Islamic Finance Briefing - Archive | December, 2011
Posted on 16 December 2011 by Laxman | Email|Print
News media are providing full coverage of the euro malady, but they have failed to highlight the main reason for this crisis. Yes one of the reasons is overspending. To cover this some European nations resorted to the printing of money or borrowed money from financial institutions on high interest rates.
The root cause is not borrowing but the system of charging interest on unproductive spending. Since it does not generate any positive revenue, the affected countries will not be able to pay back the loan and the amount of loan will increase due to interest. It will become a vicious circle from which they will not be able to escape………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
A decision by the UK government to put on hold earlier plans for the first Islamic sovereign bond from a western country was criticized as a setback for the initiative that could have provided more security to a shaking economy.
“It would certainly help the UK market if the government decided to go ahead with a benchmark sukuk,” Farmida Bi, partner at Norton Rose, the law firm, told the Financial Times………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Muslim civil servants have been admonished to devote part of their salaries to the less privileged in order to reduce poverty in the society, fulfill Allah’s injunctions and purify their wealth.
This charge was given by contributors at a special prayer organised by the Muslim Teachers’ Association of Nigeria (MUTAN), Alimisho branch, held at the State High School, Alimoso, Lagos State………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Dow Jones Indexes today announced it has been named 2011’s “Best Islamic Index Provider” by Islamic Finance News (IFN) — the fifth consecutive year in which the firm has captured the IFN award in recognition of its Dow Jones Islamic Market Indexes.
Dow Jones Islamic Market Indexes’ latest honour — part of IFN’s annual “Best Service Providers” awards — is the fourth trophy the index family has claimed in 2011; earlier this year, Dow Jones Islamic Market Indexes was named: “Best Islamic Index Provider” by Islamic Business & Finance; “Islamic Index Provider of the Year in Asia” by Asia Asset Management; and “Best Shari’ah Compliant Index Provider of the Year” by Global Finance. (Press Release)
Posted on 15 December 2011 by Laxman | Email|Print
The market share of Malaysia’s Islamic banking assets of the total banking industry is expected to increase, probably to 25 per cent next year from the 22 per cent recorded in 2011, said Islamic Banking and Finance Institute Malaysia (IBFIM) chairman Datuk Seri Zukri Samat.
“We hope our Islamic banking assets will grow to a higher level from 22 per cent (this year) to probably 25 per cent (next year),” he said on the sidelines of the launch of the institute’s Islamic Finance Qualifications Framework and Progression Route (IFQFPR), the country’s first ever innovation in Islamic finance talent development here Wednesday………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
Islamic financial institutions are underprepared for potential risk and vulnerable to liquidity shocks, a senior CBB official has warned.
According to Central Bank of Bahrain Executive Director of Banking Supervision Khalid Hamad, it’s imperative that more attention be given to risk management by Islamic financial entities as they face the same credit risk, market risk, operational risk, legal risk and liquidity risk as conventional banks, yet are far less sophisticated in their risk management procedures………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
The Islamic Republic of Iran was the first country to introduce Sukuk to the financial market, an economic expert said. Mohammad Sajjad Siahkarzadeh noted that while it is said that Malaysia was the first country to issue Sukuk in 1997, the Navab Expressway project in Tehran had been carried out in the same year using Sukuk bonds.
He said Iran devised the operational mechanisms for issuing Sukuks in 1994 and introduced the mechanisms in the second Islamic Banking conference in Tehran in that year………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
PLUS Bhd, the company taking over Malaysian highway operations of PLUS Expressways Bhd, set indicative pricing to sell RM23.4 billion (US$7.3 billion) Islamic bonds, according to a note sent to investors.
The company is inviting orders for RM11.3 billion of the syariah-compliant notes with tenors ranging from five to 19 years to yield between 3.8 per cent and 5.07 per cent, the document said………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
Amanah Saham Mara Investment Services Bhd (ASM Investment) is aiming to transform all its conventional funds into syariah based funds by end 2013.Its Chief Executive Officer, Nik Mohamed Zaki Nik Yusof said the move is to position ASM Investment as a fully syariah based fund and asset management company.
“We have seven conventional funds now, and if we are to change them to syariah based, there are many processes to go through including getting the approval of the trust unit shareholders and the Securities Commission. ……………………………………….Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
Public Mutual, Malaysia’s largest private unit trust company with 91 funds under management, is launching a new Islamic fund, Public Islamic Savings Fund.
“As the fund focuses its investments mainly in the domestic market, it offers investors an opportunity to capitalise on Malaysia’s resilient economic growth prospects in the medium to long-term,” said its chief executive officer Yeoh Kim Hong………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
The current global economic crisis will have no significant impact on Indonesia’s sharia banking industry, says Bank Indonesia (BI). “The global economy will not disrupt the sharia bank industry,” BI deputy governor Halim Alamsyah said Wednesday, as quoted by tempo.co.
Sharia banks, he explained, focused their funding mostly on national businesses and therefore would not suffer any direct consequences of either the debt crisis in the eurozone or the recession in the United States………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
Do you recognise the headline? I imagine many will. “Let’s bank the Muslim way?” was a slogan that appeared on a protestor’s placard last month. The image has appeared in many places on the internet and in print around the world.
The ‘Occupy Wall Street’ movement started outside the New York Stock Exchange, spread to cities across the US and indeed to financial centres elsewhere, notably the City of London. The movement started as a modest protest in New York’s financial district by demonstrators opposed to the apparent greed of bankers………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
Abu Dhabi Islamic Bank, a top-tier Islamic financial services institution, announced today that it is on track to migrate all of its Visa Covered and Debit cards to the new generation Chip & PIN cards, in line with the recent Central Bank mandate.
Also known as EMV chip-based payment cards, this new technology contains an embedded microchip in addition to the magnetic stripe which offers cardholders additional security features when compared to existing cards. (Press Release)
Posted on 15 December 2011 by Laxman | Email|Print
Bank Sarasin-Alpen won the Best Islamic Wealth Manager award at the Islamic Business and Finance Awards 2011 organized by CPI Financial, publisher of Islamic Business and Finance magazine. Rohit Walia, Executive Vice Chairman & CEO of Bank Sarasin-Alpen Group and Mahboob Murshed, Managing Director accepted the award at a ceremony held at the Emirates Towers Hotel, Dubai on 13th December, 2011.
Bank Sarasin-Alpen is a subsidiary of Bank Sarasin & Co. Ltd, Switzerland - an organization which has been known for Sustainable Swiss private banking since 1841. The Sarasin Group is incorporated in the GCC as Sarasin-Alpen. (Press Release)
Posted on 15 December 2011 by Laxman | Email|Print
A debate was held, on Wednesday in Tunis, by the African Development Bank (AfDB) on the prospects of Islamic financing and its development in the North African region.
Amen Bank CEO Ahmed Karam said that introducing Islamic financing in Tunisia would complete the existing financial and banking landscape and contribute to the revival of economic growth; it would also encourage saving and attract foreign Islamic investment………………………………………..Full Article: Source
Posted on 15 December 2011 by Laxman | Email|Print
Qatar Petroleum (QP) has completed a $10.4 billion financing of its Barzan gas project even though a difficult economic climate has put a freeze on global syndicated lending. The financing includes a commercial bank facility of $3.34bn, a $850-million Islamic facility and $2.55bn of export credit agency financing.
The project will be funded with up to 30 per cent equity and the remainder through a syndicated loan expected to total $7.2bn, the company said………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
A proposed Islamic bond issue by Saudi Arabia is important not so much because it would raise money for the country — the Kingdom does not need the cash — but because it could serve important monetary policy goals.
By making the first substantial issue of government debt for several years, authorities could pave the way for more issues if they chose. These could become a useful means to soak up funds from banks and prevent inflationary pressure from rising………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Sukuk may not be able to offer any sort of quick fix for Europe’s funding crisis, but South Africa’s decision last week to push ahead with a sovereign deal offers a much more encouraging vision for how the Islamic market could develop.
South Africa’s plans for a sovereign sukuk issue could make it the first country with a miniority Islamic population to tap the asset class. And it could be the start of a healthy trend, paving the way for countries with modest debt funding requirements and open-minded regulation to benefit from diversifying into a ready and willing alternative investor base………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Saudi Arabia is in talks with banks about issuing a riyal-denominated Islamic bond, or sukuk as the kingdom abandons its aversion to sovereign-level debt to help build a local currency yield curve, sources said.
Discussions are ongoing between the Saudi Arabian Monetary Agency and local and international banks with operations in the kingdom, with an issue expected in the first quarter of next year. The sukuk will not be issued directly by the government, but will be marketed by a governmental agency or a state fund………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Malaysia is expected to continue its strong 60% contribution to global sukuk issuance next year, bolstered by projects under the Economic Transformation Programme (ETP). HSBC Amanah said that this year had seen significant growth in sukuk, principally driven by issuance out of the country.
“This is by far the best year since 2002. Over 60% of total global sukuk issuance come from Malaysia,” HSBC Amanah chief executive Rafe Haneef said. He believes that the ETP and other projects would continue to drive the sukuk market………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
HSBC Amanah Malaysia Bhd is upbeat on the local banking sector next year, expecting over 60% of global sukuk issuance to continue to come from Malaysia. Its CEO Rafe Haneef said the sukuk sector saw significant growth this year, with over 60% of sukuk issued worldwide denominated in ringgit.
He said the bank expects the sukuk sector to maintain the same performance next year, especially with the Economic Transformation Programme projects that are funded by sukuk coming on line and projected a 4.5% to 5% gross domestic product growth for th country………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Sarawak Energy Bhd (SEB) plans to borrow an additional RM1.5bil in January 2012 in the form of Islamic debt (sukuk) under its RM15bil Sukuk Musyarakah Programme. This is in addition to its issuance of RM3bil of sukuk in June this year which was oversubscribed by three times.
The RM1.5bil obtained next year would be used by SEB to fund the progress payments of some of its power plants and transmission lines currently being constructed as well as other capital expenditure requirements, the company said. It had presented its plans for existing and potential investors here………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Al Baraka Turk Participation Bank, a subsidiary & the Bahrain - based. Al Baraka Banking Group, is hoping to raise USD 200 million in Islamic sukuk by the end of the week. Adnan Ahmed Yousif, the President and Chief Executive of the Group said: ” We’re in the market for these sukuk and we hope is raise USD 200 million by the end of this week, we have seen interest of Asian and GCC investors”.
“Pricing for the sukuk is very reasonable and competitive. It’s in the 6 percent range,” Yousif added………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Unit trust fund manager ASM Investment Services Bhd (ASM Investment) is introducing its new syariah-compliant, capital-protected fund that targets investors seeking to diversify their portfolios.
The ‘ASM Syariah Capital Protected Sector Linked Fund’, which was approved by the Securities Commission of Malaysia on November 22 this year, will have a fund size of 500 million units, offered to investors at RM0.50 per unit………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Interest by Gulf lenders in Turkey’s Islamic banking market is on the rise, according to Adnan Ahmed Yusuf Abdulmalek, head of Union of Arab BanksLeading Arab banks are currently eyeing opportunities to penetrate Turkey’s growing finance market, the top executive of Union of Arab Banks said yesterday, adding that possible investors consider merger and acquisitions.
“Banks from Arab countries and Gulf countries are highly interested in Turkey,” said Adnan Ahmed Yusuf Abdulmalek, head of Union of Arab Banks. Emirates International Bank and Qatar International Bank are among the banks interested in starting up new banks from scratch, he said………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Islamic banking industry (IBI) continued to grow and it posted 17.5 percent growth in total assets during the first half of current calendar year 2011 (CY11).
Earning indicators of Islamic banks also outperformed those of the overall banking sector for the first time, as Return On Assets (ROA) for the period under review increased from 0.8 percent to 1.6 percent. Similarly, Return On Equity (ROE) surged to a healthy 16.5 percent from 5.2 percent as of Dec 10………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Estimates vary of the size and growth rates of assets held internationally under Islamic finance, but suggest that Islamic finance is a rapidly growing industry. While it represents a small proportion of the global finance market (estimated at 1%- 5% of global share), the Islamic finance industry has experienced double-digit rates of growth annually in recent years (estimated at 10%- 20% annual growth).
Industry experts estimate that assets held under Islamic finance management doubled between 2007 and 2010 to reach around $1 trillion………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Resolution Limited has announced that its subsidiary Friends Life has signed a shareholders’ agreement with AMAB Holdings Sdn Bhd, a wholly-owned subsidiary of AmBank Group, in connection with AmFamily Takaful Berhad a joint venture company which will manufacture and sell Shariah compliant family takaful business in which Friends Life holds a 30 per cent shareholding.
Friends Life and AMAB were conditionally granted a licence to manufacture and sell takaful business, which is the Islamic alternative to conventional life insurance business, through a new joint venture company in Malaysia in 2010………………………………………..Full Article: Source
Posted on 14 December 2011 by Laxman | Email|Print
Qatar Petroleum (QP) has completed a $10.4 billion financing of its Barzan gas project even though a difficult economic climate has put a freeze on global syndicated lending. The project will be funded with up to 30 percent equity and the remainder through a syndicated loan expected to total $7.2 billion, the company said.
The financing includes a commercial bank facility of $3.34 billion, a $850-million Islamic facility and $2.55 billion of export credit agency financing, the statement said. ExxonMobil , QP’s partner in the project, also provided a portion of the senior debt………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Abu Dhabi Islamic Bank (ADIB) has paid in full an $800 million five-year sukuk, or Islamic bond, which matured on Dec 12, it said in a statement on Monday.
ADIB, the second-biggest Islamic bank in the United Arab Emirates, which last month sold a $500 million five-year Islamic bond, issued the maturing sukuk in 2006 as part of a $5 billion trust certificate programme………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Saudi Arabia is in talks with banks about issuing a riyal-denominated Islamic bond, or sukuk, five banking sources said.
High-level discussions are currently ongoing between the Saudi Arabian Monetary Agency (Sama) and a number of local and international banks with operations in the kingdom regarding the details, the sources said, with an issue expected as early as the first quarter of next year………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Troubled Dubai developer Nakheel said on Monday that the profit payment of 10 percent on its $1.03 billion sukuk issued earlier this year would be made on time. The Islamic bond, or sukuk, is part of Nakheel’s $16 billion debt restructuring deal which repays trade creditors 40 percent in cash and 60 percent via the bond.
Nakheel said all arrangements have been made to ensure that Deutsche Bank, the arranger of the sukuk, can make the payments. The payment in due on Dec 15………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Qatari commercial banks may continue to manage Islamic assets beyond the year-end deadline to close their Islamic banking arms, the central bank governor said. The banks also have the option to transfer the assets to the country’s Islamic banks, Sheikh Abdullah bin Saud Al Thani said.
Qatar’s central bank in February told non-Islamic lenders to stop offering Sharia-compliant services and wind down their Islamic units by year end on concern they may be using funds from the conventional bank for Islamic loans………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Bahrain’s central bank has urged five Islamic banks to merge early next year as it seeks to strengthen the banks’ capital bases, a senior official said.
Naser Mohammed Al-Belooshi, Executive Director of management services at the Bahrain Monetary Agency, the Gulf Arab state’s central bank -said capital limitations would continue to seriously compromise the ability of Islamic banks to finance major international projects………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Standard Chartered is evaluating the possibility of entering the Islamic banking market in Oman. With the Royal Decree to introduce Islamic finance to the sultanate issued in May this year, banks in Oman have been investigating the possibility of introducing Islamic banking windows and two new Islamic banks, Bank Nizwa and Al Izz International Bank, are expected to begin operations in 2012.
Standard Chartered is also evaluating the possibility of offering Islamic banking in the sultanate in 2012,and it is in talks with regulators………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
The Islamic Development Bank Group and the Asian Development Bank have activated joint financing within the Framework Financing Agreement (FCA).
The IDB reports that Ms. Lakshmi Venkatachalam, ADB Vice-President for Private Sector & Co-financing Operations, and Mr. Birama Sidibe, IDB Group Vice-President for Operations put their signatures to the US$ 6 billion partnership agreement which envisages a US$ 2.5 billion commitment by IDB and US$ 3.5 billion of undertakings by ADB………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
The Arab Banking Corporation (ABC) has become a trading member of the Bahrain Financial Exchange (BFX). This will enable ABC to maximize on its trading opportunities and utilize the Exchange to manage risk and facilitate investments in a secure environment with central counterparty clearing, BFX announced.
ABC is a leader in trade finance, treasury, project & structured finance, syndications, corporate & institutional banking as well as Islamic banking………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Silkbank Limited has been granted a license by the State Bank of Pakistan (SBP) to commence its Islamic banking operations in Pakistan. It is a result of strong financial growth in existing conventional banking system Silkbank will venture in establishing a dynamic Islamic Banking system replete with cutting-edge products and services.
Executive Director of Silkbank, M A Mannan said the Bank already has the finest and most talented Islamic banking team in the country along with a state-of-the-art infrastructure, allowing it to deliver in the shortest possible time. ……………………………………….Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Islamic banking industry (IBI) continued to grow and it posted 17.5 percent growth in total assets during the first half of current calendar year 2011 (CY11).
Earning indicators of Islamic banks also outperformed those of the overall banking sector for the first time, as Return On Assets (ROA) for the period under review increased from 0.8 percent to 1.6 percent. Similarly, Return On Equity (ROE) surged to a healthy 16.5 percent from 5.2 percent as of December 10………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Despite the extraordinary potential in the country, financial institutions in Pakistan are still not taking Islamic micro financing seriously, said Al Baraka Bank Chief Operating Officer Ahmed Shuja Kidwai.
Speaking about the state of this budding sector in Pakistan, he said that Islamic micro finance is particularly important for Pakistan because it’s a developing economy and has a huge untapped market………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Pakistan International Airlines Corp (PIA), the national carrier of Pakistan, announced that it raised $90 million (Dh330 million) through an Islamic syndicated fin-ancing facility.
The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank, and United Bank Limited as mandated lead arrangers and joint bookrunners………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Creditors of Kuwait’s Global Investment House have agreed to delay repayment of the principal of their debt to the middle of next year, the company said on Monday, so it can undertake a second restructuring.
Global, which is battling tough market conditions, also said in a statement that all creditors had agreed to delay an increase in interest payments to the same date, June 10 2012………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
The Islamic Corporation for the Development of the Private Sector (ICD) and the International Centre for Education in Islamic Finance (INCEIF) have signed a memorandum of agreement (MOA) for a capacity building initiative of the private sector in the field of Islamic finance.
The ICD informs that the MOA was signed by ICD’s CEO and General Manager Mr. Khaled Al-Aboodi and INCEIF President and Chief Executive Officer Mr. Daud Vicary Abdullah………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
The launch of Tanzania’s first Islamic bank, Amana Bank, is the latest development in East Africa’s emerging Islamic finance industry.
Amana Bank, Tanzania’s first fully Shari’ah-compliant bank, was launched on 24 November in Dar es Salaam; the latest of a long line of developments for Islamic finance in East Africa. Chairman of the Board of Directors for Amana Bank, Haroon Pirmohamed, said that the bank is the result of a need for an alternative to a conventional banking system that provides ethical and fair modes of banking for all………………………………………..Full Article: Source
Posted on 13 December 2011 by Laxman | Email|Print
Oman’s insurance and stock market regulator Capital Market Authority (CMA) is formulating separate set of regulations for Sharia-compliant takaful insurance and Sukuk debt instruments, a top-level official of the market regulator said.
“We are finalising a contract with a consultant for formulating regulations for both takaful insurance and sukuk,” said Abdulla bin Salem Al Salmi, Acting Executive President of CMA………………………………………..Full Article: Source
Posted on 12 December 2011 by Laxman | Email|Print
Saudi Arabia’s General Authority for Civil Aviation (Gaca) will issue a sukuk, or Islamic bond, within one or two months to help finance its new SR27 billion ($7.2 billion) airport in Jeddah, its president said on Al Arabiya television channel.
‘We have agreed with the finance ministry to issue a sukuk which will be paid back by revenue from the Civil Aviation Authority, and it will be issued soon… I believe within a month or two,’ said Prince Fahd bin Abdullah………………………………………..Full Article: Source
Posted on 12 December 2011 by Laxman | Email|Print
The Turkish unit of Bahrain’s Albaraka Banking Group hopes to raise $200 million in an Islamic bond by the end of this week and is seeing interest from Asian and Arab Gulf investors, the group’s chief executive said on Sunday.
“We’re in the market for this sukuk and hope to raise $200 million by the end of this week,” Adnan Yousif told Reuters. “Pricing for the sukuk is very reasonable. It’s in the 6 percent range,” Yousif added………………………………………..Full Article: Source
Posted on 12 December 2011 by Laxman | Email|Print
The sukuk market is the fastest growing part of Islamic finance. Indeed it is one of the fastest growing segments in the global financial market. Having attracted interest from the business community worldwide, it has helped place Islamic finance as a viable industry and as an asset class that is not confined to Muslim countries but as part and parcel of the international financial market.
This is revealed in the introduction of a book titled “Global Sukuk and Islamic Securitisation Market - Financial Engineering and Product Innovation” written by Muhammad Al-Bashir Muhammad al-Amine, who is currently group head of Shariah compliance at Bank Al-Khair (formerly Unicorn Investment Bank) in Bahrain………………………………………..Full Article: Source
Posted on 12 December 2011 by Laxman | Email|Print
South Africa is on the cusp of issuing its maiden Sukuk and yesterday the National Treasury requested lenders to submit proposals forthe structuring and issuance of a local and international Sukuk by December 21.
The process is due to close on January20, 2012 when the winning arrangers will be announced. “There is great interest in the Sukukmarket and this is the first step towards meeting the growing appetite for government-backed Shari’ah compliant investments,” Lungisa Fuzile, DG of theNational Treasury, said in the finance ministry’s mid-term budget statement onOctober 25………………………………………..Full Article: Source
Posted on 12 December 2011 by Laxman | Email|Print
Dubai’s Jebel Ali Free Zone (JAFZA) is confident it can refinance a $2.04-billion Islamic bond due next year without government support and it does not rule out asset sales to help raise funds, its chairman said on December 06.
Hisham Abdullah al-Shirawi told Reuters on the sidelines of a business forum that the Dubai World unit was in talks with “many financial institutions and others” to refinance the dirham-denominated Islamic bond, or sukuk, due in November 2012………………………………………..Full Article: Source
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