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Islamic Finance Briefing - Archive | December, 2011

Islamic banking faces liquidity risk: Expert

Posted on 23 December 2011 by Laxman  |  Email|Print

Islamic banking sector is increasingly facing liquidity risk across all geographical regions. The situation is more challenging in the GCC region, said an expert. He called for the industry leaders and the regulators to create new instruments and develop fresh policy tools for the liquidity risk management in the Islamic industry sector.
Dr Salman Syed Ali of Islamic Research and Training Institute, Saudi Arabia, cautioned that the Islamic banking sector might also go the way of conventional banks, unless effective tools are not in place immediately………………………………………..Full Article: Source

Present Islamic banks no different from other banks, experts lament

Posted on 23 December 2011 by Laxman  |  Email|Print

Some in the Islamic banking industry lamented that the difference between the Islamic banking and conventional banking is becoming thinner by the day. Experts attending the ongoing 8th International Conference on Islamic Banking and Finance believe that the present Islamic banking system is no different from interest based banking.
“The Islamic banks are doing business the same way as the conventional banks and the only difference is that, proverbially speaking, the interest-based banks hold the nose straight, while their Islamic counterparts catch it by twisting the arm around their neck,” said Dr Sayyid Tahir………………………………………..Full Article: Source

UK Islamic bank eyes 30pct stake in Rasmala

Posted on 23 December 2011 by Laxman  |  Email|Print

European Islamic Investment Bank is in talks to acquire a 30% stake in Dubai-based Rasmala Investment Bank, two sources with knowledge of the matter told Reuters . The acquisition, which is set to be completed in early 2012, will be made through a fresh issue of shares by Rasmala which EIIB will buy, the sources said.
“EIIB is working out a certain formula with Rasmala for the capital increase,” a source, who declined to be identified because the talks are private, said. “They’ve agreed on the main terms but fine tuning some details.”……………………………………….Full Article: Source

EIIB in talks with Rasmala over stake

Posted on 23 December 2011 by Laxman  |  Email|Print

European Islamic Investment Bank confirmed it was talking to Rasmala Holdings Limited about an investment, after two sources told Reuters the group was in talks to buy a 30 percent stake in its Dubai-based Rasmala Investment Bank unit.
In a statement to the London Stock Exchange on Thursday, EIIB confirmed it was in talks with Rasmala Holdings Limited “in relation to an investment,” adding it expected to be “in a position to update the market early in the New Year.”……………………………………….Full Article: Source

Islamic banks: Yemen’s next steps

Posted on 23 December 2011 by Laxman  |  Email|Print

Yemen’s Islamic banks, which have been shut down for the best part of the last nine months in battles between pro- and anti-regime forces in the capital Sana’a, are now preparing to open up to the public.
Most of the offices had to close as street-to-street fighting in the capital had made it too dangerous to venture downtown but are now starting to get back to business as barricades and military checkpoints are cleared in the wake of the GCC-backed peace deal that will see president Ali Abdullah Saleh step down to be eventually replaced by a civilian-elected government………………………………………..Full Article: Source

India urged to promote interest-free banking system

Posted on 23 December 2011 by Laxman  |  Email|Print

A senior leader of the ruling Congress Party of India has emphasized the need to introduce an interest-free Islamic banking and financial system in the country in order to improve the economic condition of its poor through microfinance and mobilize funds required for the country’s infrastructure projects.
“If we are able to make Islamic finance available it would bring great benefits for our country and people,” said M. M. Hassan, who is also a former state minister of overseas Indians’ affairs………………………………………..Full Article: Source

Islamic banks: New year, new dawn

Posted on 23 December 2011 by Laxman  |  Email|Print

An obsession with run-of-the-mill products and services has left Middle East Islamic banks closing 2011 in a comatose state with regards to innovation, according to Islamic finance gurus.
For some time observers have warned retail banks that their offering of mundane Islamic credit cards, home loans and Takaful products was unsustainable. These warnings have now reached fever pitch. As another year looms, it seems that without radical change, Islamic banks could sleepwalk towards a crisis of customer apathy as they fail to find a better way forward other than simply mimicking conventional products………………………………………..Full Article: Source

Ethiopia to have its first Islamic bank by the first half of next year

Posted on 23 December 2011 by Laxman  |  Email|Print

Ethiopia is expected to have its first Islamic bank by the first half of next year when Zam Zam Bank, currently in its formation stage, will start operations. Zam Zam Bank has been established but not operating since 2008 when the country’s central bank, the National Bank of Ethiopia, amended the country’s banking regulations to allow interest free banking.
By August this year, officials of the bank, currently trading as Zam Zam Bank Share Company, said they had raised ETB330m ($19m), surpassing the initial target of ETB250m ($14.4m)………………………………………..Full Article: Source

Nigeria: Islamic banking: Falae canvasses name change

Posted on 23 December 2011 by Laxman  |  Email|Print

Former Minister of Finance, Chief Olu Falae, has canvassed a secular name for the non-interst banking system, currently known as Islamic Banking, to remove the prevailing religious connotation on it and thereby, widen investment interests.
He made the prescription in Lagos, on Tuesday, at a one-day colloquium organised by Centre for Righteous Living (CRIL) and The Moslem Congress (TMC), with the theme: “Inter-Religious Dialogue on Islamic Banking.”……………………………………….Full Article: Source

Malaysia to relax foreign bank ownership, issue more permits

Posted on 23 December 2011 by Laxman  |  Email|Print

Malaysia will allow foreign banks to own bigger stakes in local lenders, grant more licenses and ease short-selling rules as it seeks to triple the size of its finance sector by the end of the decade, the central bank said.
Financing that complies with Islam’s ban on interest may account for 40 percent of the total by 2020, up from 29 percent in 2010, the central bank said. Malaysia’s debt securities market has almost tripled over the past decade to 867 billion ringgit ($273 billion), it said in report………………………………………..Full Article: Source

Malaysia to liberalise foreign ownership of banks

Posted on 23 December 2011 by Laxman  |  Email|Print

Malaysia has announced plans to allow more foreign investment in the banking sector in a bid to boost economic growth. It said the government will be more flexible in letting foreigners hold stakes in banks and will also issue banking licences to foreign firms.
Malaysia’s central bank said the cap on foreign ownership will depend on the financial profile of the investor. Foreign ownership of commercial banks in Malaysia is capped at 30% currently………………………………………..Full Article: Source

Malaysia plans to spur Islamic banking sector

Posted on 23 December 2011 by Laxman  |  Email|Print

It has been reported that the Malaysian Prime Minister Najib Razak unveiled fresh plans to liberalise the country’s financial sector in a bid to develop it as an international Islamic hub.
“The financial system will have a key role in spurring new areas of growth, and facilitating our economic transformation,” he said in remarks contained in a report by Bank Negara………………………………………..Full Article: Source

Zanzibar’s People’s Bank opens Islamic window

Posted on 23 December 2011 by Laxman  |  Email|Print

The Tanzanian Islamic banking scene is heating up as the year closes with the People’s Bank of Zanzibar, a state-owned commercial bank, launching an Islamic banking window just days after the mainland witnessed the launch of the country’s first fully Islamic bank, Amana Bank.
Zanzibar is an island in the Indian Ocean under the administration of the unitary government of Tanzania. The island’s population is 99% Muslim offering a thriving base for the Islamic banking model………………………………………..Full Article: Source

Malaysia, Emirates plan Sukuk to fund aircraft

Posted on 23 December 2011 by Laxman  |  Email|Print

Malaysian Airline System Bhd (MAS) and AirAsia X Sdn are joining Emirates in planning sales of Islamic bonds as banks curb lending on Europe’s debt crisis. MAS, voted Asia’s leading air carrier by World Travel Awards this year, may sell sukuk to partly fund an order for RM12 billion (US$3.8 billion) of aircraft due to be delivered by the end of 2014, chief executive officer Ahmad Jauhari Yayha said.
AirAsia X, the region’s first long-haul budget service, may issue syariah-compliant debt to expand its fleet, CEO Azran Osman Rani said……………………………………….Full Article: Source

Islamic bonds - SA makes its move: A possible Sukuk

Posted on 23 December 2011 by Laxman  |  Email|Print

In a move that could position SA at the forefront of the global Islamic Sharia law-compliant sukuk (bond) market, national treasury has called on banks to submit proposals for the issue by government of a sukuk.
“A sukuk would create a benchmark for other emerging markets and corporates,” says treasury spokesman Bulelwa Boqwana. The nature of the possible sukuk has yet to be clarified and banks involved in the tendering process are not permitted to divulge any information………………………………………..Full Article: Source

Sukuk custody business grows for NASDAQ Dubai

Posted on 23 December 2011 by Laxman  |  Email|Print

The value of sukuk investments held for safekeeping in NASDAQ Dubai’s custody has risen by 36% in the past year, from $100m dollars to $136m dollars. The increase in the value of sukuk investments held for safekeeping in NASDAQ Dubai’s custody holdings, which are maintained in the exchange’s Central Securities Depository (CSD), reflects the wide range and competitive pricing of the CSD’s services to participants.
As well as custody, these include settlement of over the counter cross-border transfers and processing of corporate actions, such as interest and profit payments and redemption………………………………………..Full Article: Source

FMAP/NIFT launches revaluation rates for Sukuks

Posted on 23 December 2011 by Laxman  |  Email|Print

The Financial Markets Association of Pakistan (FMAP), in collaboration with NIFT, has launched two new Sukuk revaluation benchmark rates pages. These rates are to be used by Islamic banks, Islamic banking windows and mutual fund managers to revalue their holding of Islamic bonds on a daily basis.
FMAP’’s mandated 6 brokers (who are already contributing to the PKRV page for fixed income bonds), are contributing rates for these pages………………………………………..Full Article: Source

Dubai bonds lift spirits with late rally

Posted on 23 December 2011 by Laxman  |  Email|Print

A year-end rally in Dubai-related bonds sends a positive signal for 2012, suggesting more investors are becoming convinced the emirate can arrange smooth refinancings for state-owned firms next year.
Government-related entities in Dubai have bonds worth $3.8 billion (Dh13.95 billion) maturing in 2012. With the real estate market still soft, the stock market uncertain and many banks reluctant to lend because of global financial instability, investors have worried that some of those bonds might be restructured, with changes to repayment terms that disadvantage creditors………………………………………..Full Article: Source

Pakistan: Islamic investment funds

Posted on 23 December 2011 by Laxman  |  Email|Print

Is it about time that Islamic investment funds start screening out the companies doing business with the countries that are not friendly towards Islam and Muslims and other companies supporting causes and movements that have a hostile attitude towards Islam?
As being part of an over one trillion dollar Islamic financial services industry, should Islamic investment funds start a new journey of investors activism to promote causes that are in line with Islamic civilisation and discourage businesses and activities deemed undesirable from an Islamic viewpoint……………………………………….Full Article: Source

Innovation, premium halal products key to becoming halal industry hub — HDC

Posted on 23 December 2011 by Laxman  |  Email|Print

Malaysia needs to leverage on innovation and focus on producing premium halal products if it wants to realise its ambition of becoming a hub for the global halal industry, says an industry member.
Halal Industry Development Corp’s (HDC) managing director cum chief executive officer Datuk Seri Jamil Bidin said the country needed to produce premium halal products to differentiate itself from the producers of mass products. “If we focus on mass products, China and Thailand have the advantage as they are more productive,” he told Bernama………………………………………..Full Article: Source

American retail Islamic finance market: Skepticism rules

Posted on 23 December 2011 by Laxman  |  Email|Print

A recent market research survey found that 80% of American Muslims do not use Islamic finance, while an equal number already buy Halal brands. Rafiuddin Shikoh, managing partner of DinarStandard who commissioned the report told The Islamic Globe there was a “latent need” for Islamic financial products and cited the finding that many Muslims remain unconvinced that Islamic finance was authentic.
American Muslims are “a skeptical bunch” and according to Shikoh, many of those interviewed for the report said they questioned whether Islamic finance was not just conventional finance repackaged at higher cost………………………………………..Full Article: Source

Supply and demand in Islamic economics

Posted on 23 December 2011 by Laxman  |  Email|Print

Economic demand is an essential part of life. Every human being requires things, goods, and services for their daily lives. Some more essential than others. The Qur’an says that to acquire those things that humans need they must work for them.
That labor and effort are a prerequisite for receiving any goods that are in demand. However, the things that Muslims can work at or create are limited to those that have been declared Halal by the Qur’an………………………………………..Full Article: Source

Allianz to have another crack at Malaysia

Posted on 23 December 2011 by Laxman  |  Email|Print

According to ratings agency A.M.Best, Allianz SE, the Asia-Pacific subsidiary of Allianz Insurance of Germany intends to expand its reach across South East Asia in 2012. Currently operating in Indonesia, Allianz SE offers unit-linked and individual health Takaful products in the country.
Conventional insurers are at present allowed to sell Takaful products in Indonesia, but companies can only offer either family or general Takaful policies. For general Takaful, Allianz Utama Indonesia provides car and house protection for individuals and property and business interruption coverage to SMEs. Capital requirements for Takaful companies in Indonesia are lower than for conventional insurers………………………………………..Full Article: Source

Silkbank joins hands with Dawood Family Takaful

Posted on 23 December 2011 by Laxman  |  Email|Print

Silkbank Limited and Dawood Family Takaful Limited have entered into a strategic partnership whereby Silkbank shall sell Shariah compliant family Takaful products through its branch network under “Bancatakaful Agreement”.
A ceremony was held at head office of Silkbank, Karachi to sign the agreement. The agreement was signed by Talha Saeed, Group Head Retail Banking, Silkbank and Rizwan Ahmed Farid, Chief Executive Officer, Dawood Family Takaful………………………………………..Full Article: Source

Fiqh conference urges facilitating Islamic finance

Posted on 23 December 2011 by Laxman  |  Email|Print

The 4th Fiqh Conference for Islamic Finance Institutions called here Wednesday for removing the obstacles facing the Islamic Sharia-compliant banking industry which asserted itself as efficient tool for financial management regionally and internationally.
Addressing the opening session of the two-day gathering, Sheikh Ojail Al-Nashmi said the Islamic finance institutions were awarded international certificates for excellence and dynamism in prodding economic development………………………………………..Full Article: Source

Goldman Sachs Sukuk row may dent industry lure: Islamic finance

Posted on 22 December 2011 by Laxman  |  Email|Print

Rizwan H KanjiGoldman Sachs Group Inc., the fifth biggest U.S. bank by assets, has become entangled in a debate about how Shariah compliant its $2 billion Islamic bond program is, which may diminish the allure of Islamic debt.
Goldman Sachs’ sukuk program, blessed by eight of the world’s top scholars, is criticized by some Islamic advisers for not ensuring the debt will be traded at par value as mandated by Islamic law………………………………………..Full Article: Source

Sukuk investors increase holdings in NASDAQ Dubai custody by 36pct

Posted on 22 December 2011 by Laxman  |  Email|Print

The value of Sukuk investments held for safekeeping in NASDAQ Dubai’s custody has risen by 36% in the past year, from 100 million dollars to 136 million dollars.
The increase in the holdings, which are maintained in the exchange’s Central Securities Depository (CSD), reflects the wide range and competitive pricing of the CSD’s services to participants. As well as custody, these include settlement of over the counter cross-border transfers and processing of corporate actions, such as interest and profit payments and redemption………………………………………..Full Article: Source

Making Malaysia a centre for Islamic finance

Posted on 22 December 2011 by Laxman  |  Email|Print

To help Malaysia realise its global potential in Islamic finance, the country must be recognised as a reference centre and location of choice for knowledge development and talent management.
According to the Financial Sector Blueprint, this growth and development will be supported by a dynamic Islamic financial ecosystem that will be conducive for the mobilisation of the increasing volume in international financial flows………………………………………..Full Article: Source

Malaysia’s Najib unveils plan to boost bank sector

Posted on 22 December 2011 by Laxman  |  Email|Print

Malaysian Prime Minister Najib Razak Wednesday unveiled fresh plans to liberalise the country’s financial sector in a bid to develop it as an international Islamic hub. “The financial system will have a key role in spurring new areas of growth, and facilitating our economic transformation,” he said in remarks contained in a report by Bank Negara.
Under the 10-year programme, the sector is expected to expand 11 percent annually between 2011 to 2020 and add another 56,000 jobs to the current 144,000………………………………………..Full Article: Source

Malaysia to be developed as international platform for Shariah compliant asset listing

Posted on 22 December 2011 by Laxman  |  Email|Print

The government will develop Malaysia as an international platform for the listing and trading of Shariah-compliant asset classes The move is part of Bank Negara Malaysia’s effort to optimise the country’s potential as a global Islamic financial market platform.
This will be done through collaboration with other regulatory agencies, said the central bank in the Financial Sector Blueprint 2011-2020 released here Wednesday………………………………………..Full Article: Source

71pct of Islamic institutions implement IFSB’s Guiding Principles on Shariah Governance

Posted on 22 December 2011 by Laxman  |  Email|Print

Top ranking figures from the world of Islamic finance were brought together during an event in Bahrain supported by Deloitte Middle East’s Islamic Finance Knowledge Center.
National regulators, leaders of the key global industry standard-setter the Islamic Financial Services Board, professional services firms, and executive Islamic bankers joined Deloitte experts to focus on the topics of risk management and regulation of institutions offering Islamic financial services, as well as lessons learned from the global financial crisis………………………………………..Full Article: Source

Al Fakih named AAOIFI secretary general

Posted on 22 December 2011 by Laxman  |  Email|Print

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced the appointment of Dr Khaled Al Fakih as its new secretary- general. Chairman Shaikh Ebrahim bin Khalifa Al Khalifa said that the appointment had been made after carrying out the due process of selection.
“On behalf of AAOIFI and the board of trustees, I am pleased to welcome Dr Al Fakih to his new role and I am confident that he will steer the organisation to an even stronger position to discharge our responsibilities in developing and issuing standards for the international Islamic finance industry,” he added………………………………………..Full Article: Source

Benchmark a major step for Islamic finance

Posted on 22 December 2011 by Laxman  |  Email|Print

Last month, the world’s first Islamic interbank benchmark rate (IIBR) was launched. It was the result of a collaborative approach taken by many Islamic financial institutions, industry associations and Sharia scholars over the course of 24 months to address a decades-old industry challenge: how to decouple Islamic finance from a conventional western pricing benchmark (Libor) when an “Islamic” alternative was not available.
The objective was to support and preserve Islamic finance authenticity. The IIBR is an interbank benchmark that offers a reliable and realistic standard to better measure the cost of funding for Islamic financial institutions………………………………………..Full Article: Source

BB to introduce Islamic money market this month

Posted on 22 December 2011 by Laxman  |  Email|Print

Bangladesh Bank is going to introduce the Islamic money market by this month to facilitate liquidity management of the Shariah-based Islamic banks, a top official at the central bank said.
The decision was taken at a meeting with chief executive officers and managing directors of seven Islamic banks held at the central bank Wednesday with Bangladesh Bank (BB) Executive Director SK Sur Chowdhury in the chair………………………………………..Full Article: Source

NBO readies to launch Islamic banking services

Posted on 22 December 2011 by Laxman  |  Email|Print

National Bank of Oman (NBO) plans to launch Islamic banking operations in the Sultanate. The bank, which sees Islamic banking as the next area for development, plans to capitalise on opportunities presented by the innovative industry and meeting the increasing demand for Sharia-compliant finance.
Mohammed Al Ardhi, deputy chairman of the bank, confirmed that there is, indeed, a need for this diversification and that there is huge potential in the area of Islamic finance. NBO plans to contribute significantly to the industry by providing banking services to customers who request Sharia-compatible products, after obtaining approval from the Central Bank of Oman (CBO)………………………………………..Full Article: Source

Standard Chartered launches Shariah-compliant services

Posted on 22 December 2011 by Laxman  |  Email|Print

The Islamic arm of Standard Chartered Bank has launched Shariah-compliant services for its UAE-based customers. The launch aims to appeal to the Bank’s individual clients as well as small and medium-sized enterprises based in the Emirates. Standard Chartered confirms that all 600 of the Bank’s front line staff are fully trained in Islamic banking in its 11 branches spread across the Emirates.
Individuals are offered the usual range of current accounts with credit cards and savings accounts including term deposits, as well as support with specialists finance and investments………………………………………..Full Article: Source

Islamic banking: I would have sacked Lamido – Falae

Posted on 22 December 2011 by Laxman  |  Email|Print

Former Minister of Finance, Chief Olu Falae, has faulted Central Bank of Nigeria, CBN, Governor Malam Lamido Sanusi, over islamic banking, arguing that he (Sanusi) was too emotional about the issue which is unexpected of a public officer of his status.
Falae also stressed that he would have suspended or fired Sanusi if he were the finance minister………………………………………..Full Article: Source

Fiqh conf. urges facilitating Islamic finance

Posted on 22 December 2011 by Laxman  |  Email|Print

The 4th Fiqh Conference for Islamic Finance Institutions called here Wednesday for removing the obstacles facing the Islamic Sharia-compliant banking industry which asserted itself as efficient tool for financial management regionally and internationally.
Addressing the opening session of the two-day gathering, Sheikh Ojail Al-Nashmi said the Islamic finance institutions were awarded international certificates for excellence and dynamism in prodding economic development………………………………………..Full Article: Source

Almarai buys Argentina firm

Posted on 22 December 2011 by Laxman  |  Email|Print

Saudi Arabia’s Almarai Co., the Gulf’s biggest dairy firm by market value, has acquired Fondomonte S.A. which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses, it said on Wednesday.
“The transaction value is 312 million riyals ($83 million) and is financed from a combination of operational cash flows and Islamic banking facilities,” Almarai said in a bourse statement………………………………………..Full Article: Source

Islamic banks: A ‘come together’ consolidation?

Posted on 21 December 2011 by Laxman  |  Email|Print

Rushdi SiddiquiWill 2012 be the year of “come together” consolidation for Islamic banks? Size is often the justification for achieving economies of scale, used to access deals for league table prominence, used as a buffer in a challenging environment, used as defensive measure to ward off unwanted suitors, and so on.
Islamic banks are very much like Islamic (equity) funds. There are hundreds of Islamic banks and funds, but the paid-up capital and assets under management, respectively, is too small to be meaningful. Yet, both, more so Islamic banks, present a unique situation (of an industry risk) of “too small to fail”………………………………………..Full Article: Source

Nigeria: Falae canvasses non-secular identity for Islamic banking

Posted on 21 December 2011 by Laxman  |  Email|Print

Former Minister of Finance and Secretary to the Government of the Federation, Chief Olu Falae, has said the term ‘Islamic banking’, negates the secularity of Nigeria. He said, “Both the Bible and the Quran forbid usury. So, if there is a banking system which forbids such a thing, why give it a religious name? Why not something neutral?
“These issues have to be resolved considering the present state of the country. This time is critical because of religious crises and Boko Haram violence. Bringing up a banking system called Islamic banking is bound to be viewed within suspicious.”……………………………………….Full Article: Source

Malayasia: Issuance of Cagamas Sukuk

Posted on 21 December 2011 by Laxman  |  Email|Print

Cagamas Berhad (Cagamas), the National Mortgage Corporation, announced the issuance of 1 to 15 years Cagamas Conventional Medium Term Notes (CMTN) and Cagamas Islamic Medium Term Notes (IMTN) amounting to RM60 million and RM40 million respectively.
The Cagamas CMTN and IMTN which will be redeemed at their full nominal value on maturity, are unsecured obligations of the Company, ranking pari passu among themselves and with all other existing unsecured obligations of the Company. They will be listed and tradable under the Scripless Securities Trading System. (Press Release)

Indonesian Sukuk may outperform Malaysia’s

Posted on 21 December 2011 by Laxman  |  Email|Print

Indonesia’s elevation to investment grade may propel the country’s sukuk to outperform Malaysian bonds in 2012 after trailing the debt this year. Fitch Ratings, which raised Indonesia to BBB- last week, rates Malaysia three levels higher at A-.
Yields on Indonesia’s 8.8 per cent dollar-denominated Islamic securities due April 2014 were at 3.30 per cent, compared with 2.62 per cent for Malaysia’s 3.928 per cent global syariah-compliant notes due in 2015, according to prices from Royal Bank of Scotland Group plc………………………………………..Full Article: Source

Emery delays RM480mln Sukuk to Q2

Posted on 21 December 2011 by Laxman  |  Email|Print

Malaysia’s Emery Oleochemicals Group, a producer of plastic additives, delayed a plan to sell RM480 million (US$151 million) of Islamic bonds to the second quarter of next year because it has sufficient funds.
The company has “strengthened its financial resources” and is pushing back the bond sale to a time when “additional funds are required for its various long-term growth projects,” Emery said……………………………………….Full Article: Source

Debt restructuring: 2011 the year that was…

Posted on 21 December 2011 by Laxman  |  Email|Print

Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered Bank make up the three banks that have subscribed a combination of Islamic and conventional financing: according to an Emaar spokesman Dh2.8 billion of the facility is Islamic, and the remaining Dh800 million is conventional.
As Emaar slowly but surely begins to near the end of its debt restructuring, Kipp can’t help but think that if 2010 was the year in which massive debt revelations were made public—2011 is the year of debt restructuring. In this article we outline just some of the major highlights in the debt-laden landscape of the UAE………………………………………..Full Article: Source

NBO intends to launch Islamic banking

Posted on 21 December 2011 by Laxman  |  Email|Print

National Bank of Oman (NBO) is intending to launch Islamic banking operations in Oman. Islamic Banking has been named as a key area for development at NBO, which plans to capitalise on the opportunities presented by the innovative industry and meeting the increasing demand for Shari’ah-compliant finance.
Mohammed al Ardhi, NBO’s Deputy Chairman, confirmed that there is, indeed, a need for this diversification and that there is huge potential in the area of Islamic Finance. NBO plans to contribute significantly to the industry by providing banking services to ‘customers who request Shari’ah-compatible products’, after obtaining approval from CBO………………………………………..Full Article: Source

Islamic investment bank ‘best in GCC’

Posted on 21 December 2011 by Laxman  |  Email|Print

Qatar First Investment Bank (QFIB), Qatar’s independent Shariah compliant investment bank, has won the accolade of “Best Investment Bank in the GCC for 2011” among 11 regional players in this category at this year’s Islamic Business & Finance Awards organised by CPI Financial.
Bringing together over 250 regional and global industry professionals, the annual Islamic Business & Finance Awards event was held at the Emirates Towers Hotel in Dubai. The gala ceremony celebrated achievement among top Islamic bankers, financiers and Islamic banking and finance institutions……………………………………….Full Article: Source

Pakistan: Anwar stresses rising importance of Islamic finance

Posted on 21 December 2011 by Laxman  |  Email|Print

Yaseen Anwar, the governor of the State Bank of Pakistan, delivered the keynote address at the Oman Islamic Economic Forum in Muscat on December 17–18.
Anwar said “tremors” were still being felt from the financial crisis, which was the worst of its kind. “Debates on reasons for the financial crisis have led to a wider belief of having greater accountability and a proactive role of regulators to ensure stability of the financial system,” he said………………………………………..Full Article: Source

RAM Ratings reaffirms ratings of Gamuda’s Islamic securities

Posted on 21 December 2011 by Laxman  |  Email|Print

RAM Ratings has reaffirmed the respective AA3 and P1 ratings of Gamuda Berhad’s proposed 25-year MYR 800 million ($250.7 million) Islamic Medium-Term Notes Programme and seven-year MYR 100 million ($31.3 million) Islamic Commercial Papers Programme.
The agency also reaffimed the ratings on the company’s existing MYR 800 million Islamic Medium-Term Notes Programme (2008/2028) and MYR 100 million Commercial Papers Programme (2008/2015). Both long-term ratings have a stable outlook. Each of the combined facilities will be capped at MYR 800 million at all times………………………………………..Full Article: Source

Think out of the box, think ‘halal’

Posted on 21 December 2011 by Laxman  |  Email|Print

Malaysian entrepreneurs have to think out of the box to tap into the lucrative RM9 trillion-a-year halal products market. Halal Industry Development Corporation (HDC) vice-president Dr Malik Musharaf said Malaysia was only tapping into less than one per cent of the market, taking in about RM58 billion of the share.
“The global halal eco-system is worth more than US$2.3 trillion (RM9 trillion) annually and is fast gaining attention worldwide.”……………………………………….Full Article: Source

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