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Islamic Finance Briefing - Archive | June, 2011

Islamic finance eyes Thai infrastructure funding

Posted on 30 June 2011 by Laxman  |  Email|Print

Dheerasak SuwannayosThe Islamic finance industry is interested in tapping Middle Eastern oil money to help fund Thai infrastructure projects, which could help it gain a foothold in a market with only a small Muslim population, bankers said on Wednesday.
The fledgling Islamic finance industry was propelled into the global spotlight in the aftermath of the financial crisis as it was seen as a more ethical, less leveraged way of banking……………………………………….Full Article: Source

Islamic Bank of Thailand to sell global and domestic bond

Posted on 30 June 2011 by Laxman  |  Email|Print

The Islamic Bank of Thailand plans to sell Bt5 billion of domestic sukuk and US$150 million of global sukuk, Dheerasak Suwannayos, the bank’s president, said today in the Islamic Finance News Roadshow 2011 in Bangkok.
The Shariah-compliant bonds, which will be denominated in the Thai baht, will probably be sold in third quarter of this year and the global issue will follow, he said……………………………………….Full Article: Source

Malaysia: Government’s US$2 bln Sukuk oversubscribed 4.5 times

Posted on 30 June 2011 by Laxman  |  Email|Print

The Government of Malaysia’s five-year and 10-year Wakala Global Sukuk worth US$2 billion in total has been oversubscribed by 4.5 times, thanks largely to strong investor demand from the Middle East, Malaysia, Asia, Europe and the US.
Announcing details of the successful offering, the Ministry of Finance (MOF) said the Islamic bond issuance attracted interest in excess of over US$9 billion and was fully distributed to over 320 global investors……………………………………….Full Article: Source

Malaysia prints $2 bln global Sukuk

Posted on 30 June 2011 by Laxman  |  Email|Print

Malaysia priced a $2 billion dual-tranche global sukuk despite tremendous market volatility. Most Asian borrowers have been scared away from the dollar markets during the past two weeks, so it took some courage for the sovereign to launch such a large deal — its biggest global bond to date.
The team kicked off roadshows last Thursday, covering Kuala Lumpur, Hong Kong, Singapore, Abu Dhabi, Dubai, Riyadh, London and New York, and launched the transaction on Tuesday……………………………………….Full Article: Source

Malaysia: Record-breaking RM6bln Sukuk sold

Posted on 30 June 2011 by Laxman  |  Email|Print

Malaysia successfully concluded the sale in two tranches totalling US$2bil (RM6.06bil) of sukuk wakala in the early hours of Wednesday in deals which saw a surprisingly high subscription rate given the uncertainties in the global credit markets and the gloomier global economic outlook.
The tranches a five-year US$1.2bil tranche and a 10-year US$800mil tranche were nearly five times oversubscribed, attracting subscriptions of well over US$9bil (RM27.27bil)……………………………………….Full Article: Source

UAE may issue sovereign bond in 2012

Posted on 30 June 2011 by Laxman  |  Email|Print

The United Arab Emirates may issue its first ever sovereign federal bond toward the end of 2012 after a public debt law is signed this summer, the financial affairs minister said.
The UAE’s top advisory council passed a new public debt bill in December with the aim of establishing a debt market in the world’s No. 3 oil exporter. The legislation needs presidential approval before becoming law……………………………………….Full Article: Source

Oman: No bond plans

Posted on 30 June 2011 by Laxman  |  Email|Print

Oman’s economy is expected to grow by 5 per cent this year if oil prices stay at current levels and the Gulf sultanate has no plans to issue sovereign bonds at present, its finance minister said on Wednesday.
“We are looking at 5 per cent (growth) as long as oil prices stay at current levels,” Darwish al-Balushi told reporters on the sidelines of a financial conference in the Saudi port city of Jeddah……………………………………….Full Article: Source

Kuwait finance minister undersecratary lauds role of IDB

Posted on 30 June 2011 by Laxman  |  Email|Print

Kuwait Finance Ministry Undersecretary Khalifa Hamada affirmed Wednesday the role played by the Islamic Development Bank (IDB) group in the development of economic and trade cooperation between the memeber states.
Hamada told Kuwait News Agency (KUNA) during his leadership to the Kuwaiti delegation participating in the 36th annual meeting of the Board of Governors of the IDB held here, that the group includes several financial associations specialized in investments which support the private sector as well as combats poverty……………………………………….Full Article: Source

Islamic banking: CBN may face legal battle

Posted on 30 June 2011 by Laxman  |  Email|Print

Just like the process leading to the recapitalisation of the rescued banks, there are strong indications that the planned introduction of Islamic banking into the country may be trailed by a barrage of legal tussle.
THISDAY gathered that various pressure groups and even religious bodies have concluded plans to drag the apex bank to court over the form of non-interest banking.The source who maintained that the decision to establish the first Islamic bank in Nigeria was against the unity of the country, added that his association will ensure that they throw spanner in the works of the CBN……………………………………….Full Article: Source

CBN and Islamic banking: Matters arising

Posted on 30 June 2011 by Laxman  |  Email|Print

The approval given by the Central Bank of Nigeria (CBN) for the operation of Islamic banking in the country is generating disquiet in the polity. Reasons for this are not difficult to fathom.
Until now, Islamic banking, also known as Sharia banking, was a little known non-interest mode of banking alien to the conventional banking system widely accepted in the country. Besides, its operation and framework are strictly based on Islamic law of economics with its peculiar rules and regulations that forbid financial speculation and other risk-taking common with conventional banking……………………………………….Full Article: Source

Is non-interest banking a ‘wise banking’ option for economic growth?

Posted on 30 June 2011 by Laxman  |  Email|Print

Let’s remove our minds from whether non-interest banking or the Sharia of it component is constitutional or not. Those in the legal profession are qualified to tackle that aspect. But the question on the lips of many is if it will be a more prudent way to banking, and more importantly, the beginning of better relationship between firms in the economy and banks.
The argument in some quarters is that the banking crisis that almost crippled the economy did not emanate from banks that have religious inclination, but was as a result of banks with little or no interest about the firms they were lending to……………………………………….Full Article: Source

Saudi bank seeks to raise international profile

Posted on 30 June 2011 by Laxman  |  Email|Print

NCB Capital, the self-styled largest investment bank in Saudi Arabia, has appointed its first chief investment officer with a brief to look at how to attract foreign investment in the firm’s products.
Faysal Badran, a Saudi national with international experience at UBS, Chase Manhattan and Bankers Trust, has been promoted to the new role……………………………………….Full Article: Source

Omani banks need expertise to deal with Islamic banking, say experts

Posted on 30 June 2011 by Laxman  |  Email|Print

The Central Bank of Oman (CBO) organised a seminar on Islamic banking in collaboration with Ernst & Young, Bahrain. Speakers at the seminar stressed that the growth prospects for the banking sector would increase by 20 per cent over the next decade, especially since the Islamic banking system was less affected by the recent global financial crisis compared to conventional banks.
Regarding the development of the Omani market in this field, experts noted the need to provide the necessary expertise in Islamic banking to groom Omani institutions operating in banking and finance and to provide appropriate training in order to keep them abreast of the developments taking place in this sector……………………………………….Full Article: Source

Oman: ITS holds seminar on Islamic banking

Posted on 30 June 2011 by Laxman  |  Email|Print

The build up to Oman’s introduction of Islamic banking is being heralded by several professional services companies, including IT solutions company International Turnkey Systems (ITS), which held a seminar at Shangri-La’s Barr al Jissah Resort and Spa last week as part of the Oman Islamic Banking Conference 2011.
The seminar, titled ‘Islamic Banking – Towards a New Era of Growing Banking Business’, had Apex Press and Publishing’s Business Today as media sponsor and was attended primarily by industry peers and members of the media……………………………………….Full Article: Source

Bahrain still a leading financial centre – Capinnova

Posted on 30 June 2011 by Laxman  |  Email|Print

Bahrain will continue to be one of the largest financial centres in the region says Jamal Hijres, Chief Executive Officer, Capinnova Investment Bank; Islamic banking one of the fastest growing sectors and offers an array of opportunities yet to be exploited.
Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank, the Shari’ah-compliant investment banking arm of BBK believes that Bahrain will continue to be one of the leading financial centres in the region due to the efficient regulatory policies adopted by the sector……………………………………….Full Article: Source

Muslims must adapt to change

Posted on 30 June 2011 by Laxman  |  Email|Print

Saudi Arabia’s finance minister on Wednesday urged Muslim countries to adopt suitable economic reform programs and adapt to the changing global economic atmosphere to confront the challenges facing them.
“We should also strengthen our joint efforts to overcome development obstacles,” Finance Minister Ibrahim Al-Assaf told the annual conference of the Jeddah-based Islamic Development Bank……………………………………….Full Article: Source

Sizeable Islamic market neglected by global brands, argues Oxford branding expert

Posted on 30 June 2011 by Laxman  |  Email|Print

A leading expert on Islamic brands is highlighting the untapped potential in Islamic markets which most companies are failing to exploit.The global Muslim market is now over 20% of the world’s population at around 1.6 billion, and is expected to increase to 2.2 billion by 2030, situated in those regions where Muslims are in the majority, but also in other countries where Muslims are a significant and growing minority, including those in the West.
The value of Muslim trade is assessed as worth trillions of dollars worldwide.“The Muslim market represents a significant untapped market,” says Dr.Paul Temporal, an Associate Fellow at Saïd Business School’s Executive Education Centre, University of Oxford……………………………………….Full Article: Source

The Islamic finance industry grows at 14pct annually

Posted on 29 June 2011 by Laxman  |  Email|Print

Zainal Izlan Zainal AbidinIslamic finance has achieved a substantial growth in the past two decades, annualising a growth rate of about 14% over the past 15 years.
Securities Commission Malaysia (SC) Islamic capital market executive director Zainal Izlan Zainal Abidin said the Islamic finance industry that was currently estimated to be worth about US$1 trillion (RM3.058 trillion) had made further headway in the Islamic traditional markets such as Malaysia and the Gulf Cooperation Council countries, while penetrating new markets such as in Europe and Africa……………………………………….Full Article: Source

After strong start, expected slowdown in Sukuk volume

Posted on 29 June 2011 by Laxman  |  Email|Print

Paul-Henri PruvostWhile the amount of sukuk — Islamic bonds — issued in 2011 is on track to exceed last year’s volume, the pace is expected to drop off in the coming months and only a tiny fraction will be issued in U.S. dollars according to one industry observer.
Developments in the sukuk market have been as expected, Paul-Henri Pruvost, a credit analyst at Standard & Poor’s told Market News International, meaning higher growth compared to last year, with about 80% of issuance by sovereigns, particularly Malaysia……………………………………….Full Article: Source

IDB approves $716.7mln funding for new projects

Posted on 29 June 2011 by Laxman  |  Email|Print

The board of directors of the Islamic Development Bank (IDB) Group has approved new finances worth $716.7 million for new development projects in member countries. The board met here Tuesday on the sidelines of the IDB annual conference.
IDB President Ahmed Mohamed Ali said the meeting approved two projects worth $198 million in Bangladesh, a $191 million water project in Bahrain, a $95 million electricity project in Senegal and a $66 million electricity project in Syria……………………………………….Full Article: Source

Mozambique to sign 3 loan accords with Islamic bank, O Pais says

Posted on 29 June 2011 by Laxman  |  Email|Print

The Mozambican government and the Islamic Development Bank will sign three lines of credit worth $30 million dollars this week, O Pais reported on its website, without citing anyone.
The funds will finance road, water and sanitation and school construction projects, the Maputo-based daily said………………………………………Full Article: Source

Dubai: Islamic finance: The banking-wonder

Posted on 29 June 2011 by Laxman  |  Email|Print

Say what you will but the truth is the Islamic Finance industry’s got a long way to go. The business section of the local press is abuzz with news of developments in the world of Islamic Banking. And while many papers are all too ready to jump on the Islamic-banking-is-the-future bandwagon, Kipp will be the first to admit that there are still a lot of challenges ahead of the sector.
But before we burst your bubble, if you are in the pro-Sharia camp, some good news: to begin with, there is the recent launch of a new Sharia-compliant repurchase facility, which will allow banks to borrow money in keeping with Sharia principles……………………………………….Full Article: Source

Islamic banking industry in Bahrain is one of the fastest growing sectors

Posted on 29 June 2011 by Laxman  |  Email|Print

Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank, the Shari’a compliant investment banking arm of BBK believes that Bahrain will continue to be one of the leading financial centres in the region due to the efficient regulatory policies adopted by the sector.
“Bahrain remains a popular destination for foreign investors on account of its established regulatory practices, transparency and adherence to international standards. We have successfully overcome previous episodes of instability owing to economic downturns. This experience of sound economic and financial management in both challenging times and otherwise is one of the greatest assets in the banking industry in Bahrain.” said Hijres. (Press Release)

Islamic banking is a plus

Posted on 29 June 2011 by Laxman  |  Email|Print

It is interesting to point out the case of countries which have in operation a dual banking system (i.e. both the interest-based and non-interest banking systems).
Malaysia, for instance, is one such country and it has fared extremely well during the global financial-crisis, whereby the effects of the crisis on the overall economy were neutralised by the good performance of the Islamic financial institutions……………………………………….Full Article: Source

Nigeria: Islamic banking!

Posted on 29 June 2011 by Laxman  |  Email|Print

If the Muslims claim they are entitled to Islamic banking, the Christians can also lay claim to the fact that they are entitled to Christian banking and the traditional practitioners want Traditionalistic banking or Ifa banking or Okija banking, should CBN readily agree or grant licenses for such banks? I think not.
The CBN governor has once again missed the goal post. This issue of non-interest banking [Islamic Banking in disguise] must go through the National assembly……………………………………….Full Article: Source

SME Bank registers significant growth from Islamic banking

Posted on 29 June 2011 by Laxman  |  Email|Print

Bank Perusahaan Kecil dan Sederhana Malaysia Bhd’s (SME Bank) five Year Transformation Roadmap implemented in July 2010 is yielding the desired results, going by its latest performance figures.
For the financial year ended December 31, 2010, the Bank reported a loss after tax of RM71 million in spite of attaining Operating Profit of RM63 million. This was mainly due to increased provisions as a result of higher impaired loans attributed to the Bank’s first-time adoption of the new accounting standard “FRS 139” in 2010……………………………………….Full Article: Source

Malaysia to sell 5-year sukuk at UST+160

Posted on 29 June 2011 by Laxman  |  Email|Print

Malaysia will sell 5-year Islamic bonds at 160 basis points above U.S. Treasuries, IFR said on Tuesday. The government will also sell 10-year sukuk at 20 basis points above the 5-year spread, the publication, a Thomson Reuters unit, said.
Sources told Reuters last week the government had kicked off a roadshow to market the offering, which was expected to be about $2 billion……………………………………….Full Article: Source

Antara Steel bond guarantee

Posted on 29 June 2011 by Laxman  |  Email|Print

Danajamin Nasional Bhd, announced that it was guaranteeing Antara Steel Mill Sdn Bhd’s RM300 million seven-year Islamic Securities programme to assist the integrated steel producer secure long-term financing from the sukuk market.
In a statement today, Danajamin said as part of the financial solution for Antara, AmBank would participate in the transaction to provide short-term working capital……………………………………….Full Article: Source

Almana Group launches 5-year sukuk offering

Posted on 29 June 2011 by Laxman  |  Email|Print

Qatar’s Almana Group, a multi-line holding company, has launched a five-year, US dollar floating-rate Islamic bond, or sukuk, offering that’s expected to be priced around mid-July, a lead manager on the issue said.
“Issue size is to be determined with price guidance in the area of three month US dollar Libor +450 basis points; issue price 100, with pricing expected in the near future,” Gulf International Bank, who is the sole bookrunner and the joint lead manager of the offering, said. Barwa Bank and Qatar Islamic Bank are the other lead managers on the offering……………………………………….Full Article: Source

MAA aims to be top Takaful family player by 2015

Posted on 29 June 2011 by Laxman  |  Email|Print

MAA Holdings Bhd aims to be a leader in the takaful family segment in Malaysia by 2015, said its chief executive officer/group managing director, Muhamad Umar Swift.
He said currently, MAA was ranked sixth among 12 takaful family segment in the country……………………………………….Full Article: Source

Cagamas contributes RM1 mln for book on Islamic finance

Posted on 29 June 2011 by Laxman  |  Email|Print

Cagamas Bhd, as part of its corporate social responsibility, has contributed RM1 million towards the publication of a textbook on “Islamic Financial System: Principles & Operations”.
The 19-chapter book on Islamic financial markets which took one-and-a-half years to be completed is the first textbook of its kind in the world and is expected to assume a crucial role in fulfilling the need for more literature on Islamic Finance……………………………………….Full Article: Source

IFIBAF signs collaboration agreement with Dubai Dar Al Sharia

Posted on 29 June 2011 by Laxman  |  Email|Print

Dubai based Dar Al Sharia which is the leading provider of Shariah services in the region has signed a collaboration agreement with the Frankfurt based Institute for Islamic Banking and Finance (IFIBAF).
The relationship between these two organizations originates from a highly success Islamic Finance Trade Mission to Europe conducted by Dubai Exports, an agency of the Dubai Department of Economic Development. The Islamic Finance Trade Mission sought to increase the awareness of Islamic financial service providers and institutions from the UAE in the European markets. (press Release)

Forex broker Tadawul FX voted best Islamic finance provider

Posted on 29 June 2011 by Laxman  |  Email|Print

Online forex broker Tadawul FX is proud to announce that it has been named the winner of the Best Islamic Finance Provider at the World Finance Foreign Exchange Awards 2011. These prestigious awards, first established in 2007, highlight and reward the achievement and best practice applications for Islamic forex trading that Tadawul FX is now known for worldwide.
Amongst the criteria for nomination to the category of Best Islamic finance provider, were key issues such as service and security of trading, as well as innovation and quality provided. According to the organizers, the continuous efforts by Tadawul FX to add new services and benefits for traders contributed greatly to their success in this area. (press Release)

Islamic finance to be filibustered out of Korea

Posted on 28 June 2011 by Laxman  |  Email|Print

There does not look like there’s much hope for Islamic finance breaking through in South Korea anytime soon, according to Min Kyung Kim senior manager of the Korean Deposit Insurance Corporation.
Kim, who is writing a book on Islamic finance in Korea with Azerbaijani Islamic finance specialist Mahir Humbatov, spoke to The Islamic Globe and claimed that there was little hope of legislation to equalize the tax treatment of Islamic finance - introduced last September and reintroduced this February - passing through parliament at this time of asking………………………………………..Full Article: Source

Russia: Going Islamic

Posted on 28 June 2011 by Laxman  |  Email|Print

Linar YakupovThe stricter, more ethical rules of Islamic finance helped many countries avoid the worst of the 2008 economic meltdown. Now officials in the Russian republic of Tatarstan are hoping that Islamic finance can help them attract direct investment from Muslim nations around the world.
Last week a summit on Islamic finance in Kazan, the capital of Tatarstan, welcomed delegates from as far afield as Malaysia, Saudi Arabia, Turkey, Azerbaijan and the United Arab Emirates………………………………………..Full Article: Source

Uncertainty, disparity in Islamic finance pose challenges

Posted on 28 June 2011 by Laxman  |  Email|Print

The uncertainty and disparity in some areas of Islamic finance can at times be an added cost for industry players or turn them away from it. Zainal Izlan Zainal Abidin, the SC executive director, said the legal, regulatory and tax frameworks for Islamic finance sometimes differ from one market jurisdiction to another, and this poses a challenge when one goes into cross border situations.
“As a result, going through the Islamic finance route may, at times, be less clear or economical than the conventional route……………………………………….Full Article: Source

Islamic banking stirs up controversy in religiously-divided Nigeria

Posted on 28 June 2011 by Laxman  |  Email|Print

The governor of the Central Bank of Nigeria is fielding criticism for exacerbating the country’s sectarian problems by allowing Islamic banking to make its debut in Nigeria.
Since last week, English and Hausa media in Nigeria have been closely following a controversy over Islamic banking in the country. At the center of the controversy is Sanusi Lamido Sanusi, the dynamic and outspoken governor of the Central Bank of Nigeria (CBN)………………………………………..Full Article: Source

Nigeria: ‘Islamic bank, plot to Islamize country’

Posted on 28 June 2011 by Laxman  |  Email|Print

Delta State chapter of the Christian Association of Nigeria (C.A.N.) has alleged that the decision to establish the first Islamic bank in Nigeria was in furtherance of the plot to Islamize the country.
The state branch of the authoritative umbrella of Christian groups in Nigeria further accused the Governor of the Central Bank of Nigeria (CBN), Alhaji Lamido Sanusi of planning to destabilize the country’s banking sector through the unwarranted establishment of an Islamic bank………………………………………..Full Article: Source

Non-interest banking can be used to finance terrorism-Experts warns

Posted on 28 June 2011 by Laxman  |  Email|Print

The newly introduced non-interest banking especially Islamic banking, can lead to financing of religious fanaticism and terrorism, says economic experts.
“Nigeria has, and continues to suffer from religious fanaticism and sectionalism. With the financial systems still suffering from the consequence of, amongst other factors, weak supervision, the CBN and other regulatory bodies to be charged with supervising Non-Interest Financial Institutions (NIFIs) must be well prepared and trained. Failure in proper regulation of NIFIs might not only lead to financial losses but perhaps financing for religious fanatics and terrorism. This must be prevented by all means”, they said in Lagos last week………………………………………..Full Article: Source

Islamic banking will do the nation no good -Cleric

Posted on 28 June 2011 by Laxman  |  Email|Print

More reactions have the introduction of Islamic Banking by the governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, as the Director, Post-Graduate Studies, Crowther Graduate Theological Seminary, Venerable (Professor) Andrew Igenoza, argued that the said introduction will not do the nation any good.
Igenoza said this on Sunday while delivering his sermon entitled: “Answering the Divine Call For Our Lives,” at the trinity ordination of nine deacons and two priests, held at the All Souls’ Church, GRA, Abeokuta, that the Holy Bible was also in support of lending money without interest………………………………………..Full Article: Source

CBN allays fears on Islamic banking

Posted on 28 June 2011 by Laxman  |  Email|Print

The CentralBank of Nigeria, CBN, has allayed fears that the introduction of non-interest banking into the system would turn Nigeria into an Islamic country, stressing that Islamic banking is one of so many non-interest banking systems contained in the CBN laws.
Deputy Governor, Economic Policy of CBN, Mrs Sera Omotunde Alade, said this, weekend, in Ilorin while speaking with newsmen at a retreat organised for the Financial Market Department with the theme: ”Transforming the Nigerian Financial Market: Prospects and Challenges.‘’……………………………………….Full Article: Source

On Islamic banking

Posted on 28 June 2011 by Laxman  |  Email|Print

In the last two years, the myriad of reform policies initiated by the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, have come to acquire a life of its own. The clamour for more far-reaching reforms in the banking sector has continued unabated.
One of the raging issues at the moment is the planned introduction of an Islamic banking model into the Nigerian financial landscape, which has naturally raised apprehensions………………………………………..Full Article: Source

IDB seeks new economic order

Posted on 28 June 2011 by Laxman  |  Email|Print

Islamic Development Bank President Ahmed Mohamed Ali called for a new economic order to promote global progress and prosperity at the group’s annual conference here Monday.
“I call upon Islamic financial institutions to make use of the available opportunity to establish international investment banks in order to present a new vision and a different methodology to the world in asset management and fund investment … and contribute to the reform of global financial system and stability,” Ali said……………………………………….Full Article: Source

Turkmenistan to borrow $240 mln for water, rail link

Posted on 28 June 2011 by Laxman  |  Email|Print

Turkmenistan plans to borrow more than $240 million on favourable terms from the Islamic Development Bank and the Asian Development Bank for railway and water-supply projects, a government source said on Monday.
“The loans will be used to develop the Turkmen part of a rail link to Iran and for providing water to Balkan province in the west of Turkmenistan,” the source told Reuters………………………………………..Full Article: Source

HSBC Saudi Arabia to merge with SABB Securities

Posted on 28 June 2011 by Laxman  |  Email|Print

HSBC Holdings, Europe’s biggest bank, will merge its Saudi Arabian wholesale and investment banking business with Saudi British Bank’s SABB Securities, it said on Monday.
SABB would own 51 percent of the new entity, to be known as HSBC Saudi Arabia, but HSBC would retain full management control, HSBC said in a statement posted on the Hong Kong stock exchange………………………………………..Full Article: Source

KLRCA to actively promote Islamic arbitration globally

Posted on 28 June 2011 by Laxman  |  Email|Print

The Kuala Lumpur Regional Centre for Arbitration (KLRCA) is making robust efforts to expand its role in promoting Islamic arbitration globally and will launch Islamic arbitration rules to cover other sectors such as construction and maritime.
Currently, the centre serves as a platform to deal with cases involving Islamic banking and finance, takaful, Islamic development financial business, Islamic capital market products or services, and other transaction business based on syariah principles………………………………………..Full Article: Source

Thomson Reuters Idealratings Islamic Indices launched

Posted on 28 June 2011 by Laxman  |  Email|Print

Thomson Reuters and IdealRatings has launched the Thomson Reuters IdealRatings Islamic Indices, the first Islamic benchmark offering research-based Shariah screening based on globally accepted standards, to investors, money managers and analysts across a range of Islamic instruments.
The indices, which will provide the most transparent Islamic guidelines for investors around the world, will also as a transaction channel for potential investment to Malaysia………………………………………..Full Article: Source

Secondary trading in Sukuk still lacking

Posted on 28 June 2011 by Laxman  |  Email|Print

While the global sukuk market has made great strides, much remains to be done. Highlighting the challenges that need to be addressed, RAM Ratings opines that there is still a dearth of secondary trading in sukuk.
Speaking at the 6th annual Islamic Market Programme 2011 organised by the Securities Commission, RAM Ratings’ head of Islamic Ratings, Zakariya Othman, emphasises that an active secondary trading platform for capital-market instruments is vital to the development of capital markets, including Islamic finance………………………………………..Full Article: Source

DP World pays out $106.8mln

Posted on 28 June 2011 by Laxman  |  Email|Print

Dubai-based global port operator DP World has announced the periodic profit distribution on its $1.5b sukuk and coupon payments on its $1.75b conventional notes, for the six-month period ending June 30, 2011.
In two separate statements posted on the Nasdaq Dubai bourse today, the ports operator said it was doling out almost $60m in coupon payments for its conventional notes, calculated at the rate of 6.85 per cent, while it was paying out another $46.8m for its Sukuk, calculated at the rate of 6.25 per cent………………………………………..Full Article: Source

DIB unveils Sharia-compliant Asia Pacific Equity Fund offering access to a high growth region

Posted on 28 June 2011 by Laxman  |  Email|Print

Dubai Islamic Bank (DIB) unveiled a new opportunity for regional investors to participate in the rapidly growing economy of Asia. The Prudential Shariah Opportunities - Asia Pacific Equity Fund (the Fund), endeavors to provide medium to long-term capital appreciation by investing in Sharia-compliant companies within the Asia Pacific region (excluding Japan).
Capitalising on the sustained economic growth and increasing wealth across the APAC region, the Fund is offered by Prudential Asset Management Limited, based at DIFC. The Fund will seek to invest in Sharia-compliant companies in the APAC region, excluding Japan………………………………………..Full Article: Source

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