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Islamic Finance Briefing - Archive | November, 2010

Pakistan: Islamic banking robust

Posted on 22 November 2010 by Laxman  |  Email|Print

From Newzglobe.com: The State Bank of Pakistan (SBP) believes that Islamic banks are poised to consolidate their market position in the banking industry, if key hurdles faced by these institutions are addressed in a timely manner.
The Islamic banks have shown resilience amidst the global financial crisis and gloom that has been surrounding the local banking industry. The State Bank is optimistic that the share of these banks could increase up to approximately 12 percent of the market in the next two-to-three years……………………………………….Full Article: Source

Egypt offers three-year bonds

Posted on 22 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Egypt’s Finance Ministry is reopening three-year bonds, with an offering worth 1 billion Egyptian pounds ($173.87 million), the central bank said.
The bonds, which mature on April 28, 2012, carry a coupon of 10.35 per cent……………………………………….Full Article: Source

ING, Public Bank joint venture taps Malaysian takaful market

Posted on 22 November 2010 by Laxman  |  Email|Print

From Brecorder.com: ING and Public Bank’s new takaful firm aims to be profitable by its fourth year of business as it taps Malaysia’s underserved insurance market, and eventually expand into Indonesia and Hong Kong, its owners said.
The insurer, which received one of four family takaful licences awarded in September, will launch its first product in April in Malaysia where acceptance of takaful is limited and insurance penetration is among Asia’s lowest……………………………………….Full Article: Source

Sakana implements Document Management System

Posted on 22 November 2010 by Laxman  |  Email|Print

From Ameinfo.com: Sakana Holistic Housing Solutions the Islamic mortgage finance provider recently received a completion certificate for successful implementation of the Document Management System (DMS) from IPP Technologies Pty Ltd an Australian Software development and consultancy Company.
IPP’s document management solutions are based on Microsoft SharePoint, the industry leading collaboration product from Microsoft. The solution is web based with multi browser support and user interface in English and Arabic……………………………………….Full Article: Source

Ras al Khaimah offers to buy back debt

Posted on 22 November 2010 by Laxman  |  Email|Print

From Thenational.ae: The Government of Ras al Khaimah is offering to buy back up to Dh2.2 billion (US$599 million) of debt in a bid to extend repayment of its borrowings and better co-ordinate its issuance of bonds and other debt.
The offer, disclosed yesterday on the website of NASDAQ Dubai, will allow investors in $325m of Islamic bonds maturing in 2012 to either sell them for cash to the Ras al Khaimah Government’s Investment and Development Office (IDO)or exchange them for new bonds issued by RAK Capital that mature in 2016……………………………………….Full Article: Source

Mahathir urges use of gold standard

Posted on 22 November 2010 by Laxman  |  Email|Print

From Arabnews.com: Malaysia’s elder statesman Mahathir Mohammed, the favorite politician of the Muslim man in the street and former prime minister, is never far from controversy.
Addressing the 5th International Shariah Scholars Forum, which was held in Kuala Lumpur recently in conjunction with the Global Islamic Finance Forum (GIFF) 2010, Mahathir in an outspoken attack stressed that the “collapse of conventional banking, finance and the monetary system has exposed their weakness and the ease with which they can be abused.”………………………………………Full Article: Source

More than 1,200 industry leaders set to gather in Bahrain to explore new opportunities for Islamic banking and finance

Posted on 22 November 2010 by Laxman  |  Email|Print

From Ameinfo.com: More than 1,200 delegates from over 50 countries will take part in the 17th Annual World Islamic Banking Conference (WIBC 2010) which is set to commence tomorrow at the Gulf Hotel in the Kingdom of Bahrain.
The three day event which ends on the 24th of November is convened under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain and held under the support of the Central Bank of Bahrain……………………………………….Full Article: Source

Islamic banking exhibition

Posted on 22 November 2010 by Laxman  |  Email|Print

From Ahlul Bayt News Agency: Meezan Bank participated in a large scale consumer exhibition held at Karachi Expo Center. The exhibition which was open for families is the most widely attended exhibition with stalls of FMCG’s, Banks, etc.
Approximately 300,000 people attended the event during the 3 days……………………………………….Full Article: Source

ECB’s Mersch says Islamic banks may suffer more in downturns

Posted on 19 November 2010 by Laxman  |  Email|Print

From Bloomberg: European Central Bank Governing Council member Yves Mersch said Islamic financial institutions may be more vulnerable to economic slumps. “Islamic banks may suffer more from the real economic downturn that normally follows financial turbulences as the losses of the customers are partly shared,” Mersch said.
“Moreover, the lack of product standardization and the missing harmonization of Islamic standards in general pose risks to the management of liquidity.”………………………………………Full Article: Source

Islamic banks can help financial stability

Posted on 19 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Islamic finance products can enhance the financial system’s stability but shortcomings in their standardisation and liquidity management must be tackled, European Central Bank policymaker Yves Mersch said on Thursday.
A lack of liquidity tools is seen as one of the key challenges to the emerging Islamic finance industry, which is worth $1 trillion, with sharia banks handicapped partly due to the limited range of products they can invest in……………………………………….Full Article: Source

The world Islamic banking competitiveness report to be launched

Posted on 19 November 2010 by Laxman  |  Email|Print

The Islamic banking industry has continued to grow notwithstanding the turbulence in the global economy, with Islamic banks outperforming conventional banks in terms of asset growth. However, both market values and profitability of Islamic banks have come under pressure, narrowing the gap with conventional peers.
Speaking ahead of the launch of the Report, David McLean, Managing Director of the World Islamic Banking Conference said that “the analysis provided in this year’s report will be even more critical as it comes at a juncture when the major industry players are seeking to adopt best practices and re-visit key strategies and business models in order to ensure continued growth in a challenging economic environment.”………………………………………Full Press Release: Source

UAE rolls out new banking guidelines

Posted on 19 November 2010 by Laxman  |  Email|Print

From Ameinfo.com: The UAE’s central bank has unveiled new guidelines regarding provisions and loans in line with the Basel Committee on Banking Supervision standards, Reuters has reported.
“All banks and other financial institutions are required to make provisions, specific or general, required for this regulation and deduct them from the profit and loss account at the end of each quarter and not delay them till the end of the financial year,” the central bank said in a statement……………………………………….Full Article: Source

Dubai Islamic Bank chief takes over as Tamweel chairman

Posted on 19 November 2010 by Laxman  |  Email|Print

From Ameinfo.com: Dubai-based Islamic mortgage lender Tamweel has said that the chief executive of Dubai Islamic Bank Abdullah Ali Al-Hamli has been appointed as its new chairman after the board of directors was dissolved last week, Reuters has reported.
Hamli replaces Sheikh Khaled bin Zayed Al-Nahyan as chairman, the lender said. Dubai Islamic Bank raised its stake in Tamweel to 57.33% in September, effectively rendering the mortgage lender a subsidiary of the bank……………………………………….Full Article: Source

Alliance Bank and AIA in joint venture for family Takaful business

Posted on 19 November 2010 by Laxman  |  Email|Print

From Bernama: Alliance Financial Group Bhd (AFGB)’s subsidiary Alliance Bank Malaysia Bhd entered into an agreement with American International Assurance Bhd (AIA) Thursday for the setting up of a joint-venture company to be known as AIA AFG Takaful Bhd.
Alliance Bank has 30 per cent equity in the joint venture to carry out family takaful business while AIA has 70 per cent, AFGB said in a filing with Bursa Malaysia……………………………………….Full Article: Source

MARC affirms ratings on ABS Sukuk

Posted on 19 November 2010 by Laxman  |  Email|Print

From Thestar.com.my: Malaysian Rating Corp Bhd (MARC) has affirmed the ratings of ABS Logistics Bhd’s senior sukuk comprising RM100mil of class A, RM20mil of class B and RM40mil of class C at AAAIS, AAIS and AAAIS (bg) respectively with stable outlook.
In a statement yesterday, MARC said the affirmed ratings of the class A and class B asset-backed sukuk were premised on the continued satisfactory performance of the industrial warehouses backing the sukuk during the review period of April 2009 to March 2010……………………………………….Full Article: Source

Etisalat establishes global medium term note and Sukuk programme

Posted on 19 November 2010 by Laxman  |  Email|Print

Emirates Telecommunications Corporation (ETISALAT) is pleased to announce that it will establish a Global Medium Term Note (GMTN) and a Sukuk Programme in the near future.
Both Programmes will provide Etisalat with the flexibility to issue conventional and/or Islamic securities within the international debt capital markets across multiple tenors and currencies when needed. The size of the GMTN Programme is US$7 billion of issuance and the Sukuk Programme is USD$1 billion of issuance……………………………………….Full Press Release: Source

Dubai Holding to get fresh funds

Posted on 19 November 2010 by Laxman  |  Email|Print

From Emirates247.com: The restructuring of Dubai Holding is under way and will include a haircut for creditors and injections of fresh government funds, the vice-chairman of Dubai’s top fiscal bodysaid.
Mohammed Al Shaibani, who is also Director of the Dubai Ruler’s Court, told the FT in an interview that the government had so far pumped $2 billion into the conglomerate……………………………………….Full Article: Source

Book review: Shariah-compliant private equity: A primer for the executive

Posted on 19 November 2010 by Laxman  |  Email|Print

This book is the 1st English language contribution to the global Islamic finance literature which is focused solely on Islamic private equity. Given the success of conventional private equity players and their demise during the credit crisis, it is instructive for executives of all levels to see how Islamic private equity can assist their businesses while avoiding the faultlines that led to recent demise of the conventional private equity system.
Shariah-Compliant Private Equity, comprised of 10 chapters and 20 private equity case studies, is designed for the executive who wishes to access Shari’a-compliant private equity, launch a private equity fund, convert an existing fund into an Islamic equivalent, identify potential partners in the global private equity space, or simply to understand more about this type of private equity……………………………………….Full Press Release: Source

Islamic lender KFH to expand real estate

Posted on 18 November 2010 by Laxman  |  Email|Print

From Gulf-times.com: Kuwait Finance House, the country’s biggest Islamic lender, is looking for real estate investments in southern China and Europe as it seeks to more than double its portfolio, a senior official said.
Kuwait Finance House (KFH) wants to increase global assets under management (AUM) to about $4bn in coming years from $1.5bn with a focus on residential property, Ali al-Ghannam, international real estate department manager, told Reuters. He didn’t give a timeframe……………………………………….Full Article: Source

Three men accused of $44 mln Sharia-law Ponzi scheme

Posted on 18 November 2010 by Laxman  |  Email|Print

From Reuters: Three men defrauded 300 Muslim investors and three banks out of $44 million in a real estate Ponzi scheme that promised profits, not interest, to adhere with sharia law, federal prosecutors said on Wednesday.
Salman Ibrahim, 37, and Mohammad Akbar Zahid, 59, claimed that Sunrise Equities Inc earned monthly profits on real estate investments, not interest, in the alleged scheme that took in a total of $69 million from 2003 to 2008, according to a federal indictment unveiled by the U.S. attorney’s office in Chicago……………………………………….Full Article: Source

Prosecutors: $30mln Ponzi scheme targeted Muslims

Posted on 18 November 2010 by Laxman  |  Email|Print

From Foxnews.com: More than 300 investors nationwide fell victim and three banks lost more than $13 million after the alleged Ponzi scheme collapsed in 2008, the indictment alleges. Such schemes use new investors’ money to pay previous investors.
A taxi driver turned prominent businessman in Chicago’s South Asian community is among three people indicted for defrauding hundreds of Muslim investors out of $30 million, in part by promising that investments complied with Islamic law, federal prosecutors said Wednesday……………………………………….Full Article: Source

Dubai Holding given $2bln boost from Government

Posted on 18 November 2010 by Laxman  |  Email|Print

From Thenational.ae: The Dubai Government has injected US$2 billion (Dh7.34bn) into the indebted property and financial conglomerate Dubai Holding. Mohammed al Shaibani, the deputy chairman of the emirate’s Supreme Fiscal Committee, said the sum had already been put into Dubai Holding, which is in the process of renegotiating about $12bn of debts.
“I don’t want to put any more in as the Government but I will do it as and when it’s required,” Mr al Shaibani said……………………………………….Full Article: Source

Gulf Finance House in $500 mln support plan, National says

Posted on 18 November 2010 by Laxman  |  Email|Print

From Bloomberg: Gulf Finance House EC, the Bahrain- based investment bank, said its shareholders agreed on a plan to raise $500 million to stave off bankruptcy, the National reported, citing a company statement.
Shareholders also agreed to raise funds through converting an Islamic financing instrument into shares and a four-to-one consolidation of shares, according to the report……………………………………….Full Article: Source

Key report to highlight Islamic banking issues

Posted on 18 November 2010 by Laxman  |  Email|Print

From Gulf-daily-news.com: The Islamic banking industry has continued to grow despite the turbulence in the global economy, with Islamic banks outperforming conventional ones in terms of asset growth. However, both market values and profitability of Islamic banks have come under pressure, narrowing the gap with conventional peers.
“The analysis provided in this year’s report will be even more critical as it comes at a juncture when the major industry players are seeking to adopt best practices and re-visit key strategies and business models to ensure continued growth in a challenging economic environment,” World Islamic Banking Conference managing director David McLean said……………………………………….Full Article: Source

Islamic regulation must harmonise to grow

Posted on 18 November 2010 by Laxman  |  Email|Print

From Iflr.com: Investor appetite is strong, but banks need regulatory support and coordination to encourage them to launch shariah-compliant programmes.
That was the message delivered by speakers at the Islamic Finance News Roadshow, hosted last week in London by Norton Rose……………………………………….Full Article: Source

Islamic economics and the global crisis are reviewed in Kuwait in December 2010

Posted on 18 November 2010 by Laxman  |  Email|Print

Global Economic Directions IV is a conference dedicated to the changing conditions affecting economic policy and will look at how companies can best operate successfully by following the rules of Islamic Sharia.
The theme for this year’s event will be ‘The Global Economic Crisis from the Perspective of Islamic Economics’ and follows on from the previous forums of ‘Global Economic Directions I II and III’. Delegates attending and taking part in the conference will consist of the leading academics, researchers and heads of public and private companies, coming together to share ideas on the topic……………………………………….Full Press Release: Source

US $47.2 mln Islamic property fund to launch

Posted on 18 November 2010 by Laxman  |  Email|Print

From Opp.org.uk: The Islamic Bank of Thailand is planning to launch Thailand’s first Islamic property fund, worth THB 1.4 billion (US $47.2 million) in December, the bank’s President Theerasak Suwannayos said this week.
The fund will be called the IBank Shariah Property Fund and it has been set up by The Islamic Bank of Thailan under the Islamic Bank of Thailand Act 2002, regulated by the Ministry of Finance……………………………………….Full Article: Source

Anfaal Capital selects eFront FrontInvest Alternatives

Posted on 18 November 2010 by Laxman  |  Email|Print

From Finextra.com: EFront, the leading software solutions provider for the financial industry, today announced that Anfaal Capital has selected eFront’s FrontInvest Alternatives to support its alternative investments operations.
FrontInvest Alternatives is the global frontrunner in alternative asset management platforms……………………………………….Full Article: Source

Global Sukuk issuance to hit 2007 peak next year - Amanie

Posted on 17 November 2010 by Laxman  |  Email|Print

From Bernama: Global sukuk issuance in 2011 is expected to hit the 2007 peak of US$34.2 billion, backed by strong demand for Islamic financial instruments.
By end of this year, sukuk issuance could potentially reach US$30 billion with Malaysia continuing to dominate the market, consultant Baiza Bain from shariah advisory service provider Amanie Business Solutions he told reporters here on Tuesday……………………………………….Full Article: Source

Bank Negara, Etisalat, Senegal, Pakistan: Islamic bond alert

Posted on 17 November 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 29 percent to $13.7 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

Bahrain seeks to retain finance lead

Posted on 17 November 2010 by Laxman  |  Email|Print

From Zawya.com: When governments across the world want to learn more about Islamic banking, a small but rapidly expanding niche of finance that adheres to Muslim principles, the first port of call is often Bahrain.
However, with Bahrain’s position as the Arab world’s financial centre now seized by Dubai - at least in terms of international investment banking - the question remains how the small Gulf kingdom can remain the region’s dominant hub for Islamic finance……………………………………….Full Article: Source

Gulf Finance House to raise $500 mln

Posted on 17 November 2010 by Laxman  |  Email|Print

From Thenational.ae: Shareholders of Gulf Finance House (GFH), an investment bank in Bahrain, have approved a plan to raise up to $500 million to rescue the company from the brink of bankruptcy and finance a wholesale rethinking of its business model.
Despite objections from some investors, holders of about 32 per cent of GFH stock gave the nod to all items on the agenda at a pair of meetings on Sunday, according to a statement posted on the Bahrain Stock Exchange website……………………………………….Full Article: Source

Islamic banking hits the web

Posted on 17 November 2010 by Laxman  |  Email|Print

From Internetevolution.com: A jaunt to now-Muslim-majority Bethlehem, in the Palestinian Authority, reveals a thriving city: renovated, bustling, affluent. When I remark on the profusion of late-model European SUVs, my Palestinian host shrugs: “Like in the West — they live beyond their means.”
This was echoed by a report in the Israeli press, which stated that “Palestinian and Arab banks in the West Bank are offering… incentives to draw the average Palestinian into purchasing a car… by paying 10% of the new car’s value and slowly paying off the rest to the bank, with interest…”………………………………………Full Article: Source

CFOs urged to be ‘corporate navigators’

Posted on 17 November 2010 by Laxman  |  Email|Print

From Accountingweb.co.uk: More than 6,000 accountants gathered in Kuala Lumpur over the weekend to discuss topics ranging from the economic crisis to the role of audit, international accounting standards, governance and Islamic finance.
The final plenary session Accountants in the next decade drew together a panel of executives from the ICAEW, ACCA, CIMA and US and Australian accountancy bodies presented their vision of the future……………………………………….Full Article: Source

Untapped $105 bln endowments may boost Shariah funds

Posted on 16 November 2010 by Laxman  |  Email|Print

From Bloomberg: Managers of Islamic endowments with $105 billion in assets are seeking to diversify out of bank deposits, providing Shariah-compliant funds with the chance to capture new business, Ernst & Young LLP says.
These “largely untapped” endowments, or awqaf, have as much as $40 billion of cash parked at commercial banks, Ashar Nazim, Manama-based executive director and head of Islamic financial services for Ernst & Young, Bahrain, said………………………………………Full Article: Source

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Waqf Fund plans new development program

Posted on 16 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: The Waqf Fund, a Bahrain-based special initiative to support Islamic finance training, education and research, is to launch a continuous development programme.
At its 12th board of trustees meeting at the Central Bank of Bahrain (CBB) premises, the Waqf Fund members elected Arcapita Bank executive director Essa Zainal as deputy chairman……………………………………….Full Article: Source

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Public Mutual to launch two Islamic funds

Posted on 16 November 2010 by Laxman  |  Email|Print

From Bernama: Public Mutual Bhd is launching two Islamic funds, Public Islamic Alpha-40 Growth Fund (PIA40GF) and Public Islamic Infrastructure Bond Fund (PIINFBF), with potentially higher returns.
Its Chief Executive Officer Yeoh Kim Hong said PIA40GF would adopt a more focused investment strategy and would be able to achieve the returns over the medium-to-long-term as it would concentrate investments in a portfolio of not more than 40 stocks……………………………………….Full Article: Source

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Aabar eyes 3 European deals worth $2.74bln

Posted on 16 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Abu Dhabi’s fastest growing investment fund Aabar is eyeing three European deals worth 2 billion euros ($2.74 billion) after selling its stake in Banco Santander’s Brazil unit, its chairman said in remarks published on Monday.
Aabar, which recently delisted from the Abu Dhabi Securities Market (ADX), is looking at two infrastructure investments in Europe valued at between 500 million and 1 billion euros, Khadem al-Qubaisi told the Financial Times……………………………………….Full Article: Source

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UAE Islamic certificates auction successful: central bank

Posted on 16 November 2010 by Laxman  |  Email|Print

From Khaleejtimes.com: The Central Bank of the UAE has announced the successful inaugural auction of Shariah-Compliant Certificates of Deposit (ICDs), a move which will allow Islamic lenders to better manage their short term liquidity.
Islamic banks operating in UAE have started participating in the auction of these Certificates for tenors from 1 week to 12 months, the central bank said in an announcement……………………………………….Full Article: Source

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UAE bank tightens bad loan rules to boost transparency

Posted on 16 November 2010 by Laxman  |  Email|Print

From Gulf-times.com: In a move aimed at improving transparency in the UAE banking sector, all lenders and financial institutions will now be required to make provisions for toxic loans on a quarterly basis, rather than at the end of the fiscal year, according to details from a UAE central bank circular.
The central bank said its review of unclassified loans held by lenders will “also serve as a catalyst for depicting a truly realistic financial position of banks and other financial institutions.”………………………………………Full Article: Source

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UAE banks seen lifting earnings in Q4 on revenues, lower expenses

Posted on 16 November 2010 by Laxman  |  Email|Print

From Gulf-times.com: UAE’s top banks posted mixed results in the third quarter as they set aside more money for bad loans but are seen improving their performances in the last quarter on the back of an easing of Dubai World’s debt problems.
Despite an overall increase in provisions during the first nine months, the banking industry in the UAE is showing signs of recovery, analysts said……………………………………….Full Article: Source

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Islamic banking

Posted on 16 November 2010 by Laxman  |  Email|Print

From Pakobserver.net: Islamic banking refers to a system of banking that is consistent with Islamic law. Islamic economic. Islamic finance has been gaining a global scale for the last 30 years and is estimated at more then $400 billion with projected growth of 15% pen annum.
Ijara is a contract of a known and proposed usufruct against a specific and lawful return and consideration for the service or return for the benefit proposed to be taken or for the effort of worth proposed to be expended. There are many kinds of banking (Muharabha, Ijara, Ijara-wal-iqtina, Musharaka, Musawamah, Istina, Bai-muajjal, Mudarabaha, and Bai-salam)……………………………………….Full Article: Source

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Running on faith

Posted on 16 November 2010 by Laxman  |  Email|Print

From Arabianbusiness.com: Fast forward to 2010, and Qatar First Investment Bank (QFIB), the first fully Sharia-compliant investment house in the Gulf state, looks to be in rude health. Posting a profit in its first full-year of operations certainly helped, and the bank is continuing to build its portfolio of offerings, qualifying for a full Islamic banking licence from the Qatar Financial Centre (QFC) in the process.
In addition, QFIB has continued with further private equity transactions, having already completed a couple in the healthcare field — in Turkey and Abu Dhabi. de Graffenried says that several are live, with another in Turkey, one in Saudi Arabia, and spread across various sectors……………………………………….Full Article: Source

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Insurance companies leverage on conventional and takaful platform

Posted on 16 November 2010 by Laxman  |  Email|Print

From Thestar.com.my: The dual agency concept, where conventional and takaful policies are sold by the same agents, is gaining popularity, especially among bigger insurance players, as an effective way to boost market share and deepen the penetration rate of insurance in the country.
Some may not agree to this method and instead sell separate policies, but judging from the pace of its adoption among insurers, it is fast making headway amid new players coming into the market……………………………………….Full Article: Source

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Joint takaful licence for Public Bank, ING

Posted on 16 November 2010 by Laxman  |  Email|Print

From Thestar.com.my: Bank Negara has approved the joint application by Public Bank Bhd (PBB), Public Islamic Bank Bhd (PIBB) and ING Management Holdings (M) Sdn Bhd for a family takaful licence.
In a joint statement, the three companies said they would set up a joint-venture (JV) company to carry out the family takaful business, with ING holding a 60% equity stake, PBB 20% and PIBB 20%……………………………………….Full Article: Source

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Short of talent, Islamic finance taps women scholars as demand rises

Posted on 16 November 2010 by Laxman  |  Email|Print

From Gulf-times.com: Islamic finance has embraced women relatively rapidly in its 30-year modern history, as burgeoning demand for expert lawyers and growing female education rewrite the rules of the business.
As Islamic finance expands 15%-20% a year and enters new markets from Australia to South Africa, so the need has grown for more Shariah advisers who can structure financial transactions according to Islamic rules that crucially include a ban on interest……………………………………….Full Article: Source

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Bahrain’s Islamic finance expertise to be probed

Posted on 16 November 2010 by Laxman  |  Email|Print

From Tradearabia.com: Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj will be the keynote speaker at a dinner organised by the Bahrain British Business Forum (BBBF) as part of activities to coincide with the World Islamic Banking Conference (WIBC).
‘It is a great honour to have Al Maraj speaking at our dinner for WIBC and Bahrain hosting this conference reflects the importance of the kingdom as a financial centre and the growing interest from around the world in Islamic finance,’ said BBBF chairman Khalid Al Zayani………………………………………..Full Article: Source

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Islamic finance gaining popularity in western countries

Posted on 15 November 2010 by Laxman  |  Email|Print

From Ahlul Bayt News Agency: Islamic financing is gaining popularity in many non-Muslim countries such as Britain, Australia, New Zealand, South Korea and Singapore in recent years, Gatehouse Bank PLC chief executive officer Richard Thomas said.
“We are seeing greater interest in Islamic financing, especially by corporations in non-Muslim countries,” he said at the World Congress of Accountants yesterday……………………………………….Full Article: Source

Indian corporates foray into Islamic finance

Posted on 15 November 2010 by Laxman  |  Email|Print

From Arabnews.com: The launch by India’s Tata Group of its debut Islamic equity fund two weeks ago sees the entry of another major Indian asset management company in the Islamic finance space. This follows the establishment by the rival Reliance Anil Dhirubahi Ambani Group of a dedicated Islamic asset management company in Malaysia, Reliance Asset Management Malaysia Sdn Bhd.
While Reliance seems to be a bit over-cautious, Tata in October 2010 launched the Tata Indian Shariah Equity Fund (TISEF) through its Tata Asset Management (Mauritius) Private Limited (TAMM), which is also the fund manager……………………………………….Full Article: Source

Sukuk to trail emerging debt as issuance flags

Posted on 15 November 2010 by Laxman  |  Email|Print

From Bloomberg: Yields on Islamic bonds rose last week by the most in almost a month, extending two quarters of underperformance relative to emerging-market securities, on concern slumping sales will reduce trading.
Yields climbed 10 basis points to 4.59 percent this week, the biggest increase since the five-days ended Oct. 22, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. Bonds in developing nations outperformed Shariah-compliant notes for the last six months as global sales of sukuk dropped 29 percent to $13.7 billion……………………………………….Full Article: Source

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