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Islamic Finance Briefing - Archive | October, 2011

Grand Shia cleric prescribes Islamic economics to help world economic crisis

Posted on 20 October 2011 by Laxman  |  Email|Print

“Scholars should stand against the economic despotism,” said grand Ayatollah Nouri Hamedani. Speaking at a meeting in Tehran, ayatollah Hussien Nouri Hamedani underscored the necessity of introducing Islamic Economy to the world.
“It is incumbent upon scholars to introduce the Islamic economy to the world while the economic and “political despotism” are being collapsed,” the grand Ayatollah mentioned……………………………………….Full Article: Source

Islamic banks need ’shake up’

Posted on 20 October 2011 by Laxman  |  Email|Print

Islamic banks must do more than merely rely on the Muslim faith of potential customers if they are to secure their business, industry experts have warned. A panel discussion at the World Islamic Retail Banking Conference in Dubai saw several heavyweights from the industry call on banks to improve everything from services to branding if they want to compete with household names of conventional finance.
Wasim Saifi, global head of Islamic banking at Standard Chartered, said that research showed the majority of Muslims still bank with conventional institutions. And, he added, just advertising services as ‘Sharia-compliant’ is not going to be enough to make them move to an Islamic bank……………………………………….Full Article: Source

Qatar Islamic’s net profit soars

Posted on 20 October 2011 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB) has reported a 22% jump in its January-September 2011 net profit to QR1.11bn mainly on its robust core earnings and lower impairments on its credit and investment portfolios.
Net income from financing was down 6% to QR1.36bn, while that from investments jumped about nine-fold to QR499.71mn. Thus, its total net financing and investment income rose 24% to QR1.86bn, according to its financial statement filed with the Qatar Exchange……………………………………….Full Article: Source

QIIB profit jumps 20pct in Q3 on Qatar growth

Posted on 20 October 2011 by Laxman  |  Email|Print

International Islamic (QIIB) has posted a net profit of QR504mn in the third quarter of this year, up 20% on the same period last year. The bank’s total assets stood at QR22.2bn in Q3: a 22% jump compared with QR18.2bn in 2010.
QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said the bank’s results are ‘very good’ and it had ‘greatly benefited’ from Qatar’s rapidly expanding economy. ………………………………………Full Article: Source

State Bank to introduce Islamic financing

Posted on 20 October 2011 by Laxman  |  Email|Print

The State Bank of Pakistan has developed a model product based on ‘Salam’ to meet the production finance (working capital) needs of country’s farming community.
The SBP said yesterday that the model product developed in consultation with all the stakeholders would facilitate Islamic Banking Institutions (IBIs) in improving the access of agricultural Islamic financing. ………………………………………Full Article: Source

HSBC sees Islamic serviced funds AUM hitting $10 bln

Posted on 20 October 2011 by Laxman  |  Email|Print

HSBC Amanah, the Islamic arm of lender HSBC, expects a pipeline of 30 new Islamic funds to boost its assets under management for serviced funds to $10 billion, its global head of securities services said on Tuesday.
Germain Birgen said the bank currently services 90 Islamic funds worth roughly $5 billion in assets. The 30 new funds are expected to launch within the next 12 to 18 months, he said……………………………………….Full Article: Source

ME equity issues up 68pct in Q3

Posted on 20 October 2011 by Laxman  |  Email|Print

The equity capital markets (ECM) issuance in the Middle East region surged 68 per cent to hit $8.9 billion during the third quarter of 2011 compared to $5.3 billion last year, said a report by Thomson Reuters.
However, this equity issues growth failed to lift overall investment banking fees, which fell 35 per cent from $483.8 million to $316.6 million for same nine month period in 2011, Thomson Reuters said in its third quarter investment banking analysis for ME region……………………………………….Full Article: Source

Takaful-focused insurer bought by run-off investment specialists

Posted on 20 October 2011 by Laxman  |  Email|Print

Principle has been in run-off since October 2009. It was launched and received Financial Services Authority approval in 2008 with the aim of meeting the motor and home insurance needs of the country’s Muslim population as the only Shariah-compliant insurance provider in Britain at the time.
The provider, which consists of almost entirely of Takaful motor insurance business, had net reserves of approximately £2.8m on 30 June 2011. The latest available audited accounts to 31 December 2010 revealed a net asset value of £5.1m………………………………………Full Article: Source

Bahrain insurance/Takaful sector set to surge

Posted on 20 October 2011 by Laxman  |  Email|Print

Bahrain’s insurance industry has felt the impact of regional political unrest, but measures put in place to boost the kingdom’s economy should help breathe new life into the sector, says an insurance expert.
Bahrain Insurance Association (BIA) chairman and Takaful International Company chief executive Younis Al Sayed said that he expected life insurance to drive growth in the industry, although he acknowledged that the segment had suffered the knock-on effect of a drop in the number of bank loans being offered in Bahrain……………………………………….Full Article: Source

QGTL launches Islamic Finance 360

Posted on 20 October 2011 by Laxman  |  Email|Print

Pak-Qatar General Takaful Ltd (PQGTL) and Tajweez Advisory Co WLL Bahrain, in cooperation with the International Islamic Financial Consultant (IIFC) jointly organized a three-day intensive workshop titled ‘Islamic Product Structuring and Pricing, Tools and Techniques’ at the Institute of Bankers Pakistan, conducted by a team of Shari’ah scholars and technicians.
Pak-Qatar General Takaful Limited (PQGTL), the Qatari-sponsored Takaful Operator, was the lead Sponsor of the workshop……………………………………….Full Article: Source

Is Islamic law to blame for the Middle East’s economic failures?

Posted on 19 October 2011 by Laxman  |  Email|Print

One of the great mysteries of economic history concerns how the Islamic world lost its mojo. A thousand years ago, the Middle East was richer and more influential in the global economy than Europe.
According to data compiled by the late economist and statistical wizard Angus Maddison, the Middle East accounted for about 9.5% of global GDP in the year 1000 while Western Europe’s share was less than 9%. By 1700, however, the situation had totally reversed, with Western Europe commanding a hefty 22% of global GDP and the Middle East a pathetic 3%……………………………………….Full Article: Source

Islamic finance’s big opportunity

Posted on 19 October 2011 by Laxman  |  Email|Print

Capital markets are crying out for a shiny new funding machine free of the problems that have beset the conventional model. But Islamic finance must choose a different path from the one it has previously followed if it hopes to assume that function and wire in sustainable growth.
Practitioners of Islamic finance have within their grasp an opportunity unlike any their industry has known before or indeed may have again. Conventional markets in Europe and the US could remain in disarray for years to come. Growth rates are low, bank weakness endemic, political risk rife. Sovereign and corporate issuers face the possibility of a returning liquidity crisis……………………………………….Full Article: Source

Jakarta eyes Islamic finance

Posted on 19 October 2011 by Laxman  |  Email|Print

Indonesia is firmly on course to expand on its entrance into the Islamic finance market with the issue of its second sukuk in two years. The move will take it a step closer to rival Malaysia, and provide the country’s coffers with an alternative source of income amid the international financial turmoil.
The final timing hasn’t been confirmed. Fluctuating fortunes in the financial markets are no doubt playing a part over the issue, which is expected to raise more than $500 million, mainly from the Middle East. According to reports, the plan has been mandated by HSBC, Citigroup and Standard Chartered……………………………………….Full Article: Source

HSBC’s Islamic unit says funds to exceed $10bln

Posted on 19 October 2011 by Laxman  |  Email|Print

HSBC Amanah Securities Services, part of HSBC Holdings, will more than double the value of the Islamic funds it services to exceed $10bn after it helps to set up funds in the next 12 to 18 months.
Demand for Islamic funds has risen in the past three to six months as the global economic slowdown prompted investors to seek alternative investments to help manage risk, according to Germain Birgen, Luxembourg-based global head of HSBC Amanah Securities. The unit will help set up more than 30 Sharia-compliant funds globally……………………………………….Full Article: Source

Malaysia’s EPF raises holdings of global Sukuk to $1.75 bln

Posted on 19 October 2011 by Laxman  |  Email|Print

Malaysia’s state-owned Employees Provident Fund increased holdings of global Islamic bonds to $1.75 billion this year from $650 million in October 2010, when it set up a program to invest in the debt, according to the head of treasury.
“We are also looking to increase our mandate to include the Islamic space in the region,” Wan Kamaruzaman Wan Ahmad, who is also general manager at the fund, said at an Islamic conference in Kuala Lumpur today, without elaborating……………………………………….Full Article: Source

World Bank eyes issue of green Sukuk

Posted on 19 October 2011 by Laxman  |  Email|Print

The World Bank is exploring the potential in a number of developing countries to issue the first Green Sukuk in the world to fund low carbon development or environmental projects.
World Bank senior counsel, Sau Ngan Wong, said the bank was discussing with governments on the viability of issuing the sukuk. She said Malaysia, as a leader in the sukuk market, has a good infrastructure and capability as well as potential to offer Green Sukuk……………………………………….Full Article: Source

Kuveyt Turk, Almarai, Indonesia, Tenaga: Islamic bond alert

Posted on 19 October 2011 by Laxman  |  Email|Print

The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest. Global sales of sukuk climbed to $18.1 billion in 2011, from $12.7 billion a year earlier, according to data compiled by Bloomberg.
KUVEYT TURK KATILIM BANKASI AS: A Turkish Islamic bank part-owned by Kuwait Finance House (KFIN) KSC got approval to sell $350 million of Islamic bonds, the market regulator in Ankara said in a weekly report published on its website……………………………………….Full Article: Source

Linklaters advises on landmark project Sukuk

Posted on 19 October 2011 by Laxman  |  Email|Print

Linklaters has advised (as international legal counsel) Deutsche Securities Saudi Arabia, Samba Capital & Investment Management Company and Saudi Fransi Capital as joint lead managers and joint bookrunners on the issuance of SR3.749bn (approximately $1bn) sukuk certificates by Arabian Aramco Total Services Company (AATSC).
The transaction represents the first ever Sharia compliant “greenfield” project bond (sukuk). The sukuk certificates are listed on the Saudi Stock Exchange (Tadawul). (Press Release)

Trade finance to propel Islamic banking industry

Posted on 19 October 2011 by Laxman  |  Email|Print

Islamic trade finance has benefited from shifting preferences towards Sharia-compliant banking and could serve as one of the key growth drivers to help the nearly US$1-trillion Islamic finance industry double in size, according to the World Islamic Economic Forum Foundation.
“Trade finance is the lifeblood of global commerce, underpinning 60%-80% of the US$12-US$13-trillion trade in global merchandise,” the WIEF Foundation said at a briefing on Tuesday……………………………………….Full Article: Source

ASEAN investment bank launches Islamic securities services

Posted on 19 October 2011 by Laxman  |  Email|Print

CIMB Group launched its Islamic securities services today at the sidelines of the IFN 2011 Investors & Issuers Asia Forum. With the launch, the Group is reinforcing its position as a fully-integrated service provider that offers shariah-compliant securities services on a single platform to institutions and individuals, both domestic and abroad.
The Group’s Islamic securities services leverages on the expertise of its four business units comprising Trustee Services and Products, Custody, Corporate Agency, and Fund Accounting. (Press Release)

Al Khaliji nine-month profit up 22pct

Posted on 19 October 2011 by Laxman  |  Email|Print

Leading Qatari bank Al khaliji has recorded a net profit of QR359 million ($98.5 million) for the first nine months marking an increase of 22 per cent over the same period last year.
Announcing the results after a board meeting, Al khaliji chairman and managing director Sheikh Hamad Bin Faisal Bin Thani Al Thani said the net operating income reached QR698 million, up 21 per cent over the corresponding period in 2010……………………………………….Full Article: Source

ABC nine-month profit surges 40pct

Posted on 19 October 2011 by Laxman  |  Email|Print

Bahrain-based Arab Banking Corporation (ABC) said its consolidated group net profit for the first nine months rose to $157 million, up 40 per cent over the same period last year.
Announcing the results on Tuesday, ABC said the total operating income for the third quarter amounted to $200 million, marginally below $207 million in the previous quarter, whilst operating expenses decreased to $97 million compared to $102 million, in part due to the impact of exchange rates……………………………………….Full Article: Source

Sharjah Islamic Bank announces 7pct rise in net profit

Posted on 19 October 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank announced this year nine months results yesterday with a net profit of AED 204.7 million, compared to 191.6 million achieved in the same period last year with an increase of 7 percent.
The balance sheet grew since December 2010 with total Assets reaching AED 18.9 billion compared with AED 16.7 billion which is 14%……………………………………….Full Article: Source

SBP launches Islamic financing for farmers

Posted on 19 October 2011 by Laxman  |  Email|Print

The State Bank of Pakistan (SBP) has announced that it has developed a model Islamic product based on the concept of “Salam” to meet production finance (working capital) needs of the farming community.
In a circular issued on Tuesday, the SBP said the model product, developed in consultation with all stakeholders, would facilitate Islamic banking institutions (IBIs) in improving access to agricultural Islamic financing for the farming community……………………………………….Full Article: Source

West African bankers exposed to Islamic banking

Posted on 19 October 2011 by Laxman  |  Email|Print

Member countries of the West African Institute for Financial and Economic Management (WAIFEM) are currently on a weeklong regional training course on rudiments of interest free banking under the Islamic Law.
The course which opens on Monday 17th October 2011, at the Paradise Suites Hotel is meant to provide participants a broad understanding on rudiments of Islamic Banking. It will also give them the clarity on the Sharia requirements and the avoidance of “RIBA” in modern day banking business……………………………………….Full Article: Source

Gambia: Islamic banking forum opens

Posted on 19 October 2011 by Laxman  |  Email|Print

A five-day regional course on the rudiments of interest-free Islamic banking kicked-off Monday at the Paradise Suites Hotel in Banjul. The course, organised by the West African Institute for Financial and Economic Management (WAIFEM) and attended by bankers from the sub-region is geared towards exposing bankers in the region to the basic tenets of Islamic banking.
Welcoming participants to the course, Professor Akpan H Ekpo, director general of WAIFEM explained that Islamic banking is a banking model based on profit and loss sharing system and rests on the Islamic doctrine of ‘universal permissibility’ in business dealings, which states that everything is permissible unless it is clearly prohibited……………………………………….Full Article: Source

Forum believes US states losing Shariah-compliant financing

Posted on 19 October 2011 by Laxman  |  Email|Print

The US-Qatar Business Council and the US-Arab Chamber of Commerce recently hosted the second Annual Islamic Finance Forum in Washington, providing participants with insights into the burgeoning use of Islamic financing and Shariah-compliant business contacts in the US.
“At this year’s forum, practitioners as well as theoreticians helped demystify the complexities of Islamic finance,” said USQBC president, executive director and ambassador Patrick N Theros. “We saw a greater emphasis on the application by investors of the principles of Islamic finance and addressed the lack of facts and context in most conversations in the US on this issue.”………………………………………Full Article: Source

Islamic finance ideal for funding infra

Posted on 19 October 2011 by Laxman  |  Email|Print

In order to maintain economic growth and sustain their surging populations, Asian nations need to develop and upgrade their infrastructure and Islamic finance can play a key role in this, Standard & Poor’s Ratings Services has said in a recently published report.
Titled, ‘Will Islamic Finance Play A Key Role In Funding Asia’s Huge Infrastructure Task?’, the report said Islamic finance would be a good match for financing Asia’s infrastructure funding gap, especially sukuk bonds……………………………………….Full Article: Source

Malaysia calls for uniform Islamic finance tax framework

Posted on 19 October 2011 by Laxman  |  Email|Print

In her keynote address to the recent IFN 2011 Issuers & Investors Asia Forum in Kuala Lumpur, Nik Ramlah Mahmood, the Managing Director of the Securities Commission Malaysia (SCM), said that, for the Islamic capital market to make further progress, more jurisdictions would need to put uniform tax frameworks into place.
She disclosed that, as at end-2010, the size of Malaysia’s Islamic capital market stood at MYR1.05 trillion (USD336bn), or 52% of the size of the overall Malaysian capital market, as compared to only MYR294bn as at end-2000……………………………………….Full Article: Source

KL’s edge in Islamic finance

Posted on 19 October 2011 by Laxman  |  Email|Print

Malaysia’s competitive advantage in Islamic finance is its comprehensive regulatory framework, according to a German economics professor.
“Malaysia has the necessary ingredients to be a hub for Islamic finance, such as its capital adequacy requirements, good governance and disclosure policies that are able to meet European financial standards,” said International Centre for Education in Islamic Finance (INCEIF) governing council member Prof Dr Volker Nienhaus……………………………………….Full Article: Source

Preparation of competitive Islamic finance workforce stressed

Posted on 19 October 2011 by Laxman  |  Email|Print

Pak-Qatar General Takaful Ltd. (PQGTL) and Tajweez Advisory Co. WLL Bahrain, in cooperation with the International Islamic Financial Consultant (IIFC) jointly organized a three-day intensive workshop titled ‘Islamic Product Structuring and Pricing, Tools and Techniques’ at the Institute of Bankers Pakistan, conducted by a team of Shari’ah scholars and technicians.
Pak-Qatar General Takaful Limited (PQGTL), the Qatari-sponsored Takaful Operator, was the lead Sponsor of the workshop……………………………………….Full Article: Source

Almarai may tap Islamic bond market to finance expansion

Posted on 18 October 2011 by Laxman  |  Email|Print

Paul-Louis GayAlmarai Co., Saudi Arabia’s largest food producer by market value, may set up its first Islamic bond program by early 2012 as it seeks financing for expansion.
The riyal-denominated sukuk would be available only to the local market and would help finance an “ambitious capital expenditure development plan and working capital needs,” Chief Financial Officer Paul-Louis Gay said………………………………………Full Article: Source

Indonesia plans to sell $500 mln global sukuk this year

Posted on 18 October 2011 by Laxman  |  Email|Print

The Indonesian Finance Ministry is targetting a $500 million 5-year global sukuk issuance this year, an official said. “We are looking for the benchmark tenor, but we hope to have longer (tenures),” Dwi Irianti Hadiningdyah, deputy director of Islamic Financing for the ministry’s debt management office, said.
“For the size, we will use the benchmark size but maybe we can do more, depending on the situation.”………………………………………Full Article: Source

Moody’s upgrades Emaar to Ba3; affirms firm’s Sukuk rating

Posted on 18 October 2011 by Laxman  |  Email|Print

Moody’s Investors Service has upgraded Dubai-based property developer Emaar Properties’ corporate family rating to Ba3 from B1, the ratings agency announced in a statement today. The ratings upgrade comes in the wake of improved financial conditions at the region’s largest real estate developer.
Shares of the property giant, listed at the Dubai Financial Market, last traded at Dh2.47 per share today, down 1.2 per cent form yesterday and near their 52-week low of Dh2.35 in a market that has been on a negative trend on weak global sentiment……………………………………….Full Article: Source

Emaar Sukuk yield drops to 3-week low as Moody’s lifts rating

Posted on 18 October 2011 by Laxman  |  Email|Print

The yield on Emaar Properties PJSC’s Islamic bonds fell to the lowest level in more than three weeks as Moody’s Investors Service raised the company’s rating by one step to Ba3, the third-highest non-investment grade.
The rate on the developer’s 8.5 percent sukuk maturing August 2016 dropped 25 basis points, or 0.25 of a percentage point, to 8.27 percent at 4:56 p.m. in Dubai, according to prices compiled by Bloomberg. Emaar Sukuk Ltd.’s rating was affirmed at B1, the fourth-highest junk rating, Moody’s said……………………………………….Full Article: Source

Global market volatility stalls TAQA Sukuk offering

Posted on 18 October 2011 by Laxman  |  Email|Print

Following its announcement earlier this month that the Abu Dhabi National Energy Company (TAQA) “is setting up a RM3.5 billion sukuk program to diversify funding sources” the issuance process is likely to take much longer given the prevailing volatile market conditions as a result of the fallout of the euro zone sovereign debt crisis and the downgrading of the US credit rating by Moody’s Investors Service.
Mohammed Mubaideen, investor relations manager, TAQA, confirmed that the (issuance) process is in early stages and the above announcement was made “to meet regulatory requirements. Any issuance will be subject to market conditions. Markets are very volatile at the moment, and it is very difficult to have a clear vision.”………………………………………Full Article: Source

Second Sukuk issuance of Kuveyt Turk meets the investors

Posted on 18 October 2011 by Laxman  |  Email|Print

Following last year’s first sukuk issuance in Turkey and Europe, Kuveyt Türk starts the investor meetings with natural and legal persons operating at abroad for the second sukuk transaction, in line with the new legislation.
To be issued by KT Sukuk Varlık Kiralama A.Ş., a Turkey-based asset leasing company established pursuant to the Communiqué on Lease Certificates of the Capital Markets Board (CMB), this will be the first 5-year-term sukuk transaction in Turkey. (Press Release)

Canada: Shariah banking goes bankrupt

Posted on 18 October 2011 by Laxman  |  Email|Print

The leading promoter of Sharia banking in Canada, UM Financial Inc. has gone into receivership without much fanfare. None of the nation’s newspapers have bothered to report the development, despite the fact it could possibly affect hundreds of homeowners.
Had it not been for a tweet by an affected Muslim homeowner looking for a lawyer, the story of UM Financial going broke would have escaped even the scant attention the news received on social media……………………………………….Full Article: Source

Nigeria: Controversy still trails Islamic banking

Posted on 18 October 2011 by Laxman  |  Email|Print

Since the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, began moves to introduce the Islamic banking system, the product has attracted so much anger in the Christian fold to the extent that the little achievements Sanusi made in the industry almost fizzled out.
Some of his critics reasoned that Nigeria is a secular state and so the introduction of Islamic banking smacks of Islamising the state. They believe that the introduction of the sharia banking system now is not appropriate in view of the destructive activities of Boko Haram……………………………………….Full Article: Source

Oman to set trend for Islamic banking, finance

Posted on 18 October 2011 by Laxman  |  Email|Print

The Royal Directive of His Majesty the Sultan in May this year on starting Islamic banking has not only opened up new opportunity for the Sultanate’s banking industry but it is set to change the face of banking itself.
In the GCC, until recently, Oman alone did have Islamic banking. After the Royal decree, almost every bank in Oman is considering launching an Islamic window. The Central Bank of Oman (CBO) has decided to establish a national authority for monitoring Islamic finance and banking sector……………………………………….Full Article: Source

Malaysia: Challenges in Islamic capital market

Posted on 18 October 2011 by Laxman  |  Email|Print

The Islamic capital market’s product issuers and service providers still operate on a small scale, especially relative to their conventional counterparts, said Securities Commission (SC) managing director, Dr Nik Ramlah Mahmood.
She said this was a critical challenge for Islamic fund managers globally as a recent industry report on Islamic funds worldwide showed that only 30 per cent of these managers had over US$100 million in assets under management while almost 40 per cent were managing less than US$25 million……………………………………….Full Article: Source

Malaysia to benefit from more globalised Islamic capital market, says SC

Posted on 18 October 2011 by Laxman  |  Email|Print

Greater internationalisation will be a key element of the Islamic capital market as it continues to chart further progress in the coming decade.
Managing director of Securities Commission Malaysia Dr Nik Ramlah Mahmood said greater internationalisation will provide Malaysia the opportunity to strengthen its position as a hub for Islamic capital market activities……………………………………….Full Article: Source

Malaysia urged to convince west to accept Islamic finance

Posted on 18 October 2011 by Laxman  |  Email|Print

Malaysia should lead the way in persuading Western economists to accept the Islamic finance system as the way to cushion the impact of economic crises, said a German economics professor.
Prof Dr Volker Nienhaus, a governing council member of International Centre for Education in Islamic Finance, the Islamic education arm of Bank Negara, said Malaysia has made credible efforts at implementing Islamic finance in this country and has also succeeded at a global level……………………………………….Full Article: Source

Cross-border deals seen driving Shariah finance growth

Posted on 18 October 2011 by Laxman  |  Email|Print

The rise in Islamic capital markets will be fuelled by more cross-border deals but the disparity in tax and legal framework across jurisdictions needs to be addressed, Malaysia’s market regulator said on Monday.
Increased harmonisation in sharia interpretation and more guidelines from global industry bodies will provide a common platform for cross-border transactions as would collaboration among countries, said the Securities Commission, which oversees the world’s largest Islamic bond market……………………………………….Full Article: Source

German don: Malaysia’s comprehensive regulatory framework a competitive advantage

Posted on 18 October 2011 by Laxman  |  Email|Print

Malaysia’s competitive advantage in Islamic finance is its comprehensive regulatory framework, according to a German economics professor.
“Malaysia has the necessary ingredients to be a hub for Islamic finance, such as its capital adequacy requirements, good governance and disclosure policies that are able to meet European financial standards,” said International Centre for Education in Islamic Finance (INCEIF) governing council member Prof Dr Volker Nienhaus……………………………………….Full Article: Source

Malaysia can strengthen its position as Islamic capital market hub

Posted on 18 October 2011 by Laxman  |  Email|Print

Greater internationalisation of the Islamic capital market (ICM) will allow Malaysia to strenghten its position as a hub for ICM activities, said Securities Commission managing director Datuk Dr Nik Ramlah Mahmood.
“The outlook for the Islamic capital market remains very promising,” she said. New markets, enhance integration and liberalisation of economies and financial markets would help drive further internationlisation of the Islamic capital market, she added……………………………………….Full Article: Source

Islamic finance a good fit fund Asia’s huge infrastructure task, says S&P report

Posted on 18 October 2011 by Laxman  |  Email|Print

Asia’s solid economic growth and surging population will need significant developments and upgrades of its infrastructure.
In a statement today, Standard & Poor’s Ratings Services (S&P) said the Asian Development Bank recently predicted that Asian economies required US$8 trillion over the next decade to fully address the region’s basic infrastructure needs, including developments in areas such as water, transportation and energy……………………………………….Full Article: Source

Islamic finance expert joins Simmons & Simmons

Posted on 18 October 2011 by Laxman  |  Email|Print

Simmons & Simmons, an international law firm, has announced that Ahmed Butt has joined its Middle East financial markets practice to focus on the Saudi Arabian market.
Butt joins from Hogan Lovells’ Dubai office where he was a founding member of the Islamic finance team. ………………………………………Full Article: Source

Abraaj plans to realign investments

Posted on 18 October 2011 by Laxman  |  Email|Print

Abraaj Capital plans to sell up to four of its investments in the next 18 months, a senior executive said yesterday. Abraaj has been trying to offload its stake in Turkish hospital group Acibadem in a deal that could be worth at least $500 million (Dh1.83 billion).
Matteo Stefanel, senior partner, said other exits were likely. “We are also looking at one to three exits in the next 18 months,” Stefanel told Reuters on the sidelines of a conference, without elaborating on details………………………………………Full Article: Source

UAE: IBAN to be mandatory for banking transactions

Posted on 18 October 2011 by Laxman  |  Email|Print

The UAE Central Bank announced Monday that the International Bank Account (IBAN) numbers will be mandatory for all account holders in the UAE from November 19 to conduct any local or international transactions.
“From November 19, customers will be required to use their IBAN to complete any local or international payment transactions. Additionally, the customer will need to ensure that their IBAN is used by the sender when they receive electronic payments, both locally and internationally,” the Central Bank said………………………………………Full Article: Source

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