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Islamic Finance Briefing - Archive | August, 2011

Islamic finance baffling Nigeria

Posted on 31 August 2011 by Laxman  |  Email|Print

Mallam Sanusi Lamido SanusiBehind the headlines are the usual myths about Islamic finance: It’s only for Muslims; it is a backdoor conversion of secular Nigeria into an Islamic state and that it is used to finance terrorism, among other misconceptions.
In Nigeria, Islamic finance cannot be positioned as a “choose or lose” proposition. The country, at one level, is an acid test in the cross-selling of Islamic finance to places like the US and South Korea, and other places where there is an anti-Sharia movement……………………………………….Full Article: Source

Islamic banking: How suitable for Nigeria?

Posted on 31 August 2011 by Laxman  |  Email|Print

The controversy surrounding the issue of Islamic banking has raged for quite some time. Many Nigerians do not understand the need for this form of banking and the reasons for the controversy.
Some even thought it is a fanatic pet project of the Central Bank Governor, whose fundamentalism in Islam is believed to have engineered it in the first instance. For a nation passing through the BokoHaram crisis, with the group’s insistence on the Sharia law as the legal code and Islam as the official religion, the timing for introduction of Islamic banking is to say the obvious wrong and distabilising……………………………………….Full Article: Source

Qatari banks enjoy less risky asset profiles and improved liquidity

Posted on 31 August 2011 by Laxman  |  Email|Print

Qatari banks now boast less risky asset profiles as well as improved liquidity, thanks to the government deploying significant resources in support of the industry since 2008, Deutsche Bank has said in a report.
Since 2008, the Government of Qatar has spent about $8.9bn or 7% of 2011 GDP in various support packages designed to reduce risk exposures and increase capitalisation levels, the report said……………………………………….Full Article: Source

Mena banks expect impairment accounting proposals to improve financial statements

Posted on 31 August 2011 by Laxman  |  Email|Print

According to a new Deloitte inaugural global banking IFRS 9 impairment survey, leading international banking groups, many of which are headquartered in the Middle East and North Africa, believe that IFRS 9 impairment accounting proposals will improve financial statements, in comparison to those prepared using the current IAS 39 rules.
Many of the 56 institutions that were surveyed in Europe, Asia Pacific, North America and the MENA region revealed that they have laid the framework for meeting the proposed effective date of 2015 for implementing the IFRS 9 impairment accounting proposals. Just over half will have started their enactment by the end of 2011, and nearly 90% will have started by 2012……………………………………….Full Article: Source

Egypt bad-loan levels signal lenders defy economic slowdown: Arab Credit

Posted on 31 August 2011 by Laxman  |  Email|Print

Egyptian banks were forced to shut down twice and the country’s stock market halted trading for almost two months amid the revolt that started in January.
Egypt’s banks are withstanding the nation’s worst political crisis in three decades after the central bank eased rules on provisions and kept interest rates at a five-year low……………………………………….Full Article: Source

Egypt Social Fund gets $10mln to finance small enterprises

Posted on 31 August 2011 by Laxman  |  Email|Print

Egypt’s Social Fund for Development has signed an agreement with the International Islamic Trade Finance Corp., or ITFC, for a murabaha financing facility worth $10 million, Cairo-based Al Ahram daily reports Tuesday.
The funds will be used to finance small enterprises in Egypt, which is in line with ITFC’s development objectives, Waleed Al Wohaib, ITFC’s chief executive officer, said according to the paper……………………………………….Full Article: Source

Gulf Finance House Q2 net loss of $11.23 mln-statement

Posted on 31 August 2011 by Laxman  |  Email|Print

Bahrain’s Gulf Finance House posted a net loss of $11.23 million in the second quarter due to higher finance expenses and the impact of exchange rates, the company said in a statement on Tuesday.
The second-quarter loss was narrower than the $40.2 million loss the company posted in the comparable period one year ago. The Islamic investment house swung to a profit of $700,000 in the first half of the year, compared to a loss of $47.6 million in the same period in 2010……………………………………….Full Article: Source

CBB Sukuk Al-Salam securities oversubscribed

Posted on 31 August 2011 by Laxman  |  Email|Print

The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD 18 million issue, which carries a maturity of 91 days, has been oversubscribed by 178%.
The expected return on the issue, which begins on 31 August 2011 and matures on 30 November 2011, is 0.70%……………………………………….Full Article: Source

Low rates tempt Gulf bond issuers, but timing key

Posted on 31 August 2011 by Laxman  |  Email|Print

Low US interest rates and a need for dollar funding will encourage borrowers in the Gulf to defy volatile global markets and issue bonds after a summer lull, as investors eye decent returns for relatively low risk.
Gulf bonds in recent weeks have benefited from “flight to stability” trades and strong regional bids on local bonds……………………………………….Full Article: Source

Bahrain economy records 19.8pct growth

Posted on 31 August 2011 by Laxman  |  Email|Print

Bahrain’s economy has bounced back registering a significant growth of 19.8 per cent during the second quarter of this year due to the government reform efforts, said senior officials, citing data.
The growth rate at constant price registered an increase of 0.8 per cent during the second quarter, compared to the same period last year and about 1 per cent compared to 2009, according to preliminary figures released by Central Informatics Organisation (CIO)……………………………………….Full Article: Source

Abu Dhabi bank Al Hilal eyes $500 mln Islamic bond - exec

Posted on 30 August 2011 by Laxman  |  Email|Print

Mohammad BerroAbu Dhabi government-owned Al Hilal Bank plans to raise $500 million through the sale of a 5-year Islamic bond, or sukuk, in the fourth quarter, an official told Reuters on Monday.
The issuance would be the first tranche of a global sukuk, the official said, adding that the lender’s sukuk programme is expected to be between $2 billion and $5 billion……………………………………….Full Article: Source

Nakheel delays listing of Sukuk on Nasdaq Dubai

Posted on 30 August 2011 by Laxman  |  Email|Print

Ali Rashid LootahProperty developer Nakheel has yet to list the first tranche of its Dh4.8 billion Islamic bond, or sukuk, on the Nasdaq Dubai after issuing it to trade creditors late last week.
“The sukuk will be listed once it is practical,” a Nakheel spokesperson said Monday, without providing any further information or a date on when it would be listed……………………………………….Full Article: Source

Satrop to issue Islamic Bond for new refinery in Saudi Arabia

Posted on 30 August 2011 by Laxman  |  Email|Print

Saudi Aramco Total Refining and Petrochemical (Satrop) has selected three banks to arrange for its Islamic bond, that will help to finance the construction of a large refinery complex at Jubail on the Persian Gulf coast, Saudi Arabia.
The company has selected Deutsche Securities Saudi Arabia, Samba Capital and Saudi Fransi Capital as joint lead managers and joint book runners for the bond and has secured an approval for the offering……………………………………….Full Article: Source

Why Islamic bonds don’t Sukuk

Posted on 30 August 2011 by Laxman  |  Email|Print

Islamic financial products may not be an obvious first port of call for investors in troubled times. But sukuk – or ‘Islamic bonds’ – are witnessing sustained demand despite the political upheavals of the Arab Spring-turned-summer and the recent volatility that has hit the global markets.
“We’ve seen a good pick up in activity in the past months and notably, at the height of market volatility”, Mohammed Dawood, head of Islamic capital markets at HSBC, told beyondbrics……………………………………….Full Article: Source

QNB plans $7.5 bln bond program

Posted on 30 August 2011 by Laxman  |  Email|Print

Qatar National Bank, the Gulf state’s largest lender, set up a $7.5 billion euro medium term note (EMTN) programme to fund its banking operations, the company said in a statement on Monday.
QNB said it has appointed Barclays , HSBC and QNB Capital as arrangers for the bond programme but did not indicate if the lender had any plans to issue debt in the near future……………………………………….Full Article: Source

Europe: The time is now

Posted on 30 August 2011 by Laxman  |  Email|Print

There are growing calls from the industry for US and European politicians to ditch their skeptical line on Islamic finance and deploy sovereign Sukuk as a way out of a conventional debt-induced nightmare.
After months of deteriorating economic news, confidence in western government debt has collapsed and nervousness prevails in financial markets……………………………………….Full Article: Source

Saudi Arabia in a connected world

Posted on 30 August 2011 by Laxman  |  Email|Print

For many in the Islamic finance industry in the Gulf - and the rest of the world - the Kingdom of Saudi Arabia is seen as something as a beacon of hope. This is not simply because KSA is the home of Mecca and other holy sites but because the nation has such vast reserves of oil, estimated at 20% of total world supply, and, with it, vast wealth.
Because KSA is also rather isolationist, it is often easy to imagine that it can avoid the worst vagaries of the world markets when they fall into turmoil, as they have done over recent weeks……………………………………….Full Article: Source

Asia: Islamic financial intermediaries

Posted on 30 August 2011 by Laxman  |  Email|Print

Much has been said of Islamic banking in which supposedly no interest is charged. This is purely semantics. Sure these banks do not charge interest in the usual sense; instead they tack on “service” fees and points. In the final analysis there is still a cost for the loan.
I can give someone a 0% percent loan but charge exorbitant points, commissions, or fees to recoup the cost (interest) of my capital. The end result is the same; the borrower pays a price and the lender gets a reward……………………………………….Full Article: Source

UAE university to offer MBA in Sharia-compliant banking

Posted on 30 August 2011 by Laxman  |  Email|Print

Islamic banking is one of the world’s fastest-growing financial sectors, and one UAE university is preparing to capitalise on its popularity. The Canadian University of Dubai will launch its MBA in Islamic banking at Najah Education and Careers exhibition in Abu Dhabi in October.
The course will teach traditional MBA topics such as business strategy and managerial finance, in addition to those specific to Islam such as accounting in Islamic financial institutions……………………………………….Full Article: Source

Ajman Bank finds all good things come to an end

Posted on 30 August 2011 by Laxman  |  Email|Print

Emirati banks have ridden such a wave of investor confidence this year that even relative minnows have been caught up in the excitement.
But following recent rises, stocks in Ajman Bank, an Islamic lender listed on the Dubai Financial Market, fell 1.19 per cent to 83 fils a share yesterday. The decline came against a day that saw the wider Dubai index rise 1.22 per cent……………………………………….Full Article: Source

Nigeria: Islamic banking will promote real sector - Scholar

Posted on 30 August 2011 by Laxman  |  Email|Print

An Islamic scholar, Raimi Lukman has said that the proposed Islamic banking will promote investment in the real sector of the economy and reduce unemployment in the country.
Lukman, who is a lecturer at the Centre for Entrepreneurship Development (CED), Yaba College of Technology, Lagos, said this at the weekend in a paper titled “Islamic Banking: Challenges, Implementation and Perception” presented at the 4th Wahab Folawiyo Memorial Lecture……………………………………….Full Article: Source

Iraqi bank sector ripe but reluctant for bids

Posted on 30 August 2011 by Laxman  |  Email|Print

Foreign banks are hunting for stakes in private Iraqi banks as the sector appears ripe for investment and consolidation but local banks are reluctant to take partners, fearing a loss of control, banking officials say.
Iraq’s financial sector is considered fertile ground for investment as the war-shattered nation rebuilds its vast oilfields and battered infrastructure eight years after the U.S.-led invasion that toppled dictator Saddam Hussein……………………………………….Full Article: Source

Oman Arab Bank to float 25pct shares

Posted on 30 August 2011 by Laxman  |  Email|Print

Oman Arab Bank (OAB) has been cleared to float 25 per cent of its capital on the local bourse, its chief executive said on Monday.
Oman allows companies to float a minimum 40 per cent of their capital on the Muscat Securities Market so OAB had to get government approval for an IPO of 25 per cent of its shares……………………………………….Full Article: Source

Muslims in Britain demand Sharia-compliant student loans

Posted on 30 August 2011 by Laxman  |  Email|Print

Muslim students in Britain are protesting government reforms to higher education that would raise tuition and increase interest rates on student loans.
Muslims say the changes are discriminatory because Islamic Sharia law prohibits them from paying interest on student loans. They are now demanding that the British government put in place a scheme that would enable Muslim students to finance their degrees in a way that complies with Islamic principles……………………………………….Full Article: Source

Bangladesh: Exploring potential of Zakat

Posted on 30 August 2011 by Laxman  |  Email|Print

Center for Zakat Management (CZM) is a pro poor social institution. CZM has taken up the tough responsibility to highlight the significance of Zakat as an obligatory duty imposed by Allah, the creator of the world and to develop a zakat fund and distribute the same to meet the needs of the deprived people.
Although the institution started its formal activities on March 21, 2008, it had its inception in August 1993. Rahimafrooz Bangladesh Ltd., started this programme on a limited scale since its inception……………………………………….Full Article: Source

Egypt’s Brotherhood declares war on the bikini

Posted on 30 August 2011 by Laxman  |  Email|Print

Sunbathing in Alexandria may soon be a thing of the past, at least if some Egyptian Islamist politicians have their way.
Egypt’s tourism industry has suffered a severe blow since the outburst of anti-regime demonstrations in January. But that did not stop the Freedom and Justice Party, the political wing of the Muslim Brotherhood, from demanding stricter regulations over what tourists can do and wear while visiting the country. The party is urging officials to ban skimpy swimwear and the consumption of alcohol on Egyptian streets……………………………………….Full Article: Source

Al Hilal Bank plans to issue $1bln of Sukuk

Posted on 29 August 2011 by Laxman  |  Email|Print

Al Hilal Bank is preparing for its first foray into credit markets, courting international investors with an Islamic bond sale. The Islamic bank, which is fully owned by the Abu Dhabi Investment Council, seeks to issue at least US$1 billion (Dh3.67bn) of sukuk before the end of the year.
Al Hilal is hoping the bond issue will help it to build a track record among international credit markets for future bond sales, said Sarie Arar, the head of wholesale banking at Al Hilal……………………………………….Full Article: Source

Barwa Bank’s acquisition of Al-Yusr may pave way for more transactions

Posted on 29 August 2011 by Laxman  |  Email|Print

Amjad HussainWith four months to go for the emirate’s conventional banks which have opened Islamic banking windows (IBWs) to close them down by Dec. 31, 2011 as per the directive issued in January this year by the Central Bank of Qatar (CBQ), the first such window, Al-Yusr of International Bank of Qatar, has been acquired by the local Barwa Bank, one of the rising stars of the Islamic banking sector there.
Other banks affected include the Al-Islami window of Qatar National Bank (QNB), the largest bank in the emirate; Commercial Bank of Qatar; Doha Bank; HSBC Amanah; Ahli Bank;………………………………………Full Article: Source

Strong uptake of Islamic banking services in Oman

Posted on 29 August 2011 by Laxman  |  Email|Print

Oman’s authorities are predicting a robust demand for Islamic banking services, judging by the energetic efforts of local banks to add Sharia-compliant banking products to their portfolio of services.
According to a senior official of the Central Bank of Oman (CBO), conventional banks are moving frenetically in a bid to be among the first to hit the market with Islamic banking services. It follows the announcement by Oman’s government in May this year opening the banking sector to Sharia-compliant financial services for the first time……………………………………….Full Article: Source

Gadhafi’s exit to spur Libya’s Shariah banking

Posted on 29 August 2011 by Laxman  |  Email|Print

Islamic banking in Libya, where rebels stormed the capital Tripoli this week, may benefit from the departure of Moammar Gadhafi, who stifled the industry’s growth, a former central bank chief said.
Gadhafi, who ruled Libya for more than 40 years, rejected proposals to develop the banking industry “without giving reasons,” said Farhat Bengdara, 45, who was central bank governor until he fled the country in February. The regulator awarded Doha-based Qatar Islamic Bank the only license to operate a Shariah-compliant bank a month before the start of the fighting. The country’s secular banks provide Islamic services……………………………………….Full Article: Source

Islamic banking as internal economic slavery

Posted on 29 August 2011 by Laxman  |  Email|Print

It is certainly clear that Nigeria is seeking for means of disentangling herself from the severe economic depression confronting her presently, but not through undefined agenda of Islamic banking.
Two things are reasonably underlined; Nigeria is a multi-religious and ethnic country and for long, dated back to pre-colonial and colonial era, never agreed in principle because of fear of domination, hence the enshrinement of quota system and federal character in the constitution……………………………………….Full Article: Source

Jordan Islamic Bank posts JD13.4mln net after-tax profit during first half of 2011

Posted on 29 August 2011 by Laxman  |  Email|Print

Jordan Islamic Bank (JIB) posted JD13.4 million in net after-tax profit during the first half of this year. JIB Deputy Chairman Musa Shihadeh indicated that the bank’s assets plus its managed accounts went up to around JD3 billion at the end of June 2011 compared to JD2.8 billion at the end of 2010.
Credit facilities extended to clients plus facilities extended through managed accounts reached JD1.771 billion compared to JD1.701 billion at the end of 2010, he said……………………………………….Full Article: Source

IBB takes on the high street

Posted on 29 August 2011 by Laxman  |  Email|Print

The Islamic Bank of Britain shows that even in emerging markets like the UK, Islamic banks can compete toe-to-toe with the conventional sector.
The bank is topping the tables in terms of rates being offered in the UK, with a 4.06% expected profit rate from its 24-month Fixed Term Deposit Account. IBB beat the rates offered by leading high street banks including Barclays, Bank of Scotland, Halifax, Northe Rock and Britannia……………………………………….Full Article: Source

DOJ keeping Islamic bank settlement secret

Posted on 29 August 2011 by Laxman  |  Email|Print

The Justice Department has agreed to end its investigation into an international financial network with ties to the Muslim Brotherhood and a Saudi prince in a settlement in excess of $30 million, sources tell the Investigative Project on Terrorism.
But DOJ officials refuse to release a copy of the settlement or make any comment on it……………………………………….Full Article: Source

Mena banks back impairment accounting plans

Posted on 29 August 2011 by Laxman  |  Email|Print

Majority of the banks in the Middle East and North Africa region expect impairment accounting proposals to improve financial statements, according to a survey by leading audit firm Deloitte.
The Mena-headquartered banks believe that International Financial Reporting Standards (IFRS 9) impairment accounting proposals will boost financial statements compared to those prepared using the current IAS 39 rules, said the new Deloitte inaugural global banking IFRS 9 impairment survey……………………………………….Full Article: Source

ADIB Hajj and Umrah financing at 0pct profit rate

Posted on 29 August 2011 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group has launched its new Hajj and Umrah Travel Finance at 0% profit rate for tenors up to 12 months. The bank will not charge any processing fee and the first installment can be paid up to a maximum grace period of 90 days.
The offer for the ADIB Hajj and Umrah Travel Finance is valid till 31st October 2011 while the journey must be completed within one year, by 31st October 2012……………………………………….Full Article: Source

Reviving Islamic endowment in its true spirit

Posted on 29 August 2011 by Laxman  |  Email|Print

At times one does not need to re-invent the wheel to solve certain burning issues faced by any nation. Perhaps, one can solve those issues with tools that already exist in the eco-system. We could adopt organized structured thinking patterns to deal with such matters.
If we analyze Islamic history, particularly from the 10th to 15th centuries, one can witness that the Institution of Islamic Endowment (Waqf) played a crucial role in social progress and prosperity……………………………………….Full Article: Source

Protecting confidentiality in Islamic financial contracts and structures

Posted on 29 August 2011 by Laxman  |  Email|Print

International law firm Norton Rose LLP published a paper on “Protections against unauthorized use of Shariah-compliant financial methods and structures” in July 2011 which raises several issues relating to copyright and intellectual property especially with regards to the Shariah structures.
These issues are nascent in the context of the contemporary Islamic finance movement, which only started in the mid-1970s……………………………………….Full Article: Source

Islamic investment and finance post-2009– 2010 and beyond: A sustainable alternative

Posted on 29 August 2011 by Laxman  |  Email|Print

After three decades of uneven and sporadic growth, the strength and health of Islamic financial institutions (IFIs) as an industry are well articulated by the fact that the industry is 430 IFIs strong in 75 countries, with total assets exceeding one trillion dollars.
The industry continues to enjoy an impressive growth rate that has hovered between 15–20% for most of the last decade. The industry arose 30 years ago to serve the Muslim population, which today stands at about 1.4 billion. The industry growth could be exponential if each country of the 57 Islamic countries established a true Islamic system under its central bank……………………………………….Full Article: Source

New INCEIF chief outlines three key objectives

Posted on 29 August 2011 by Laxman  |  Email|Print

The new president and chief executive officer of the International Center for Education in Islamic Finance (INCEIF), the Islamic finance education arm of Bank Negara Malaysia (BNM), Daud Vicary Abdullah has called for a much closer alignment between the global Islamic finance industry and the providers of human capital development.
Vicary, who prior to this appointment was the global head of Islamic Finance at Deloittes, the international auditing and consulting firm………………………………………Full Article: Source

ICRC boss seeks Islamic finance guideline for N32trln infrastructure

Posted on 29 August 2011 by Laxman  |  Email|Print

Following the successful use of Islamic finance to fund infrastructure globally, Director General of the Infrastructure Concession Regulatory Commission, Mansur Ahmed, is seeking a regulatory framework to help bridge Nigeria’s N32 trillion infrastructure deficit.
Approval by the Central Bank of Nigeria (CBN) for the operation of the first Islamic bank in Nigeria, has been trailed by vehement opposition to the banking policy, which President of the Christian Association of Nigeria (CAN), Ayo Oristajafor, believes, is an attempt to Islamize the country in contravention of the constitution……………………………………….Full Article: Source

Kenya Re to snare Islamic business

Posted on 29 August 2011 by Laxman  |  Email|Print

Kenya Reinsurance Corporation is looking to push its revenue growth beyond the 13% it enjoyed in the first half of this year by diversifying into the Islamic space.
The launch of a Shari’ah compliant reTakaful operation in East Africa means the Kenya Re should be able the snare the business of Kenya’s Takaful Insurance of Africa, as well as that of conventional insurers that have opened up Islamic windows, such as Canon Assurance……………………………………….Full Article: Source

Takaful growth in Indonesia

Posted on 29 August 2011 by Laxman  |  Email|Print

Takaful penetration in Indonesia has crept up to IDR923.1bn ($108m) or 3.18% of the market in the first quarter of the year according to data from the Bureau of Insurance at the Capital Market and Financial Institution Supervisory Agency.
Life Takaful generated premiums of IDR690.6bn ($81m) and general Takaful had premiums of IDR232.5bn ($27m). The Indonesia Association of Sharia Insurance Companies predicted that Takaful in Indonesia could reach 5% of the total insurance market by 2015 according to M. Shaifie Zein, chairman of the association……………………………………….Full Article: Source

Indonesia eyes financial Halal industry share

Posted on 29 August 2011 by Laxman  |  Email|Print

Indonesia is eyeing a greater share of the Shariah compliant halal industry pie, the Indonesian government is working to become the center of the world’s expanding industry, VIVA news website reported.
“We must respond constructively to the request on halal products so as to boost the economy,” Hatta Rajasa, the Coordinating Minister for the Economy, said on Friday, August 12th 2011.”Indonesia has to be the center of world’s halal-labeled products.”………………………………………Full Article: Source

Sovereign Sukuk great for Meezan’s fortunes

Posted on 29 August 2011 by Laxman  |  Email|Print

The fortunes of Pakistan’s Meezan Bank are on an upward curve, if Muhammad Asad, executive vice president and chief investment officer of Al Meezan Investment Management is to be believed.
The bank has seen a huge influx of funds this year, and Asad told The Islamic Globe that this has a lot to do with the Government of Pakistan’s Sukuk program, which has enjoyed enormous local demand……………………………………….Full Article: Source

US$1bln Sukuk already trading at a discount

Posted on 26 August 2011 by Laxman  |  Email|Print

Ali Rashid LootahNakheel’s new Islamic bond is already trading at a discount to its face value, underscoring investors’ continued doubts about the embattled property giant’s finances.
The palm islands developer issued the Dh3.8 billion (US$1.03bn) Islamic bond, or sukuk, yesterday as part of its financial restructuring. The sukuk shares went to contractors who were not paid their dues after Nakheel’s business experienced difficulties following Dubai’s property slump……………………………………….Full Article: Source

The possibilities of Islamic banking in India

Posted on 26 August 2011 by Laxman  |  Email|Print

Islamic banking, believed to be an interest-free, participatory and ethical banking system, has been an emerging global paradigm of the banking system since the last quarter of the twentieth century. The essential feature of Islamic banking is the prohibition of taking and giving of interest in all form of banking and financial transaction.
In place of an assured return on loan amount by the interest rate in the conventional banking system, the Islamic form of financing advocates the profit-loss sharing module. Taking a risk is the only provision that entitles one to profit, if there is no risk of loss then there is no assurance of profit to the depositor or the financer. ………………………………………Full Article: Source

Egypt rekindles interest in Islamic banking

Posted on 26 August 2011 by Laxman  |  Email|Print

Egypt has rekindled interest in the growing sector of Islamic banking and finance in an attempt to rebuild the economy of the country using internal methods of financing.
Part of the country’s efforts will be to launch a sovereign Sukuk, or bond, program within months. It would be Egypt’s first sovereign Sukuk, ahead of country states including Saudi Arabia, Kuwait, the United Arab Emirates, Turkey and Jordan as well as mature markets such as Great Britain and France……………………………………….Full Article: Source

Study confirms banks were mixing traditional, Islamic operations

Posted on 26 August 2011 by Laxman  |  Email|Print

Qatar’s banking regulator asked conventional banks to close their Islamic operations because some banks were mixing up their traditional and Islamic banking operations, says a study conducted by a Qatar University student.
The study, in fact, confirms assertions by the Qatar Central Bank (QCB) earlier that it directed commercial banks to wind up their Shariah-compliant operations by the year-end since some banks did not keep their two operations separate……………………………………….Full Article: Source

Islamic banking and takaful boost BIMB earnings

Posted on 26 August 2011 by Laxman  |  Email|Print

BIMB Holdings Bhd posted RM62.84mil in net profit on revenue of RM502.26mil mainly due to higher operating results registered by the Islamic financial services group’s subsidiaries – Bank Islam Malaysia Bhd and Syarikat Takaful Malaysia Bhd.
BIMB’s group managing director and chief executive officer Johan Abdullah said in a press statement yesterday that growth in net income was driven by higher profit from the continued growth in financing, higher non-fund based income and improved asset quality in Bank Islam, as well as higher profit generated from takaful businesses……………………………………….Full Article: Source

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