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Islamic Finance Briefing - Archive | June, 2011

Bahrain Sukuk beat Dubai as emergency lifted

Posted on 20 June 2011 by Laxman  |  Email|Print

Bahrain’s decision to end a three- month state of emergency is restoring confidence in the island nation’s Islamic bonds.
While protests toppled leaders in Egypt and Tunisia and fighting rages in Libya and Syria, Bahrain quelled violent street protests. The yield on Bahrain’s 6.247 percent sukuk maturing June 2014 dropped 115 basis points since March 31 to 2.81 percent, approaching a four-month low reached last week……………………………………….Full Article: Source

Cagamas’s Sukuk Alim wins RAM’s award of distinction

Posted on 20 June 2011 by Laxman  |  Email|Print

Cagamas Bhd has received the RAM Award of Distinction 2010 Blueprint Award in the Malaysian Innovation of the Year category.
In a statement today, the national mortgage corporation said the award was for its RM5 billion Sukuk al-Amanah Li al-Istithmar (Sukuk ALIm) programme……………………………………….Full Article: Source

PACRA suspends rating of HBFC’s Sukuk

Posted on 20 June 2011 by Laxman  |  Email|Print

The Pakistan Credit Rating Agency (PACRA) has suspended the rating of Sukuk amounting to PKR 1,500 million ($17.4 million) issued by House Building Finance Corporation (HBFC) due to non-availability of requisite information.
HBFC issued secured Sukukof PKR 1,500 million ($17.4 million) in May 2009, for a tenor of six years. Sukukcarries profit at the rate of KIBOR+1 per cent, being paid semi-annually……………………………………….Full Article: Source

Bloomberg launches Malaysian Sukuk index

Posted on 20 June 2011 by Laxman  |  Email|Print

Bloomberg is continuing to expand its Shari’ah-compliant fixed income index universe - a part of its Islamic Finance Platform- with the launch of the Bloomberg Malaysian Foreign Currency Sukuk Index, developed in conjunction with Bank Negara, the Malaysian central bank.
This follows the development of the Bloomberg-AIBIM-Bursa Malaysia Sovereign Shariah Index, which includes Ringgit-denominated Malaysian government sukuk……………………………………….Full Article: Source

India has enormous opportunity for Sharia-compliant investments

Posted on 20 June 2011 by Laxman  |  Email|Print

When you consider that there are nearly 200 million Muslims in India, it is surprising that one of the world’s fastest growing economies has little or no facilities for them to invest their money in a Sharia-compliant manner.
Indeed, the total size of 100 per cent Islamic funds registered for sale in India was a miniscule $3.1 million (Dh11.4 million) as of March 2011, according to Lipper, a Thomson Reuters company……………………………………….Full Article: Source

India: Interest-free banking mechanism in spotlight

Posted on 20 June 2011 by Laxman  |  Email|Print

Kerala, the first Indian state to start an Islamic finance company, is to host a national seminar here on interest-free institutional mechanism for banking, finance and insurance on July 4.
Ministers, senior bureaucrats and policymakers besides experts on the subject from across the country will attend the event. Chief Minister Oommen Chandy will open the seminar……………………………………….Full Article: Source

Sri Lanka: ComBank commences Sharia-compliant Banking

Posted on 20 June 2011 by Laxman  |  Email|Print

The Commercial Bank of Ceylon is launching ‘Sharia Compliant Banking’ to better serve an important segment of its customer base that requires Sharia-compliant financial products based on Islamic principles.
The Bank has announced the appointment of three eminent scholars in Islamic jurisprudence to its Sharia Board, to guide the operations of its new Islamic Banking Unit and to conduct periodic audits to ensure that all transactions conform to the parameters of the Sharia……………………………………….Full Article: Source

EIB, HCT in Islamic banking chair deal

Posted on 20 June 2011 by Laxman  |  Email|Print

Emirates Islamic Bank, or EIB, has signed an agreement with the Higher Colleges of Technology (HCT) to set up a chair in Islamic banking and to provide HCT students with opportunities to develop skills and careers in the growing UAE Islamic banking and finance sectors.
The agreement was signed yesterday by Shaikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research and HCT Chancellor and EIB CEO Abdulla Showaiter……………………………………….Full Article: Source

AmIslamic launches ASEAN Equity fund

Posted on 20 June 2011 by Laxman  |  Email|Print

Hot on the heels of launching its Asia-Pacific fund last month, AmIslamic Funds Management, the Shari’ah-compliant investment subsidiary of Malaysia’s AmBank Group, has launched the AmASEAN Equity fund.
The new fund will target medium- to long-term capital growth by investing in a portfolio of equities in the ASEAN markets with specific focus on the markets of Indonesia, Malaysia, Singapore, Philippines and Thailand, known as the ASEAN 5……………………………………….Full Article: Source

Shah: ‘Islamic finance disconnect’

Posted on 20 June 2011 by Laxman  |  Email|Print

Raja Nazrin Shah, the financial ambassador of the Malaysian International Islamic Financial Centre, has claimed that contemporary Islamic finance was becoming increasingly disconnected from the real economy.
Shah identified three areas requiring improvements that would move the industry closer to Islamic ideals of justice and equity: an increase in level of financial inclusiveness in Muslim countries; the channeling of savings into proactive investments to create businesses and jobs, specially in the SME sector; and an intensification of R&D into financial structures that would positively impact global socio-economic conditions. ………………………………………Full Article: Source

South Africa looking for Sharia investment

Posted on 20 June 2011 by Laxman  |  Email|Print

South African Islamic investors and financiers are likely to be recognised via a new insertion in the Income Tax Act, says consultancy firm Grant Thornton SA, enabling the country to attract further foreign investors to its financial markets.
Islamic finance is derived from the Shariah, and essentially involves profit and risk sharing and forbids the paying or receiving of interest or investment in certain industries……………………………………….Full Article: Source

UK bestows first royal award for civic excellence in Islamic finance

Posted on 20 June 2011 by Laxman  |  Email|Print

It is not very often that the British Crown has recognized services rendered in the UK Islamic finance industry.
The fact that Richard Thomas, CEO of Gatehouse Bank, was awarded the OBE (Order of the British Empire) in the recent Birthday Honours list of Queen Elizabeth II on behalf of the UK Government, in recognition for civic excellence and the contribution that Thomas has made to the UK Islamic financial services industry, shows how far the industry has come. In fact the OBE bestowed on Thomas becomes the first UK royal award for civic excellence in Islamic finance……………………………………….Full Article: Source

Islamic trade finance training on offer

Posted on 20 June 2011 by Laxman  |  Email|Print

The 10th Islamic Finance Access Program (IFAP) on Islamic trade finance (ITF) is scheduled in London on July 6. The one-day training program is part of the IFAP, which aims at bringing the highest quality of Islamic financial intelligence to executives and decision-makers in the industry.
IFAP was developed by Professor Humayon Dar in collaboration with leading practitioners and organizations in the industry with a view to offering expert advice and training to those interested in Islamic finance, with a major focus on conventional institutions offering Islamic financial products……………………………………….Full Article: Source

Missing the point

Posted on 20 June 2011 by Laxman  |  Email|Print

The volume of calls is intensifying for the creation of a supreme Shari’ah council that will oversee all Islamic finance products in the GCC, with the latest figure to step up to the megaphone stand being the eminent Dr. Hamed Hassan of Dubai Islamic Bank.
No doubt we will see in the coming months more top scholars from the Gulf and a bevy of senior bankers echo the calls made by Hassan and the others in these past few weeks……………………………………….Full Article: Source

Takaful sector to record double-digit growth yearly

Posted on 20 June 2011 by Laxman  |  Email|Print

The takaful industry is expected to record double-digit growth yearly, said executive vice-president of Takaful Ikhlas Sdn Bhd, Wan Mohd Fadzlullah Wan Abdullah. He said growth of new businesses would spur the growth of the industry.
“The industry is expected to launch an aggressive plan to increase the number of operators and agents. It will also launch campaigns to create an awareness of the importance of takaful as a financial safety net,” he said……………………………………….Full Article: Source

Kyrgyzstan has eyes for Takaful

Posted on 20 June 2011 by Laxman  |  Email|Print

Local press has reported that Kyrgyzstan in Central Asia is in the process of introducing Takaful and other Islamic financial products.
The state-owned Russian International News Agency, RIA Novosti quoted Kyrgyz deputy PM, Omurbek Babanov, who was speaking at the World Islamic Economic Forum in Astana,………………………………………Full Article: Source

Royal Decree launches Takaful to support needy pupils

Posted on 20 June 2011 by Laxman  |  Email|Print

King Abdullah, Custodian of the Two Holy Mosques, has issued a Royal Decree allocating SR476 million a year to the Takaful Charity Foundation set up to support needy pupils in public education schools.
Announcing the order Sunday, Prince Faisal Bin Abdullah, Minister of Education and chairman of Takaful and its Trustees Council, said the backing would enable the charity to launch its work and bring into effect its national strategy for social development……………………………………….Full Article: Source

AIB unveils Family plan

Posted on 20 June 2011 by Laxman  |  Email|Print

Alliance Islamic Bank, a subsidiary of Alliance Bank Malaysia, has launched the Alliance Family Takaful Investment-Linked Plan, a savings and investment plan that comes with family Takaful coverage.
According to a statement by Alliance: “This product launch is a collaboration between Alliance Islamic Bank, Takaful Ikhlas and FWU Malaysia, a subsidiary of German-based financial services provider, FWU Group.”………………………………………Full Article: Source

MIGA covers Murabaha Facility for Indonesia telecoms expansion

Posted on 20 June 2011 by Laxman  |  Email|Print

MIGA covers Murabaha Facility for Indonesia telecoms expansion
The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, has provided $450 million in investment guarantees to support the expansion of telecommunications services in Indonesia.
MIGA’s guarantees are backing a $450 million Murabaha financing facility underwritten by Deutsche Bank and Saudi British Bank (SABB)……………………………………….Full Article: Source

Dubai’s Nakheel pays $1.36bln to trade creditors

Posted on 20 June 2011 by Laxman  |  Email|Print

Nakheel, the real estate arm of debt-laden conglomerate Dubai World has paid AED5bn ($1.36bn) in overdue payments to its trade creditors, the company said Sunday.
The developer, which is seeking to delay some $10.5bn of debt, said last week it had won near-unanimous approval from trade creditors representing 95 percent of the debt……………………………………….Full Article: Source

The Executive council adopts the statutes and the organizational structure of the Islamic Broadcasting Union (IBU)

Posted on 20 June 2011 by Laxman  |  Email|Print

The Executive Council of the Islamic Broadcasting Union (IBU) which held its meeting at the headquarters of the General Secretariat of the Organization of Islamic Conference (OIC) in Jeddah on 19 June 2011, adopted the Statute and the Organizational Structure of the Union.
The meeting, which was chaired by Dr. Abdul Aziz Mohieddine Khojah who is the Chairman of the Executive Council of IBU and Minister of Culture and Information of the Kingdom of Saudi Arabia also discussed appointment of a new Director General for the Union……………………………………….Full Article: Source

Russia: Changes to law needed to facilitate Sukuk use

Posted on 17 June 2011 by Laxman  |  Email|Print

Russian borrowers are pitching plans to sell the nation’s first Islamic bonds even as regulators lag behind in customizing laws for the industry.
Executives from Gazprombank, the lending arm of gas export monopoly Gazprom, are in Southeast Asia to seek support for issuance by as many as five companies, Alexander Kazakov, director of structured and syndicated finance at the bank, said in Jakarta. Tatarstan, a Muslim-majority Russian republic, will announce a dollar-denominated sale soon, according to Kuala Lumpur-based adviser AmanahRaya Investment Bank, which is working on the proposal……………………………………….Full Article: Source

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Sri Lanka Commercial Bank starts Islamic finance

Posted on 17 June 2011 by Laxman  |  Email|Print

Amitha GooneratneSri Lanka’s Commercial Bank of Ceylon said it is starting an alternative banking services compliant with Islamic Sharia law, with a three member committee of scholars to ensure compliance.
“As one of Sri Lanka’s largest private banks it is our obligation to ensure that the services the unit provides are fully compliant with the tenets of the Sharia,” managing director Amitha Gooneratne said in a statement……………………………………….Full Article: Source

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Britain creating parallel Islamic financial system

Posted on 17 June 2011 by Laxman  |  Email|Print

A British firm has launched a Sharia-compliant pension fund that will enable Muslims to save for retirement in compliance with Islamic principles.
The British government will begin offering Muslim workers Sharia-compliant pensions as of 2012. The launching of the funds, which are said to be structured around a strict code of ethics and based on the Muslim Koran and Islamic Sharia law (a religious code for living), reflects the gradual establishment of parallel Islamic financial and legal systems in British public life……………………………………….Full Article: Source

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BRI’s Shariah branch debuts program to tap interest in gold, Islamic finance

Posted on 17 June 2011 by Laxman  |  Email|Print

BRI Syariah, a subsidiary of state-owned Bank Rakyat Indonesia, has launched a new product that allows its customer to buy gold in installments, in a bid to draw broader segments of the population to Islamic banking.
The bank plans to provide Rp 400 billion ($46.4 million) in financing for customers to buy gold, president director Ventje Rahardjo said on Wednesday……………………………………….Full Article: Source

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EIIB relocating staff to Bahrain in major push

Posted on 17 June 2011 by Laxman  |  Email|Print

The London-based European Islamic Investment Bank (EIIB) has decided to change its strategy and refocus on the Islamic markets of the Middle East and Asia.
As part of that strategy, it is relocating some of its key personnel from its London office to its representative office in Bahrain……………………………………….Full Article: Source

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The challenge face of Islamic banking

Posted on 17 June 2011 by Laxman  |  Email|Print

Islamic banking is one of the fastest growing sectors in the global financial services industry; however it also faces many challenges in relation to technology and Shariaa compliance. In order for Islamic banking to extend worldwide, specialist technological support and standards of rules are required.
Drawing on professional expertise and experience, ITS has introduced ETHIX - a Shari’a compliant financial solution which embraces the technological challenges faced by Islamic banking across the world. As a result ITS has become recognised as a leading global provider of Shari’a compliant financial solutions.”………………………………………Full Article: Source

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Understanding Islamic banking system

Posted on 17 June 2011 by Laxman  |  Email|Print

Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia’h) principles, called fiqh muamalat (Islamic rules on transactions), and guided by Islamic economics. Islamic banking is often thought to be financing the needs of the Muslim community alone but this notion, as it will be seen, is wrong.
With the rapid growth of the worldwide economy along with the expanding economy in the Islamic countries, Islamic banking is evolving to play a vital role in today’s global village……………………………………….Full Article: Source

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Nine questions - Ebi Patel, CEO of FNB Islamic finance

Posted on 17 June 2011 by Laxman  |  Email|Print

While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to provide an alternative option for Muslims, though Islamic banking is not restricted to Muslims.
Internationally Islamic finance has grown at a rate of between 10% and 15% annually, where the current global economy’s annual growth rate is 4.2%……………………………………….Full Article: Source

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Nothing should stop Islamic banking —MURIC

Posted on 17 June 2011 by Laxman  |  Email|Print

The Muslim Rights Concern (MURIC) has dismissed the Anglican Bishops’ declaration against the establishment of Islamic banks as parochial, mischievous and baseless. The group’s director, Dr Is-haq Akintola said in a statement that the threat by the bishops to go on demonstration if their position was ignored is not only callous, but shallow and provocative.
It noted that that Bishops of the Dioceses in the Church of Nigeria Anglican Communion have urged the Senate and the House of Representatives not to pass any bill that would make the proposed Islamic banking to see the light of the day……………………………………….Full Article: Source

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Elaf Bank to open branch office in Kuala Lumpur

Posted on 17 June 2011 by Laxman  |  Email|Print

Bahrain-based Elaf Bank, licensed by the Central Bank of Bahrain to operate as a wholesale Islamic bank with a paid-up capital of $200 million, has been granted a license by the Ministry of Finance Malaysia to open a branch office under the Malaysia International Islamic Finance initiative in Malaysia.
Elaf Bank was presented with the license during a formal ceremony held at Bank Negara Malaysia on Wednesday in the presence of key officials and representatives from both sides……………………………………….Full Article: Source

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UAE: ADIB offers 5pct cashback on international spend

Posted on 17 June 2011 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, on Wednesday announced that this summer, all of its Covered Cardholders will receive free international cash withdrawals and Cashback customers will receive 5% Cashback on international spend.
Customers will need to spend a minimum of Dh1,000 from June 15 to July 31 in any country outside the UAE to avail of the Cashback offer. In addition, all Covered Card customers will receive free cash withdrawals when outside the UAE during the same period……………………………………….Full Article: Source

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HCT partners with Emirates Islamic Bank to create Chair in Islamic Banking

Posted on 17 June 2011 by Laxman  |  Email|Print

Emirates Islamic Bank (EIB), one of the leading financial institutions in the region has signed an agreement with Higher Colleges of Technology (HCT) to set up a Chair in Islamic Banking and to provide HCT students with opportunities to develop skills and careers in the growing UAE Islamic banking and finance sectors.
The agreement was signed yesterday by H.E. Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education and Scientific Research and Chancellor, Higher Colleges of Technology and Mr. Abdulla Showaiter Chief Executive Officer, Emirates Islamic Bank. With this agreement the Bank becomes one of the founding members of the HCT Foundation’s HCT 100 corporate group. (Press Release)

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Malaysia targets $2bln global Sukuk offering

Posted on 17 June 2011 by Laxman  |  Email|Print

HSBC, CIMB, Maybank, and Citibank to lead sukuk issue as Malaysia plans to repeat roadshows conducted in Asia, the Middle East and Europe. Malaysia is planning to raise up to $2bn via an issue of global sukuk, or Islamic bonds, Mukhtar Hussain, chief executive of HSBC Bank Malaysia Berhad, said.
The bond, if successful, would be the largest sovereign issue to be undertaken by Malaysia. In June last year, the sovereign raised $1.25bn via a dollar-denominated, five-year global Islamic bond, or sukuk……………………………………….Full Article: Source

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Abu Dhabi leads in Gulf bond sales

Posted on 17 June 2011 by Laxman  |  Email|Print

Abu Dhabi, owner of 90 per cent of the United Arab Emirates’ oil reserves, is beating Saudi Arabia and Qatar in selling bonds as it weans companies off government funding.
Companies in the emirate sold 65 per cent of the $9.5 billion (Dh34.89 billion) raised by the six Gulf Cooperation Council countries so far this year, compared with three per cent in Saudi Arabia and none in Qatar. In 2010, Qatar and Saudi Arabia, the largest Arab economy, sold 27 per cent and 21 per cent of the total compared with Abu Dhabi’s 20 per cent……………………………………….Full Article: Source

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AA3 ratings for Kencana Islamic bond sales

Posted on 17 June 2011 by Laxman  |  Email|Print

Kencana Petroleum Bhd, a Malaysian oil and gas services company, was assigned preliminary AA3 ratings for two proposed Islamic bond sales at RAM Rating Services Bhd.
The Kuala Lumpur-based company is planning RM350 million five-year sukuk with detachable warrants, and a second five-year Islamic bond of RM700 million, RAM said………………………………………Full Article: Source

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RAM Ratings assigns AA3 preliminary ratings to Kencana’s proposed Sukuk

Posted on 17 June 2011 by Laxman  |  Email|Print

RAM Ratings has assigned preliminary AA3 ratings to Kencana Petroleum Berhad’s (Kencana or the Group) proposed RM350 million Sukuk Mudharabah (with detachable warrants) (2011/2016) (Sukuk Mudharabah-W) and proposed RM700 million Sukuk Mudharabah Programme (2011/2026) (Sukuk Mudharabah) (collectively known as “the Sukuk”); both long-term ratings have a stable outlook.
Kencana is an investment-holding company with subsidiaries involved in the provision of offshore and onshore engineering and fabrication services, hook-up and commissioning (HUC) services, drilling services and marine support vessels for the oil and gas (O&G) industry. (Press Release)

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Suncity cancels $163.7 mln Islamic debt facility

Posted on 17 June 2011 by Laxman  |  Email|Print

As such, RAM Ratings no longer has any rating obligation on the debt facility and the A2/P1 ratings have been withdrawn.
RAM Ratings has received confirmation that Sunway City cancelled its MYR 500 million Murabahah Commercial Papers/Medium Term Notes Programme (2007/2022) (CP/MTN) ahead of the scheduled maturity date of 8 October 2022; there was no outstanding CP or MTN when cancelled……………………………………….Full Article: Source

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Islamic Finance House appoints General Manager

Posted on 17 June 2011 by Laxman  |  Email|Print

Islamic Finance House (IFH) announced the appointment of Mohamed Omar Ali Mubarak Keiti as General Manager of the company that serves as a growing centre for Shari’a compliant financial solutions catering to a wide spectrum of clients in the UAE.
Mohamed Omar Ali Mubarak Keiti, a UAE national, has gained extensive Islamic financing experience through out his tenure of 11 years at leading banks in the UAE……………………………………….Full Article: Source

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Developing entrepreneurial culture in Islamic world

Posted on 17 June 2011 by Laxman  |  Email|Print

The Muslim World is going through challenging times. Despite having a population of about two billion and possessing enormous natural resources, our contribution to global economy and world polity remains minimal.
The Islamic world held a prominent position on the global stage in early centuries and Muslims were at the forefront of discoveries, inventions and governance……………………………………….Full Article: Source

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Moody’s assigns Ba1 IFS rating to Gulf Takaful Insurance Company KSC

Posted on 17 June 2011 by Laxman  |  Email|Print

Moody’s has assigned a Ba1 insurance financial strength rating (IFSR) to Gulf Takaful Insurance Company KSC (Gulf Takaful), based in Kuwait. The rating outlook is stable. Gulf Takaful is one of the largest Takaful insurers in Kuwait and was established in 2004. It writes a broad mix of non-life, Takaful life, health and medical insurance.
Moody’s Ba1 rating reflects Gulf Takaful’s good position in the domestic Takaful market, with a market share of around 15% and 3rd position in terms of premium, as well as its good distribution mix and product diversification……………………………………….Full Article: Source

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Islamic finance: The specialist sector where the sky is the limit

Posted on 16 June 2011 by Laxman  |  Email|Print

Cedomir NestorovicThe Islamic finance industry is growing rapidly. There are currently an estimated 270 Islamic banks globally, with total assets of $265 billion. The global economic crisis has encouraged its increasing popularity as an alternative financial system where risk is shared between lenders and borrowers, and any form of interest is banned.
Along with the spread of Islamic finance comes a demand for graduates who are familiar with this specialised market……………………………………….Full Article: Source

Dawn in the East: Islamic finance in focus

Posted on 16 June 2011 by Laxman  |  Email|Print

Islamic finance was a growing sector in the UK before the 2008 credit crunch shook the banking industry. Firms had begun to respond to client demand, recruiting experts in Sharia law and putting in place support networks. Now economies are clawing back, will the area become a focus for accountancy leaders, or does it remain a niche speciality?
The Big Four and top mid-tier firms all have experts ready and waiting to engage with clients on the topic, but it is not clear how much business this generates……………………………………….Full Article: Source

Qatar’s Islamic lenders may struggle to lure deposits

Posted on 16 June 2011 by Laxman  |  Email|Print

Four months after Qatar’s controversial order for conventional banks to close their Islamic units, the decision may be proving less positive than expected for purely Islamic lenders.
Despite February’s ruling from the Qatar central bank, it seems many customers remain unconvinced of the advantages of moving away from deposit accounts managed by non-Islamic institutions and are instead staying loyal to conventional lenders……………………………………….Full Article: Source

Nigeria: Central Bank’s stance on Shariah banking is illegal

Posted on 16 June 2011 by Laxman  |  Email|Print

The guidelines on non-interest banking as recently released by the Central Bank of Nigeria (CBN) violate extant relevant laws of the country. This was the consensus of a group of professionals under the aegis of Apostles in the Market Place (AiMP).
At a media briefing in Lagos yesterday, the group stated that the CBN guidelines were in violation of the Banks and Other Financial Institutions Act (BOFIA), which regulates operations in the financial services industry……………………………………….Full Article: Source

Bank Negara issues new international Islamic banking licence to Bahrain bank

Posted on 16 June 2011 by Laxman  |  Email|Print

Bank Negara Malaysia (BNM) said that the Ministry of Finance has granted approval to issue a new international Islamic bank licence to Bahrain’s Elaf Bank. Elaf Bank is allowed to conduct a wide array of Islamic banking business in international currencies other than Malaysian Ringgit, said BNM in a statement.
The bank’s presence in Malaysia will further stregthen the economic and financial linkages between Kuala Lumpur and Banrain and contribute further to the development of the Islamic financial system in Malaysia……………………………………….Full Article: Source

IDB to help finance Egypt projects for $2.5 bln

Posted on 16 June 2011 by Laxman  |  Email|Print

Jeddah-based Islamic Development Bank is setting aside $2.5 billion for development projects in Egypt over the next three years to support its economy after the ouster of its leader, the bank said on Wednesday.
“To assure the role of the banking group in supporting the development efforts in Egypt, the group decided to offer $2.5 billion in financing over the next three years, that will be intended to finance development projects,” the bank said in a statement……………………………………….Full Article: Source

Kazakhstan urges IDB to finance railroad to Iran

Posted on 16 June 2011 by Laxman  |  Email|Print

The president of Kazakhstan, Nursultan Nazarbayev, urges the Islamic Development Bank to finance the project of construction of a railroad from Kazakhstan to Iran through Turkmenistan, Novosti-Kazakhstan reports.
He said that transport communications and logistics systems are an important condition for extending trade and economic cooperation between Muslim countries……………………………………….Full Article: Source

Barwa Bank gears up to become top Shariah-compliant lender

Posted on 16 June 2011 by Laxman  |  Email|Print

Keith Bradley, general manager and head of Barwa Banking Group presented the various initiatives and offerings Barwa Bank has for its corporate and business customers, with a focus on corporate Internet banking services, which enables the clients to manage their accounts and complete various transactions online.
Troop said, “To achieve our goal of becoming a leading Shariah-compliant banking group, we have developed a unique proposition for each of our customer segment that we believe will position us as the partner of choice for Shariah-compliant banking services in Qatar……………………………………….Full Article: Source

Omani Sharia-compliant services under focus

Posted on 16 June 2011 by Laxman  |  Email|Print

Top Islamic banking experts will discuss opportunities for Omani banks interested in taking advantage of a recent Omani royal decree authorizing the establishment of Sharia-compliant services at an upcoming conference in Muscat.
International Turnkey Solutions (ITS), a leading business and technology solutions provider, will host its first Islamic banking conference at the Shangri-la’s Barr Al Jissah Resort and Spa on June 20……………………………………….Full Article: Source

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