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Islamic Finance Briefing - Archive | November, 2010

Dubai’s Malaysia Sukuk hampered by no rating

Posted on 30 November 2010 by Laxman  |  Email|Print

From Bloomberg: Dubai’s proposed sale of as much as $1.5 billion of Islamic bonds in Malaysia won’t appeal to most local funds unless the emirate obtains a rating, Mashreq Capital DIFC Ltd. and Nomura Asset Management Malaysia Sdn Bhd. said.
The government hired CIMB Investment Bank Bhd., a Kuala Lumpur-based unit of CIMB Group Holdings Bhd., the world’s top sukuk arranger this year, as a lead manager to sell between $1 billion and $1.5 billion of the securities, a person with knowledge of the plan said Nov. 24……………………………………….Full Article: Source

Mixed opinion on Dubai’s $1.5bln Malaysian Sukuk

Posted on 30 November 2010 by Laxman  |  Email|Print

From Thenational.ae: Dubai’s proposed US$1.5 billion (Dh5.51bn) sukuk issuance in Malaysia has received a mixed response from investors with some saying the emirate’s lack of a credit rating would lead to lower demand in current market conditions.
Officials at the Dubai Department of Finance are exploring options for a multi-currency Islamic bond issuance in the world’s largest sukuk market as the emirate refinances its debts……………………………………….Full Article: Source

Saudi Dar Al Arkan seen selling assets to repay Sukuk

Posted on 30 November 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Dar Al Arkan, Saudi Arabia’s largest property developer, said on Monday that it will not need to return to the debt markets to help repay a $1 billion sukuk maturing in 2012 but does not rule out having to make some asset sales.
Analysts fear it might have to raise new debt but the company, which had $293 million in cash at the end of the third quarter, says it is confident that it can generate sufficient cash to pay off the existing debt……………………………………….Full Article: Source

QInvest may arrange sukuk sales in Qatar next year

Posted on 30 November 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: QInvest LLC, a Qatari Islamic investment bank, is in discussions with a borrower in the Gulf nation to arrange the sale of an Islamic bond in the first half of next year, chief executive Shahzad Shahbaz said.
The bank, which is 35 percent owned by Qatar Islamic Bank, may also help another entity raise funds, Shahbaz said in a telephone interview from Doha on Sunday, declining to provide details. QInvest ranked 13 among 31 sukuk underwriters this year, arranging $250m of the notes, or 1.8 percent of the total $13.7bn, according to data compiled by Bloomberg……………………………………….Full Article: Source

Malaysia launches first Islamic property investment trust

Posted on 30 November 2010 by Laxman  |  Email|Print

From Channelnewsasia.com: Malaysia’s government-owned Pelaburan Hartanah Bumiputra on Monday launched a 317-billion-dollar investment trust in a bid to encourage its majority Muslim Malays to invest more in property.
The sharia-compliant Real Estate Investment Trust (REIT) would allow Muslim Malays and indigenous groups — collectively known as “bumiputra” or “sons of the soil” — to increase their stake in real estate assets, said Prime Minister Najib Razak at the launch……………………………………….Full Article: Source

Sama under fire over Islamic banks

Posted on 30 November 2010 by Laxman  |  Email|Print

From Emirates247.com: A senior Islamic scholar in Saudi Arabia has launched a rare attack on the Kingdom’s central bank, accusing it of stifling Islamic banking services. Sheikh Abdullah bin Suleiman Al Manee, a member of the Supreme Islamic Scholars Authority, said most of the Islamic banking services in the world had originated from Saudi Arabia but added they were all individual initiatives.
Addressing an Islamic banking seminar in Riyadh on Sunday night, he said the Saudi Arabian Monetary Agency (Sama), the Gulf Kingdom’s central bank, had not done enough to promote Shariah-compliant banking services……………………………………….Full Article: Source

Arab banks’ assets exceed GDP

Posted on 30 November 2010 by Laxman  |  Email|Print

From Emirates247.com: Arab banks are expected to gain nearly $300 billion in assets at the end of 2010 to surpass the region’s gross domestic product and this should prompt them to expand their role in the domestic economy, the top Arab banker has said.
The combined assets of the nearly 470 Arab banks could peak at over $2.5 trillion at the end of this year compared with nearly $2.2 trillion at the end of 2009, said Adnan Yousuf, Chairman of the Union of Arab Banks UAB)……………………………………….Full Article: Source

Emirates Islamic Bank offers online banking promotion for the business community

Posted on 30 November 2010 by Laxman  |  Email|Print

From Zawya.com: Getting true to its values of innovation and customer convenience, Emirates Islamic Bank announced the launch of a new promotion for smartBUSINESS customers.
smartBUSINESS is a convenient and efficient online banking service that enables business customers to perform a wide range of banking transactions such as payroll processing, bulk payments, third party payments, Central Bank transfers, local and international telegraphic transfers, preferential foreign exchange rates, access to account statements, credit card payments, and other features 24X7 days year round……………………………………….Full Article: Source

Emirates NBD raises $410mln, 5-year loan

Posted on 30 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Emirates NBD, the leading bank in the Middle East, has raised a $410 million, equivalent 5-year multi-currency loan at an extremely competitive margin of 1.75 per cent per annum.
The loan, which sets a new pricing benchmark for UAE based borrowers, is the first of its kind in the region in terms of its unique structuring and was fully subscribed by JP Morgan, a statement said……………………………………….Full Article: Source

Dubai’s fund of funds posted 41pct return

Posted on 30 November 2010 by Laxman  |  Email|Print

From Dubaibeat.com: Dubai Shariah Asset Management’s $260 million fund of funds, which was launched at the beginning of 2009, posted a 41% return last year. According to Dubai Shariah Asset Management (DSAM) its fund of funds, DSAM Kauthar Commodity Fund, is drawing interest from major Islamic banks that cater specifically to wealthy clients seeking investments that don’t violate shariah.
The hedge fund experiment was a departure for the region’s investors, who traditionally put money into real estate, private equity or long-only mutual funds - DSAM says……………………………………….Full Article: Source

Kuwait’s Investment Dar creditor committee quits

Posted on 30 November 2010 by Laxman  |  Email|Print

From Businessweek.com: The debt-saddled Kuwaiti Islamic investment firm that owns a majority stake in automaker Aston Martin blasted a committee representing its creditors of trying to “derail” restructuring talks, and said it accepted the committee’s resignation.
The development, outlined in a statement e-mailed Monday from The Investment Dar, marks the latest hurdle in restructuring talks with a firm that was among Kuwait’s most prominent investment houses……………………………………….Full Article: Source

Jordan to host forum on “world economic crisis in Islamic viewpoint”

Posted on 30 November 2010 by Laxman  |  Email|Print

From Ahlul Bayt News Agency: According to Al-Dastoor newspaper, the program has been organized under the supervision of Samir Al-Rifa’i, Prime Minister of Jordan in cooperation with the International University of Islamic Sciences and the World Center for Islamic Thought.
It is to be held with the presence of a group of Muslim scholars from Jordan, Saudi Arabia, Kuwait, Algeria, Egypt, Iraq and Malaysia……………………………………….Full Article: Source

Profits fall sharply for Islamic banks

Posted on 29 November 2010 by Laxman  |  Email|Print

From Gulfnews.com: The Islamic finance sector had a mixed record of growth in assets and a steep decline in profits during the global credit crisis last year compared to 2008, according to a McKinsey and Company study issued last week in Bahrain.

The authors of the report titled Global Competitiveness Landscape of Islamic Finance, showed that while profitability of all banks declined, the fall has been steeper for Islamic banks, largely due to higher provisions and lower investment income…………………………………….Full Article: Source

GCC focus: Leaders in Islamic banking

Posted on 29 November 2010 by Laxman  |  Email|Print

From Gulfnews.com: Aside from Malaysia, Gulf Cooperation Council (GCC) economies are major players in the Islamic banking industry at large. This is particularly visible with regard to Islamic investment funds, in turn a rising phenomenon reflecting growing appreciation of prospective investors for ventures in compliance with Sharia or Islamic codes.
Certainly, Islamic investment funds offer alternatives to traditional investments. According to credible sources, there were some 689 Islamic investment funds in 2009, together running assets in total value of $70 billion (Dh257 billion)…………………………………….Full Article: Source

Singapore eyes big role in Islamic finance

Posted on 29 November 2010 by Laxman  |  Email|Print

From Arabnews.com: Is the so-called impressive growth of Islamic finance in Asia more to do with hype than reality? Leaving aside the core markets of Malaysia and perhaps Brunei, where most of the recent developments in Islamic banking have been confined, nothing much is happening in the rest of Asia.
At best it is work in progress with governments and regulators either consulting or reviewing existing legislation to see how best tax neutrality and other measures can be introduced for the facilitation of Islamic financial products…………………………………….Full Article: Source

Singapore to draw Islamic investments with Sabana, HSBC says

Posted on 29 November 2010 by Laxman  |  Email|Print

From Bloomberg: Singapore will attract more Islamic investments from the Middle East following the share sale of Sabana Shari’ah Compliant Industrial REIT, the world’s largest Islamic property trust, HSBC Holdings Plc said.

Sabana raised as much as S$664.4 million ($503 million) in the sale. The 458 million shares offered, which exclude reserved stock or those for key investors, were 2.5 times subscribed, the trust said in a statement……………………………………Full Article: Source

Asian Islamic REITS ‘drawing Gulf investors’

Posted on 29 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: More sharia-compliant real estate investment trusts (REITs) will come to market in Asia in early 2011 as cross-regional Islamic investors increasingly embrace the product, HSBC Amanah Malaysia’s new head said.

Singapore’s first sharia-compliant REIT, Sabana REIT, listed on Friday, having drawn a mixture of both conventional and Islamic investors, a quarter of them from the Middle East, Chief Executive Rafe Haneef said…………………………………….Full Article: Source

Islamic finance gaining momentum

Posted on 29 November 2010 by Laxman  |  Email|Print

From Zawya.com: Increasing popularity of Islamic funds and the revival of the Sukuk in the global financial markets will serve as a catalyst for the global Islamic finance market rediscovering the momentum it previously built up prior to the global financial crisis, organizers of the upcoming two-day International Shariah Investment Convention (ISIC) in Kuala Lumpur said.

Worldwide Shariah-compliant assets, including deposits at Islamic finance institutions, have been pegged at $950 billion by Moody’s but could grow to $1.6 trillion by 2012…………………………………….Full Article: Source

Malaysia: Surging ringgit drives record Sukuk bids

Posted on 29 November 2010 by Laxman  |  Email|Print

From Bloomberg: Malaysia’s Islamic bond auctions drew record bids this year as issuance fell and the strongest currency rally since 1973 drove fund inflows.

The finance ministry will offer 3 billion ringgit ($950 million) of 10-year Shariah-compliant bonds on Nov. 29 to complete its local-debt sale program…………………………………….Full Article: Source

Al Baraka plans up to $500mln sukuk in Q1 2011

Posted on 29 November 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Bahraini Islamic lender Al Baraka will issue up to $500 million in Islamic bonds in the first quarter of 2011, its chief executive said. Adnan said: “We will issue sukuk in 2011 for the group in Bahrain between $200 and $500 million.”

He added: “It is a medium term sukuk for five years and it will help financial institutions to attract new clients to take part in these sukuk.”……………………………………Full Article: Source

Nakheel to issue sukuk in Q1 2011

Posted on 29 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Top regional property developer Nakheel said its financial and operational restructuring is on track and plans to issue a sukuk (Islamic bond) to its trade creditors in the first quarter of 2011.

Nakheel, which was trying to reach agreement on a proposed restructuring plan, is returning to health, said Faisal Mikou, the executive vice president of the Investment Corporation of Dubai…………………………………….Full Article: Source

Dubai in process to raise $1.5 bln via Islamic bond

Posted on 29 November 2010 by Laxman  |  Email|Print

From Topnews.ae: The Dubai government is in talks with Malaysia so that it is able to raise $1.5 billion. The money is going to be via multi-currency Islamic bond, said that people involved with the discussion.

The bond is going to be the first foreign sovereign sukuk that will come up in Malaysia in the last 10 years time. The country has come up as a leading center for Islamic bond issuances in the world and currently is the market leader in that. It holds 60 per cent of the global outstanding stock…………………………………….Full Article: Source

KFH-Bahrain in key Islamic finance talks

Posted on 29 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Kuwait Finance House (KFH) - Bahrain received a high-level delegation from the Republic of Ingushetia, which was part of the old Soviet Union, and discussed co-operation on Islamic finance.

The delegation included Deputy Prime Minister and Finance Minister Musa Chiliev and Economy Minister Visit Aushev…………………………………….Full Article: Source

Biggest Islamic bank to be launched soon

Posted on 29 November 2010 by Laxman  |  Email|Print

From Zawya.com: Sheikh Saleh Kamel, chairman of Al Baraka Banking Group, is set to launch the world’s biggest Islamic bank before the end of the year, with an initial public offering of $3 billion, a top official has said.

Adnan Yousuf, CEO of Al Baraka Banking Group, who is also the chairman of the Union of Arab Banks, said: “We have already completed the necessary research for launching the Islamic bank and there are currently discussions between Sheikh Saleh Kamel and investors to prepare for the public offering.”……………………………………Full Article: Source

Islamic banking: The untold billion-dollar story

Posted on 29 November 2010 by Laxman  |  Email|Print

From Nowpublic.com: Advertisers in the Western world are realising to the fact that the Muslim consumer segment of about 1.8bn people is undeniably the next important market that needs a bit of understanding. Also, it remains largely untapped.
According to Standard and Poor Ratings Services, the Islamic Banking products hit a target of about $400 billion the world over in the year 2009. For bankers it’s like a phenomenon and it’s catching up among Muslims…………………………………….Full Article: Source

Pubali Bank reviews Islamic banking operations

Posted on 29 November 2010 by Laxman  |  Email|Print

From Thefinancialexpress-bd.com: The third meeting of Pubali Bank Shariah Council was held at its head office in the city Sunday reviewing the overall present situation of the Islamic Banking.

The bank is providing Islamic banking services at its Principal Branch in Dhaka and Stadium Branch in Sylhet on the basis of Islamic Shariah, according to a press release…………………………………….Full Article: Source

Plan for Dubai mortgage lender Amlak seen in Q1 2011

Posted on 29 November 2010 by Laxman  |  Email|Print

From Reuters: A resolution for troubled Islamic mortgage lender Amlak Finance could be found during the first quarter of 2011, a senior Dubai official said on Sunday.

The United Arab Emirates government said in November 2008 it aimed to merge Amlak with rival lender Tamweel but the plan was effectively scrapped after Dubai Islamic Bank raised its stake in Tamweel in September…………………………………….Full Article: Source

QInvest Sharia’a compliant enhanced yield note oversubscribed

Posted on 29 November 2010 by Laxman  |  Email|Print

From Ameinfo.com: QInvest, Qatar’s investment bank, has launched a Sharia’a Compliant Enhanced Yield Note that has been met with great enthusiasm by investors, with the bank raising significantly more than expected.
“The subscription for the Note has been closed” QInvest CEO, Shahzad Shahbaz, said…………………………………….Full Article: Source

INCEIF strives to become a truly global university

Posted on 29 November 2010 by Laxman  |  Email|Print

From Arabnews.com: “We are well on our way to become truly, The Global University in Islamic Finance,” declared Agil Natt, president and CEO of The International Centre for Education in Islamic Finance (INCEIF), the Islamic finance education arm of Bank Negara Malaysia (BNM), the central bank.

Natt was addressing his latest crop of “graduands” at their convocation (the second only one) in Kuala Lumpur in October in the presence of its Chancellor and Governor of BNM Zeti Akhtar Aziz, Pro Chancellor Rozali Mohd Ali, President of the Islamic Development Bank Ahmed Mohammed Ali, and members of the INCEIF governing council, the Professional Development Panel, and INCEIF and ISRA faculty members…………………………………….Full Article: Source

Providing solutions

Posted on 29 November 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Competition is increasing in the Islamic banking sector (especially Bahrain), which means that standing out in a crowded marketplace takes guile, skill and the ability to move quickly.
Kuwait Finance House-Bahrain is a provider of Islamic commercial and investment banking services. Established in January 2002 as a wholly-owned subsidiary of Kuwait Finance House-Kuwait, the bank declares that its mission is to take Islamic banking and finance to new heights through an unwavering focus on innovation and the desire to deliver excellence in everything it does. This includes developing and offering a broad and integrated range of products and services “that are in perfect harmony with Shari’ah principles.”……………………………………Full Article: Source

Islamic finance sector to touch $1.5tn by 2012

Posted on 26 November 2010 by Laxman  |  Email|Print

From Arabnews.com: The Islamic finance assets base is likely to reach $1.5 trillion by 2012 with bright future growth prospects. “The sustained growth steering this segment of the global economy has fueled a greater impact of Islamic finance products on global financial markets,” Khaled Mohammed Al-Aboodi, chief executive officer and general manager of the Islamic Corporation for the Development of the Private Sector (ICD), said.
“The ICD was set up more recently, in 2000, as the private sector arm of the IDB Group to focus primarily on private sector development of its member countries with a view to poverty alleviation and raising the general standard of living in its member countries.”………………………………………Full Article: Source

Al-Baraka plans up to $500 mln sukuk in Q1 2011

Posted on 26 November 2010 by Laxman  |  Email|Print

From Dailystar.com.lb: Bahraini Islamic lender Al-Baraka will issue up to $500 million in Islamic bonds in the first quarter of 2011, its chief executive said Thursday. “We will issue sukuk in 2011 for the group in Bahrain between $200 and $500 million,” Adnan Yousif said.
“It is a medium-term sukuk for five years and it will help financial institutions to attract new clients to take part in these sukuk,” he added……………………………………….Full Article: Source

Dubai mulls $1.5 bln Sukuk to be issued in Malaysia

Posted on 26 November 2010 by Laxman  |  Email|Print

From Cpifinancial.net: Dubai is reportedly planning what could be the first foreign sovereign ringgit (MYR) Sukuk issuance in Malaysia. Abdulrahman Al Saleh, Director General of the Dubai Department of Finance is said to have been meeting investors in Malaysia to explore the potential opportunities for a bond issue.
Details of the proposed Sukuk have not yet been finalised owing to the volatility of the financial markets as a result of the Irish debt troubles and Korean political tensions……………………………………….Full Article: Source

Maybank redeems Islamic subordinated bonds

Posted on 26 November 2010 by Laxman  |  Email|Print

From Zawya.com: RAM Ratings no longer has any rating obligation on Malayan Banking Berhad’s (Maybank or the Bank) RM1 billion Islamic Subordinated Bonds (2005/2015), following the full redemption of the debt facility on 24 November 2010.
The bonds had previously carried an AA1 rating, with a stable outlook……………………………………….Full Article: Source

Bahrain eyes ‘reinvention’ of Sharia finance

Posted on 26 November 2010 by Laxman  |  Email|Print

From Gfsnews.com: The Central Bank of Bahrain has called for the “reinvention” of Islamic finance as it suggests that smaller players may be squeezed out of the US$1tn market as regulatory standards tighten.
Governor Rasheed Al-Maraj told the 17th annual World Islamic Banking Conference in Bahrain that Sharia compliant institutions must rethink their business model as credit and growth levels enjoyed prior to the 2007-8 crisis are unlikely return……………………………………….Full Article: Source

Singapore calls for Islamic improvements

Posted on 26 November 2010 by Laxman  |  Email|Print

From Gfsnews.com: The Monetary Authority of Singapore has called for stricter standards of risk management and corporate governance at Sharia-compliant financial institutions.
Ng Nam Sin, assistant managing director at the authority, told the 17th annual World Islamic Banking Conference in Bahrain on Wednesday that banks need to ensure that their businesses can be “sustainable in the long-term”……………………………………….Full Article: Source

Islamic liquidity body to create key tools-bankers

Posted on 26 November 2010 by Laxman  |  Email|Print

From Reuters: A new Islamic liquidity management company backed by central banks will provide sound tools to the industry to manage cash, of which regulators will force banks to set aside more post-crisis, bankers said.
The Islamic Financial Services Board (IFSB), an association of regulators in Muslim countries, said in October it would set up the International Islamic Liquidity Management Corporation (ILM) to issue short-term instruments compliant with Islamic law……………………………………….Full Article: Source

Masraf to provide $550 mln facilities to Meera

Posted on 26 November 2010 by Laxman  |  Email|Print

From Bloomberg: Masraf Al Rayan, Qatar’s second- largest Shariah-compliant lender, said it agreed to provide credit facilities valued at 2 billion riyals ($550 million) to Al Meera Consumer Goods Co.
The facility is to finance expansion plans by the Qatari retailer, which is increasing the number of stores it operates and is moving into direct imports, the bank said in a statement to the Qatari bourse today……………………………………….Full Article: Source

ADB, IDB okay $755mln credit

Posted on 26 November 2010 by Laxman  |  Email|Print

From Thedailystar.net: Asian Development Bank (ADB) and Islamic Development Bank have approved loans of $615 million and $140 million for the construction of Padma Multipurpose Bridge. The development partners took the decisions at their board meetings yesterday, said Communications Minister Syed Abul Hossain.
Approval of $1500 million loan by the World Bank (WB) is now in process, the minister said……………………………………….Full Article: Source

ADCB files suit against Credit Suisse over CDS

Posted on 26 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Abu Dhabi Commercial Bank (ADCB) said on Thursday it was suing Credit Suisse for selling it an investment in an unacceptable way and failing to disclose conflicts of interest. Credit Suisse declined to comment.
ADCB said in 2007 it was ‘induced to enter into an emergency transaction’ for a structured investment called Farmington ‘based on false and misleading information’ to protect a previous investment that had soured……………………………………….Full Article: Source

UAE cbank calls for lower interbank rates

Posted on 26 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: UAE banks need to raise deposit levels to reduce interbank lending rates and put them more in line with London Interbank Offered Rates (Libor), the central bank governor was quoted as saying on Thursday.
UAE interbank rates (EBOR) have stayed high over past months, sparking criticism from the central bank, although debt restructuring and a flood of dollar liquidity on global markets have helped to ease some of the pressure……………………………………….Full Article: Source

Emirates NBD opens Singapore branch

Posted on 26 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Emirates NBD, a leading banking group in the UAE, launched its first Asia Pacific branch in Singapore today. The group’s international operations include branches in Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India and Iran.
Ahmed Humaid Al Tayer, chairman of Emirates NBD, who officiated the launch, said: ‘The bank’s objective in opening a branch in the Asia Pacific area is to position itself in a convenient hub to cover the world’s most dynamic economic region which includes the strong emerging markets of China, India, South East Asia and other East Asian countries……………………………………….Full Article: Source

Ajman Bank and Noor Takaful to provide auto and general Takaful services

Posted on 26 November 2010 by Laxman  |  Email|Print

From Qatarmorningpost.com: Ajman Bank and Noor Takaful, the Shari’a compliant insurance arm of Noor Investment Group, today signed a strategic partnership agreement for distribution of Noor Takaful’s products through Ajman Bank.
The Islamic insurance products will be available to customers through the bank’s BRanches in Ajman and Sharjah, serving the Northern Emirates region, and its BRanches in Abu Dhabi and Dubai. ………………………………………Full Article: Source

Swift Murabaha wins AAOIFI certification

Posted on 26 November 2010 by Laxman  |  Email|Print

From Bernama: SWIFT’s ISO 15022 message standards for the processing of treasury Murabaha transactions have been certified compliant with the international Islamic finance standards issued by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
In a statement here Thursday, SWIFT said the certification would pave the way towards the automated processing of Murabaha treasury transactions, which reportedly represented 60 per cent of all Islamic financing……………………………………….Full Article: Source

Top Islamic banking forum a big success

Posted on 26 November 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: This year’s World Islamic Banking Conference (WIBC) has been the biggest event of its kind ever, the organiser claimed yesterday. On the closing day of the conference, Mega Events managing director David McLean, who has organised all 17 editions of the WIBC, said they have attracted a total of 1,247 delegates this year.
“We also had our largest support from sponsors with 64 participating and our largest line-up of key international speakers with 68……………………………………….Full Article: Source

Muslim nations plan stock index to spur trade: Islamic finance

Posted on 25 November 2010 by Laxman  |  Email|Print

From Bloomberg: The organization representing the world’s biggest grouping of Muslim-majority nations is seeking to attract more overseas investment by offering the first Shariah-compliant stock index from its 57 members.
The Organization of the Islamic Conference based in Jeddah hired Standard & Poor’s to start an index of about 50 of the most-traded stocks in the first quarter of 2011, Huseyin Erkan, the Istanbul Stock Exchange’s chief executive officer and coordinator of the initiative, said on Nov. 8……………………………………….Full Article: Source

UK Islamic finance sector ‘booming’

Posted on 25 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: The Islamic finance industry in the UK has gone from famine to feast in the past six months, according to one of the country’s leading Islamic institutions. ‘We have seen more business transactions in the past six months than we achieved in the previous three years,’ said Gatehouse Bank chief executive officer, Richard Thomas.
‘Business is booming not only in the UK and Europe but in new markets in Africa and in republics of the former Soviet Union in Eastern Europe……………………………………….Full Article: Source

Microfinance dominates Indonesian Shariah loans

Posted on 25 November 2010 by Laxman  |  Email|Print

From Bloomberg: Islamic loans targeting Indonesian small businesses have grown to dominate Shariah-compliant credit in the world’s most-populous Muslim nation, prompting the country’s biggest banks to expand.
PT Bank Syariah Mandiri is adding branches in Java and Sumatra to offer so-called microfinance loans because more than 90 percent of Indonesia’s 50 million small businessmen have no access to regular bank financing, said Andri Vendredi, the head of the division at the Jakarta-based arm of the nation’s largest lender……………………………………….Full Article: Source

Malaysia receives less criticism on management of Sukuk defaults

Posted on 25 November 2010 by Laxman  |  Email|Print

From Bernama: Malaysia has received less criticism and scrutiny on the management of sukuk defaults due to the country’s robust supervisory structure, established governance and disclosure standards as well as highly developed legal framework and court system.
RAM Rating Services Bhd head of Islamic ratings, Zakariya Othman, said Malaysia has done well in positioning itself as an advanced Islamic financial hub……………………………………….Full Article: Source

Dubai eyes $1.5 bln Malaysian sukuk

Posted on 25 November 2010 by Laxman  |  Email|Print

From Moneycontrol.com: Dubai plans to issue about USD 1.5 billion sovereign sukuk in Malaysia as the Gulf Arab emirate looks to tap the world’s largest Islamic bond market to diversify its funding avenues, people with direct knowledge of the deal said on Wednesday.
Work on the USD 1.5 billion multi-currency programme was “more than 50%” under way but the plan was not final given the volatility in financial markets due to Ireland’s debt troubles and tensions on the Korean peninsula, said one source not authorised to speak to the media……………………………………….Full Article: Source

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