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Islamic Finance Briefing - Archive | January, 2011

BSE Shariah index to unlock potential Islamic investments

Posted on 31 January 2011 by Laxman  |  Email|Print

Madhu KannanFrom Arabnews.com: The Bombay Stock Exchange (BSE) is currently working with a number of firms who are interested in structuring Shariah-compliant equity fund products off its recently-launched BSE Tasis Shariah 50 Index within the next 12 months.

Madhu Kannan, managing director and CEO of the BSE, confirmed in an interview that he was “very pleased by what has been a very warm response to this product by market participants.”……………………………………Full Article: Source

Islamic banks must step up service to compete, says E&Y survey

Posted on 31 January 2011 by Laxman  |  Email|Print

Salmaan JafferyFrom Arabianbusiness.com: Sharia compliant banks will need to significantly improve customer service if they are to compete with mainstream banks, a survey by Ernst & Young has said. The poll of 4,000 Gulf residents by Ernst & Young found that, despite strong interest in Islamic finance, customers found banks lacking in transaction speed and service quality.
While customers want Islamic options, this must be backed by the service and standards prized in the mainstream banking market, said Salmaan Jaffery, head of retail banking, Ernst & Young Middle East…………………………………….Full Article: Source

Maldives: Islamic Bank set to open in March

Posted on 31 January 2011 by Laxman  |  Email|Print

From HNS: The Maldives Islamic Bank (MIB) has said that they will open the bank for business on March 7, the day Maldives embraced Islam. Rf 150 million share worth MIB was developed with an 85 percent share from the Islamic corporation for the Development of Private Sector of Islamic Development Bank (IDB) and a 15 percent share from the government.

During the first press conference held in the bank on H. Coconutvilla, Ameeru Ahmed Magu, Managing Director and CEO Haris Haroon revealed that all the work required to open the bank has now been completed…………………………………….Full Article: Source

IDB to finance Pak power project

Posted on 31 January 2011 by Laxman  |  Email|Print

From Arabnews.com: The Islamic Development Bank (IDB) has signed an agreement to extend its long-term lease finance (Ijara) facility of up to $90 million for the development of the Uch-II combined cycle independent power plant project in the Baluchistan province of Pakistan.

International Power PLC of the UK is sponsoring the project, which will add a net generation capacity of 375 MW to the national grid under a 25-year contract with the National Transmission and Distribution Company of Pakistan and thereby make a significant contribution to improving the power supply situation of the company…………………………………….Full Article: Source

Islamic banking gaining foothold in Nigeria

Posted on 31 January 2011 by Laxman  |  Email|Print

From Arabnews.com: The banking sector in Nigeria, Africa’s most populous country, has hardly had time to digest the “Guidelines on Shariah Governance for Non-interest Financial Institutions in Nigeria” and the “Framework for the Regulation and Supervision of Institutions Offering Non-interest Financial Services in Nigeria” published by the Central Bank of Nigeria (CBN) on Dec. 31, 2010 and Jan. 12 2011.

The regulator has already been forced to defend its action of introducing Islamic banking into the country. The objective of the framework, according to the Nigerian banking regulator, is to provide minimum standards for the operation of institutions offering non-interest banking and financial services in Nigeria…………………………………….Full Article: Source

QNB increasing capital by 25pct via rights issue

Posted on 31 January 2011 by Laxman  |  Email|Print

From Gulf-times.com: QNB, the country’s largest lender by assets, is increasing the capital by 25% through a rights issue to part fund its expansion and meet the proposed Basel III norms.

The rights issue, which will be on tap during the second quarter (April-June) of this year, has been priced at QR100 a share (including the QR90 premium), QNB chairman and Finance Minister HE Yousef Hussein Kamal said after the bank’s annual ordinary and extra-ordinary general assembly meeting which approved the 50% cash dividend and 30% bonus shares…………………………………….Full Article: Source

QIIB posts QR559mln profit in ’10

Posted on 31 January 2011 by Laxman  |  Email|Print

From Gulf-times.com: Registering growth in all portfolios of its operations, International Islamic (QIIB) posted a net profit of QR559mn in 2010, up 9.3% on 2009.

The bank’s total revenue jumped 16% to QR1.12bn in 2010, International Islamic chairman & managing director Sheikh Dr Khalid bin Thani al-Thani said after a meeting of the bank’s board of directors in Doha…………………………………….Full Article: Source

Rakbank 2010 net profit up 38pct

Posted on 31 January 2011 by Laxman  |  Email|Print

From Tradearabia.com: National Bank of Ras Al-Khaimah (Rakbank) said its net profit for 2010 jumped 38 per cent to Dh1.02 billion ($277.7 million) compared to Dh726.2 million the previous year.

Rakbank said it has successfully surpassed the billion dirham profit mark in 2010 as it continued to focus on good opportunities in its chosen lending segments of personal, auto, and small and medium enterprise (SME) loans, in addition to credit cards and mortgages…………………………………….Full Article: Source

Abu Dhabi Islamic Financial Services is re-branded to Abu Dhabi Islamic Bank Securities

Posted on 31 January 2011 by Laxman  |  Email|Print

Abu Dhabi Islamic Financial Services, one of the UAE’s largest brokerage firms celebrating its 6th anniversary, announced today that it has re-branded to Abu Dhabi Islamic Bank ‘ADIB’ Securities. This new identity ties in well with the firm’s lineage as a wholly-owned subsidiary of ADIB, a top-tier Islamic financial services group.
Founded with a simple but important principle - to lead by example as a Shari’a compliant brokerage platform - ADIB Securities aims to best serve and meet investors’ financial needs and objectives with high service quality, advanced technology and transparency…………………………………….Full Press Release: Source

Strategic alliance between ADNIC and ADCB offers customers innovative insurance and banking solutions

Posted on 31 January 2011 by Laxman  |  Email|Print

Abu Dhabi Commercial Bank (ADCB) one of the UAE’s leading banks, partners with Abu Dhabi National Insurance Company (ADNIC), one of the prominent insurance companies in the Region to provide new technological, internet banking and cash management solutions, which will further enhance ADNIC services to its customers.
In addition, ADNIC as a “Reliable Insurer” will offer its innovative banc assurance products to all ADCB’s Commercial customers with affordable insurance solutions…………………………………….Full Press Release: Source

Gulf Bond and Sukuk Association announces key appointments

Posted on 31 January 2011 by Laxman  |  Email|Print

The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, is pleased to announce that it has filled a series of key committee positions for 2011. GBSA works through its topical sub-committees to promote a deep and transparent market for securities issued from the region.
Andrew Dell, HSBC Bank Middle East, has been named Chair of the Steering Committee for the second year running…………………………………….Full Press Release: Source

Banks predict record $31bln sukuk in 2011

Posted on 31 January 2011 by Laxman  |  Email|Print

From Arabianbusiness.com: Global sales of Islamic bonds may match the 2007 record as issuers rush to benefit from low borrowing costs before economic growth pushes yields higher, Maybank Investment Bank and CIMB Islamic Bank say.

Islamic debt sales increased 62 percent to $10.6bn in the second half of 2010 compared with the first six months, according to data compiled by Bloomberg. The yield on global sukuk was 4.6 percent on Thursday, climbing 18 basis points from a five-year low of 4.4 percent on Nov 8, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows…………………………………….Full Article: Source

The missing link in Sharia finance

Posted on 31 January 2011 by Laxman  |  Email|Print

From Gulfnews.com: Financial editors and news bureau chiefs of major conventional and western media organisations have to look at not only the importance of a news story, but also its time sensitivity. Islamic finance stories must compete against numerous “conventional” news stories like central bank news on interest policies and inflation, earnings announcements from Fortune 500 companies, buyouts by major private equity firms, trade and unemployment numbers, and so on.

Today in Islamic finance we do not have an Islamic finance central bank, either at the country or global level…………………………………….Full Article: Source

Dubai to export Islamic finance to Europe

Posted on 31 January 2011 by Laxman  |  Email|Print

From Gulfnews.com: Dubai’s financial services industry is fast emerging as a leading catalyst in the development of Islamic finance products and services to Europe, according to officials from Dubai Exports, an agency within Dubai Department of Economic Development.

“The expertise of Dubai in the area of Islamic financial services is something that we hope to capitalise through our export facilitation services” said Engineer Saeed Al Awadi, the CEO of Dubai Exports…………………………………….Full Article: Source

Malaysia and Gulf nations boost ties towards FTA

Posted on 31 January 2011 by Laxman  |  Email|Print

From Thestar.com.my: Malaysia and the Gulf Cooperation Council (GCC) signed a landmark framework agreement to boost economic, commercial, investment and technical cooperation between them. It will now set the pace for both sides to negotiate for a Free Trade Agreement next month.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed, the United Arab Emirates’ Economy Minister Sultan Saeed Al-Mansoori and GCC secretary-general Abdul Rahman Hamad Al-Attiyah signed the agreement in Abu Dhabi yesterday…………………………………….Full Article: Source

Mauritius Islamic bank to start operation in Q1

Posted on 28 January 2011 by Laxman  |  Email|Print

Rundheersing BheenickFrom Reuters: Mauritius’s first Islamic bank will be operational by the end of the first quarter of 2011, the central bank governor said on Thursday. The palm-fringed island’s growing offshore financial sector pitches itself as a financial platform bridging Africa, the Indian sub-continent and Asia.
Mauritius is seeking to tap into the $1 trillion Islamic finance industry, and the central bank also plans to offer sharia-compliant short-term liquidity tools……………………………………….Full Article: Source

Emaar prices $500mln sukuk after it wins $1.7bln in subscriptions

Posted on 28 January 2011 by Laxman  |  Email|Print

From Gulfnews.com: Emaar Properties, rated B1/BB, has priced its first international fixed-income offering, raising $500 million via trust certificates with a maturity of five and a half years at a yield of 8.5 per cent. The first public offering from the region this year was structured as a Sukuk Al Ijarah and issued by a Special Purpose Vehicle, Emaar Sukuk.
It received subscriptions totalling $1.7 billion, the company said, and constitutes the first drawdown under its $2 billion programme……………………………………….Full Article: Source

Dubai’s Emaar raises $500 mln by foreign bonds

Posted on 28 January 2011 by Laxman  |  Email|Print

From AFP: Dubai’s leading property develop, Emaar, said Thursday it has raised $500 million through an offering international bonds aimed mainly at refinancing debt, raising hopes for eased finance for Dubai firms.
The company behind the building of the world’s tallest tower, Burj Khalifa, said its first international fixed-income offering, in the form of sukuks, or Islamic bonds, was “very well received.”………………………………………Full Article: Source

Project spending boom to spur sukuk rebound

Posted on 28 January 2011 by Laxman  |  Email|Print

From Btimes.com.my: Plans by Saudi Arabia, Malaysia and Qatar to spend almost US$1 trillion on development projects over the next decade will overwhelm the amount banks can provide in loans, reviving sales of sukuk, according to HSBC Holdings Plc and BNP Paribas SA.
At least US$3.9 billion of Islamic bond sales announced this year will fund the building of oil refineries, steel mills and petrochemical plants, according to data compiled by Bloomberg……………………………………….Full Article: Source

Nakheel’s debt deal: Too little too late?

Posted on 28 January 2011 by Laxman  |  Email|Print

From Building.co.uk: Just before the new year, the company announced that it wasn’t going to issue the sukuks, a form of Islamic bond, in 2010. It had only secured the agreement of 91% of its creditors to its repayment plan, 4% short of its target.
For those who lined up in the awkward coffee break after O’Donnell’s speech to ask where their money was, this is just the latest chapter in Nakheel’s long-running saga. Now the signs are that some kind of sukuk issue might not come until at least March. Although some consultants are beginning to dip their toes in Nakheel’s waters once again, many have decided to burn their bridges……………………………………….Full Article: Source

Islamic private equity on the rise, hurdles remain

Posted on 28 January 2011 by Laxman  |  Email|Print

From Zawya Dow Jones: Demand for Islamic private equity in oil-rich Gulf Arab states is on the rise among investors who value its more prudent debt approach and its flexibility in structuring deals, even though the sector faces hurdles in the form of a shortage of qualified professionals and restrictions in its investments options.
The global Islamic finance industry–widely valued at $1 trillion–is booming and whetting the appetite of many financial institutions in the Arab Gulf region, which want to tap new revenue streams against a backdrop of slower growth and subdued lending……………………………………….Full Article: Source

Islamic banking, shariah compliance hallmark in business: Naved Khan

Posted on 28 January 2011 by Laxman  |  Email|Print

From Dailymailnews.com: With the highly encouraging response world-wide in Islamic Banking, Faysal Bank has the history to be one of distinguished institutions having Sharia compliant banking and it has received tremendous response from the investors, depositors and businessmen taking interest in the specially designed “window on Islamic Banking” of the bank.
In an interview with Naved A. Khan, President and Chief Executive Officer of Faysal Bank with The Daily Mail, he explained the strategic growth and development of Islamic banking with Faysal Bank Ltd in Pakistan. Now the Faysal Bank with acquisition of RBS (Royal Bank of Scotland) its operations and financial strength has further improved……………………………………….Full Article: Source

National Bank of Fujairah profit surges 64pct

Posted on 28 January 2011 by Laxman  |  Email|Print

From Arabianbusiness.com: National Bank of Fujairah, which is part owned by the governments of Fujairah and Dubai, saw its net profits surge 64 percent last year, the lender reported on Thursday.
The UAE lender reported that net profit for 2010 rose to AED170.9m ($46.53m), up 64 percent compared to AED104.3m ($28.39m) in 2009……………………………………….Full Article: Source

NBD finds niche in Sharia-compliant car financing

Posted on 28 January 2011 by Laxman  |  Email|Print

From Zawya.com: The National Bank for Development (NBD), which specializes in Sharia-compliant products and had LE 2 billion in capital at the end of 2010, has been consolidating its market share in car financing.
Since the acquisition of 49 percent of the NBD’s stock by the Abu Dhabi Islamic Bank in 2007, the NBD has been transitioning to Sharia-compliant financial services……………………………………….Full Article: Source

First investment’s lenders accept restructuring plan, Qabas says

Posted on 28 January 2011 by Laxman  |  Email|Print

From Bloomberg: First Investment Co.’s creditors agreed to join a plan to restructure the company’s debts of about 90 million dinars ($321.8 million), Al-Qabas reported, citing unidentified people familiar with the matter.
The Kuwaiti Islamic finance company, known as Al-Ola, is to repay its liabilities over 5 years, the newspaper said. Al-Ola said in October that it had agreed with lenders on most of the terms to restructure a 90 million-dinar sukuk, according to a filing to the bourse……………………………………….Full Article: Source

KFH considers investment in Scandinavian countries

Posted on 28 January 2011 by Laxman  |  Email|Print

From Arabtimesonline.com: AGM for Investment Sector at Kuwait Finance House (KFH) Abdul Nasser Al-Subeih said that the international partnerships that KFH establishes in the field of real estate investment is one of the main sources for revenues for KFH clients, and noted that the success achieved by Swedish real estate portfolio known as TRESAB three years ago, which is evident by its net profit KD 43 million.
The deal was orchestrated by Leimdorfer Real Estate Company, under the supervision of KFH team that is specialized in international real estate……………………………………….Full Article: Source

AMMB establishes family Takaful subsidiary

Posted on 28 January 2011 by Laxman  |  Email|Print

From Bernama: AMMB Holdings Bhd Thursday announced the incorporation of a new subsidiary, AmFamily Takaful Bhd,to undertake the family takaful business.
AmFamily is 70 per cent owned by AMAB Holdings Sdn Bhd, a unit of AMMB, while Friends Provident Limited, a wholly-owned subsidiary of FP Group, holds the remaining 30 per cent equity interest, it said in a fling to Bursa Malaysia Thursday……………………………………….Full Article: Source

Turkey’s growing ties with Arab world

Posted on 28 January 2011 by Laxman  |  Email|Print

From BBC: On 10 January, before an audience of eminent Islamic scholars in Kuwait City, Turkish Prime Minister Recep Tayyip Erdogan was awarded the “Outstanding Personality in the Muslim World” prize. Drawing on his training as a Muslim cleric, Mr Erdogan elicited cries of “Allahu Akbar” (God is Great) as he launched into a passionate tirade against Israel and its treatment of the Palestinians in his acceptance speech.
The moment perfectly captured Turkey’s growing popularity in the Arab world under Mr Erdogan’s mildly Islamist Justice and Development (AK) party government that shot to power in 2002……………………………………….Full Article: Source

Dubai’s Emaar plans benchmark dollar bond

Posted on 27 January 2011 by Laxman  |  Email|Print

From Reuters: Emaar Properties , builder of the world’s tallest building, plans to issue a benchmark dollar-denominated bond as part its $2 billion Islamic bond program, according to a source familiar with the matter.
The pricing of the five-and-a-half year Islamic bond or sukuk, is expected to be on Thursday, a document from the source said. Benchmark bonds are typically at least $500 million in size……………………………………….Full Article: Source

Emaar Sukuk price whisper 8.625pct area, books open

Posted on 27 January 2011 by Laxman  |  Email|Print

From Zawya Dow Jones: The books for Emaar Properties planned Islamic bond, or sukuk, sale are now open and the price whisper is in the 8.625% area, a banker familiar with the issue said Wednesday.
“The tenor is 5.5 years and the sukuk, which will likely be of benchmark size, will list on the London Stock Exchange. The final pricing is expected Thursday,” the banker, who declined to be identified, told Zawya Dow Jones……………………………………….Full Article: Source

Nakheel: Repaid $750mln Sukuk; creditor talks continue

Posted on 27 January 2011 by Laxman  |  Email|Print

From Zawya Dow Jones: Nakheel, the real-estate unit of Dubai government-owned conglomerate Dubai World, said Wednesday it had repaid its $750 million Islamic bond, or sukuk, that matured on Jan. 16, after securing sufficient funds from the Dubai Financial Support Fund in December.
“Yes, we have paid it,” Nakheel chairman Ali Rashid Lootah said at a Dubai press briefing. The Dubai Financial Support Fund was set up last year to distribute funds to struggling government-related entities via a $20 billion sovereign bond program……………………………………….Full Article: Source

Pengurusan Aset Air prices RM2.7 bln government-guaranteed Sukuk

Posted on 27 January 2011 by Laxman  |  Email|Print

From Bernama: Pengurusan Aset Air Bhd (PAAB) via its wholly-owned subsidiary, Pengurusan Air SPV Bhd (PASB), has priced RM2.7 billion the three, five and 10-year Islamic Medium Term Notes (sukuk) issued under its RM20 billion nominal value Islamic Medium Term Notes Programme guaranteed by the Malaysian Government.
CIMB Investment Bank Bhd and HSBC Amanah Malaysia Bhd are the joint lead arrangers and joint lead managers for the sukuk issue, it said in a statement……………………………………….Full Article: Source

PAAB Islamic notes upsized on strong demand

Posted on 27 January 2011 by Laxman  |  Email|Print

From Thestar.com.my: Pengurusan Aset Air Bhd (PAAB) issuance of Islamic medium-notes was successfully priced and upsized to RM2.7bil from RM2.5bil due to strong demand from investors. These are issued under its RM20bil nominal value sukuk programme guaranteed by the Government.
The sukuk, carries a semi-annual profit rate of 3.64% per annum for the three-year tranche, 3.92% per annum for the five-year tranche and 4.43% per annum for the 10-year tranche……………………………………….Full Article: Source

QIB signs Al Dhameen agreement with QDB

Posted on 27 January 2011 by Laxman  |  Email|Print

From Gulf-times.com: Qatar Islamic Bank (QIB) has entered into agreement with Qatar Development Bank (QDB) for the “Al Dhameen” finance assurance programme for small and medium enterprises (SME).
The scheme is aimed at providing funding opportunities for the new and existing SMEs by guaranteeing a large amount of funds offered by banks and targets projects with annual revenue turnover not exceeding QR40mn……………………………………….Full Article: Source

Abu Dhabi Islamic Bank 44.5pct Emirati level to increase at Tawdheef 2011

Posted on 27 January 2011 by Laxman  |  Email|Print

From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has become the main sponsor of Tawdheef 2011, the recruitment fair at Abu Dhabi, with a view to increase its already high Emiratisation level which stands at 44.5%.
Though it is an Emiratisation leader in the UAE banking sector, ADIB’s commitment to growth with Emirati talent will see it organizing walk-in interviews and on-the-spot recruitment during the career fair on 25-27 January 2011……………………………………….Full Article: Source

Emirates NBD to provide art advice

Posted on 27 January 2011 by Laxman  |  Email|Print

From Gulfnews.com: Emirates NBD announced the launch of art advisory services for its private banking clients in association with the Fine Art Fund Group (FAFG), a London-headquartered international art investment specialist.
According to the agreement, experts from the FAFG will work closely with Emirates NBD Private Banking to provide advisory services to the bank’s high net worth clients who wish to invest in art as an asset class. Emirates NBD Private Banking clients will also gain privileged access to art events regionally and globally……………………………………….Full Article: Source

WHF 2011 underlines Malaysia’s commitment to halal industry

Posted on 27 January 2011 by Laxman  |  Email|Print

From Bernama: The World Halal Forum 2011 (WHF 2011) will examine ways in which the universal human values that are central to both the halal industry and Islamic finance are creating a new economic paradigm that will shape the global marketplace over the coming decade.
WHF project director, Abdalhamid Evans, said the event was in line with the New Economic Model, which focused on consumer needs and business opportunities, and underlined Malaysia’s commitment to the halal industry worldwide……………………………………….Full Article: Source

Dubai exports Islamic finance to Europe

Posted on 26 January 2011 by Laxman  |  Email|Print

From Zawya.com: While the conventional financial system is recovering from the fallout of the international financial crisis Islamic finance on the other hand is growing rapidly. Statistics show that global Islamic banking assets have grown approximately 10% per annum from the mid 1990s when they were about US$150 billion.
Today, global Islamic financial assets stand at approximately US800 billion. Industry experts claim that over the next decade the sector may reach US$4 trillion. The growth of Islamic Financial Services has been driven by a growing Islamic population that is enjoying a rapid rise in purchasing power, due to better education and employment opportunities. This has been supported by financial engineering and innovation in the provision of Islamic financial products and services……………………………………….Full Article: Source

Norton Rose Islamic finance head joins KPMG to launch new practice

Posted on 26 January 2011 by Laxman  |  Email|Print

From Legalweek.com: Norton Rose’s global Islamic finance chief Neil Miller is set to leave the firm to head up KPMG’s new global Islamic financial advisory business. Miller will leave the firm as of 2 April to join KPMG in Dubai, with his role as Islamic finance head at Norton Rose subsequently split between three partners.
Bahrain partner Mohammed Paracha will head up the practice for the Middle East and Africa, while Farmida Bi will be responsible for the group in London and Europe and Davide Barzilai will look after the practice for the Asia-Pacific region……………………………………….Full Article: Source

Malaysia’s Antara Steel Mills to raise $98mln from Islamic bonds

Posted on 26 January 2011 by Laxman  |  Email|Print

From Thestar.com.my: Antara Steel Mills, a subsidiary of Lion Group in Malaysia, wants to raise 300 million ringgit ($98.3 million) by issuing sukuk — bonds which are compliant with Islamic law — to fund working capital.
Through the Islamic securities programme, Lion Industries said in a filing with Bursa Malaysia that Antara would have cash inflow of RM300mil, of which RM130mil would be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in 2005……………………………………….Full Article: Source

Banks sees record US$31bln sukuk in 2011

Posted on 26 January 2011 by Laxman  |  Email|Print

From Btimes.com.my: Global sales of Islamic bonds may match the 2007 record as issuers rush to benefit from low borrowing costs before economic growth pushes yields higher, Maybank Investment Bank Bhd and CIMB Islamic Bank Bhd say.
Islamic debt sales increased 62 percent to US$10.6 billion in the second half of 2010 compared with the first six months, according to data compiled by Bloomberg. The yield on global sukuk was 4.67 percent yesterday, climbing 18 basis points from a five-year low of 4.49 percent on Nov. 8, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows……………………………………….Full Article: Source

PAAB said to market Islamic bonds

Posted on 26 January 2011 by Laxman  |  Email|Print

From Btimes.com.my: Pengurusan Aset Air Bhd (PAAB), the state-owned company in charge of Malaysia’s water services industry, is marketing RM2.5bil of Islamic bonds, according to a person with direct knowledge of the matter.
The company told investors it plans to price RM1bil of three-year sukuk and a similar amount of five-year notes to yield between 35 basis points and 38 basis points more than Malaysian government debt, said the person, who asked not to be identified because the information is private……………………………………….Full Article: Source

Nigeria: Sharia banking creates multiple consumers of financial services

Posted on 26 January 2011 by Laxman  |  Email|Print

From Thenationonlineng.net: The move by the Central Bank of Nigeria (CBN) to introduce Sharia banking is generating divergent views. Former Executive Director of Bank PHB, Richard Obire, said it made sense for the CBN to increase the scope of banking choice.
According to him, the platform creates multiple consumers of financial services as it will make banking available to more target markets. He said it can also benefit the economy as sizeable portions of the population are Muslims. “I think the Sharia banking plan will take banking to more people, especially, the Muslim population,” he said……………………………………….Full Article: Source

Islamic banking increases share in Pakistan: Pervez

Posted on 26 January 2011 by Laxman  |  Email|Print

From Dailymailnews.com: President & Chief Executive Officer Dawood Islamic Bank Limited, Pervez Said has served as a member of Sharia Board of the State Bank of Pakistan as well as its secretary. This is the central Sharia Board for Pakistan and performing with excellence he has served for the enhanced interest-free Islamic banking in the country.
Being considered to be an authority on Islamic Banking Mr. Pervez Said has the international recognition and is considered to be an important advocate for Islamic Banking which has a much important and critical role in coming years……………………………………….Full Article: Source

ADCB swings to Q4 profit

Posted on 26 January 2011 by Laxman  |  Email|Print

From Tradearabia.com: Abu Dhabi Commercial Bank (ADCB) on Tuesday said it swung to a fourth quarter and yearly profit helped by higher net interest income, beating analysts forecasts.
The lender, one of the region’s most exposed banks to indebted conglomerate Dubai World, booked Dh1.06 billion ($287.3 million) in provisions against its exposure……………………………………….Full Article: Source

ITS announces first customer in Libya

Posted on 26 January 2011 by Laxman  |  Email|Print

Gumhoura bank which is one of the biggest banks in Libya has selected ITS to help drive the transformation of seven branches to Islamic windows. To support its rapid growth & expansion, Gumhoura bank required a stable and scalable solution to provide long term operational support to be fully Islamic bank.
After conducting a rigorous selection process in which a number of leading suppliers were considered. Gumhoura bank selected ETHIX core banking, ETHIX financial solution and ETHIX branch automation to support and automate its Islamic business transformation……………………………………….Full Press Release: Source

Abu Dhabi Islamic Bank 44.5pct Emirati level to increase at Tawdheef 2011

Posted on 26 January 2011 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has become the main sponsor of Tawdheef 2011, the recruitment fair at Abu Dhabi, with a view to increase its already high Emiratisation level which stands at 44.5% today.
Though it is an Emiratisation leader in the UAE banking sector, ADIB’s commitment to growth with Emirati talent will see it organizing walk-in interviews and on-the-spot recruitment during the career fair on 25-27 January 2011……………………………………….Full Press Release: Source

Kenya: Sharia-compliant Insurance company launched

Posted on 26 January 2011 by Laxman  |  Email|Print

From Kbc.co.ke: A new Sharia compliant insurance company which will offer group mutual guarantee insurance services for individuals against losses or damages has been launched.
Takaful Insurance of Africa (TIA) will provide a platform for Kenyans to insure themselves under mutual guarantee whereby every participant will contribute a sum of money to a common fund……………………………………….Full Article: Source

HSBC in tie-up with Allianz Takaful

Posted on 26 January 2011 by Laxman  |  Email|Print

From Gulf-times.com: HSBC and Allianz Takaful, a major player in the Takaful insurance, have jointly announced a Bancassurance partnership to promote Islamic insurance products in Qatar.
Javed Akhtar, HSBC senior area sales manager said: “We developed this strategic partnership with a leading and established Takaful product provider in recognition of our customers’ need to have access to quality Takaful products. We are very confident that this tie-up will enable us to better serve the needs of our customers.”………………………………………Full Article: Source

Amana Takaful opts for rights issue

Posted on 26 January 2011 by Laxman  |  Email|Print

From Dailymirror.lk: The Board of Directors of Amana Takaful PLC have opted to go for a Rs.750 million rights issue offering 500,000,360 new shares, subject to shareholder and regulator approval. The proportion in which shares are issued will be one share for every one existing share.
The proceeds from the rights issue is to be utilized for increased capital requirements by the regulator under its proposed capital plan and for future expansion strategies……………………………………….Full Article: Source

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