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Islamic Finance Briefing - Archive | April, 2011

Jordan: Rajhi announces groundbreaking Sukuk issuance

Posted on 20 April 2011 by Laxman  |  Email|Print

Al Rajhi Cement Company on Tuesday became the first company in Jordan to tap Islamic sukuk to finance its operations in the Kingdom. Last year, the Cabinet approved the issuance of Islamic bonds (sukuk) for Al Rajhi group at its request for financing an expansion of its investment base in Jordan.
However, the Cabinet demanded that Al Rajhi coordinate with legal bodies in the Kingdom, including the iftaa department, and should buy the sukuk from Jordanian banks……………………………………….Full Article: Source

Gulf’s bond market climbs up again, though region’s unrest remains a hurdle

Posted on 20 April 2011 by Laxman  |  Email|Print

Sheikh Mohammed bin Rashid Al Maktoum“We’re back, of course we’re back,’ Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum told Bloomberg TV in an interview on September 26. His confidence in Dubai’s economic resurgence was reinforced days later in a US$1.25 billion Dubai sovereign bond issue that was four times oversubscribed, signaling the emirate’s return to the fixed-income market.
Renewed investor confidence in Dubai came on the heels of the debt restructuring agreement hammered between troubled state-linked conglomerate Dubai World and the majority of creditors to reschedule about US$25 billion of debt……………………………………….Full Article: Source

Refinancing will drive the Gulf’s bond market, but transparency, trading and policy issues remain

Posted on 20 April 2011 by Laxman  |  Email|Print

Michael Grifferty, president of Dubai-based Gulf Bond and Sukuk Association (GBSA) says: “Bond issuance in the region is expected to increase, particularly as companies seek to refinance their debt. Another factor he notes is that some Gulf countries continue pursuing ambitious development plans, despite the region’s unrest and the fragile recovery of the global economy. But the bond market still faces challenges, he adds, including inconsistent policies in the region toward developing local currency markets.”.……………………………………..Full Article: Source

Central Bank of Bahrain Sukuk Al-Ijara oversubscribed

Posted on 20 April 2011 by Laxman  |  Email|Print

The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 400%.
Subscriptions worth BD40m were received for the BD10m issue, which carries a maturity of 182 days. The expected return on the issue, which begins on 21 April 2011 and matures on 20 October 2011, is 1.35%……………………………………….Full Article: Source

MAAKL launches Islamic equity small-cap fund

Posted on 20 April 2011 by Laxman  |  Email|Print

MAAKL Mutual Bhd has launched an Islamic equity small-cap fund, MAAKL-HDBS Shariah Progress Equity Fund, to give investors the opportunity to invest in shariah-compliant growth companies in Malaysia.
The fund has an approved size of 600 million units with an initial offer price of 25 sen per unit from tomorrow until May 10, 2011……………………………………….Full Article: Source

Malaysia: The growth of Islamic finance in Asia

Posted on 20 April 2011 by Laxman  |  Email|Print

In recent years Islamic finance has emerged as one of the most rapidly expanding sectors of the global financial industry, with expectations that it will play an increasingly more important role in the years to come.
The size of the global Islamic banking industry is believed to have grown from about US$$820 billion at the end of 2008 to more than US$$1 trillion in 2010, while latest studies indicate that the steadily growing Islamic banking system could reach US$$1.5 trillion in 2012 and US$$3 trillion by 2015……………………………………….Full Article: Source

Islamic insurance: Bermuda’s ‘clever play’

Posted on 20 April 2011 by Laxman  |  Email|Print

A study by Ernst & Young on Islamic insurance — takaful and retakaful — undercores impressive growth in the market and Bermuda’s new emphasis on attracting this business is a shrewd strategic move, says a leading re/insurance trade publication.
“Reactions” said that Bermuda’s decision to begin marketing itself as a centre for Islamic insurance and reinsurance is “a clever play” by the island. A Bermuda Finance Ministry feasibility study into Islamic finance concluded there are no major legislative or regulatory impediments to introducing Islamic financial product offerings in Bermuda……………………………………….Full Article: Source

Call on Islamic banks to follow Basel III

Posted on 20 April 2011 by Laxman  |  Email|Print

The Arab banking conference which concluded here yesterday has asked the Islamic banking industry to follow international standards and rules regarding capital adequacy and transparency.
It is important that the Islamic banking industry adheres to Basel III, Arab bankers said. They recommended that the members of Shariah boards of Islamic banks be elected by the shareholders……………………………………….Full Article: Source

ADIB launches soft commodity note

Posted on 20 April 2011 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial services group, has launched its capital protected Soft Commodity Note.
The note provides an opportunity for investors to invest in this Murabaha based note, the profit of which is determined by the prices performance of cotton, corn and sugar……………………………………….Full Article: Source

Malawi’s reserve bank rejects the possibility of an Islamic bank in the country

Posted on 20 April 2011 by Laxman  |  Email|Print

The Reserve Bank of Malawi (RBM) says it will not approve the opening of any Islamic Bank in Malawi. Islamic finance caters for customers who want to avoid earning interest, which is viewed as usury under Islamic Law. Islam also prohibits speculation and investment in non sharia-compliant industries.
RBM Director of Banking Supervision Noel Mkulichi said the central bank will not allow Islamic banking “because of Sharia law elements”………………………………………Full Article: Source

Albaraka Turk seeks partnerships in Albania, Bosnia, Star says

Posted on 20 April 2011 by Laxman  |  Email|Print

Albaraka Turk Katilim Bankasi AS, an Islamic bank based in Turkey, is in talks with two banks to set up strategic partnerships in Albania and Bosnia-Herzegovina, Star newspaper reported, citing Albaraka Turk Chairman Fahrettin Yahsi.………………………………………Full Article: Source

Emirates Islamic Bank liberalizes its home mortgage policy

Posted on 20 April 2011 by Laxman  |  Email|Print

Emirates Islamic Bank announced significant changes to their home mortgage policy. The revision will help end users increase ability to enter the property market at very competitive terms including profit rates, etc.
With the new package, EIB will be offering reduced rates as low as 5.45% p.a. on reducing balance, and open new segments such as self employed, relaxed length of service for employees based on their salary, including buy out campaigns, special offerings for Sheikh Zayed housing program and those involved with the Mohamed Bin Rashed housing project……………………………………….Full Article: Source

Bio-xcell gets RM250mln Islamic funding

Posted on 20 April 2011 by Laxman  |  Email|Print

Malaysian Bio-XCell Sdn Bhd has secured RM250 million in Islamic funding from Maybank to fund the first phase development of the Bio-XCell biotechnology ecosystem and park in Iskandar Malaysia.
Malaysian Biotechnology Bhd (BiotechCorp) chief executive officer Datuk Iskandar Mizal Mahmood said the first phase development entail an investment cost of RM950 million, funded by foreign direct investments (FDIs), Islamic debts and shareholders’ equity……………………………………….Full Article: Source

NBAD posts Dh927mln net profit in Q1

Posted on 20 April 2011 by Laxman  |  Email|Print

Net profit of the National Bank of Abu Dhabi, or NBAD, fell 10 per cent year-on-year to Dh927 million in the first three months of the year, on “higher” provisions. However, earnings surged 27 per cent quarter-to-quarter.
“The annualised return on shareholders’ funds for the quarter is 17.2 per cent in line with the targets for 2011,” the UAE’s second-largest lender by assets said in a regulatory filing……………………………………….Full Article: Source

Islamic finance global leaders gather at the Amanie-Failaka Symposium

Posted on 20 April 2011 by Laxman  |  Email|Print

Global leaders in Islamic finance gathered this week at the Amanie-Failaka Symposium and Failaka Islamic Fund Awards, held at the Intercontinental Hotel in Abu Dhabi, which drew key decision-makers from some of the world’s biggest Islamic financial institutions and Islamic divisions of some of the world’s largest banks.
“The Amanie-Failaka Symposium and Failaka Islamic Fund Awards are extremely valuable events in terms of bringing together leading fund managers and bankers who are active in this space,” said Mark Smyth, Managing Director, UAE-based Failaka Advisors……………………………………….Full Article: Source

The Islamic banking and finance industry

Posted on 20 April 2011 by Laxman  |  Email|Print

The real thing about Islamic finance is that it is not only about Islamic finance. Islamic finance is in reality a peaceful, non-political contribution to a wider set of efforts aimed at the renaissance of Islam as a modern religion that has to co-exist in the modern world, with a multitude of interdependence of communities and mutuality of faiths.
Islamic finance is certainly not an Islamist phenomenon, and has no political agenda of any kind at all……………………………………….Full Article: Source

Bank Sarasin urges stronger focus on Islamic financial planning

Posted on 19 April 2011 by Laxman  |  Email|Print

In its second annual Islamic Wealth Management Report, Bank Sarasin urged the Islamic banking community to take a stronger focus on Islamic Financial Planning. Bank Sarasin also calls for the industry to move forward by developing the Sharia framework, diversifying products and differentiating its offerings.
Islamic Financial Planning, a religious obligation requested in the Qu’ran, involves the acquisition, preservation and philanthropic distribution of wealth. It is a religious duty that Muslims must have a will, so proper Estate Planning is required, often including a trust structure……………………………………….Full Article: Source

Sarasin plans new hires to target Sharia-compliant business

Posted on 19 April 2011 by Laxman  |  Email|Print

Jan Amrit PoserBank Sarasin & Cie AG (BSAN), the Swiss wealth manager controlled by Rabobank Groep NV, plans new hires in Dubai and Singapore to build its Sharia-compliant business.
“We’ve beaten our targets for assets under management and profitability,” Fares Mourad, head of Islamic finance at the Basel, Switzerland-based bank, said today in an interview. “The business has developed very nicely.”………………………………………Full Article: Source

AAOIFI secretary general appointed Syrian minister of economy and trade

Posted on 19 April 2011 by Laxman  |  Email|Print

Dr. Mohamad Nedal Alchaar, Secretary General, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has been appointed as the Minister of Economy and Trade of Syria.

HE Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of Board of Trustees of AAOIFI, said that the appointment is a true privilege for Dr Alchaar and an honour for AAOIFI……………………………………….Full Article: Source

Head of Islamic body to step down for Syria minister role

Posted on 19 April 2011 by Laxman  |  Email|Print

The head of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Mohamad Nedal Alchaar, will be leaving his post to take on his new role as Syria’s economy and trade minister.
The Bahrain-based Islamic standardisation organisation said in a statement that Alchaar would continue as secretary-general for another three months and that the process of recruiting a replacement was underway……………………………………….Full Article: Source

Affin sees potential of Islamic banks in Indonesia

Posted on 19 April 2011 by Laxman  |  Email|Print

Affin Holdings Bhd expects to complete the conversion of PT Bank Ina Perdana of Indonesia into a syariah-compliance bank in two years once the acquisition of the bank is completed in the second half of this year.
Chairman Tan Sri Mohd Zahidi Zainuddin said the group was in the midst of getting an approval from Bank of Indonesia after being given the nod by Bank Negara last December for the proposed acquisition……………………………………….Full Article: Source

Sharjah Islamic Bank profit rises 3.7pct

Posted on 19 April 2011 by Laxman  |  Email|Print

The Sharjah Islamic Bank announced its first quarter 2011 results Monday with net profit of Dh70 million, a 3.7 per cent increase compared to Dh67.5 million in the same period last year.
The balance sheet grew since December 2010 with total assets reaching Dh17.1 billion compared to Dh16.7 billion, up 2.8 per cent……………………………………….Full Article: Source

Islamic Holding Group registers 157pct rise in Q1 profit

Posted on 19 April 2011 by Laxman  |  Email|Print

Islamic Holding Group announced the results for the first quarter that ended on March 31, 2011. The results were announced after the board meeting presided over by Chairman Sheikh Dr Khalid bin Thani Al Than.
He said the results showed that the group achieved net profit of QR2.03m, which shows a growth of 157 percent compared with the corresponding period last year. The earnings per share (EPS) were Dh51 in the first quarter of this year compared with Dh20 for the corresponding period last year. This shows a growth of 155 percent……………………………………….Full Article: Source

International Islamic’s Q1 profit hits QR159mln

Posted on 19 April 2011 by Laxman  |  Email|Print

International Islamic’s (QIIB) net profit rose 12.8 percent to QR159m in the first quarter (Q1) of 2011, while the bank’s operating revenues amounted to QR275m.
The bank’s Q1 results which were disclosed by Chairman and Managing Director, Sheikh Dr Khalid bin Thani Al Thani (pictured) yesterday after a board meeting, shows the bank maintained its growth and also improved performance across various portfolios……………………………………….Full Article: Source

DBP to unload 44pct stake in Islamic bank

Posted on 19 April 2011 by Laxman  |  Email|Print

Philippines’ only Islamic bank has been placed on the auction block in a bid to broaden its ownership and financial expertise.
As part of its five-year rehabilitation program, a 49 percent stake Al Amanah Islamic and Investment Bank of the Philippines (Amanah Islamic Bank) will be offered to interested parties, particularly to existing Islam-oriented financial institutions……………………………………….Full Article: Source

Doha Bank posts 15pct jump in Q1 profit

Posted on 19 April 2011 by Laxman  |  Email|Print

Doha Bank posted a 15 percent jump in first quarter net profit, beating an average of analysts estimates, amid a rise in net interest income, the company said in a statement on Monday.
Net profit in the three months to March 31 rose to QR363m ($99.78m), compared to QR315m ($86.58m) in the first quarter of 2010……………………………………….Full Article: Source

Tamweel seeks new funding option

Posted on 19 April 2011 by Laxman  |  Email|Print

Tamweel, the Islamic home finance company, is weighing a return to the securitisation market as it hunts for longer-term capital to lend to buyers.
Varun Sood, the acting chief executive of Tamweel, said the company’s mandate was “to get long-term funding” to avoid the problems the company had in the wake of the global financial crisis……………………………………….Full Article: Source

DP World Sukuk yields at record low on rating upgrade

Posted on 19 April 2011 by Laxman  |  Email|Print

The yield on DP World Ltd’s Islamic bond dropped to a record low after Moody’s Investors Service raised the ratings on the Dubai government-controlled ports operator to investment grade, attracting investors.
The rate on the $1.5bn sukuk due July 2017 fell 47 basis points last week, or 0.47 percentage point, to 5.78 percent on April 15……………………………………….Full Article: Source

Islamic finance gaining popularity

Posted on 19 April 2011 by Laxman  |  Email|Print

Unlike conventional banking system, the Islamic banking industry is a fast growing sector and it has proved its reliability especially during the financial turmoil, where it sustained all possible odds, a senior banker disclosed on Monday.
The Managing Director, Head Islamic Finance for Bank Sarasin, Fares Mourad said that today Islamic Finance is considered a preferred banking choice globally, as it offers an array of opportunities……………………………………….Full Article: Source

Islamic finance industry ‘on steady growth path’

Posted on 19 April 2011 by Laxman  |  Email|Print

The Islamic finance industry has been on a steady and consistent growth pattern for a number of years now, which has led to a wealth of options and opportunities for the investor. That was the message from Bahrain Financial Exchange chief business officer Craig Hewett to delegates at the Middle East Islamic Finance and Investment conference in Dubai.
“In order to help encourage the industry to continue following this upwards growth trend, we have strategically positioned our business to offer a unique and powerful toolset that will not only simplify Islamic transactions, but ensure it continues to adhere to the underlying Islamic Sharia principles upon which our industry is built……………………………………….Full Article: Source

Malaysia’s Islamic banking continues to remain resilient

Posted on 18 April 2011 by Laxman  |  Email|Print

Mohd Najib Abdul RazakThe Malaysian Islamic banking system (MIBS) achieved an encouraging thumbs up in 2010 underlining both the resilience of the industry and its sustained recovery.
The latest Bank Negara Malaysia 2010 Financial Stability Report, which is published with the central bank’s annual report and was released last week, confirmed that the MIBS “continued to remain resilient throughout 2010 supported by high capitalization, with a risk-weighted capital ratio (RWCR) of 14.9 percent and an improvement in asset quality with non-performing financing pegged at 2 percent in an environment of ample liquidity and improved economic conditions.”……………………………………..Full Article: Source

Malawi rejects Islamic ‘Sharia’ banking

Posted on 18 April 2011 by Laxman  |  Email|Print

The Reserve Bank of Malawi (RBM) says it will not approve the opening of an Islamic Bank in Malawi. Islamic finance caters for customers who want to avoid earning interest, which is viewed as usury under Islamic Sharia law. Islam also prohibits speculation and investment in non sharia-compliant industries.
RBM Director of Banking Supervision Noel Mkulichi said the central bank will not allow Islamic banking “because of Sharia law elements”………………………………………Full Article: Source

Turkish Islamic banks continue to thrive

Posted on 18 April 2011 by Laxman  |  Email|Print

The Turkish participation (Islamic) banking sector may not be as savvy or prone to spin and hype as its counterparts in the Middle East and elsewhere, but it continues to thrive. Perhaps more importantly, judging by the recent innovations in products and transactions, the participation banking sector in Turkey is also one of the most competitive in the global Islamic finance landscape.
Not surprisingly, the latest data for the four participation banks, Turkiye Finans, Asya Bank, Kuveyt Turk Participation Bank and Albaraka Turk Participation Bank for the year ending Dec. 31, 2010 released recently by the Participation Banks Association of Turkey (TKKB) are indeed encouraging………………………………………Full Article: Source

Indonesia becomes hotbed for Islamic banking

Posted on 18 April 2011 by Laxman  |  Email|Print

Indonesia is rapidly becoming the place to be seen for the Islamic banking community. Most recently Adnan Ahmed Yousif, CEO of Albaraka, Bahrain’s largest listed bank said he was interested in buying into the Indonesian market. The price ticket? $100m.

He was not the only one. It has been reported in a number of places that Qatar Islamic Bank - buoyed by the support given by the Qatari government’s recent dictate that all of QIB’s non-Islamic domestic competitors shut down their Islamic operations and transfer their assets and customer to the bona fide pure Islamic banks - has declared its intention to increase its influence in Indonesia………………………………………Full Article: Source

Kenya: Lack of relevant laws constrains growth in Islamic finance sector

Posted on 18 April 2011 by Laxman  |  Email|Print

With Islamic banking and insurance gaining ground in the country, there are calls for new legislation by banking and insurance regulators to enable the companies to invest in Sharia-compliant securities.

Two banks – Gulf African and First Community – are operating fully pursuant to Sharia-compliant banking principles, although up to five other commercial banks are also offering Sharia-compliant banking products alongside conventional products………………………………………Full Article: Source

Global switch to Islamic finance needed: Ahmadinejad

Posted on 18 April 2011 by Laxman  |  Email|Print

The global economic order needs “radical change”, Iranian President Mahmoud Ahmadinejad said on Monday, calling for the adoption of Islamic principles instead of capitalist values.

“The present economic crisis is due to the capitalist system. The world needs radical change,” Ahmadinejad told a one-day economic summit of the Organisation of the Islamic Conference (OIC)………………………………………Full Article: Source

Uprisings and Islamic finance

Posted on 18 April 2011 by Laxman  |  Email|Print

About a year ago, we were commissioned to write a substantive report on the Islamic capital markets. We were tasked with determining and projecting the future growth areas of the Islamic finance industry; both geographically, and in terms of product offerings.
Let us examine the case of Egypt. While Egypt is the birthplace of Islamic finance, and exhibits strong economic and demographic fundamentals, as well as latent demand, In our assessment from last year, we had predicted that Islamic finance will not grow (and may even decline) in Egypt for three reasons:……………………………………..Full Article: Source

Bermuda: ‘Obvious’ hub for Islamic finance

Posted on 18 April 2011 by Laxman  |  Email|Print

Bermuda’s efforts to establish itself as a global leader in the Islamic re/insurance sector — known as Takaful — are an economic priority for the island. Business Bermuda CEO Cheryl Packwood said the island is intent on leveraging its position as a dominant regional financial and business hub to attract new, Shari’ah-compliant business from the Islamic world.
“Bermuda is the world’s number one reinsurance domicile, and it is only natural for us to layer Takaful (insurance) and reTakaful (reinsurance) on top of this,” she said………………………………………Full Article: Source

Halal index is new Islamic investment frontier

Posted on 18 April 2011 by Laxman  |  Email|Print

The newly launched Socially Acceptable Market Investments (Sami) Halal Food Index has a market capitalisation in excess of $114 billion (Dh418 billion). The world’s first Halal Food Index was unveiled at the opening of WHF 2011 by Tun Abdullah Ahmad Badawi, former Malaysian prime minister.

Experts say the index will be a bridge-builder for Islamic funds, exchange-traded funds and sukuks as well as for global non-Islamic investors interested in the emerging food sector. Here are some basic facts about the index and its role in the future of Islamic investing………………………………………Full Article: Source

Saudi BinLadin repays $186mln Islamic bond

Posted on 18 April 2011 by Laxman  |  Email|Print

The Saudi BinLadin Group, one of the leading contractors in the region, said it has repaid its short term SR700 million ($186.6 million) Islamic bond in full at maturity on April 12.

The sukuk, settled through Tadawul, was originally issued on July 2010 and was the first short-term one ever in the Saudi market, said a statement from the Saudi builder………………………………………Full Article: Source

Nakheel’s $11bln restructuring seen favouring lenders

Posted on 18 April 2011 by Laxman  |  Email|Print

Developer Nakheel, restructuring $10.9bn in debt, has offered lenders repayment after four and a half years at a rate of 4 percent on part of its debt in a deal that favours banks, sources said.

The terms of the restructuring, covering mainly bilateral loans and one $1.85bn syndicated Islamic loan due 2012, vary from the all-lender meeting in July which indicated repayment over five to seven years………………………………………Full Article: Source

National Takaful Company “Watania” IPO tomorrow

Posted on 18 April 2011 by Laxman  |  Email|Print

The National Takaful Company “Watania”, an Abu Dhabi based Sharia’a-compliant (Islamic) insurance company under establishment, will launch an Initial Public Offering (IPO) tomorrow to raise AED 82.5 million, representing 55% of the total share capital amid expectations of high participation due to strong growth potential of the Islamic insurance sector.

The National Bank of Abu Dhabi (NBAD) has been mandated as financial advisor, lead manager, and the receiving bank for the Watania IPO. Subscription will be accepted at all NBAD branches across the UAE starting from tomorrow (Monday) until May 1st 2011………………………………………Full Article: Source

Ahli United Q1 profit climbs 17.7pct to $77mln

Posted on 18 April 2011 by Laxman  |  Email|Print

Ahli United Bank (AUB), Bahrain’s largest bank, posted on Sunday a 17.7 percent rise in first-quarter net profit amid an increase in net interest income and gains in associate banks in Qatar and Oman.

The bank said in a statement net profit attributable to shareholders in the quarter was $77.3 million, compared with $65.7 million in the year-earlier quarter. Overall net profit was $81.6 million in the quarter………………………………………Full Article: Source

Changes ‘may spur Middle East growth’

Posted on 18 April 2011 by Laxman  |  Email|Print

The changes that have swept across the Arab world could usher in a new era of economic growth after years of inequality and joblessness, economists say, if leaders can resist pressure from the very protesters whose rage has reshaped the region.

‘The problem is how do you in short run satisfy the economic demands of the people who were in the streets protesting?’ said Mohsin Khan, the International Monetary Fund’s former director for the Middle East who is now a senior fellow at the Peterson Institute for International Economics………………………………………Full Article: Source

Algerians seek expanded Islamic banking options

Posted on 15 April 2011 by Laxman  |  Email|Print

Algeria needs legal reforms to encourage the growth of sharia-compliant finance, bankers and business experts concluded at a Monday (April 11th) symposium in Algiers.
The El Moudjahid forum attendees stressed that allowing the sector to grow would reduce unemployment and create new businesses. Islamic finance currently accounts for 1% of banking activity in Algeria………………………………………Full Article: Source

IBA attracts consultant to create structure in Islamic banking

Posted on 15 April 2011 by Laxman  |  Email|Print

The International Bank of Azerbaijan (IBA) has announced a tender for attracting an outside consultant to create a new structure, which specializes in Islamic banking, the bank said.
The cost of the tender is 500 manat. Bids must be submitted in Azerbaijani. The proposal must comply with current legislation of the country, high quality, rating of the company. It is necessary to have experience in this sphere, financial and technical capabilities………………………………………Full Article: Source

Perfumes & Islamic heritage

Posted on 15 April 2011 by Laxman  |  Email|Print

About a year ago, we were commissioned to write a substantive report on the Islamic capital markets. We were tasked with determining and projecting the future growth areas of the Islamic finance industry; both geographically, and in terms of product offerings.
Let us examine the case of Egypt. While Egypt is the birthplace of Islamic finance, and exhibits strong economic and demographic fundamentals, as well as latent demand, In our assessment from last year, we had predicted that Islamic finance will not grow (and may even decline) in Egypt for three reasons:……………………………………..Full Article: Source

Dubai’s Nakheel may sell assets, won’t launch new Sukuk

Posted on 15 April 2011 by Laxman  |  Email|Print

Nakheel, the real-estate unit of Dubai government-owned conglomerate Dubai World, may sell assets to meet future cash needs but has no intention of launching an initial public offering or Islamic bonds any time soon, the company’s chairman said.
“If needed, we might sell some of our assets. It is in our plan,” Ali Rashed Lootah told Zawya Dow Jones in an interview this week. However, the company is “not under pressure now to make any sale,” he said……………………………………..Full Article: Source

Mazaya to raise Marina Mall funds through equities, sukuk

Posted on 15 April 2011 by Laxman  |  Email|Print

Mazaya Qatar is planning to raise funds through equities and sukuk for its QR1bn Marina Mall project.
However, the QR1bn capital-based company, in which Qatar Foundation holds a 21.19% stake, is planning to finance in-house its other two projects – Housing Complex for Qatar National Convention Centre and Sidra residential project: all the three belong to Qatar Foundation………………………………………Full Article: Source

2011 London Sukuk summit

Posted on 15 April 2011 by Laxman  |  Email|Print

By the end of 2010 there had been $51.2 billion in Sukuk issuances and remarkably, by February 2011 with $16 billion of Sukuk, the Sukuk market had already surpassed its peak of 2007 by 34%.
With all of this current heightened interest and activity in the sector and the almost weekly announcements of issuances, product and sector innovations, this year’s gathering which has always prided itself on being industry lead industry focused will be the largest and most interesting to date………………………………………Full Article: Source

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