Sun, Jan 17, 2021
A A A
Welcome bhaimia
RSS

Islamic Finance Briefing - Archive | May, 2011

HSBC mulls Islamic finance in Australia

Posted on 31 May 2011 by Laxman  |  Email|Print

Paulo MaiaHSBC Holdings PLC, Europe’s largest bank, is considering launching Islamic financial services in Australia to tap into one of the Pacific nation’s fastest growing demographic groups, the lender’s country chief executive said.
“We are a major player in Islamic finance globally and that’s an area that we are keeping an eye on,” said Paulo Maia, chief executive officer of HSBC Bank Australia in an interview Monday. “It could be the next one.”………………………………………Full Article: Source

IDB funds drive for $5bln Jordan rail project

Posted on 31 May 2011 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) said Monday that it was negotiating with a number of regional and international finance institutions including the World Bank, the European Investment Bank to mobilize funds for Jordan’s $5 billion mega railway project.
The railway, which is expected to change the region’s transportation pattern and boost trade between IDB member countries, will link Jordan with Syria, Turkey, Iran, Iraq, Lebanon, Saudi Arabia and other GCC countries as well as the European rail network……………………………………….Full Article: Source

Malaysia sells $1.3 bln Sukuk at avg 3.710 pct

Posted on 31 May 2011 by Laxman  |  Email|Print

Malaysia has sold 4 billion ringgit ($1.3 billion) in Islamic government bonds maturing in 2016 at an average yield of 3.710 percent, the central bank said on Monday.
The bid-to-cover ratio was 1.91……………………………………….Full Article: Source

Clifford Chance advises Sharjah Islamic Bank in connection with its $400mln Sukuk

Posted on 31 May 2011 by Laxman  |  Email|Print

issuance Clifford Chance recently advised Sharjah Islamic Bank in connection with its $400m, fixed rate sukuk issuance. The sukuk certificates, which are due in 2016, yield a profit rate of 4.715% per annum. This deal saw the return of Sharjah Islamic Bank to the international sukuk market for the first time since its inaugural issuance in 2006 in a deal that was oversubscribed by over 9 times.
The structure involves the sale and purchase of non-real estate based ijara assets by the Trustee which are then managed by Sharjah Islamic Bank as the wakeel (agent) for the Trustee and the Certificateholders. (Press Release)

Clifford Chance advises largest cross-border Islamic facility in Indonesia

Posted on 31 May 2011 by Laxman  |  Email|Print

Clifford Chance advises PT Natrindo Telepon Seluler (AXIS), the Indonesian based subsidiary of Saudi Telecom Company (STC), on a USD1.2 billion multi-sourced Shariah compliant Islamic financing.
The transaction is made up of three distinct facilities: a USD450 million dual currency syndicated facility arranged by Deutsche Bank AG Saudi Arabia Limited and HSBC Saudi Arabia Limited and funded by Deutsche Bank Luxembourg S.A……………………………………….Full Article: Source

Dubai bond most susceptible to Europe woes: Islamic finance

Posted on 31 May 2011 by Laxman  |  Email|Print

Dubai’s Islamic bonds tumbled the most in six months last week as investor concern over Europe’s growing debt crisis prompted a sell-off of the region’s riskier assets.
The yield on the 6.396 percent dollar sukuk maturing in November 2014 climbed 22 basis points, or 0.22 percentage point, the biggest weekly gain since November and the steepest among Arab Gulf issuers, to 4.83 percent Friday, Bloomberg prices show……………………………………….Full Article: Source

Moody’s assigns an A1 rating to Dubai-based HSBC Middle East Sukuk

Posted on 31 May 2011 by Laxman  |  Email|Print

Moody’s Middle East Limited has assigned an A1 rating, with stable outlook, to the upcoming senior sukuk trust certificates of HSBC Middle East Limited (HBME) (Jersey), that will be issued under a USD5 billion Trust Certificate Issuance Programme. The rating is subject to review of the final terms of the sukuk trust certificate issuance.
Accordingly, a special purpose entity, HBME Sukuk Company Ltd, (issuer) incorporated in the Cayman Islands, will issue sukuk certificates to investors (sukuk holders), use the proceeds to acquire an interest in a portfolio of assets comprising primarily Ijara, Murabaha and Musataha contracts from HBME (Trust assets)……………………………………….Full Article: Source

Emirates eyes benchmark 5-year dollar bond

Posted on 31 May 2011 by Laxman  |  Email|Print

Emirates, Dubai’s flagship carrier, is eyeing a benchmark five-year dollar bond with early talk indicating pricing of 350 basis points over midswaps, the lead arrangers said yesterday. Emirates, one of the world’s fastest-growing airlines, wraps up its bond roadshow, which began in Hong Kong on May 23, in Switzerland yesterday.
HSBC, Deutsche Bank, Emirates NBD and Morgan Stanley have been mandated as joint lead managers (JLMs) and joint bookrunners for the bond sale……………………………………….Full Article: Source

Money not seen as a commodity

Posted on 31 May 2011 by Laxman  |  Email|Print

Islamic finance refers to a system of banking and other financial activities that are in conformity with the principles of Sharia.
In the context of financial activities, Sharia prohibits dealing in interest, speculative transactions, excessive risk taking, and gambling. Money is seen only as a medium of exchange, and not as a commodity that generates incremental returns……………………………………….Full Article: Source

Oman: Windows open for Islamic banking units

Posted on 31 May 2011 by Laxman  |  Email|Print

In a major decision, the Central Bank of Oman (CBO) yesterday allowed commercial banks operating in the country to open windows offering Islamic banking products. The decision was taken by the CBO board, which met under the chairmanship of Ali bin Mohammed bin Moosa.
However, it is not clear whether the existing banks will have to open exclusive branches for offering Sharia-compliant financial products, or whether they could be offered through the existing branches……………………………………….Full Article: Source

Sharjah Islamic Bank opens branch in Mega Mall

Posted on 31 May 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank has opened a new branch in Sharjah Mega Mall, taking the number of branches to 25 across the UAE, said a press statement on Monday.
Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Sharjah Commerce and Tourism Development Authority, and Head of Sharjah Media Corporation, inaugurated the new branch……………………………………….Full Article: Source

IBANK is ready to launch credit card debts project

Posted on 31 May 2011 by Laxman  |  Email|Print

President of Islamic Bank of Thailand, Thirasak Suwanayos, said the Islamic bank was ready to work on the government’s policy of easing public’s burden by refinancing credit card debts and also to improve financial status of credit card debtors of other financial institutes. During the initial period of the project, the bank will be prepared in providing services to customers who come to submit their loan applications.
The Islamic Bank had received a limited credit of 1 billion baht to proceed the government’s project in public financial aids……………………………………….Full Article: Source

Takaful Ikhlas expects agents to generate RM500 mln in five years

Posted on 31 May 2011 by Laxman  |  Email|Print

Takaful Ikhlas Sdn Bhd expects its agency network will generate RM500 million in new business contributions within five years from only RM64 million presently.
To achieve this target, Executive Vice President and Chief Operating Officer Wan Mohd Fadzlullah Wan Abdullah said the company would strengthen its agency force to 7,000 by 2015 from 5,000 currently……………………………………….Full Article: Source

HSBC MidEast sells $500 mln 5-year Islamic bond

Posted on 30 May 2011 by Laxman  |  Email|Print

HSBC’s Middle East unit priced a $500 million Islamic bond on Thursday at 155 basis points above midswaps, carrying a maturity of five years.
The Islamic bond, or sukuk, yielding 3.575 percent, saw regional investors taking up 58 percent of orders, followed by Asian investors with 29 percent……………………………………….Full Article: Source

Gulf Islamic bond sales seen set for revival

Posted on 30 May 2011 by Laxman  |  Email|Print

Chavan BhogaitaA recent spate of Islamic bond issues in the Gulf region is setting up the fledging sector for a strong second half of 2011, as borrowers look to benefit from attractive pricing and improving investor sentiment.
The flurry of activity, including two Gulf sukuk issues in the past week — by Islamic Development Bank and Sharjah Islamic Bank — and several more in the pipeline, were seen as signs the sukuk market may be embarking on a recovery……………………………………….Full Article: Source

Sukuk yields open floodgates to Islamic finance

Posted on 30 May 2011 by Laxman  |  Email|Print

Average yields on Islamic bonds has encouraged borrowers to announce plans to sell more than $11 billion in sukuk since the start of this quarter. Average rates on Shariah-compliant debt declined 73 basis points this year to 4.01 per cent yesterday, and reached 3.99 per cent on May 24, the lowest level since May 2005, the HSBC/NASDAQ Dubai US Dollar Sukuk Index shows.
Nakheel, the developer of palm-shaped islands off Dubai s coast, Malaysia s government and Qatar Islamic Bank SAQ are planning to sell Islamic bonds, according to data compiled by Bloomberg……………………………………….Full Article: Source

World Bank will return to Sukuk

Posted on 30 May 2011 by Laxman  |  Email|Print

The World Bank’s managing director, Sri Mulyani Indrawati (right) told press at the IFSB Summit in Luxembourg last week that the bank has: “Formally recognized Islamic finance [as] a priority area in our financial sector program.”
To back this statement up, the bank’s private sector arm, International Finance Corporation, based in Washington DC, told The Islamic Globe that it will return to the Sukuk markets when it generates a portfolio of Shari’ah-compliant assets to back the Sukuk……………………………………….Full Article: Source

10-year Sukuk for Malaysia

Posted on 30 May 2011 by Laxman  |  Email|Print

Global Sukuk leader Malaysia normally issues domestic currency issues aimed at the local market but when it wants to get serious and tackle the global market it issues in US dollars.
In spite of the battering that the greenback has been having of late, Malaysia is now said to be planning a 10-year Sukuk denominated in the beleaguered currency……………………………………….Full Article: Source

Esso Malaysia redeems & cancels $100mln Sukuk

Posted on 30 May 2011 by Laxman  |  Email|Print

Esso Malaysia Bhd, a subsidiary of Dallas-based ExxonMobil, has redeemed and cancelled its RM300m ($98m) Islamic commercial paper notes from their 2004/2011 program.
The company has proposed a new 2011/2018 Islamic commercial paper program of the same size that received a preliminary short-term P1 rating from RAM Ratings……………………………………….Full Article: Source

Bond hoists Islamic bank to profit zone

Posted on 30 May 2011 by Laxman  |  Email|Print

First Community Bank has sold a Sh200 million treasury bond it considered to be non-Shariah compliant, handing the lender an after-tax profit of Sh26.6 million in the first quarter of the year.
The Islamic bank grew its profits after tax by 176 per cent to turn black from a Sh34.9 million loss posted in last year’s first quarter, and a net loss of Sh97.5 million for the year. The bank’s “other income” rose to Sh62.9 million from Sh2.4 million on a quarter to quarter comparison……………………………………….Full Article: Source

Oman: Islamic finance may capture 10 pct market share

Posted on 30 May 2011 by Laxman  |  Email|Print

The Sharia-compliant financial institutions, which are expected to commence operation in the country within a short period, may capture 10 per cent of the market share of the total banking assets within few years, according to two leading experts on Islamic finance.
However, the experts cautioned that right regulatory framework to safeguard the credibility of the system and investments in human resources for developing a pool of talents are pre-requisites to develop a vibrant industry……………………………………….Full Article: Source

Islamic finance: Opportunities abound in emerging markets

Posted on 30 May 2011 by Laxman  |  Email|Print

Emerging markets fund guru, Mark Mobius, executive chairman, Templeton Emerging Markets Group, put the business and investment case for emerging markets, especially in Southeast Asia, China and India, and predicted that the Islamic finance industry has a growing role to play and is set to continue on its current growth path.
Mobius, who is based in Singapore, recently gave a special lecture on growth and investment prospects in emerging markets (EM) at the Investors Forum on Opportunities in Malaysia………………………………………Full Article: Source

Ex-IFSB chief sheds light on Islamic finance issues

Posted on 30 May 2011 by Laxman  |  Email|Print

Professor Rifaat Abdel Karim is the inaugural secretary general of the Kuala Lumpur-based Islamic Financial Services Board (IFSB), the multilateral prudential and supervisory standard setting organization for the global Islamic financial services industry. He was appointed in November 2002 and the board officially started operations in March 2003.
During his watch, the organization increased from its nine founding members to 195 to date, including 53 regulatory authorities and central banks from 41 jurisdictions. During that time the IFSB has also published 14 standards relating to various products governance issues……………………………………….Full Article: Source

Islamic finance can play a greater role globally

Posted on 30 May 2011 by Laxman  |  Email|Print

Malaysian Prime Minister Najib Razak said Islamic finance can play a greater role in the global financial system following Japan’s record March earthquake and tsunami that caused as much as 25 trillion yen ($305 billion) in estimated damages.
“As one of the fastest-growing industries, Islamic finance has a potential to play a more important role in the global financial system in this post-crisis era. Islamic finance has demonstrated its capacity to undertake project financing.”………………………………………Full Article: Source

Malaysia has edge as excellent Islamic financial hub

Posted on 30 May 2011 by Laxman  |  Email|Print

Malaysia has an edge over other countries as an excellent Islamic financial hub as it was not only commercialising the system but has also developed the syariah system and education towards that direction.
Association of Islamic Banking Institution of Malaysia (AIBIM) President Datuk Mohd Redza Shah Abdul Wahid said Bank Negara Malaysia and the government were committed in developing the Islamic financial system……………………………………….Full Article: Source

Britain gets boost from TheCityUK

Posted on 30 May 2011 by Laxman  |  Email|Print

The Islamic finance sector in the UK has received a major structural boost following the integration last week of the UK Islamic Finance Secretariat (UKIFS) into TheCityUK, the independent body promoting UK-wide financial and related professional services.
UKIFS, which was established in March 2010, is the leading cross-sectoral body assisting with the promotion and development of Islamic Finance, both domestically and to represent the UK industry internationally……………………………………….Full Article: Source

Fears grow for Azerbaijani IF

Posted on 30 May 2011 by Laxman  |  Email|Print

Major legislative changes are essential for the future of Islamic banking in Azerbaijan, according to the director of a leading accountancy and consultancy firm’s Azerbaijani operations.
Hikmet Allahverdiyez, director of Moore Stephens in Azerbaijan, told The Islamic Globe that unless banks are allowed greater freedom to invest across the economy, Islamic finance will fail……………………………………….Full Article: Source

Islamic economic system attaches importance to religious values

Posted on 30 May 2011 by Laxman  |  Email|Print

Islam is a ‘deen’ or a way of life. It provides detailed guidelines on every aspect of human life — be it personal or professional. It is therefore no surprise that Islam demands its followers to conduct their economic and business dealings according to the broad principles set out in the ‘Holy Quran’ and Sunnah.
Islamic banks and other financial institutions are part of an Islamic financial system, which is itself a part of Islamic economic system……………………………………….Full Article: Source

Is Uganda ready for Islamic banking?

Posted on 30 May 2011 by Laxman  |  Email|Print

In June 2008, the OIC (Organisation of Islamic Conference) Business Forum was held in Uganda. It was announced that due to the growing increase of Islamic Finance in Africa the National Islamic Bank would be set up in Uganda.
Islamic banking refers to a form of banking that is consistent with the principles of Islamic law (Sharia). Under this form of banking it is prohibited to pay or accept specific interest or fees for loans of money known as riba (usury) in Islam……………………………………….Full Article: Source

Who’s in the money?

Posted on 30 May 2011 by Laxman  |  Email|Print

Before the game-changing collapse of 2008 it was all a matter of Islamic banks beefing up their assets, reporting chunky profits and paying their shareholders fat dividends.
The headlines proclaiming record profits year after year were staple fare, and it’s true that in the heady pre-crisis days double-digit profit increases were the norm as opposed to the exception to the rule……………………………………….Full Article: Source

Islamic banking gets CBO’s nod

Posted on 30 May 2011 by Laxman  |  Email|Print

In implementation of the directives of His Majesty Sultan Qaboos, the Central Bank of Oman (CBO) Board of Governors yesterday approved the establishment of Islamic banks in the Sultanate to operate on the basics of the Islamic Sharia.
The Board also agreed to allow the banks operating in the Sultanate to open branches through which they can practise Islamic banking activities……………………………………….Full Article: Source

Alinma calls for supreme Shariah board

Posted on 30 May 2011 by Laxman  |  Email|Print

Muhammad Iqbal, general manager and CFO for Saudi Arabia’s Alinma Bank, has proposed a supreme Shari’ah board for the financial industry in order to spur the local Sukuk market.
Iqbal, speaking to The Islamic Globe at a conference in Riyadh, Saudi Arabia last week suggested that a body like the Saudi Arabian Monetary Agency (SAMA) would be perfectly placed to establish a board as sole authority for all Saudi banks……………………………………….Full Article: Source

Noor Islamic Bank denies merger rumours (again)

Posted on 30 May 2011 by Laxman  |  Email|Print

Government intervention in Dubai Bank reawakened market rumour of a merger with Noor Islamic Bank. Once again these rumours have been firmly denied.
HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee and Chairman of Noor Investment Group, Noor Islamic Bank and Noor Takaful issued a brief press statement on Saturday, 28 May, which said, “There were never any plans to merge Noor Islamic Bank with, or have it absorbed by, any other financial institution. These were nothing but unfounded market rumors.”………………………………………Full Article: Source

3i-Info witnessing revenue growth from Islamic Banking space

Posted on 30 May 2011 by Laxman  |  Email|Print

Even as clients in banking and finance space find the going tough due to slowdown, IT major 3i-Infotech is witnessing a good traction from Islamic Banking space and is targeting a 30 per cent annual growth from the segment in the next few years.
The BSE-listed company first started serving the high- margin sector concentrated in Middle East and Malaysia around four years ago and has been steadily seeing a good growth in the revenues, a senior official said……………………………………….Full Article: Source

QIIB chief gets prestigious award

Posted on 30 May 2011 by Laxman  |  Email|Print

Leading UK-based financial magazine World Finance, part of the World News Media, has chosen Qatar International Islamic Bank (QIIB) chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani for its prestigious ‘Business Leadership & Outstanding Contribution to Islamic Finance’ award for 2011.
The award was handed over to the QIIB chief by Hywel Jones of the magazine……………………………………….Full Article: Source

Controlling stake in PT Bank Muamalat up for sale

Posted on 30 May 2011 by Laxman  |  Email|Print

A controlling 51 per cent stake Indonesian Shari’ah-compliant lender PT Bank Muamalat is up for sale according to news reports. Investment bank Morgan Stanley is reported to be advising shareholders on the deal.
First round bids have apparently already been received from PT Bank Permata (45 per cent owned by Standard Chartered), Qatar Islamic Bank and Overseas Chinese Banking Corporation (OCBC). Second round bids are due by mid-June……………………………………….Full Article: Source

Malaysia updates on Shariah-compliant securities

Posted on 30 May 2011 by Laxman  |  Email|Print

The Securities Commission Malaysia (SC) has released an updated list of Shariah-compliant securities approved by its Shariah Advisory Council (SAC).
The updated list, which takes effect immediately, features a total of 847 Shari’ah-compliant counters which constitute 89 per cent of the total 957 listed securities on Bursa Malaysia……………………………………….Full Article: Source

Islamic ETFs are a go-go

Posted on 30 May 2011 by Laxman  |  Email|Print

2011 could be the year for Islamic Exchange Traded Funds (ETFs), so thinks Robert Broadwell, director of iShares in London and Dubai, US asset manager BlackRock’s platform for ETFs.
Broadwell was speaking to The Islamic Globe at the sidelines of a recent investment conference being held in Riyadh, Saudi Arabia and said he was experiencing increased inflows to the iShares portfolio of Shari’ah compliant ETFs……………………………………….Full Article: Source

Conference on Islamic finance in Bahrain

Posted on 30 May 2011 by Laxman  |  Email|Print

Bahrain has pioneered the modern Islamic finance industry in the region, as its history on Islamic finance goes back to more than 40 years, according to a senior central bank official.
“We have continued to play a pioneering role in the Islamic finance industry in introducing new concepts as well as formulating rules and standards for Shariah-compliant financial transactions,” Khalid Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB) said……………………………………….Full Article: Source

Gulf bond issuers eye new opportunity

Posted on 27 May 2011 by Laxman  |  Email|Print

After going through a sluggish first quarter, the Gulf bond market is witnessing a flurry of activity with more regional entities tapping the international debt capital markets.
After two successful issues from Sharjah Islamic Bank and Islamic Development Bank (IDB) with significant investor interest, more issuers including Saudi Electricity and Qatar Islamic Bank are lining up bond issues……………………………………….Full Article: Source

Gulf Islamic bond sales seen set for revival

Posted on 27 May 2011 by Laxman  |  Email|Print

A recent spate of Islamic bond issues in the Gulf region is setting up the fledging sector for a strong second half of 2011, as borrowers look to benefit from attractive pricing and improving investor sentiment.
The flurry of activity, including two Gulf sukuk issues in the past week — by Islamic Development Bank and Sharjah Islamic Bank — and several more in the pipeline, were seen as signs the sukuk market may be embarking on a recovery……………………………………….Full Article: Source

HSBC MEast launches $500 mln sukuk

Posted on 27 May 2011 by Laxman  |  Email|Print

HSBC Bank Middle East Ltd sold $500 million of five-year Islamic bonds yielding 155 basis points above the mid-swap rate.
The 3.575 per cent sukuk is the third bond that complies with Shariah’s ban on interest to be sold in the Gulf this month, according to Bloomberg data. Sharjah Islamic Bank sold a 4.715 per cent Islamic bond on May 18, and Islamic Development Bank, a Jeddah-based multilateral lender, issued a 2.35 per cent sukuk on the same day……………………………………….Full Article: Source

Maybank eyes bigger Sukuk mart slice

Posted on 27 May 2011 by Laxman  |  Email|Print

Malayan Banking Bhd aims to capture a bigger share of Islamic bond underwriting following its purchase of Kim Eng Holdings Ltd, said the Malaysian firm’s head of investing banking.
Maybank, Malaysia’s biggest lender, will use Kim Eng’s offices in Singapore and Indonesia to improve its standing after slipping to fourth from second this year for sukuk sales, Tengku Zafrul Tengku Abdul Aziz, chief executive officer of the investment bank unit, said………………………………………Full Article: Source

Nakheel to pay $1.3bln in Islamic bonds by June-end

Posted on 27 May 2011 by Laxman  |  Email|Print

Troubled Palm Jumeirah developer Nakheel is to pay its trade creditors $1.3bn in the form of Islamic bonds by the end of June, in an effort to settle 60 percent of its debt.
The state-backed property group is reportedly pressing ahead with procedures to issue the sukuk required to finance its debt restructuring and separate from conglomerate Dubai World……………………………………….Full Article: Source

Islamic Development Bank dual lists $750 mln Sukuk in London, Kuala Lumpur

Posted on 27 May 2011 by Laxman  |  Email|Print

The Islamic Development Bank’s (IDB) Trust Certificates are being listed on the London Stock Exchange and Bursa Malaysia. Despite the volatile economic environment around the world, IDB achieved both a larger deal size and tighter pricing, with the deal pricing 3bps inside secondary market levels
“This transaction is important because it sets a benchmark yield for IDB risk,” said Rizwan H. Kanji, a debt capital markets partner with the Middle East and Islamic finance practice of King & Spalding in Dubai, United Arab Emirates. “It also is expected to help re-energize the Sukuk market after a period of relatively low issuance of Sukuk.”………………………………………Full Article: Source

King and Spalding advises Islamic Development Bank Sukuk

Posted on 27 May 2011 by Laxman  |  Email|Print

King and Spalding advised the Islamic Development Bank (IDB) on a benchmark $750m sukuk that has been dual-listed on the London Stock Exchange and Bursa Malaysia. The transaction closed.
“This transaction is important because it sets a benchmark yield for IDB risk,” said Rizwan H. Kanji, a debt capital markets partner with the Middle East and Islamic finance practice of King & Spalding in Dubai, United Arab Emirates. “It also is expected to help re-energize the sukuk market after a period of relatively low issuance of sukuk.” (Press Release)

Malaysia’s Najib says Islamic finance can play bigger world role

Posted on 27 May 2011 by Laxman  |  Email|Print

Malaysian Prime Minister Najib Razak said Islamic finance can play a greater role in the global financial system following Japan’s record March earthquake and tsunami that caused as much as 25 trillion yen ($305 billion) in estimated damages.
“As one of the fastest-growing industries, Islamic finance has a potential to play a more important role in the global financial system in this post-crisis era. Islamic finance has demonstrated its capacity to undertake project financing.”………………………………………Full Article: Source

Besting the competition amid confident Islamic finance sector

Posted on 27 May 2011 by Laxman  |  Email|Print

Confidence is back in the Islamic finance market following the global financial crisis and despite the crisis in the Middle East and part of North Africa. The global sukuk issuance in 2010 exceeded the previous year’s volume by 20 percent and it is projected that the 2011 tally will surpass the record achieved in 2007.
Malaysia continues to drive the sukuk market and overseas issuers, such as the National Bank of Abu Dhabi and Gulf Investment Corporation GSC Kuwait, are raising funds in ringgit for the first time to diversify their funding sources……………………………………….Full Article: Source

No major impact on Islamic finance due to Arab Spring

Posted on 27 May 2011 by Laxman  |  Email|Print

The Islamic Finance industry does not suffer major setbacks due to the political turmoil the Middle East and North Africa (MENA) goes throuh, sayd John H. Vogel, senior corporate and finance partner at the international law firm Patton Boggs LLP, based in Washington D. C. Speaking at the Luxembourg Financial Forum 2011, Vogel, an legal expert in Islamic finance, added that the industsy has grown globally to $1.2tr, and that growth in the GCC, Southeast Asia and Europe mitigates possible setbacks in the MENA region.
“The range in Shari’ah finance is so broadm regionally and in relation to products, that its annual growth rate of 15% is not in danger,” Vogel concluded……………………………………….Full Article: Source

UKIFS integrated into TheCityUK

Posted on 27 May 2011 by Laxman  |  Email|Print

TheCityUK, the independent body promoting UK-wide financial and related professional services, has taken over the UK Islamic Finance Secretariat (UKIFS).
Launched in March 2010, the UKIFS is the leading cross-sectoral body assisting with the promotion and development of Islamic finance, both domestically and to represent the UK industry internationally……………………………………….Full Article: Source

banner
banner
banner
May 2011
M T W T F S S
« Apr   Jun »
 1
2345678
9101112131415
16171819202122
23242526272829
3031