chartered are bookrunners on the deal……………………………………….Full Article: Source

Abu Dhabi Islamic Bank planning $500 mln Sukuk?

Posted on 28 October 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Abu Dhabi Islamic Bank (ADIB) reported to be planning a five-year benchmark Sukuk to be priced this week. ADIB, the second largest Shari’ah-compliant bank in the UAE, is said to have mandated Barclays Capital, HSBC and Standard Chartered as bookrunners for the Sukuk.
The bank ran a non-equity roadshow in Asia, Europe and the Middle East 20-26 October……………………………………….Full Article: Source

MENA bond markets require essential allocation in regional portfolios says industry expert

Posted on 28 October 2010 by Laxman  |  Email|Print

Sukuk and bond issuances in the Middle East and North Africa (MENA) region totaled $24.2 billion in the first half of 2010, staging a broad-based recovery and ushering in much needed stability to regional capital markets.
Planned capital expenditure and infrastructure investments are likely to drive the Middle East and North Africa debt markets in the coming quarters, staving off the period of uncertainty currently prevalent due to the European sovereign debt crisis and the Dubai World restructuring……………………………………….Full Press Release: Source

Award for Islamic finance conferred on Sheikh Saleh

Posted on 28 October 2010 by Laxman  |  Email|Print

From Saudigazette.com.sa: Sheikh Saleh Abdullah Kamel has been awarded the Royal Award for Islamic Finance for his visionary drive, extraordinary leadership and personal commitment at the royal gala dinner and award presentation.
The award was presented by Sultan of Kedah and Deputy Yang di-Pertuan Agong Tuanku Abdul Halim Mu’adzam Shah, on behalf of the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin……………………………………….Full Article: Source

Insurers race for Kenya’s growing Islamic market

Posted on 28 October 2010 by Laxman  |  Email|Print

From Businessdailyafrica.com: Insurance companies are racing to launch sharia-compliant products to tap Kenya’s growing Muslim middle class. APA Insurance, CIC Insurance, Cannon Assurance—which collectively control about 15 per cent of the Kenyan market—have announced plans to roll out Islamic insurance products or takaful.
They are seeking to deepen penetration in a market where conventional insurance has suffered from consumer apathy and ignorance, with uptake remaining at below three per cent over the decade……………………………………….Full Article: Source

Amlak back in black

Posted on 28 October 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: Dubai-based Islamic mortgage lender Amlak Finance on Tuesday declared its first quarterly profit this year. Amlak announced a net profit of Dh5.99 million in the third quarter, compared to a loss of Dh45 million in the same period last year, it said in a statement posted on the Dubai Financial Market Website.
It returned to profit this year with the help of sale of investment properties and lower impairments for financing and investment assets. Amlak earned a net profit of Dh2.26 million in the first nine months of the year compared with a loss of Dh178.56 million in the same period a year earlier……………………………………….Full Article: Source

Abu Dhabi Islamic Bank to sell 5-year benchmark Sukuk this week

Posted on 27 October 2010 by Laxman  |  Email|Print

From Dow Jones: Abu Dhabi Islamic Bank, or ADIB, the emirate’s largest Islamic lender by market value, is planning to sell five-year benchmark Islamic bonds, or sukuks, this week, according to people familiar with the matter.
Company officials, who have been on a series of investor meetings in Asia, Europe and the Middle East since Oct. 20, end their roadshow Tuesday. Benchmark-sized bond deals are those worth at least $500 million. The securities are expected to price later this week……………………………………….Full Article: Source

Sukuk: The epitome of ingenuity

Posted on 27 October 2010 by Laxman  |  Email|Print

From Financeasia.com: Within the realm of Islamic finance, sukuk remains one of the most developed and more successful products that has earned the view by specialists as a vibrant and permanent funding source for borrowers from both the conventional and Islamic disciplines.
As Bank Negara’s governor, Tan Sri Dato’ Sri Dr Zeti Ahktar Aziz said: “the sukuk epitomises the very ingenuity in Islamic finance”……………………………………….Full Article: Source

Global Islamic bond market sales to hit $46bln in 2011

Posted on 27 October 2010 by Laxman  |  Email|Print

From Reuters: The global Islamic bond market could see issues of close to $46 billion in 2011 as investor confidence returns and new issuers emerge in the growing Islamic finance industry, BMB Islamic’s chief executive said.
With economies recovering from the financial crisis and the restructuring of state-owned entities like Dubai World gaining momentum, sukuk is once again going to emerge as the preferred way to raise money, Humayon Dar told Reuters on the sidelines of a conference in Dubai on Monday……………………………………….Full Article: Source

Malaysia plans Sukuk for public to spur trade

Posted on 27 October 2010 by Laxman  |  Email|Print

From Bloomberg: Malaysia plans to let issuers sell to individual investors sukuk that can be traded on the local stock exchange as the government seeks to reverse a 24 percent decline in sales in the world’s biggest market for Islamic bonds.
Bursa Malaysia Bhd., the exchange operator, is working with regulators on rules to enable companies to issue Islamic debt that would be affordable to the public, Chief Executive Officer Yusli Yusoff said in an e-mailed reply to questions last week……………………………………….Full Article: Source

Islamic Development Bank plans $500 mln Sukuk

Posted on 27 October 2010 by Laxman  |  Email|Print

From Bloomberg: The Islamic Development Bank, a Saudi Arabia-based multilateral lender, may sell at least $500 million of sukuk next year to fund projects in its member countries, Vice President Abdul Aziz Al Hinai said.
The sale will be part of the bank’s plan to meet its funding needs of more than $1 billion annually, Al Hinai said in an interview during an Islamic finance forum in Kuala Lumpur……………………………………….Full Article: Source

Kuwait bonds, sukuk from 2003-09 at $99.7 bln

Posted on 27 October 2010 by Laxman  |  Email|Print

From Arabtimesonline.com: Kuwait Financial Centre “Markaz” in its recent research on the GCC Fixed Income Market has highlighted the trends in the Kuwaiti bonds and sukuk market during the period from 2003-2009.
During the period covered in the survey, Kuwait’s total new issuances of bonds and sukuk amounted to $99.7 billion, representing 40 percent of the entire GCC issuances during the same period……………………………………….Full Article: Source

Cagamas may issue another sukuk

Posted on 27 October 2010 by Laxman  |  Email|Print

From Btimes.com.my: National mortgage company Cagamas Bhd will issue another landmark sukuk, with size estimated to be between RM500 million and RM2 billion.
Chief executive officer Steven Choy said the size of the Islamic debt paper will depend on the home loans that banks sell to Cagamas……………………………………….Full Article: Source

Malaysia has edge in issuance of multi-currency sukuk’

Posted on 27 October 2010 by Laxman  |  Email|Print

From Bt.com.bn: Malaysia is well-positioned as a multi-currency issuance platform for sukuk given its access to a wide range of players and investors, backed by significant tax incentives, Prime Minister Datuk Seri Najib Tun Razak said yesterday.
He said there were numerous fund-raising opportunities through the Malaysian International Islamic Finance Centre (MIFC) initiatives where Malaysia offers itself as a hub for fund raising……………………………………….Full Article: Source

Qatar bourse may introduce Sukuk,bond, ETF trading in Q1 2011

Posted on 27 October 2010 by Laxman  |  Email|Print

From Reuters: Qatar’s bourse may begin trading bonds, sukuk and exchange traded funds (ETFs) in the first quarter of next year, the exchange’s deputy chief executive said on Tuesday.
The Gulf state’s bourse embarked on a revamp last year when it entered a strategic partnership with NYSE Euronext. It is currently 20 percent owned by the Big Board parent……………………………………….Full Article: Source

Sharia finance body, Maldives lender to set up bank

Posted on 27 October 2010 by Laxman  |  Email|Print

From Reuters: A Malaysian Islamic finance industry body and the Maldives Islamic Bank signed a deal on Tuesday to set up Maldives’ first sharia lender.
Maldives Islamic Bank hoped to set up the bank within six months, its managing director Harith Harun said in a statement……………………………………….Full Article: Source

Maldives bank eyes up to 25pct of market

Posted on 27 October 2010 by Laxman  |  Email|Print

From Btimes.com.my: The Maldives, which is set to open its first Islamic bank in January 2011 with the help of a Malaysian institute, aims for the bank to capture up to a fourth of the banking market there in three to five years.
The small island nation, whose population of about 330,000 is almost fully Muslim, currently has four conventional banks, none of which offer syariah-compliant products, Maldives Islamic Bank chairman Khaled Al-Aboodi said………………………………………Full Article: Source

Bank Negara likely to issue 2 mega Islamic bank licences

Posted on 27 October 2010 by Laxman  |  Email|Print

From Bernama: Bank Negara Malaysia is likely to issue up to two mega Islamic bank licenses, its Governor Tan Sri Dr Zeti Akhtar Aziz said Tuesday.
The central bank is expected to announce at least one mega Islamic bank later this year, she told reporters on the sideline of the ongoing Global Islamic Finance Forum (GIFF) here……………………………………….Full Article: Source

One mega Islamic bank this year

Posted on 27 October 2010 by Laxman  |  Email|Print

From Thestar.com.my: Bank Negara will announce one mega Islamic bank by this year under its plan to issue up to two mega Islamic banking licences. “We will announce one mega Islamic bank,” governor Tan Sri Dr Zeti Akhtar Aziz said yesterday on the sidelines of the Global Islamic Finance Forum 2010.
It was previously reported that Malaysia had shortlisted two foreign banks to be licensed as mega Islamic banks with a minimum capital of US$1bil each under the Government’s financial sector liberalisation measures announced last year……………………………………….Full Article: Source

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