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Islamic Finance Briefing - Archive | April, 2011

Russian banks to begin trading in Islamic debt

Posted on 29 April 2011 by Laxman  |  Email|Print

Herbert MoosVTB Group and Gazprombank are vying to become the first Russian borrowers to sell Islamic debt in a bid to attract Middle Eastern investment. VTB, Russia’s second-largest bank, aims this year to raise about $200 million selling sukuk, debt that complies with Islam’s ban on interest, Herbert Moos, the lender’s deputy chairman, said.
Gazprombank, the lending arm of gas export monopoly Gazprom, is in talks with at least 10 Moscow-based companies on arranging a sale and will meet investors in the Persian Gulf in September, said Alexander Kazakov, director of structured and syndicated finance……………………………………….Full Article: Source

Minister hails Indonesia’s successful sale of dollar bonds

Posted on 29 April 2011 by Laxman  |  Email|Print

Agus MartowardojoIndonesia attracted offers almost three times the value of the $2.5 billion dollar-denominated bonds it sold on Thursday, Finance Minister Agus Martowardojo said. “We got offers totaling $6.9 billion but we granted only $2.5 billion,” the finance minister said.
Despite the strong interest, he said the government had no plans for another dollar-denominated bond this year, but plans to issue global sukuk (Islamic bonds) in the second half of the year……………………………………….Full Article: Source

CIMB completes Sukuk issue

Posted on 29 April 2011 by Laxman  |  Email|Print

CIMB Group Holdings Bhd’s Islamic banking unit, CIMB Islamic Bank Bhd, completed the issuance of RM250mil Tier 2 junior sukuk on April 21, which was priced at 4.2% per annum.
“The AA1-rated junior sukuk with a maturity of 10 years is callable at year five and on each subsequent distribution date. Priced competitively at 4.2% per annum, the junior sukuk is not subject to any step up distribution rate after the call date,” CIMB said………………………………………Full Article: Source

Bahrain bourse lists $530.4 mln government Ijarah Sukuk

Posted on 29 April 2011 by Laxman  |  Email|Print

The Sukuk were issued by the Central Bank of Bahrain on behalf of the Government of the Kingdom of Bahrain. Director of Bahrain Bourse Fouad A.Rahman Rashid issued a resolution on 25 April 2011 to list BHD 200 million ($530.4 million) Government Ijarah Sukuk as of 26 April 2011.
The face value of the Sukuk is BHD 10,000 ($26,523) that will mature in five years, starting from 7 April 2011 until 7 April 2016……………………………………….Full Article: Source

2011 London Sukuk summit

Posted on 29 April 2011 by Laxman  |  Email|Print

The 2011 London Sukuk Summit is scheduled to take place on the 8th - 9th of June at the Jumeriah Carlton Tower, Knightsbridge. On the evening of the 8th of June 2011, the fifth annual Sukuk Summit Awards, the event of the year for the Islamic finance and capital markets industry will be taking place during the Summit’s Gala Dinner Ceremony.
These much respected and valued industry accolades were established to help raise the standards in the Islamic finance sector and to set the highest benchmarks for the industry globally. (Press Release)

Doha Bank may delay bond issue until 2012

Posted on 29 April 2011 by Laxman  |  Email|Print

Doha Bank, Qatar’s fifth-largest bank by market value, may delay its planned $500 million bond sale until 2012, the bank’s chief executive said on Thursday.
‘The local customer deposit rate is so cheap that there’s no point in me borrowing,’ Raghavan Seetharaman said……………………………………….Full Article: Source

Bermuda: New guidelines for Islamic investment funds

Posted on 29 April 2011 by Laxman  |  Email|Print

The Bermuda Monetary Authority has announced the publication of guidelines to help individuals and companies set up Islamic investment funds in Bermuda.
The guidance notes will assist prospective applicants looking to establish such funds to comply with Bermuda’s funds regulations, specifically the Investment Funds Act 2006. They also complement the Island’s efforts to promote the jurisdiction as a domicile of choice for Islamic financial products……………………………………….Full Article: Source

CapAsia invests in Kazakhstan electricity utility

Posted on 29 April 2011 by Laxman  |  Email|Print

CapAsia, a Singapore based, private equity fund manager specialising in midcap infrastructure investment in Non-BRIC Emerging Asia, entered into the agreement via its Islamic Infrastructure Fund (IIF).
The IIF, managed by CapAsia, is a $262 million private equity infrastructure fund that is jointly sponsored by the Islamic Development Bank and the Asian Development Bank……………………………………….Full Article: Source

Will Islamic banks become the rivals of Rothschild and the banks of USA and EU?

Posted on 29 April 2011 by Laxman  |  Email|Print

Recently an interesting article under an intriguing title “Rothschilds against Arab rulers” has appeared on a web-site islam.ru. Although a number of analytics have perceived it as a continuation of the threadbare theme about the world’s behind the scenes, which is interesting only to the old-timer conspiracy theorists that are likely to perceive almost in anything “the long arm” of secret societies, organizations, families, or clans.
The present article has irrevocably been referred to the whole regiment of similar creations from the range of “Rothschilds rule the world”, if it had not been for one “but”……………………………………….Full Article: Source

New unified banking rules take effect from Sunday

Posted on 29 April 2011 by Laxman  |  Email|Print

Starting Sunday, bank customers cannot obtain car and personal loans exceeding 20 times their monthly salary and only those with an annual salary of Dh60,000 or more will be considered for a credit card following the new Central Bank regulations meant to protect customers from borrowing beyond their means.
“This is the beauty of this regulation. It protects consumer rights so borrowers don’t load themselves with extra loans that they can’t repay — unless they have another income and can prove it,” said Jasem Al Beloushi, Head of Retail Banking at Sharjah Islamic Bank (SIB)……………………………………….Full Article: Source

Bahrain Islamic Bank wins the best Islamic bank in Bahrain award 2011

Posted on 29 April 2011 by Laxman  |  Email|Print

Global Finance, the reputed international banking and finance magazine, announced that Bahrain Islamic Bank (BisB) has won the Best Islamic Bank in Bahrain Award 2011.
The Bank’s selection for this prestigious award has been the result of a special survey by the magazine’s Judging Panel whose members include a number of prominent experts and specialists in Islamic banking and finance from around the world. (Press Release)

Yasaar partners with IdealRatings for Shariah index universe screening

Posted on 29 April 2011 by Laxman  |  Email|Print

Yasaar, a top leading global Sharia Advisor today announced that it has partnered with IdealRatings Inc., a global Sharia compliant fund management service provider to take full advantage of IdealRatings’ universe screening and Sharia compliant fund management service.
Yasaar needed to ensure that it can continually provide top quality service for its clients and needed a robust, fully integrated Shari’ah compliant fund management and screening service to streamline its delivery to its clients and turned to IdealRatings for its integrated Sharia funds service capabilities. (Press Release)

Managing the public treasury in the Muslim state

Posted on 29 April 2011 by Laxman  |  Email|Print

The Islamic financial system is one of the most independent and noble systems in our civilization. The Glorious Qur’an states this fact in the saying of Allah: (In order that it may not (merely) make a circuit between the wealthy among you.) (Al-Hashr 59:7)
Therefore, the Islamic civilization aims at the necessary rotation of money among all people not only the rich ones, because this may cause embarrassment to the Muslim community and raise a social class unrightfully……………………………………….Full Article: Source

SBY warns Islamic radicalism rising

Posted on 29 April 2011 by Laxman  |  Email|Print

The Indonesian president on Thursday warned that the country was confronting a rising tide of Islamic radicalism, after a spate of hate crimes and bombings. Susilo Bambang Yudhoyono said the country’s cherished reputation for tolerance and pluralism was under attack by extremists bent on turning the nation into an Islamic state.
The country — praised by US President Barack Obama in November as a “model” of tolerance for the world — has been shaken by bloody assaults on religious minorities and persistent attacks by homegrown terror groups……………………………………….Full Article: Source

CIMA Diploma in Islamic finance in Ireland

Posted on 29 April 2011 by Laxman  |  Email|Print

The Chartered Institute of Management Accountants (CIMA) has launched the CIMA Diploma in Islamic Finance (CDIF) in Ireland. As the first professional accountancy body to introduce a professional qualification to the Irish market, CIMA is taking the lead at a time when the Irish government is actively working to establish the IFSC as a European hub for the provision of wholesale Islamic finance services.
The CDIF is the first global qualification of its kind to be created by a professional chartered accountancy institute. In conjunction with an advisory group of Shari’ah academics and scholars, CIMA has worked closely with the International Institute of Islamic Finance Inc. to develop a relevant and highly applicable qualification. (Press Release)

US$530mln Sukuk listed on Bahrain Bourse

Posted on 28 April 2011 by Laxman  |  Email|Print

The BD200 million ($530.4 million) Government Islamic Leasing Sukuk issued by the Central Bank of Bahrain on behalf of the government has been listed on the Bahrain Bourse. Bourse director Fouad A Rahman said the five-year sukuk would mature on April 7 2016.
The sukuk pays an annual fixed interest rate of 5.5 per cent payable every six months on October 7 and April 7 during the issuance period……………………………………….Full Article: Source

Indonesia now seeks to pay 5.10pct on $2-$2.5bln global dollar bond

Posted on 28 April 2011 by Laxman  |  Email|Print

Indonesia has tightened final guidance on its planned 10-year global dollar bond, and is now seeking to pay a yield of 5.10%, and to raise a larger-than-expected $2 billion-$2.5 billion from the sale, a person close to the proposed deal said Wednesday.
Finance Minister Agus Martowardojo said Wednesday the country plans to issue $1 billion of global sukuk, or Islamic bonds, in the second half of 2011, but may cancel this year’s samurai bond issuance following Japan’s devastating earthquake……………………………………….Full Article: Source

Indonesia lures investors with bond issue

Posted on 28 April 2011 by Laxman  |  Email|Print

Indonesia raised almost $3 billion from global bonds last year, including the $2 billion of dollar notes and 60 billion yen ($730 million) of samurai debt denominated in Japan’s currency. The amount sold was lower than the $4 billion in 2009.
The country may issue dollar-denominated Islamic debt in the second half, Dahlan Siamat, director of Islamic finance at the Finance Ministry, said in an interview yesterday……………………………………….Full Article: Source

Malaysia sells govt Sukuk at avg 4.17 pct

Posted on 28 April 2011 by Laxman  |  Email|Print

Malaysia has sold 3.5 billion ringgit ($1.2 billion) in Islamic government bonds at an average yield of 4.17 percent, the central bank said on Wednesday.
The bid-to-cover ratio was 3.03 times……………………………………….Full Article: Source

Gema Padu Islamic bond sale

Posted on 28 April 2011 by Laxman  |  Email|Print

Gema Padu Sdn Bhd, a privately held property developer, has raised some RM100 million from the sale of four-year Islamic bonds, which were guaranteed by bond insurer Danajamin Nasional Bhd.
This is Danajamin’s first guarantee to a non public-listed company and also Gema Padu’s first sukuk issuance. The sukuk comes under Gema Padu’s RM170 million seven-year programme……………………………………….Full Article: Source

The prospects for the growth of Islamic Finance in Russia

Posted on 28 April 2011 by Laxman  |  Email|Print

Tn the near future Russia will witness appearing of another 2-3 new Islamic financial institutions in Russia. Then, for one or two years the market will keep its eye on the development of existing projects, making some adjustments. At the same time, the work on the development of Sharia committees will continue which is functioning for the time being within the framework of the Russian Association of Experts in Islamic Finance.
One of the important tasks is to create equal opportunities in the market. As any other new sphere, Islamic Finances requires coordination and some sort of standardization……………………………………….Full Article: Source

Risk-sharing ‘vital for Islamic finance’

Posted on 28 April 2011 by Laxman  |  Email|Print

To move forward the Islamic finance industry would do well to go back to its roots, according to HSBC Amanah global chief executive officer Mukhtar Hussain. ‘Islamic finance has become a force in its own right, especially in the emerging markets of Asia and the Middle East,’ he said.
‘However, this has not been without its fair share of ups and downs. The industry suffered the after-effects of the global financial crisis and has been criticised for products that look too much like their conventional cousins……………………………………….Full Article: Source

Islamic Development Bank planning major push

Posted on 28 April 2011 by Laxman  |  Email|Print

Saudi-based Islamic Development Bank (IDB) has picked four banks to arrange investor meetings in Asia, the Middle East and Europe, a note from one of the arranging banks said.
HSBC, Standard Chartered, BNP Paribas and Deutsche Bank have been asked to arrange the meetings, which kick off on May 1, for the AAA-rated multilateral institution. The meetings begin in the UAE, the note was quoted as saying by our sister newspaper Gulf Daily News (GDN)……………………………………….Full Article: Source

Islamic banking Industry fetching rapid growth in Pakistan

Posted on 28 April 2011 by Laxman  |  Email|Print

Islamic banking industry has sustained growth momentum despite tenuous economic conditions prevailing in the country which were further exacerbated due to the recent floods in most parts of the country.
The relatively lower growth in financing and investments is indicative of the difficulties being faced by IBIs in exploring new financing and investment avenues to deploy the growing deposits……………………………………….Full Article: Source

Pakistan Islamic banks : State Bank increases liquidity requirement

Posted on 28 April 2011 by Laxman  |  Email|Print

The State Bank of Pakistan (SBP) has increased the Statutory Liquidity Requirement (SLR) for Islamic banks and Islamic banking branches by five per cent with effect from June 3, a central bank announcement said on Wednesday.
At present, SLR for Islamic banks and Islamic banking branches is 14 per cent (excluding cash reserve requirement) of total demand liabilities including time deposits with period of less than one year……………………………………….Full Article: Source

Fitch upbeat on outlook for Sharjah Islamic Bank

Posted on 28 April 2011 by Laxman  |  Email|Print

Fitch Ratings said on Wednesday that UAE-based Sharjah Islamic Bank (SIB) had performed well through the global economic crisis, but its high exposure to real estate could still be problematic.
The agency affirmed a long-term foreign currency issuer default rating (IDR) of BBB+ with a stable outlook, short-term IDR of F2, individual rating of C/D, support rating of 2 and support rating floor of BBB+……………………………………….Full Article: Source

Sharjah Islamic Bank offers share purchase scheme

Posted on 28 April 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB) on Wednesday launched “Shares Murabaha” under which the bank will purchase shares on customer’s behalf. The investors will be able to sell shares at any time through Murabaha without the need for pledges, which provides liquidity, said a press statement.
Shares Murabaha paves the way for investment in companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, and will give investors the flexibility to sell their shares whenever they want. (Press Release)

Mideast banks unlikely to see pre-crisis level growth, BCG says

Posted on 28 April 2011 by Laxman  |  Email|Print

Banks in the Gulf Arab region are unlikely to witness the high growth levels seen before the financial crisis as real-estate-driven lending and income growth subsides, the Boston Consulting Group said on Tuesday.
Middle East banks saw rapid growth rates between 2005 and 2008 but were severely hurt during the financial crisis and were forced to curb lending and set aside more money to meet loan losses due to some high-profile corporate defaults……………………………………….Full Article: Source

General Assembly of Jordan Islamic bank approves the balance sheet

Posted on 28 April 2011 by Laxman  |  Email|Print

General Assembly of Jordan Islamic bank convened its ordinary meeting on Tuesday April 26/ 2011, in the meeting hall in the bank. Mr. Mohammad Ata Mefleh , the companies controller delegate announced the quorum’s completeness and the percentage of shareholders who participated was (71%).
The Assembly agreed to distribute dividends to shareholders at 15 % of the paid capital after it approved board of directors’ report, the annual balance sheet, profits and loss statement for the year ended on December 31-2010, the bank’s future plan, board of directors’ discharge of the previous fiscal year and listening to the minutes of the General Assembly’s previous ordinary meeting and Sharia supervisory board and auditors’ reports. (Press Release)

Yasaar partners with IdealRatings for shariah index universe screening

Posted on 28 April 2011 by Laxman  |  Email|Print

Yasaar, a top Sharia advisor announced that it has partnered with IdealRatings Inc., a Sharia compliant fund management service provider to take full advantage of IdealRatings’ universe screening and Sharia compliant fund management service.
Yasaar needed to ensure that it can continually provide top quality service for its clients and needed a robust, fully integrated Shari’ah compliant fund management and screening service to streamline its delivery to its clients and turned to IdealRatings for its integrated Sharia funds service capabilities. (Press Release)

Zawya and Dubai Exports have launched the first ever UAE Islamic Financial Services Directory

Posted on 28 April 2011 by Laxman  |  Email|Print

Addressing the growing need for transparency in the Islamic Finance industry, Zawya ,the leading source of financial information in the Middle East and Dubai Exports - an Agency of the Dubai Department of Economic Development, unveiled the first ever UAE Islamic Financial Services Directory, as part of Dubai Export’s Islamic Financial Services Trade Mission to Europe.
The UAE Financial Services Directory was officially launched as a limited edition for Germany, in Frankfurt at an Islamic Finance day event organised by The Institute for Islamic Banking and Finance. Developed in partnership with Dubai Exports, the Directory intends to promote the knowledge, experience and capabilities of the UAE in Islamic banking, takaful insurance, investment and asset management. (Press Release)

Islamic insurance: Tackling global hurdles

Posted on 27 April 2011 by Laxman  |  Email|Print

According to Ernst and Young, the market for Islamic insurance, known as Takaful, will touch $12 billion this year. Whether in the East or the West, whether the company is young or established, ambitions in the industry have not flagged.
“Takaful Emarat was established in 2008. Since May 2008 we are listed the Dubai Financial Market (DFM)”, says Ghassan Marrouche, General Manager at Takaful Emarat (EM) in Dubai. According to the Ernst and Young World Takaful Report 2011, there were ten Takaful operators in the UAE in 2008. They generated contributions of $640m. Globally, contributions grew 31% to $7bn. In 2011, the global Takaful industry will reach $12bn, Ernst and Young predicts……………………………………….Full Article: Source

Risk-sharing ‘vital for Islamic finance’

Posted on 27 April 2011 by Laxman  |  Email|Print

Mukhtar HussainTo move forward the Islamic finance industry would do well to go back to its roots, according to HSBC Amanah global chief executive officer Mukhtar Hussain.
‘Islamic finance has become a force in its own right, especially in the emerging markets of Asia and the Middle East,’ he said……………………………………….Full Article: Source

Indonesia to cover budget deficit via sukuk

Posted on 27 April 2011 by Laxman  |  Email|Print

Indonesia’s finance ministry raised 500 billion rupiah (US$58mil) from a sukuk auction yesterday, in line with its target, to help cover this year’s state budget deficit, a debt official said.
The ministry as of April 26 has sold 14.6 trillion rupiah of bonds and T-bills, including sukuk, out of 41.23 trillion rupiah targeted this quarter. It raised a higher-than-targeted 42.75 trillion rupiah in the first quarter……………………………………….Full Article: Source

Indonesia government to start sale of 10-year dollar bonds, investors say

Posted on 27 April 2011 by Laxman  |  Email|Print

Indonesia plans to start a benchmark-sized sale of 10-year dollar bonds today or tomorrow, according to three investors informed of the issuance, who asked not to be identified before a public announcement.
Bambang Brodjonegoro, the Finance Ministry’s head of fiscal policy, said in Jakarta today Indonesia may sell global bonds in the “near future,” without elaborating. Indonesia may sell the debt at 5.125 percent, according to three other investors that were informed of the issuance……………………………………….Full Article: Source

ADIB Q1 earnings soar 17pct to

Posted on 27 April 2011 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank, or ADIB, earnings soared 17 per cent to Dh339.3 million in the first quarter of the year as assets, customer financing and deposits showed growth.
The core banking business performance was strong as net revenues grew by 23.5 per cent to Dh813.8 million in the quarter……………………………………….Full Article: Source

ADCB Q1 profit more than doubles

Posted on 27 April 2011 by Laxman  |  Email|Print

Abu Dhabi Commercial Bank (ADCB) on Tuesday said its quarterly profit more than doubled, helped by lower loan provisions and a rise in non-interest income, beating analysts expectations.
The lender said first-quarter net profit rose to Dh583 million ($158.8 million), compared with Dh225 million in the year-earlier period. Analysts polled by Reuters on average forecast a net profit of Dh393.75 million……………………………………….Full Article: Source

IDB picks banks for investor meetings

Posted on 27 April 2011 by Laxman  |  Email|Print

Saudi-based Islamic Development Bank (IDB) has picked four banks to arrange investor meetings in Asia, the Middle East and Europe, a note from one of the arranging banks, seen by Reuters, said. HSBC, Standard Chartered, BNP Paribas and Deutsche Bank have been asked to arrange the meetings, which kick off on May 1, for the AAA-rated multilateral institution.
The meetings begin in the United Arab Emirates on Sunday……………………………………….Full Article: Source

Sri Lanka Amana Bank in deal with Bank Islam

Posted on 27 April 2011 by Laxman  |  Email|Print

Sri Lanka’s Amana Bank has signed a deal with Malaysia’s Bank Islam, which is a shareholder, to get Islamic banking expertise. A company statement said that under the Technical Advisory Service Agreement, Bank Islam will play a “significant role” in transferring Islamic banking expertise to Amana Bank.
Bank Islam has a 20 percent stake in Amana Bank with which it has been involved since 1999 as a strategic partner……………………………………….Full Article: Source

Emirates NBD profits up 27pct

Posted on 27 April 2011 by Laxman  |  Email|Print

Dubai’s largest lender Emirates NBD has announced a 27 per cent jump in first quarter profits for 2011, with provisions for bad debt surging a massive 147 per cent, putting a dampener on economist expectations that we might have seen the last of provisioning rises in 2010.
The bank’s net profits improved to Dh1.4b for Q1 2011, up from Dh1.1b in the corresponding quarter last year, the bank said in a statement posted on the Dubai bourse website……………………………………….Full Article: Source

Takaful Emarat ties up with Reliance Asset Management

Posted on 27 April 2011 by Laxman  |  Email|Print

Takaful Emarat announced their partnership with Reliance Asset Management (Malaysia) (RAMMY), the Islamic asset management arm of Reliance Capital Asset Management, India (RCAM).
The announcement was made by Ian Lancaster, Chief Executive Officer, RAMMY with Ghassan Marrouche, General Manager, Takaful Emarat……………………………………….Full Article: Source

Tumbling investor confidence in GCC hits IPO market

Posted on 27 April 2011 by Laxman  |  Email|Print

Political upheaval in the region has negatively impacted GCC investor confidence with several companies reassessing their initial public offering plans and either deferring or shelving future IPOs, PricewaterhouseCoopers, or PwC, said on Tuesday.
“The first quarter of 2011 has been very disappointing so far for IPOs in the region with no transactions yet to be reported on any of the GCC exchanges compared to the three offerings in the last quarter of 2010 which raised approximately $1 billion,” said PwC, a professional services organisation……………………………………….Full Article: Source

Dubai Exports and AHK lead Islamic finance trade mission to Germany

Posted on 27 April 2011 by Laxman  |  Email|Print

Dubai Exports, an agency of the Dubai Department of Economic Development (DED), Government of Dubai, led an Islamic financial services trade mission to Germany. The mission was organised in partnership with the German Emirati Joint Council for Industry and Commerce (AHK) and sought to assist firms from the UAE to enter the largest economy in Europe.
Eng. Saed Al Awadi, CEO of Dubai Exports, said that, “two years ago we started promoting UAE’s capabilities and expertise in Islamic or Shariah compliant financial services to major markets abroad……………………………………….Full Article: Source

Three organizations team up to launch Islamic finance training program for American imams

Posted on 27 April 2011 by Laxman  |  Email|Print

The American Islamic Finance Project was launched today as a collaborative effort between the Islamic Society of North America, Ethica Institute of Islamic Finance and Guidance Residential to provide the first-ever Islamic finance training to over 100 American imams.
The role of AIF is to raise the level of knowledge and understanding of Islamic financial transaction law under the belief that financial markets can benefit significantly from the ethical and moral guidelines that Islam’s financial concepts provide……………………………………….Full Article: Source

World Islamic finance community to meet in Luxembourg

Posted on 27 April 2011 by Laxman  |  Email|Print

From the 10-14 May, the Islamic Financial Service Board (IFSB), the international standard setting body for the Islamic finance industry, will be holding its annual Summit in Luxembourg.
The event brings together central bank governors, senior bankers and shariah scholars from around the world. The Central Bank of Luxembourg (BCL) is the first central bank of a European country to have joined the IFSB, and has been chosen to host the 2011 Annual Summit……………………………………….Full Article: Source

Halal economy plan gets the thumbs up from the world

Posted on 27 April 2011 by Laxman  |  Email|Print

The initial steps towards the convergence of the Halal and Islamic Finance industries open up the market from both sides heading towards a volume bigger than eyes.
The convergence of these two Shariah-based industries forms a strong economic platform that is built on a set of shared values -values that will play an increasingly strategic role in shaping global markets in the coming decade, hence the theme for WHF 2011 was: “Towards a Halal Economy: The Power of Values in Global Markets”……………………………………….Full Article: Source

Islamic finance can fuel regional economies - economist

Posted on 26 April 2011 by Laxman  |  Email|Print

Dr Volker NienhausThe current political transformation in the Middle East and North Africa (Mena) has created a historic opportunity for economic and financial change guided by Sharia-compliant instruments, a leading economist said in the capital Monday.
The Islamic instruments should be invested towards the development of an entrepreneurial middle class so that long-term economic progress and job creation can be guaranteed, Dr Volker Nienhaus, economic adviser and former president of the University of Marburg, said……………………………………….Full Article: Source

Islamic finance management program launched at Effat

Posted on 26 April 2011 by Laxman  |  Email|Print

Prince Turki Al-FaisalPrince Turki Al-Faisal, a member of Effat University’s board of trustees, launched an executive master’s degree program for Islamic finance management at the university and highlighted the success achieved by Islamic banking in overcoming the global economic crisis.
Turki said the program, which is first of its kind in the Kingdom, would help qualify national cadre to work in the areas of banking and Islamic finance management. “Islamic banks have succeeded in achieving Shariah objectives and providing interest-free finance to meet investment requirements,” he said……………………………………….Full Article: Source

Islamic finance: Assets likely to grow in Egypt

Posted on 26 April 2011 by Laxman  |  Email|Print

Egypt could see Islamic finance assets grow to $10 billion in 2013 from $6 billion in 2007, according to data provided by Bankscope and Thomson Reuters. Although Egypt is considered the birthplace of Islamic finance, its growth has lagged due to past corruption scandals, while the previous government sought to enforce a more secular financial system.
However, more Muslims are embracing Islamic banking, raising the prospect that the country could become another thriving centre of Islamic finance……………………………………….Full Article: Source

Al Rajhi Cement issues $119mln Islamic bond

Posted on 26 April 2011 by Laxman  |  Email|Print

Dubai-based Al-Rajhi Cement Holding said the company has issued JD85 million ($119 million) Islamic bonds for its unit in Jordan which are being managed and arranged by Capital Investments.
A premier investment bank based in Jordan, Capital Investments, said the seven-year sukuk was subscribed for by a number of leading Islamic and commercial banks……………………………………….Full Article: Source

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