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Islamic Finance Briefing - Archive | July, 2011

New Islamic development bank planned in Bahrain

Posted on 29 July 2011 by Laxman  |  Email|Print

The new development bank, founded under the auspices of the Organisation of Islamic Conference (OIC), is expected to be launched in the Kingdom of Bahrain next January with ultimate capital of $100 billion.
The bank – Al-Emar Bank (the Construction Bank) – is expected to be launched formally during the OIC meeting in the State of Qatar December 2011. The plan was originally announced at the OIC meeting in Cairo. The bank will provide finance to private sector projects in the OIC’s 57 member countries……………………………………….Full Article: Source

India: Islamic banks draw attention

Posted on 29 July 2011 by Laxman  |  Email|Print

The aggressive revision of interest rates by Reserve Bank of India, its eleventh upward hike since March 2010, could give an unintended boost to a fledgling business the central bank has never been enthusiastic about; Islamic banking.
With interest rates threatening to go beyond the reach of the common man, the interest-free Islamic banks in the state are attempting to position themselves as an alternative source of finance. “Under the existing system, a customer is forced to bear a cost for which he is not responsible,’’ says Tanvir Mohidheen, the Chief Operating Officer of Alternative Investments and Credit Limited (AICL), a Shariat-compliant entity……………………………………….Full Article: Source

Malaysia to provide micro-credit to Muslims in Cambodia

Posted on 29 July 2011 by Laxman  |  Email|Print

Malaysia will provide aid to the Muslim community in Cambodia through a micro-credit system to facilitate the community to obtain loans for business.
Defence Minister Datuk Seri Dr Ahmad Zahid Hamidi said the system to be established would be similar to the Amanah Ikhtiar Malaysia, a joint-venture between Malaysia’s non-governmental organization, Yayasan Restu with Cambodian Islamic Development Foundation……………………………………….Full Article: Source

Bring Islamic finance to New Zealand, professor says

Posted on 29 July 2011 by Laxman  |  Email|Print

Head of the Islamic Studies research department at University of Auckland Zain Ali developed a plan for how Islamic finance could benefit New Zealand. “The Islamic finance market is one of the fastest-growing segments of the global financial services industry and was estimated be worth US$822 billion ($949 billion) in 2009,” he wrote.
By adapting sharia-compliant methods, he explained, Australia could open up investment options and potentially more jobs……………………………………….Full Article: Source

Islamic CDs surge Dh13bn in H1

Posted on 29 July 2011 by Laxman  |  Email|Print

Islamic certificates of deposits (CDs) issued by the UAE central bank in late 2010 soared by nearly Dh13 billion at the end of June as banks appear to investing heavily in such tools issued in the country for the first time.
Total CDs, including conventional and Islamic CDs, slipped by around 1.3 per cent in June after a steady rise in the previous months but remained at one of their highest levels, according to figures issued by the central bank……………………………………….Full Article: Source

Nigeria: The christian clergy and Islamic banking

Posted on 29 July 2011 by Laxman  |  Email|Print

In its edition of August 6, 1994, The Economist published what in local media parlance we call a supplement on “Islam and the West.” The 18-page pull-out by Brian Beedham was an anti-thesis of sorts to the famous thesis by the Harvard University professor of Politics, the late Samuel Huntington, that an apocalyptic clash was inevitable between Islam and the West.
“Are Muslims and the people of the West doomed to perpetual confrontation?” Beedham asked. “Not,” he answered himself, “if they both see that this is a moment for change.”………………………………………Full Article: Source

Nigerian group threatens war over Islamic banking

Posted on 29 July 2011 by Laxman  |  Email|Print

A Nigerian Islamic group has threatened that Muslims will go to war if there is opposition to the proposed Islamic banking concept, which it wants introduced in the country.
Datti Ahmed of Nigerian Supreme Council for Sharia (NSCS) said: “Muslims would fight to the last drop of their blood to ensure the introduction of the system”………………………………………Full Article: Source

Nigeria: The politics of Islamic banking system

Posted on 29 July 2011 by Laxman  |  Email|Print

When the debate on the Islamic Banking started, little did those that set the ball rolling foresaw a situation where the unity and the corporate existence of Nigeria would be at stake. But now with a war signal coming from one of the stakeholders, it is high time the Presidency intervened.
Nigerians are always in love with controversies and it is almost impossible that a week would go without one burning issue or the other in the front burner for a public debate either for counterfeit or genuine reasons. The most unfortunate thing about these debates, is each is always at the expense of the corporate existence of the country even as each camp is intolerance of dissenters……………………………………….Full Article: Source

Islamic banking has come to stay – Sultan

Posted on 29 July 2011 by Laxman  |  Email|Print

The Sultan of Sokoto and President General of Jamatul Nasril Islam (JNI), Alhaji Muhammad Sa’ad Abubakar, declared, Thursday, that Islamic banking has come to stay in Nigeria, saying the issue should not lead to crisis.
The Sultan also said the violence in the North Eastern part of the country was not caused by Boko Haram. The Sultan, who is the leader of Muslims in Nigeria, disclosed this at the Jama’atu Nasril Islam (JNI) national headquarters, Kaduna in his opening remarks at a meeting to assess the level of compliance with the Tafsir (Islamic preaching) guidelines for last year……………………………………….Full Article: Source

So what’s wrong with Islamic banking?

Posted on 29 July 2011 by Laxman  |  Email|Print

A forth night ago, Nigeria’s foremost virologist Professor Tam David-West provided an illuminating insight into the concept, mechanics and the merits of Islamic banking. His argument was in synch with what the Central Bank of Nigeria (CBN) Governor’s Lamido Sanusi Lamido’s position that Islamic banking is legal, constitutional and has lots of advantages over and above other types of banking.
Our amiable Minister of Finance Ngozi Okonjo Iweala also asserted that Islamic banking is absolutely legal……………………………………….Full Article: Source

Sharjah Islamic Bank’s foreign currency and financial strength ratings affirmed with stable outlooks

Posted on 29 July 2011 by Laxman  |  Email|Print

Capital Intelligence (CI), the international credit rating agency, announced that it has maintained Sharjah Islamic Bank’s (SIB) foreign currency ratings at ‘A-’ long-term and ‘A2′ Short-Term with a ’stable’ outlook. The ratings are strongly underpinned by the support of the federal government.
The Bank’s ‘2′ support rating reflects its ownership by the government of Sharjah……………………………………….Full Article: Source

U.A.E. central bank says dirham peg to dollar is ‘steady & consistent’

Posted on 29 July 2011 by Laxman  |  Email|Print

The United Arab Emirates, the second-biggest Arab economy, said the dirham’s peg to the U.S. dollar is “steady and consistent” even as U.S. lawmakers remained deadlocked over the country’s debt limit.
“No fear on the U.S. dollar, although it is exposed to price fluctuations as it happens with all the major currencies,” the Abu Dhabi-based central bank said in an e- mailed statement today. “Despite the fact that the central bank foreign reserves are mostly denominated in U.S. dollars, they are invested mostly in non-U.S. assets.”………………………………………Full Article: Source

Oman charts out strategy to become part of expanding Islamic finance industry

Posted on 29 July 2011 by Laxman  |  Email|Print

“Oman’s move to Islamic finance comes at just the right time as ethical finance gains a foothold around the world. The speakers illuminated a number of key aspects of the industry and question time after each presentation was lively as delegates delved deeper into the topic. We are proud to be supporting the Omani banking industry in this important endeavor,” said Ihab Sahili, Regional Director for International Turnkey Systems.
Dr. Mabid Al Jarhi, Head of Training at Emirates Islamic Bank, President of the Interna-tional Association for Islamic Economics and Member of the Shari’a Board on the Dubai Financial Market, stressed the need for creating a fruitful regulatory and legal environ-ment for Islamic finance through creating separate tax and civil laws and financial regulations. (Press Release)

Clifford Chance advises on Sukuk with record number of investors for private placement in Saudi Arabia

Posted on 29 July 2011 by Laxman  |  Email|Print

Clifford Chance and Al Jadaan & Partners have advised HSBC Saudi Arabia Limited on the issuance by Saudi Binladin Group (SBG) of its second short term sukuk, attracting more than SR3bn of orders for a SR1bn issuance. The sukuk-al-murabaha was issued by SBG Sukuk Limited and guaranteed by SBG.
Following last year’s success, SBG’s second short term guaranteed sukuk-al-murabaha has attracted even higher demand allowing for a longer term instrument with tighter pricing……………………………………….Full Article: Source

Malaysia central bank sells April 2021 Sukuk at 4.009pct average yield

Posted on 29 July 2011 by Laxman  |  Email|Print

The Malaysian central bank Thursday sold MYR4.0 billion worth of April 2021 Government Investment Issues at an average yield of 4.009%.
The reopening of the Islamic bond, or sukuk, attracted a bid-to-book ratio of 3.708 times, largely within market expectations for a ratio of 3-4 times……………………………………….Full Article: Source

Islamic finance arrives in France (Audio)

Posted on 29 July 2011 by Laxman  |  Email|Print

Muslims in France are being given the chance to open bank accounts that comply with the rules of Islamic finance. Chabbi Bank - a Morrocan bank with branches in Europe - has started offering French customers sharia-compliant banking services.………………………………………Full Article: Source

The future of Islamic finance in the Middle East

Posted on 28 July 2011 by Laxman  |  Email|Print

While conventional financial transactions in Western Europe and North America are in turmoil, there is a refreshing burst of optimism in the world of Islamic finance. Largely shielded from the financial crisis, although not entirely immune, there is a significant opportunity for the Islamic financial system to provide an attractive alternative to conventional financing.
The continued potential for growth of Islamic finance means that investors are increasingly looking to tap into the various opportunities it offers. Nevertheless, Islamic finance has its challenges as well……………………………………….Full Article: Source

Prasarana successfully prices government guaranteed Sukuk

Posted on 28 July 2011 by Laxman  |  Email|Print

Shahril MokhtarSyarikat Prasarana Negara Bhd has successfully priced its RM2.0 billion 10-year and 15-year Islamic Medium Term Notes or sukuk issued yesterday, under its RM4 billion nominal value Sukuk programme guaranteed by the Malaysian government.
Arranged in 2009, the Sukuk programme is mainly to part finance the Kelana Jaya and Ampang LRT Line Extension Project (LEP) and other infrastructure improvement initiatives by Prasarana……………………………………….Full Article: Source

An alternative that suits Sukuk?

Posted on 28 July 2011 by Laxman  |  Email|Print

One potential alternative that might meet these expectations is limited purpose banking. It is proposed by Laurence Kotlikoff, a prominent economist and a professor at Boston University, who explains it at length in his book “Jimmy Stewart Is Dead” (2011).
As implied by its name, limited purpose banking limits the role of banks. In an audio podcast (2011) that we recorded with him, Kotlikoff explains that “limited purpose banking moves us from trust-me banking to show-me banking”. Simply put, banks will not extend credit themselves but operate like asset management companies offering mutual funds……………………………………….Full Article: Source

Emaar Sukuk rally as mortgage unit worries ease

Posted on 28 July 2011 by Laxman  |  Email|Print

Emaar Properties PJSC’s sukuk rose to their highest level in two weeks after the company said it didn’t have to reduce the value of assets related to a mortgage subsidiary in the second quarter.
The yield on the 8.5 per cent Islamic notes due August 2016 dropped eight basis points, or 0.08 percentage point, to 7.21 per cent on Tuesday, the lowest level since July 11, according to data compiled by Bloomberg……………………………………….Full Article: Source

Sukuk renaissance

Posted on 28 July 2011 by Laxman  |  Email|Print

The Sharia-compliant market in the Middle East is enjoying a resurgence of issuance partly due to sukuk immunity from the ongoing volatility in Western Europe and the United States.
This was demonstrated last week, with two credits successfully executing their deals and one hitting the road for a possible sukuk offering……………………………………….Full Article: Source

KFH reports growing demand for Takaful

Posted on 28 July 2011 by Laxman  |  Email|Print

Kuwait Finance House said that its Takaful insurance documents, especially the travelling variety, have witnessed high demand in the few previous travelling season days.
Deputy Banking Cards Manager at Kuwait Finance House (KFH), Salem Al-Doweisan said that many passengers seek to benefit from the travelling insurance programmes that cover overseas risks, not to mention those programmes that are Shari’ah-compliant and offer clients more benefits for competitive rates……………………………………….Full Article: Source

BisB bounces back with $8.5 mln net profit

Posted on 28 July 2011 by Laxman  |  Email|Print

Bahrain Islamic Bank (BisB) managed a powerful turnaround in the first half of the year posting a net profit of BD3.2 million ($8.5m) against a loss of BD5.7m in the first half of 2011.
The bank registered a net profit of BD1.7m for the three months from April to June compared to a net loss of BD6.9m for the same period of last year……………………………………….Full Article: Source

Al-Rajhi Bank keen to expand operations in Jordan

Posted on 28 July 2011 by Laxman  |  Email|Print

Al-Rajhi Bank is planning an expansion of its operations in Jordan, given the country’s promising opportunities and despite the global financial crisis, the bank’s Regional Manager Tareq Aql said Wednesday.
“The bank is embarking on an expansion plan with particular focus on high quality services which will be extended to clients with the most possible speed,” Aql told representatives of the media in Amman……………………………………….Full Article: Source

Islamic banks show interest in SBP’s discount facility

Posted on 28 July 2011 by Laxman  |  Email|Print

Islamic banks have started preparing recommendations in the light of Shariah principles to take benefit of discounting facility of the State Bank of Pakistan (SBP) and proposals will be sent to the central bank and finance ministry.
Commercial banks borrow from the discount window of SBP for a three-day period to address their cash constraints. This facility is called discounting and the borrowing rate is called discount rate……………………………………….Full Article: Source

Anambra denies taking Islamic Bank loan

Posted on 28 July 2011 by Laxman  |  Email|Print

Anambra State government has denied any relationship with an Islamic bank as claimed by governor of the Central Bank of Nigeria, CBN, Mr Sanusi Lamido Sanusi, while defending the proposed Islamic bank financial policy before members of the House of Representatives last Thursday.
Mrs. Uche Ekwunife, representing Awka/ Dunukofia in Anambra State, yesterday, presented a letter by Anambra State government denying ever transacting any business with an Islamic bank……………………………………….Full Article: Source

Nigeria: No one has monopoly of violence, Oritsejafor tells Shariah council

Posted on 28 July 2011 by Laxman  |  Email|Print

As the Supreme Council for Sharia in Nigeria (SCSN) has said that Nigerian Muslims would rather go to war than give up the quest for Islamic Banking, the president of the Pentecostal Fellowship of Nigeria (PFN), Pastor Ayo Oritsejafor, has stated that violence is not the preserve of one person.
Oritsejafor, who addressed the press yesterday at the general aviation terminal (GAT), Lagos on arrival from a trip overseas, said that if a group of people advocate violence, they should not expect others to fold their arms……………………………………….Full Article: Source

Nigeria: Lagos chamber backs Islamic banking

Posted on 28 July 2011 by Laxman  |  Email|Print

The Lagos Chambers of Commerce and Industry today threw its weight behind the introduction of Islamic banking in the country. President of the Chamber, Otumba Femi Deru however said the policy should be stripped of any religious reference.
Speaking at the Chamber’s second quarterly press conference in Lagos, Deru posited that the focus of Islamic banking should be on the financial concepts, principles and values it will give to those who chose to patronise the product……………………………………….Full Article: Source

Commercial Bank of Qatar Q2 profit jumps 24.9pct

Posted on 28 July 2011 by Laxman  |  Email|Print

Commercial Bank of Qatar (CBQ) reported a 24.9 percent jump in second-quarter profit on Wednesday, aided by increased lending and customer deposits.
The Gulf state’s third largest lender by market value had net profit of QR509.6m ($139.9m), according to Reuters calculations. That was up from QR408m in the same period last year……………………………………….Full Article: Source

Jordan receives $1 bln grant from Saudi Arabia

Posted on 28 July 2011 by Laxman  |  Email|Print

Jordan has received a new grant of $1 billion from Saudi Arabia to help the kingdom cope with its growing financial burdens, government officials said in Amman.
The new donation takes Saudi financial aid to Jordan to $1.4 billion over the past two months……………………………………….Full Article: Source

Daud Vicary is INCEIF’s new president & CEO

Posted on 28 July 2011 by Laxman  |  Email|Print

The International Centre for Education in Islamic Finance (INCEIF), the Global University of Islamic Finance, has appointed Daud Vicary Abdullah as its President and Chief Executive Officer, effective Aug 2.
Daud, who holds an Economic and Social History Honours degree from the University of Bristol in England, takes over from Datuk Agil Natt who retires on July 31……………………………………….Full Article: Source

UAE bank FGB prices 5-yr $650 mln Sukuk at MS+200 bps

Posted on 27 July 2011 by Laxman  |  Email|Print

Abu Dhabi’s First Gulf Bank raised $650 million through a five-year Islamic bond sale on Tuesday, carrying a coupon of 3.797 percent, two sources involved in the deal said.
FGB, the second largest lender in the United Arab Emirates by market value, priced its Islamic bond, or sukuk, in line with its final guidance of 200 basis points over midswaps indicated earlier in the day……………………………………….Full Article: Source

FGB bond heavily oversubscribed

Posted on 27 July 2011 by Laxman  |  Email|Print

UAE lender First Gulf Bank raised $650 million from the sale of five-year Islamic bonds, or sukuk, on Tuesday, in a significantly oversubscribed deal that benefited from solid global demand for Sharia-compliant paper.
The sukuk priced at 200 basis points over five-year midswaps, in line with earlier guidance, offering a profit rate — equivalent to a coupon — of 3.797 per cent, two sources involved in the deal said……………………………………….Full Article: Source

Indonesia government plans to sell IDR1 trln Islamic treasury bills Aug 2

Posted on 27 July 2011 by Laxman  |  Email|Print

The Indonesian government plans to sell IDR1 trillion of Islamic treasury bills on Aug. 2, an official at the finance ministry told reporters Tuesday.
“The indicative amount that we are going to sell is IDR1 trillion, which includes the maiden issue of Islamic treasury bills that will carry a tenor of six months,” said Rahmat Siamat, a Shariah director at the finance ministry……………………………………….Full Article: Source

Nigeria: We’ve not endorsed Islamic banking -Reps

Posted on 27 July 2011 by Laxman  |  Email|Print

The House of Representatives on Tuesday made a U-turn over its purported endorsement of the controversial Islamic banking and cash withdrawal limit policies being proposed by the Central Bank of Nigeria (CBN) after discussing the issue at an executive session that lasted about one hour.
The executive session, Nigerian Tribune learnt, was stormy as members reportedly spoke extensively and reviewed last Thursday’s meeting with the CBN governor, Mallam Sanusi Lamido Sanusi, during which members who had raised their hands to ask questions from the apex bank’s boss were not allowed to do so by the Deputy Speaker, Honourable Emeka Ihedioha, who presided over the session……………………………………….Full Article: Source

Islamic banking: What next?

Posted on 27 July 2011 by Laxman  |  Email|Print

The battle lines seem to be already drawn on the issue of Islamic banking. The Christian Association of Nigeria (CAN) led by Pastor Ayo Oritsejafor has expressed its unflinching opposition to it, while the Supreme Council for Sharia in Nigeria (SCSN) led by Alhaji Ibrahim Datti Ahmad has not only described leaders of CAN as “silly idiots” but equally warned that Muslims would not hesitate to go to war to defend it “with the last drop of their blood.”.……………………………………..Full Article: Source

Nigeria: Islamic banking ; Why not?

Posted on 27 July 2011 by Laxman  |  Email|Print

So much noise has been made in recent times over the issue of Islamic banking. As it is often the case in Nigeria, the matter has divided the country very sharply, assuming the dangerous and regrettable north versus south, Christians versus Muslims divide with each side wielding cudgels of animosity and ill will. The positions are hardening dangerously.
In this pointless crisis, the protagonists, most of them Muslims from the North, including the loquacious Governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, are as guilty as the antagonists. Needless to say that some of the most trenchant opponents are Christians from the south……………………………………….Full Article: Source

Qatar International Islamic Bank H1 net profit $88.5 mln

Posted on 27 July 2011 by Laxman  |  Email|Print

Qatar International Islamic Bank (QIIB) H1 net profit was 18.4 per cent up on year ago levels, total income was up 13.3 per cent to QAR 566 million ($155.5 million).
QIIB Chairman and Managing Director Sheikh Dr Khalid Bin Thani Bin Abdullah Al-Thani said the bank’s results clearly indicate International Islamic is surging ahead with rapid growth and holds a very strong position in the Qatari banking sector, adding that the QIIB s financial results are very good and had greatly benefitted from Qatar s rapidly developing economy……………………………………….Full Article: Source

Tunisia looks to become Islamic finance centre

Posted on 27 July 2011 by Laxman  |  Email|Print

With a newly liberated political atmosphere and a developing free market, Tunisia is looking to become a centre of Islamic finance in the Maghreb.
Islamic banking was the focus of a recent forum in Gammarth where experts, bankers and political leaders discussed ways Tunisia could lead the region in expanding economic opportunities. The July 15th-16th conference, organised by the General Council for Islamic Banks and Financial Institutions (CIBAFI), also tackled issues of innovation and training in the emerging field……………………………………….Full Article: Source

Iran: Use of Islamic finance mechanisms a priority

Posted on 27 July 2011 by Laxman  |  Email|Print

Promoting the capital market and using Islamic financing mechanisms are the top priority of the government, said minister of economic affairs and finance. Shamseddin Husseini pointed out that global Islamic financing mechanism stood at $1.2 billion in 2000 but this figure increased to $58.5 billion in 2010, reported IRIB News.
Close to $233 billion worth of Islamic bonds were published worldwide during 1994-2010, of which $47 billion pertained to Iran, he pointed out……………………………………….Full Article: Source

NNGO World forays into Islamic microfinance with Farz Foundation

Posted on 27 July 2011 by Laxman  |  Email|Print

Relief and Development Organization ‘NGO World’ has recently entered into an agreement with Shariah certified Islamic microfinance institution ‘Farz Foundation’ to replicate its Islamic Microfinance Methodology in poverty alleviation programs.
Under this partnership, both the organizations will create and raise awareness for Shariah compliant finance products by conducting training sessions, workshops with the poor community……………………………………….Full Article: Source

CIMA launches advanced diploma in Islamic finance

Posted on 27 July 2011 by Laxman  |  Email|Print

The Chartered Institute of Management Accountants (CIMA) launched its new advanced diploma in Islamic finance (CADIF) program July 7 at the Islamic Finance News 2011 Issues & Investors Europe Forum in London.
The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body, according to CIMA. It follows the launch of CIMA’s certificate in Islamic finance four years ago, which, following a recent review, has been upgraded to the CIMA diploma in Islamic finance……………………………………….Full Article: Source

The Shariah law of investing

Posted on 27 July 2011 by Laxman  |  Email|Print

Canadian Muslims are more than half a million in number, but account for just 2% of the Canadian population. Being a minority can make it difficult to follow Islam’s practices and principles due to a lack of opportunities and resources.
Since Islam is a way of life, there are rules when it comes to finances as well. These rules, called the Shariah law, form the basis for Islamic finance……………………………………….Full Article: Source

3i Infotech retains Best Takaful technology Company award

Posted on 27 July 2011 by Laxman  |  Email|Print

3i Infotech has been awarded ‘Best Takaful Technology Company’ for the fourth consecutive year, at the Takaful Leadership Awards 2011, in London.
Global financial technology solutions and services provider, 3i Infotech has been awarded “Best Takaful Technology Company” at the 5th International Takaful Summit 2011 in London. These annual awards honor companies and practitioners that have contributed the most to the growing Takaful market……………………………………….Full Article: Source

It hurts to see Muslims causing harm to Islam, says King Abdullah

Posted on 27 July 2011 by Laxman  |  Email|Print

It hurts the feelings of all Muslims when they see their brethren themselves causing harm to Islam, King Abdullah, Custodian of the Two Holy Mosques, said here Monday in an address to participants of an Islamic conference organized by the Muslim World League in Makkah.
While it causes pain to us, it provides an opportunity to the enemies of Islam to gloat over the unfortunate trend, the King told the delegation, which was led by Grand Mufti Sheikh Abdul Aziz Bin Abdullah Aal Al-Sheikh and Secretary General of MWL Dr. Abdullah Bin Abdulmohsen Al-Turki……………………………………….Full Article: Source

Islamic finance seen growing at 20pct per year

Posted on 26 July 2011 by Laxman  |  Email|Print

Ihab SahiliThe Islamic finance industry is pegged to grow at 15-20 percent per year. Sixty-three per cent of Islamic finance institutions are in the Middle East, controlling more than 50 per cent of Islamic banking assets.
“Oman’s move to Islamic finance comes at just the right time as ethical finance gains a foothold around the world,” said Ihab Sahili, regional director for International Turnkey Systems……………………………………….Full Article: Source

First Gulf Bank plans to sell its first Sukuk

Posted on 26 July 2011 by Laxman  |  Email|Print

First Gulf Bank plans to sell its first Islamic bonds from a $3.5 billion (Dh12.9 billion) sukuk programme as a scarcity of offerings drive yields to six-year lows.
Abu Dhabi’s third-largest lender by assets said last week it would start meeting fixed-income investors in the UAE, Asia and Europe……………………………………….Full Article: Source

UAE’s First Gulf Bank sets initial guidance for Sukuk sale

Posted on 26 July 2011 by Laxman  |  Email|Print

Abu Dhabi’s First Gulf Bank has set initial price guidance for a five-year, dollar-denominated benchmark Islamic bond at 210 basis points above midswaps, a document from the lead banks showed on Monday.
Joint bookrunners for the Islamic bond, or sukuk, issue are Citibank , HSBC and Standard Chartered……………………………………….Full Article: Source

Malaysia’s Petronas Gas to raise $403.4 mln for power plant

Posted on 26 July 2011 by Laxman  |  Email|Print

Malaysia’s Petronas Gas plans to raise 1.2 billion ringgit ($403.4 million) via a term loan or Sukuk for financing a 300 megawatt gas-fired power plant in the eastern state of Sabah, a local newspaper reported on Monday.
The Malaysian Reserve quoted Petronas Gas Chairman Anuar Ahmad as saying the fund-raising would cover 80 percent of the 1.5 billion ringgit Kimanis power plant in Sabah with the rest coming via equity……………………………………….Full Article: Source

Dubai’s shorter-dated bonds may prove a better bet: Arab Credit

Posted on 26 July 2011 by Laxman  |  Email|Print

Dubai’s Islamic bond due 2014 may provide better returns than its 2020 security as investors shift toward shorter maturities and because of the need to hedge against an increase in U.S. treasury yields, analysts say.
The yield gap between the Dubai government’s 6.396 percent Islamic bond, or sukuk, due 2014 and its 7.75 percent security due 2020 widened 11 basis points this month, led by a drop in yields on the shorter-dated notes, according to data compiled by Bloomberg……………………………………….Full Article: Source

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