Islamic Finance Briefing - Archive | February, 2011
Posted on 23 February 2011 by Laxman | Email|Print
From Reuters: Resource companies and mining-related stocks offer good buying opportunities to investors seeking exposure to Islamic finance, fund management firm Crescent Investments Australasia said.
Australia’s explosives maker Incitec Pivot , top global miner BHP Billiton , engineering services firm Cardno , aluminium producer Alumina Ltd and oil and gas producer Woodside are among the picks of Crescent Sharia Compliant Australian Equity Fund……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Gulf-times.com: Spreading unrest across the Middle East may be encouraging Shariah-compliant investors to increase purchases of Asian assets and will spur sales of Islamic bonds, said CIMB Islamic Bank Bhd and HSBC Amanah Malaysia Bhd.
Yields on Malaysia’s 3.928% sukuk due June 2015 fell 22 basis points from a week ago to 2.96% yesterday, Royal Bank of Scotland Group prices show. Average yields on Islamic bonds in the Gulf Co-operation Council climbed 23 basis points in the same period to a four-month high of 5.97% on Monday, the HSBC/Nasdaq Dubai GCC US Dollar Sukuk Index shows……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Theborneopost.com: Bank Negara is optimistic that the global sukuk issuance this year will surpass US$35 billion recorded in 2007 when it sustained the highest issuance level, says Governor Tan Sri Dr Zeti Akhtar Aziz. Of the US$35 billion, Malaysia contributed US$13.8 billion, she said.
From the approvals we have given and the Securities Commission has given, we believe the sukuk bond issuances will surpass the 2007 level this year,” she said……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Bernama: The ruling party has decided not to push to pass a contentious bill on giving tax benefits to holders of Islamic bonds, or “sukuk,” in the ongoing extra legislative session, Yonhap news agency quoted a party spokeswoman as saying Tuesday.
The decision was made in a party leadership meeting to discuss parliamentary issues, Bae Eun-hee, spokeswoman for the Grand National Party (GNP), told reporters……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Internationallawoffice.com: Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), has published a statement on Islamic debt securities that stresses Luxembourg’s desire to provide further clarity on certain rules applicable to sukuk (ie, Islamic bonds).
The CSSF states that “issuers of sukuk have recognised the attractiveness of the Luxembourg legal framework for Islamic finance”, and further confirms that sukuk can qualify as asset-backed securities (based on the provisions of Article 2(5) of the EU Prospectus Regulation (809/2004/EC) or, under certain conditions, as guaranteed debt securities (based on the provisions of Article 23(2) and Annex VI of the regulation)……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Cpifinancial.net: The Kuala Lumpur-based International Shari’ah Research Academy for Islamic Finance (ISRA) is drafting rules to regulate the use of derivatives in order to boost risk management in Islamic finance
The proposed guidelines may help the industry to develop Shari’ah-compliant hedging tools. Backed by Bank Negara Malaysia, ISRA aims to prescribe the boundaries that Islamic institutions are required to observe to ensure that the usage of derivatives complies with Islam’s ban on gambling……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Barrons.com: Bloomberg‘s Professional division announced the launch of a Bloomberg Islamic Finance Platform (ISLM), which will provide tools and services for investors who want to be compliant with Shariah law.
It also announced the launch of a Malaysian Ringgit (MYR) sukuk index to provide a benchmark for MYR sovereign sukuk investments, in conjunction with the Association of Islamic Banking Institutions Malaysia (AIBIM)……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Reuters: British lender Barclays Bank has appointed Dominic Selwood as a director responsible for its Islamic products services, a source familiar with the matter told Reuters on Tuesday.
Selwood, who has previously held positions in Deutsche Bank and BMG Group, joins Barclays as a director in the Financial Institutional Structuring Group (FISG) and is currently based in London……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Bloomberg: Nigeria will see as many as two Islamic banks open by the end of the year, according to Kingsley Moghalu, a Central Bank of Nigeria deputy governor.
Two or three “conventional banks” have expressed interest in opening “Islamic windows,” he said in an interview in London today. He declined to name the banks……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Arabtimesonline.com: Euromoney, the renowned international magazine in the finance industry, has recently awarded National Bank of Kuwait (NBK) the “Best Private Bank for 2011”.The award was announced in Euromoney’s special edition on top global banks in wealth management and private banking services.
The “Best Private Bank for 2011” award was presented to NBK’s General Manager-Private Banking Group, Malek Khalife at a glittering Dinner and Awards Ceremony that was recently held in London……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
HSBC Amanah has again been named Best International Islamic Bank by Euromoney magazine, in its Islamic Finance Awards 2011. The awards are widely considered to be the most high profile accolades in the Islamic finance industry and annually recognise outstanding performance, quality, service, and innovation in the sector.
Besides Best International Islamic Bank, HSBC Amanah has also won the Best Sukuk House award for the second consecutive year, in recognition of its leading role in Islamic debt capital markets……………………………………….Full Press Release: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Alwatan Daily: Euromoney Magazine has announced in a press release this week, Al Rajhi Bank as the winner of the Best Islamic Bank in the Middle East Award for 2010 as part of the Islamic Finance Awards which was unveiled earlier last week.
The judging committee stated in its report the reasons why Al Rajhi Bank was selected as the Best Islamic Bank in the Middle East describing it as the most successful Bank in the Saudi market which therefore is the most essential market in the Middle East, as stated by Euromoney Magazine. Furthermore, the committee highlighted on the Bank’s third quarter (Q3) financial results for 2010 and marked Al Rajhi Bank as most profitable Bank in the region……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
From Inform.kz: Kazakhstan is set to become a launch pad for the development of Islamic banking in the entire CIS region. Experts believe over the last few years a lot has been done in the country to ensure proper introduction of banking activity that is consistent with the principles of the Islamic law (Sharia).
In a sense, Kazakhstan’s know-how in introducing the Sharia-based financial activities is unique, for the appropriate legislative frameworks were provided long before the first Islamic institution started functioning in the country……………………………………….Full Article: Source
Posted on 23 February 2011 by Laxman | Email|Print
Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of its funds: the Daman Second Emirates Fund, the Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for the month ending January 31, 2010.
The Daman Second Emirates Fund, a UAE-registered open-ended fund regulated by the United Arab Emirates Central Bank and focused on UAE equity markets, concluded the month of January 2011 with a Net Asset Value of Dhs105.18, posting a decline of 0.58% from December 2010’s figures, as against a General Index drop of 3.97%……………………………………….Full Press Release: Source
Posted on 23 February 2011 by Laxman | Email|Print
Dow Jones Indexes, a leading global index provider, today announced it will expand its Dow Jones Islamic Market Indexes series by launching the Dow Jones Islamic Market Global Finance & Takaful Index, which measures the performance of financial services stocks that pass rules-based screens for Shari’ah compliance. (Insurance stocks that pass such screens are known as Takaful.)
The index, designed to provide broader coverage of the Shari’ah-compliant financial services sector, will serve as a benchmark and an underlying instrument for investment products such as mutual funds and exchange-traded funds (ETFs)……………………………………….Full Press Release: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Arabianbusiness.com: Asian investors said they are avoiding Sharia-compliant debt in the Middle East as unrest escalates across the region, causing concern that economic growth and investment will slow.
CIMB-Principal Islamic Asset Management, AmInvestment Management and NBP Fullerton Asset Management, who together manage $2.2bn, said they need signs of stability before investing……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Joongang Daily: Shylock, the infamous protagonist in William Shakespeare’s tragic play “The Merchant of Venice,” is a loan shark whose wealth comes from charging interest on borrowed money, a practice that is supposed to represent greed and evilness.
Christianity denounced usury as a violation of morality, based on the maxim “pecunia pecuniam parere non potest” - money cannot beget money - enunciated by theologian Thomas Aquinas. ………………………………………Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Thejakartapost.com: The Finance Ministry’s debt management office plans to introduce new sharia-compliant debt instruments, an official says. Those instruments include Islamic bonds (sukuk) designated for infrastructure projects and sharia short-term Treasury bills.
Director of sharia financing policy at the Finance Ministry’s debt management office, Dahlan Siamat, said Monday that the ministry is still assessing two possibilities for the sukuk project. In one scenario proceeds from the sukuk issuance would be used to fund planned infrastructure projects in the state budget. In the second the money would go towards underlying projects……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Bloomberg: Indonesia sold 7.34 trillion rupiah ($829 million) of three-year retail Islamic bonds, exceed the target of 6 trillion rupiah, said Rahmat Waluyanto, director general of the Finance Ministry’s debt management office.
Demand for the notes, which will pay a return of 8.15 percent, was the same as the amount sold, Waluyanto said. Indonesia plans to sell 10.5 trillion rupiah of Islamic bonds this year, he said……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Arabnews.com: Cross-border sukuk originations into and out of Malaysia are set to increase as the global sukuk market continues its rebound. Investors are looking for better and more diversified returns, as the Malaysian government’s policy of encouraging government-linked companies (GLCs) and local financial institutions and corporates to increase their cross-border exposure to Islamic capital market instruments start to take effect.
Foreign issuers that have originated sukuk in Malaysia include the World Bank and its private sector funding arm, the International Finance Corporation (IFC), The Islamic Development Bank, Nomura and the National Bank of Abu Dhabi……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Bernama: Malaysia is to start cross-border trading in sukuk (Islamic bond) in the second half of this year, says Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz.
To further strengthen the infrastructure for the sukuk market, she said, the Malaysian Electronic Clearing Corporation or MyClear, a wholly-owned subsidiary of Bank Negara, was undertaking an initiative to promote cross-border financial transactions that were efficient, reliable and secured……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Themalaysianinsider.com: Global sukuk issuance this year will likely top the all-time high seen in 2007, Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz has said.
A total of US$35 billion (RM106.36 billion) in Islamic bonds were issued in 2007, with Malaysia contributing some US$25 billion that year……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Arabnews.com: “Sukuk have a very great potential in the Saudi and Gulf market. The Saudi market is moving from traditional sources of financing such as bank credit to corporate bond and sukuk. This is a development issue and has started to happen. The banks may not be able to meet local funding requirements from traditional sources given the rapid expansion of infrastructure and projects in the Saudi economy.
But this also depends on the demand and supply dynamics of the market. The Saudi Arabian Monetary Agency (SAMA) encourages banks and corporates to go down the sukuk route. We would like to see the local credit market diversified from bank finance to corporate bonds and sukuk,” explained Muhammad Al-Jasser, governor of SAMA, the central bank, in Oxford last Wednesday……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Cpifinancial.net: Sovereign and domestic Sukuk continued to dominate the market with $51.5 billion Sukuk being issued globally, a rise of 54 per cent compared to 2009.
Data from Zawya Sukuk Monitor reveals that Malaysia accounted for 78 per cent of the issues, while the MENA region issued 13.4 per cent of the total in 2010……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Gulfnews.com: First Gulf Bank will convert Dh3.6 billion mandatory convertible bonds into 125 million new ordinary shares. These bonds will be converted at the initial subscription price of Dh28.8 per share and the new shares will be listed on Abu Dhabi Securities Exchange.
As a result, FGB’s share capital will be increased to Dh1.5 billion from Dh1.375 billion. The three-year convertible bonds were issued in July 2008 to mainly fund the bank’s corporate and retail growth………………………………………Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Bernama: The Bloomberg Islamic Finance Platform (ISLM) launched today is expected to give investment professionals the edge the need to make informed decisions and meet the increasing demands of investors and regulators.
The platform, designed to increase transparency, better connectivity and provide analytical tools to maximise investment performance in the rapidly growing market for Syariah-compliant products and services, was launched by Bloomberg Professional Service here today……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Ameinfo.com: The Chief Executive Officer of First Finance Company, a Qatari based Islamic Finance Services (IFS) institution has applauded moves by the Central Bank of Qatar to impose greater regulation on conventional banks offering Islamic services over concerns that “unhealthy competition could lead to over-aggressive practices”.
Khalid Bin Ibrahim Al-Sulaiti, who is also Vice Chairman of IFS consultancy Bait Al Mushara, told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that the constraints of Qatar’s market also highlighted the likelihood of consolidation within the sector……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Reuters: AMMB Holdings says to buy 100 percent of Islamic banking unit from AmBank (M) Bhd, another unit, for 1.3 billion ringgit ($428.5 million).
Says proposed acquisition part of group’s ongoing capital management strategy to enable it to address the impact of the planned introduction of new capital regulation under Basel 3, and to streamline the group’s shareholding structure……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Arabnews.com: Amana Investments Ltd. has been the torchbearer of Islamic banking in Sri Lanka for almost the last two decades. In that time the parent company also established a Takaful (Islamic insurance) subsidiary, Amana Takaful, in a joint venture with Syarikat Takaful Malaysia and Amana Capital.
At the helm at Amana are Chairman Osman Kassim and Managing Director and CEO Faizal Salieh, arguably the two most seasoned Islamic bankers in the country. Years of lobbying finally paid off when the Sri Lankan government a few years ago amending its existing banking rules to facilitate the authorization of a Shariah-compliant commercial bank……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Gulfnews.com: Noor Islamic Bank, the new-generation Sharia-compliant bank, sees big growth opportunities for the Noor brand within the UAE and the region in the long term.
In the aftermath of the financial crisis the group has put on hold some of its ambitions regional expansion plans, but the group sees it only as a temporary setback and is determined to work on its vision of creating a universal Islamic banking group that will have businesses ranging from Islamic financing, takaful, investment banking and financial services outsourcing business……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Emg.rs: The Islamic Bank will finance the construction of a 31.7 km section of the new Tirana - Elbasan highway which includes a 4.2 km tunnel.
The Islamic Bank will provide a loan worth approximately 350 million dollars, which according to the preliminary agreement will last for 20 years. Interest on the loan will not exceed 5%……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Gulf-daily-news.com: Ahli United Bank (AUB) saw its profit soar by 32 per cent as it benefited from actions it took over the period. The bank yesterday posted a net profit of $265.5 million, up from $200.7m the previous year. This includes a fourth-quarter profit of $64.4m, well ahead of the $17.1m net profit achieved in the same quarter of 2009.
These results were primarily delivered through a structured build up of risk assets with solid interest margins leading to a 9pc growth in the net interest income……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Cpifinancial.net: Agency cites bank’s ‘strong franchise, earnings power and satisfactory liquidity position’, assigns DIB a long-term foreign currency Issuer Default Rating (IDR) of ‘A’ with a Stable Outlook, Short-term IDR of ‘F1′, Individual Rating of ‘C/D’ and Support Rating Floor of ‘A’
Dubai Islamic Bank’s (DIB) Support Rating of ‘1′ has also been affirmed. The Individual Rating, according to Fitch, reflects DIB’s strong franchise, earnings power and satisfactory liquidity position……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Philstar.com: The Al Amanah Islamic Investment Bank of the Philippines (Amanah Islamic Bank) has a new chairman and chief executive officer, Enrique D. Bautista Jr. Bautista, a BS Management graduate from the Ateneo de Manila before moving to critical positions in PLDT/Telestat, Asian Bank, Anscor Capital and Investment Corp., and Bancom Development Corp.
Joining Bautista in the board are Jose A. Nunez Jr. as vice chairman, Francisco F. del Rosario Jr., Jose Luis Vera, Armando Samia, Samira Gutoc, Nabil Tan, Ibrahim Mamao and Abdul Hadjisalam as directors……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Arabianbusiness.com: Barwa Bank, the Qatar-based Islamic finance house, is mulling a plan make its trading debut this year, the company’s CEO has said.
“[An IPO] remains our broad intention,” Barwa CEO Steve Troop told the Peninsula newspaper. “But these are lengthy processes and there are a number of different authorities that are required to be consulted and we are initiating that process at this time.”………………………………………Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Zawya.com: The GCC IPO fund is managed by Saudi Arabia-based Khalijia Invest, a Shari’ah compliant investment manager that specialises in corporate finance and asset management. Khalijia Invest started operations in December 2009 and launched the GCC IPO Fund on May 1, 2010.
The fund is an open-ended Saudi Riyal denominated fund and benchmarked against the S&P GCC Shari’ah Index. Saudi nationals and residents as well as other GCC nationals can subscribe to the fund……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Zawya.com: Amana Takaful (Maldives) Private Ltd has just applied for a listing on the Maldives Stock Exchange. Amana Takaful is the Maldives subsidiary of Sri Lanka’s Amana Takaful Insurance and is a fully fledged licensed operation in the country. The operation was first established in 2003 in alliance with HMS Maldives, an exporter of tinned and vacuum-packed seafood.
If the application is successful Amana Takaful will be the first foreign-owned Shari’ah compliant company on the tiny exchange, which has a total of four companies listed at present……………………………………….Full Article: Source
Posted on 22 February 2011 by Laxman | Email|Print
From Arabnews.com: ANB Invest, the investment arm of Arab National Bank, announced the launch of its new real-estate fund “Al-Mubarak Diyar Jeddah Real-Estate Fund”, a Shariah-compliant closed-end real-estate fund licensed and regulated by the Saudi Arabian Capital Market Authority in a public offering from Feb. 19 to April 3.
The fund seeks to achieve capital appreciation through investment in the development of a fully serviced, residential real estate project targeting the middle-income class……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Presstv.ir: At least 33 banks, 46 insurance companies and 17 mutual funds based on Islamic finance principles exist in Indonesia, now Southeast Asia’s economic giant and home to the largest Moslem population in the world.
It is only in Indonesia that Sharia banking assets are growing at the rates never seen before, reaching 47 percent to US11.14 billion dollars in 2010……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Koreaherald.com: When the Ministry of Strategy and Finance submitted a bill on Islamic bonds to the National Assembly in September 2009, its main motivation was to secure new sources of foreign capital that Korea could tap into when liquidity dries up due to turmoil in the global financial system ― such as the collapse of Lehman Brothers in 2008.
But the bill gained added importance following a Korean consortium’s winning of the $18.6 billion nuclear power plant project from the United Arab Emirates in December that year. The bill, if enacted, would help the Korean consortium raise funds needed to finance the project by issuing Islamic bonds……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
The Chief Executive Officer of First Finance Company, a Qatari based Islamic Finance Services (IFS) institution has applauded moves by the Central Bank of Qatar to impose greater regulation on conventional banks offering Islamic services over concerns that “unhealthy competition could lead to over-aggressive practices”.
Khalid Bin Ibrahim Al-Sulaiti, who is also Vice Chairman of IFS consultancy Bait Al Mushara, told Oxford Business Group (OBG), the global publishing, research and consultancy firm, that the constraints of Qatar’s market also highlighted the likelihood of consolidation within the sector……………………………………….Full Press Release: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Hindu.com: The Rajasthan Muslim Forum has called upon Union Minister of State for Finance Namonarain Meena to facilitate introduction of “interest-free Islamic banking windows” within the existing regulations in the conventional banks through a proposal in the 2011-12 Union Budget to be presented in the Parliament’s session beginning on Monday.
In a letter addressed to Meena – who represents the Tonk-Sawai Madhopur Lok Sabha constituency in Rajasthan – the Muslim Forum said here on Sunday that the interest-free banking, the demand for which was consistency being made for quite some time, would enable the economically disadvantaged sections of society to access banking products effectively……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
Sovereign and domestic sukuk continued to dominate the market with USD51.5 billion sukuk being issued globally, a rise of 54% compared to 2009. Adnan Halawi, Senior Sukuk Analyst, at Zawya revealed at the 10th Anniversary Islamic Finance Summit in London.
The summit will witness a gathering of senior Islamic finance specialists as they reflect on the last decade, celebrate 10 years of Islamic finance in London and look forward to the developments and opportunities available to industry participants going forward……………………………………….Full Press Release: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Gulfnews.com: Relative yields on Bahrain’s Islamic bonds widened to an 11-month high as anti-government protests that led to five deaths spurred concerns unrest that started in Tunisia and Egypt is spreading across the Middle East.
Bahrain’s 6.247 per cent five-year sukuk due in June 2014 dropped, pushing the yield up 62 basis points, or 0.62 percentage point, this week to 3.87 per cent yesterday. The spread over US Treasuries widened to 222, the biggest gap since March, according to data compiled by Bloomberg……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Reuters: Yemen, racked by worsening anti-government protests, issued the country’s first Islamic bond, or sukuk, last week, as part of a broader bond plan to finance development projects.
Local Islamic banks subscribed to the four billion Yemeni rial ($18.5 million) bonds issued by the central bank with proceeds expected to finance three local road projects, IFR Markets, a unit of Thomson Reuters reported……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From 234next.com: I want to say that this principle of business not based on reality has been the cause of financial crisis. When you look at what was the reality of the transactions that created these bubble, it is because they were allowed to trade on things that didn’t exist, margin lending, and all that.
If we had stuck with reality, the bubble cannot grow much. You have to have something real to back it up. The question of being curtailed in investment outlet is not entirely true. We don’t invest in banking sector, we don’t invest in breweries, we don’t invest in gambling and people say to us, what else is there to invest in……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Vanguardngr.com: The bid by the Central Bank of Nigeria (CBN), to introduce Islamic banking in the country has sparked controversy. In this interview, the Director- General, West African Institute for Financial and Economic Management (WAIFEM), owned by Central Banks of Anglo-speaking West African countries, Professor Akpan Ekpo, speaks on the banking innovation and ATM fraud.
First of all, we need to fully understand the meaning of Islamic banking, how it works in other countries and the economic benefits, before we begin to condemn CBN on the policy……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Gulfnews.com: Noor Islamic Bank, the new-generation Sharia-compliant bank, sees big growth opportunities for the Noor brand within the UAE and the region in the long term.
In the aftermath of the financial crisis the group has put on hold some of its ambitions regional expansion plans, but the group sees it only as a temporary setback and is determined to work on its vision of creating a universal Islamic banking group that will have businesses ranging from Islamic financing, takaful, investment banking and financial services outsourcing business……………………………………….Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Arabianbusiness.com: Barwa Bank, the Qatar-based Islamic finance house, is mulling a plan make its trading debut this year, the company’s CEO has said.
“[An IPO] remains our broad intention,” Barwa CEO Steve Troop told the Peninsula newspaper. “But these are lengthy processes and there are a number of different authorities that are required to be consulted and we are initiating that process at this time.”………………………………………Full Article: Source
Posted on 21 February 2011 by Laxman | Email|Print
From Qatar-tribune.com: Barwa Bank, the newest Islamic bank in the country, is hopeful of gaining from the recent Qatar Central Bank directive to conventional lenders to withdraw from Islamic finance activities by the year end, its Chief Executive Officer Steve Troop has said.
“Definitely there would be opportunities for us, and we are keeping a close eye on the developments,” he told reporters at a press conference on Thursday……………………………………….Full Article: Source
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