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Islamic Finance Briefing - Archive | May, 2011

QIB Sukuk luring funds on govt support for banks

Posted on 19 May 2011 by Laxman  |  Email|Print

Ahmad MeshariQatar Islamic Bank’s planned sale of Islamic bonds may benefit from the government’s backing of local banks ahead of the World Cup in 2022, helping keep yields near the sovereign benchmark rate.
QIB, the country’s largest Shariah-compliant bank, will sell sukuk maturing in more than five years to repay debt, acting chief executive officer Ahmad Meshari said on May 12……………………………………….Full Article: Source

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Developer Nakheel prepares to issue Dh5bln worth of Islamic bonds

Posted on 19 May 2011 by Laxman  |  Email|Print

Banks are gearing up to handle about Dh5 billion of Islamic bonds to be issued to contractors and other trade creditors by Nakheel as part of its restructuring.
The Islamic bonds, or sukuk, are a prime component of the property giant’s reorganisation, made necessary by the global financial crisis and the downturn in the local property market. After months of piling up unpaid bills, Nakheel last year began paying cash to contractors owed Dh500,000 (US$136,130) or less……………………………………….Full Article: Source

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Sharjah Islamic Bank Sukuk issuance welcomed

Posted on 19 May 2011 by Laxman  |  Email|Print

The final value of the Sukuk will be announced right after subscription closes.
Ahmed Saad, SIB Deputy Chief Executive Officer and head of the Sukuk campaign, said, “The road shows launched by SIB to promote the Sukuk issuance have garnered a lot of attention, and there has been huge demand from all segments of investors in the countries in which the road shows took place - a fact that we take as a positive sign for the success of the bond issue.”………………………………………Full Article: Source

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SIB Sukuk prices $400 mln 2016 bond

Posted on 19 May 2011 by Laxman  |  Email|Print

Following are terms and conditions of a Trust Certificate priced on Wednesday. Borrower SIB Sukuk Company II Limited. Sukuk Obligor Sharjah Islamic Bank Issue. Amount $400 million. Maturity Date May 27, 2016
Profit rate 4.715 pct. Spread 270 basis points. Underlying govt bond Over Mid-swaps, equivalent to 292.5. bp over the 2.0 pct April 30, 2016………………………………………Full Article: Source

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Saudi Electricity picks Deutsche, HSBC for potential dollar bond

Posted on 19 May 2011 by Laxman  |  Email|Print

Saudi Electricity Co has picked HSBC Holdings and Deutsche Bank for a potential dollar-denominated bond issue, two banking sources said. Timing of the bond issue, which would be an Islamic bond, or sukuk, was still uncertain, one of the sources, speaking on condition of anonymity said.
The dollar issue would be the company’s first foray into global capital markets. It has so far issued only domestic sukuk……………………………………….Full Article: Source

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Azerbaijani bank plans to present new Islamic banking structure

Posted on 19 May 2011 by Laxman  |  Email|Print

Seven companies gained access to a tender to create specialized structure in the International Bank of Azerbaijan (IBA) to render services within Islamic banking.
“Document receipts to participate in the tender were completed on May 12. We received eight package of documents, however, only seven companies reached the final phase,” head of working group on introducing the Islamic banking in the IBA Bahram Gurbanzade said……………………………………….Full Article: Source

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7 companies claim for services of Islamic banking introduction in Azerbaijan’s largest bank

Posted on 19 May 2011 by Laxman  |  Email|Print

Acceptance of documents for the International Bank of Azerbaijan’s tender for creation of a specialized company to render Islamic banking services has been finished.
The IBA, citing Behnam Gurbanzade, head of the working group on Islamic banking introduction in the IBA, informs that they obtained eight packages of documents, but the final part was allowed only 7 companies, as one of the tender participating companies failed to meet fully the tender conditions……………………………………….Full Article: Source

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Emirates Islamic Bank chief executive resigns

Posted on 19 May 2011 by Laxman  |  Email|Print

The chief executive of Emirates Islamic Bank, an affiliate of Emirates NBD, has resigned and his deputy has been appointed acting CEO, the lender said. A statement gave no reason for Ebrahim Fayez Al Shamsi’s departure.
He will be replaced by deputy chief executive Abdullah Showaiter, who also serves as the lender’s general manager of corporate and investment banking……………………………………….Full Article: Source

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How the pioneers in Islamic finance continue to set the standards

Posted on 19 May 2011 by Laxman  |  Email|Print

Outspoken and prominent in the Islamic Banking and insurance industry, Hussein Mohammed Salem Al Meeza started his career in 1975 when he joined the world’s first fully fledged Islamic Bank, Dubai Islamic Bank.
His landmark achievement was the establishment of Al Salam Banks……………………………………….Full Article: Source

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Islamic banking and finance - the new world order?

Posted on 19 May 2011 by Laxman  |  Email|Print

As the global financial system recovers from the meltdown, savvy retail and institutional investors are running helter-skeltor across the global financial markets in search of alternatives that could possibly avoid the next financial debacle.
They are very assertive that the conventional banking system has failed them decimally. While many major conventional banks filed for bankruptcy and bailouts at the wake of recession following the downfall of Layman Brothers and others, Islamic banks remained unscathed to date……………………………………….Full Article: Source

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The principled paradigm: An ethical and legal introduction to Islamic finance

Posted on 19 May 2011 by Laxman  |  Email|Print

The Islamic financial services industry has experienced phenomenal growth over the past three decades. From a highly specialised niche market, Islamic finance has crystallised into a multi-billion dollar global industry, working alongside – and often in conjunction with – its larger, non-Islamic counterpart.
With that track record, plus territorial coverage of over 75 countries, such success begs the most simple of questions: what exactly is Islamic finance?………………………………………Full Article: Source

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Islamic finance glossary

Posted on 19 May 2011 by Laxman  |  Email|Print

Gharar: A risky or hazardous sale, in which details concerning the sale item are unknown or uncertain. Ijara: An exchange transaction in which a known benefit arising from a specified asset is made available in return for a payment, but ownership of the asset itself is not transferred.
Maisir: ‘Games of chance’, eg gambling or speculation. Maslaha: Literally, ‘the common good’: a concept in traditional Islamic law invoked to prohibit or permit something on the basis of whether or not it serves the public interest………………………………………Full Article: Source

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India: Govt. urged to allow financial bodies to adopt Islamic practices

Posted on 19 May 2011 by Laxman  |  Email|Print

The International conference on “Prospects for Islamic Venture Capital Funds in India” concluded here on Sunday with an appeal to the Government of India to take necessary steps to allow various financial institutions to adopt Islamic products and practices so as to lay foundations of a level playing field in economics and finance in which all players may take part in a fair and just manner.
The two-day International conference was jointly organized by the Institute of Objective Studies, (IOS), New Delhi and Indo-Arab Economic Cooperation Forum, in Parliament House Annexe on May 14 & 15 May……………………………………….Full Article: Source

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Australia: Quest for Sharia law is out of line

Posted on 19 May 2011 by Laxman  |  Email|Print

The push to introduce sharia law into Australia by the country’s peak Muslim body is a vindication of Liberal Senator Cory Bernardi, who was vilified last year for warning of the creeping infiltration of the Islamic legal system.
The Government has quickly rejected the submission to its multiculturalism inquiry by The Australian Federation of Islamic Councils this week……………………………………….Full Article: Source

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Islamic Foundation wins IDB prize

Posted on 19 May 2011 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) announced Wednesday that the Islamic Foundation, UK, is declared the winner of the IDB Prize in Islamic Economics for the year 2011 in recognition of its substantial contribution to the promotion of Islamic economics.
The Prize will be awarded to the winner during the 36th IDB BOG Annual Meeting in Jeddah, to be held on June 29-30……………………………………….Full Article: Source

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Sharia instruments vital for GCC project finance

Posted on 18 May 2011 by Laxman  |  Email|Print

Nicholas Polley Sharia-compliant financial instruments will play an increasingly important role in project finance across the region. “Across the GCC, all major projects now have a significant involvement from Sharia-compliant investments,” Charles Russell Middle East partner Nicholas Polley said.
“With the growth of the Islamic finance market in recent years, experience has shown that major projects can be commercially financed either fully from Islamic finance or by means of both conventional and Islamic finance arrangements……………………………………….Full Article: Source

Investors turn focus toward Malaysia, Indonesia in search of higher yield Sukuks

Posted on 18 May 2011 by Laxman  |  Email|Print

Zeid AyerInvestors in Malaysia and Indonesia say they favor sovereign sukuk over a planned dollar issue by the Islamic Development Bank after government securities returned almost twice as much as the multilateral lender’s this year.
IDB’s 1.775 percent Shariah-compliant debt due October 2015 gained 1.1 percent. Indonesia’s 8.8 percent US currency sukuk maturing April 2014 returned 1.6 percent, while Malaysia’s 3.928 percent June 2015 note climbed 3.1 percent, prices from Royal Bank of Scotland Group show……………………………………….Full Article: Source

Sharjah Islamic Bank plans $400mln sukuk

Posted on 18 May 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB) plans to issue a $400 million Islamic bond. Order books are above $2 billion with pricing on the five-year, dollar-denominated issue expected to be 287.5 basis points above midswaps, according to the document seen by Reuters.
The lender said in March it planned to issue an Islamic bond, or sukuk, of between $300 million to $500 million in a letter to the central bank……………………………………….Full Article: Source

Sharjah Islamic Bank Sukuk issuance receives huge response

Posted on 18 May 2011 by Laxman  |  Email|Print

The road shows launched last week by Sharjah Islamic Bank (SIB) to mark the Bank’s Sukuk issuance have been a resounding success, according to Bank CEO HE Mohammed Abdullah. The issuance of the US dollar-denominated Sukuk (Islamic bonds) is expected to close today (Wednesday 18 May 2011), and be listed on the London Stock Exchange.
The CEO’s remarks followed meetings between SIB management and investors, including investment portfolios, finance companies and banks in the Middle East, Asia and Europe, where the Sukuk issuance received a great response……………………………………….Full Article: Source

Sukuk and the global banking village

Posted on 18 May 2011 by Laxman  |  Email|Print

The exponential growth of Islamic banking since its emergence in the late 1970’s was interrupted by the ice age in the post-Lehman capital markets in 2008-09, the default of international sukuk issues by high profile borrowers, the Nakheel standstill shock and subsequent Dubai World debt restructuring, and now the MENA unrest.
With assets estimated at a trillion dollars, Islamic finance is no longer a miniscule, exotic niche of the global banking village……………………………………….Full Article: Source

Al Baraka plans to sell $300mln Islamic bonds

Posted on 18 May 2011 by Laxman  |  Email|Print

Bahrain-based Al Baraka Banking Group plans to sell Islamic bonds, or sukuk, worth $300 million (Dh1.1 billion) as early as September in a bid to tidy up its balance sheet, and is also targeting a 15 per cent jump in profit this year as it attracts new customers, the firm’s president and chief executive said.
“We plan to issue $300 million sukuk in September, let’s say during the end of the third quarter and the early part of the fourth quarter,” Adnan Yousuf said……………………………………….Full Article: Source

Bahrain sukuk yield at 3-month low as risk ebbs

Posted on 18 May 2011 by Laxman  |  Email|Print

A rally in Bahrain’s Islamic bonds brought yields to the lowest level in three months after the government used martial law and force to end a popular uprising.
The rate on the 6.247% sukuk due June 2014 dropped 31 basis points, or 0.31 percentage point, this month to 3.34% yesterday, the least since demonstrations started February 14……………………………………….Full Article: Source

‘Overwhelming’ response to Standard Chartered offer to sukuk clients

Posted on 18 May 2011 by Laxman  |  Email|Print

Standard Chartered has received an overwhelming response to its special custody offer to clients who are scheduled to receive sukuks as a part of Nakheel’s creditor settlement programme, the bank said on Tuesday morning.
Standard Chartered says the offer covers special assistance with custody account opening, documentation and an attractive subsidised tariff……………………………………….Full Article: Source

Qatar on track to become major GCC bond market

Posted on 18 May 2011 by Laxman  |  Email|Print

Qatar will emerge as a major bond market in the GCC in the coming years as it provides opportunities for long-term investments and the massive infrastructure development in the region creates demand for such debt instruments, according to Doha Bank.
“The total size of bonds issued in the first quarter of 2011 for GCC bonds was about $20bn with Qatar government being the leading issuer, amounting to $13.7bn,” Doha Bank Group CEO R Seetharaman said……………………………………….Full Article: Source

Qatari bourse to list sovereign bonds

Posted on 18 May 2011 by Laxman  |  Email|Print

The Qatari bourse says it will first introduce government or sovereign bonds as well as state-issued Islamic ’sukuk’ as part of its plans to soon introduce bond trading. “These will be followed, in due course, with the listing of corporate bonds as well,” Qatar Exchange has said on its website.
No restrictions will be put on bond trading transactions carried out by foreign investors……………………………………….Full Article: Source

Bangladesh: Grameen bank woes

Posted on 18 May 2011 by Laxman  |  Email|Print

In an age where enthusiasm for Islamic finance is on the rise, it seems counter-intuitive to support a system which instead promotes a vast, financially unsustainable web of loan sharking.
While it is true that Grameen borrowers mostly pay back their loans on time, there is ample evidence to show that this is accomplished in many cases by taking further loans from the networks of money lenders that have been operating in most rural economies since the pre-Grameen days……………………………………….Full Article: Source

Tanzania: Bank to offer loans under Islamic law

Posted on 18 May 2011 by Laxman  |  Email|Print

Stanbic Bank Tanzania Limited is set to launch mortgage loans, vehicle loans and home loans through its Shariah Banking product sometime this year, its senior official has said.
According to Mr Mohammed Issa, the bank’s board supervisor Shariah banking, the service is expected to start in the next few months whereby the product’s customers will access loans, which are shariah compliant……………………………………….Full Article: Source

Banks want to manage Islamic banking loans till maturity

Posted on 18 May 2011 by Laxman  |  Email|Print

Asked to close down their Islamic banking arms by 2011-end, conventional banks want to continue to manage the loan portfolios of the concerned units until their maturity.
These portfolios are proposed to be managed independently of the bank’s mainstream conventional operations, as a special case……………………………………….Full Article: Source

Attorney-General Robert McClelland says there is ‘no place’ for sharia law in Australia

Posted on 18 May 2011 by Laxman  |  Email|Print

Attorney-General Robert McClelland has killed any calls for sharia law in Australia arguing there is no place for it in the Gillard Governments debate around its new multicultural policy.
In its submission to the parliamentary inquiry into the government’s new multiculturalism policy, The Australian Federation of Islamic Councils has called for Muslims to be offered “legal pluralism”……………………………………….Full Article: Source

Fresh debate over Shariah law in Australia

Posted on 18 May 2011 by Laxman  |  Email|Print

The Australian Federation of Islamic Councils wants Muslims to be able to marry, divorce and conduct financial transactions under the principles of sharia law.
The federation has asked for the change in a submission to the Federal Parliament’s Committee on Multicultural Affairs. It argues that all Australians would benefit if Islamic laws in matters ranging from finance to halal meat were adopted as mainstream legislation……………………………………….Full Article: Source

Dubai rescues Islamic lender to bolster bank sector

Posted on 17 May 2011 by Laxman  |  Email|Print

Abdul Kadir HussainDubai’s government took control of Dubai Bank on Monday to prevent a collapse undermining the state’s banking sector. Dubai said it will inject an unspecified amount of capital into the bank and its takeover would protect depositors’ interests.
“In terms of credibility of the UAE banking system, it was very important that the bank did not default. A default by Dubai Bank would have raised worries about other local banks operating in the country,” Mohammed Yasin, chief investment officer at CAPM Investments in Abu Dhabi, said……………………………………….Full Article: Source

Hello to bondholders, Dubai to banks

Posted on 17 May 2011 by Laxman  |  Email|Print

Or, what happens when an autocratic put and bad debts collide? In which FT Alphaville wonders if one of 2011′s greatest stunts in defying credit gravity (charts via Exotix)……is on the verge of running into trouble. Dubai – ‘Switzerland of the East’ in these days of Arab instability – abruptly announced its first ever bank failure on Monday.
Dubai Bank PJSC, an Islamic lender owned by Dubai Holding LLC and Emaar Properties PJSC (EMAAR), was rescued by Dubai’s government after loan losses increased……………………………………….Full Article: Source

Sukuk and the global banking village

Posted on 17 May 2011 by Laxman  |  Email|Print

The exponential growth of Islamic banking since its emergence in the late 1970’s was interrupted by the ice age in the post-Lehman capital markets in 2008-09, the default of international sukuk issues by high profile borrowers, the Nakheel standstill shock and subsequent Dubai World debt restructuring, and now the MENA unrest.
With assets estimated at a trillion dollars, Islamic finance is no longer a miniscule, exotic niche of the global banking village……………………………………….Full Article: Source

Persian Gulf banks lead return to Sukuk market

Posted on 17 May 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank will meet investors this week with plans to sell about $500m of sukuk (Islamic bonds) as a scarcity of offerings drives down borrowing costs for banks to record lows in the Persian Gulf.
Sales of Islamic bonds from the six- member Gulf Co-operation Council (GCC) slumped 58% to $ 964m so far this year, compared with the same period last year, Bloomberg data show……………………………………….Full Article: Source

QIB ‘to issue five-year Sukuk’

Posted on 17 May 2011 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB) plans to issue a sukuk, or Islamic bond, in the third quarter this year as it looks to secure a long-term source of funding, a source said.
The source said the bank would likely issue a programme with a five-year maturity and that it was still “looking at different options” regarding the size and currency of the sukuk……………………………………….Full Article: Source

Malaysia: Islamic finance has much to offer

Posted on 17 May 2011 by Laxman  |  Email|Print

Prime minister Datuk Seri Najib Razak spoke on how the structures of Islamic finance can support the new global economic architecture that is emerging. “We should look closely at this. Indeed, in place of excess, Islamic finance offers moderation and transparency. In place of greed, Islamic finance offers fairness,” he said.
He was delivering his speech, “The coalition of the moderates and intercivilisational understanding,” at the Sheldonian Theatre at the Oxford Centre for Islamic Studies in London yesterday………………………………………Full Article: Source

Look closely at structures of Islamic finance - PM

Posted on 17 May 2011 by Laxman  |  Email|Print

Prime Minister Datuk Seri Najib Tun Razak said that the structures of Islamic finance should be looked closely as to how it could support the new global economic architecture that is emerging.
He said the Islamic world has showed that it can be an economic force and there was great potential for Islamic finance to be expanded……………………………………….Full Article: Source

Oman gives green light to standalone Islamic bank

Posted on 17 May 2011 by Laxman  |  Email|Print

Oman’s central bank has given approval to establish the sultanate’s first standalone Islamic bank, in a bid to grab a share of the rapidly growing Sharia-compliant banking industry.
In a statement to Oman’s state-run news agency, the central bank said it had agreed to the establishment of Bank Nizwa, adding “it will consider any application to open windows for the Islamic banking by any bank operating in the Sultanate wishing to provide such services.”………………………………………Full Article: Source

Banks want to manage Islamic banking loans till maturity

Posted on 17 May 2011 by Laxman  |  Email|Print

Asked to close down their Islamic banking arms by 2011-end, conventional banks want to continue to manage the loan portfolios of the concerned units until their maturity. These portfolios are proposed to be managed independently of the bank’s mainstream conventional operations, as a special case.
Conventional banks are, though, willing to convert their Islamic banking branches into commercial ones after the closure deadline of December 31, as directed by the Qatar Central Bank (QCB)……………………………………….Full Article: Source

Tanzania: Bank to offer loans under Islamic law

Posted on 17 May 2011 by Laxman  |  Email|Print

Stanbic Bank Tanzania Limited is set to launch mortgage loans, vehicle loans and home loans through its Shariah Banking product sometime this year, its senior official has said.According to Mr Mohammed Issa, the bank’s board supervisor Shariah banking, the service is expected to start in the next few months whereby the product’s customers will access loans, which are shariah compliant.
“The products that are in compliance with Shariah law will include transactional accounts, savings accounts and deposit products, mortgage loans, vehicle loans and home loans. We are aimed at attracting clientele discouraged by conventional banking, which disagreed with their faith,” he said over the weekend in Dar es Salaam……………………………………….Full Article: Source

IDB joins forces with Malay varsity

Posted on 17 May 2011 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) on Monday launched a master’s degree program in Islamic finance and banking in cooperation with Malaysia’s Insaniah University.
IDB President Ahmed Muhammad Ali, who launched the program, said it was aimed at training qualified manpower required for the Islamic banking industry……………………………………….Full Article: Source

The Islamic Financial Services Board kicks off

Posted on 17 May 2011 by Laxman  |  Email|Print

Islamic Financial Services Board 1 - (IFSB) Summit began with opening speeches by Jaseem Ahmed, Secretary-General of the IFSB, HE Yves Mersch, Governor Banque centrale du Luxembourg and Summit host, HE Faris A. Sharaf, Governor Central Bank of Jordan as well as HE Dr. Sri Muliani Indrawati, Managing Director of The World Bank Group.
The 8th IFSB Summit themed “Enhancing Global Financial Stability: Challenges and Opportunities for Islamic Finance” is held in Luxembourg and hosted by the Banque centrale du Luxembourg. (Press Release)

World Bank declares Islamic finance a priority area

Posted on 16 May 2011 by Laxman  |  Email|Print

The Islamic Financial Services Board (IFSB), the prudential and supervisory standard-setting organization for the global Islamic financial industry, embarked on a new phase of its development which may lead to a review of its mandate to facilitate a wider reach including those countries and organizations that are not currently members of the board.
This is reflected in the phenomenal growth of assets, albeit from a small base initially, reaching about fifteen percent per annum during the last decade and currently estimates at $1.2 trillion with the potential to grow to $4 trillion over the next few years………………………………………Full Article: Source

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Regulators’ cooperation key to meet challenges: Zeti

Posted on 16 May 2011 by Laxman  |  Email|Print

Zeti Akhtar AzizZeti Akhtar Aziz, governor of Bank Negara Malaysia, has called on greater cooperation and shared responsibility among regulators to realize the full potential of and to meet the growing challenges of the Islamic finance industry going forward.
Speaking to delegates at the 8th Islamic Financial Services Board (IFSB) summit in Luxembourg last Thursday, the Malaysian central bank governor warned that “as the international integration of Islamic finance intensifies, cross border financial flows and its associated challenges will also increase……………………………………….Full Article: Source

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Framework for cross-border financial stability needed, says Zeti

Posted on 16 May 2011 by Laxman  |  Email|Print

Bank Negara Malaysia is calling for action to develop a framework for cross-border financial stability as Islamic finance continues to expand beyond national boundaries, says Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz.
She said increasing internationalisation of Islamic finance has, to a significant extent, been facilitated by the expansion of Islamic financial institution operations beyond domestic borders……………………………………….Full Article: Source

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Russian laws to be adopted for functioning of Islamic financing institutes

Posted on 16 May 2011 by Laxman  |  Email|Print

Russian legislative system will not be an obstacle for Islamic financing institutes of Russia, the head of Tatarstan Rustam Minnikhanov stated in Dubai, RIA Novosti reports.
“Our bank laws partially don’t correspond to work with Islamic financing, but we have analyzed this issue and it appears the problem can be solved,” Minnikhanov stated at the opening ceremony of Annual Investment Meeting 2011 in Dubai……………………………………….Full Article: Source

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No debut sovereign Sukuk out of Luxembourg for the moment

Posted on 16 May 2011 by Laxman  |  Email|Print

Perhaps it is not surprising that Luxembourg has put a dampener on any speculation that it may go to the international market to raise funds through a debut Sukuk issuance.
Yves Mersch, governor of the Banque Centrale de Luxembourg, confirmed that the Luxembourg government is in no hurry to issue a sukuk because there are currently no compelling reasons for doing so……………………………………….Full Article: Source

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Qatar Islamic plans up to $1 bln Sukuk sale

Posted on 16 May 2011 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB), the Gulf state’s second-largest lender by market value, aims to raise as much as $1 billion through sale of an Islamic bond by the end of this year, two sources familiar with the matter said.
The sources, who did not want to be named, said the bank is planning to raise between $500 million to $1 billion from the sukuk sale, but did not say whether the Islamic lender had mandated banks for the proposed issue……………………………………….Full Article: Source

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Indonesia postpones Sukuk

Posted on 16 May 2011 by Laxman  |  Email|Print

Indonesia’s finance ministry has postponed the planned May 10 sovereign Sukuk issue, as it awaits parliamentary authorisation for it to utilize a set of state-controlled underlying assets to guarantee the issue.
The Ministry has not revealed the size of the offering, but it said that if parliamentary approval is not forthcoming for permission on the ability to use IR30tr ($3.5bn) worth of state-owned land and office buildings as collateral for the Sukuk, it will use road, rail and other infrastructure projects to back the issue, that has now been pushed to May 31……………………………………….Full Article: Source

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Sudan has high hopes for Sukuk sale

Posted on 16 May 2011 by Laxman  |  Email|Print

Sudan is hoping to sell Sukuk worth S£765m ($286.5m), after the last issue did not go well. The government is aiming to issue S£3.6bn ($1.3bn) in 2011, but faces uncertainty stemming from the country splitting in two as the primarily Christian and Animist black south gains independence from the Muslim Arab north.
The south voted in January for independence and will split off in July, which is creating problems for the north, given that the majority of the country’s oil output comes from the south and makes up 90% of the country’s exports……………………………………….Full Article: Source

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