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Islamic Finance Briefing - Archive | December, 2011

Iran to issue EUR5 bln in oil bonds

Posted on 12 December 2011 by Laxman  |  Email|Print

Iran will probably issue €5 billion in bonds inside and outside the country aiming to provide necessary finance to develop its oil and gas industries, the National Iranian Oil Company’s managing director announced.
The bonds will be offered by the end of the current calendar year (March 20, 2012), the official added, the Mehr news agency reported………………………………………..Full Article: Source

Global Islamic funds assets grow to $58 bln in 2010

Posted on 12 December 2011 by Laxman  |  Email|Print

According to the 5th annual Ernst & Young Islamic Funds & Investments Report (IFIR 2011) released at the World Islamic Funds and Capital Markets Conference, global Islamic fund assets under management (AuM) grew by 7.6% to $58 billion in 2010, up from $53.9 billion in 2009. The growth was largely due to market performance and partially on account of new money inflows.
Concentration in equities remains, as they account for 39% of the $58billion AuM, but bringing new money into equities is challenging. Fixed income, commodities and alternatives did well in 2010, which was a record year for Sukuk with issuance of $50 billion………………………………………..Full Article: Source

Shariah investing leans to West

Posted on 12 December 2011 by Laxman  |  Email|Print

To some observers of Islamic equity investing, Islamic or Sharia-compliant equity indexes seem to imply investing in publicly-listed companies in Muslim countries.
The end results contradict the assumptions. This also rebuts allegations by many from the anti-Sharia movement that Islamic investing is about investing in companies linked to terrorism or financing terrorism. The largest companies in the S&P Global BMI Sharia include ExxonMobil, IBM, Chevron, Nestle and Microsoft………………………………………..Full Article: Source

Bahrain urges five Islamic banks to merge next year

Posted on 12 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 on Sunday.
Under the plan, Al Salam Bank would merge with Bahrain Islamic Bank, while CAPIVEST, Elaf Bank and Capital Management House would merge with each other………………………………………..Full Article: Source

Qatar to allow lenders to manage Islamic assets after deadline

Posted on 12 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 in an interview with the state-run Qatar News Agency.
The banks also have the option to transfer the assets to the country’s Islamic banks, Sheikh Abdullah bin Saud Al Thani said………………………………………..Full Article: Source

Islamic banking shines

Posted on 12 December 2011 by Laxman  |  Email|Print

Islamic banking assets in the UAE are predicted to grow to 20 per cent of the total banking sector in 2012 from an estimated 18 per cent this year, Standard Chartered Saadiq, the Islamic arm of the bank, said on Sunday.
The bank said it expects Islamic assets to constitute 38 per cent of total consumer banking assets in the UAE in 2012, compared to about 35 per cent in 2010. It didn’t provide a 2011 estimate. According to the Dubai Chamber of Commerce and Industry, the collective assets of the eight Islamic banks in the UAE were Dh269 billion at the end of 2010, accounting for around 16.2 per cent of the overall banking assets of Dh1.66 trillion………………………………………..Full Article: Source

Saadiq eyes newly-opened Islamic banking markets

Posted on 12 December 2011 by Laxman  |  Email|Print

Standard Chartered Saadiq, the Islamic banking arm of Standard Chartered Bank, yesterday said it is looking at opportunities to expand into newly-opened Islamic banking markets such as Oman and Nigeria and is closely evaluating the opportunities in the Middle East and North Africa (Mena) region.
“We are looking at opportunities in Oman and Nigeria, the two newly-opened markets for Islamic finance. The bank is likely to take a decision on entry into these markets sometime next year,” said Wasim Saifi, Global Head, Islamic Banking (Consumer Banking) of Standard Chartered Saadiq………………………………………..Full Article: Source

Standard Chartered eyes Oman, Nigeria for Islamic banking

Posted on 12 December 2011 by Laxman  |  Email|Print

Standard Chartered is in discussions with regulators to offer Islamic banking services in Oman and Nigeria, now that both countries are revamping their regulatory environments to encourage Islamic finance, the bank’s global head of Islamic banking on Sunday.
Wasim Saifi said the company, which already has a strong conventional presence in both markets, was waiting for the countries to finalise their regulatory frameworks for Islamic banking but could offer the services in Oman and Nigeria as early as next year………………………………………..Full Article: Source

Bank Islam Malaysia looks to Indonesia, Bangladesh

Posted on 12 December 2011 by Laxman  |  Email|Print

Bank Islam Malaysia is looking at opportunities for expansion in Indonesia and Bangladesh, Managing Director Datuk Seri Zukri Samat said mergers and acquisitions are on the bank’s agenda for inorganic growth and corporate expansion but that no formal discussions are underway yet.
Indonesia and Bangladesh are identified as “very interesting countries” that fit into the bank’s expansion plan, Malaysian news agency Bernama reports………………………………………..Full Article: Source

QIIB leads plan for Morocco Islamic bank, insurance firm

Posted on 12 December 2011 by Laxman  |  Email|Print

International Islamic (QIIB) chairman and managing director Sheikh Dr Khalid bin Thani al-Thani, also vice-chairman of the Qatari Businessmen Association, met Morocco’s new Prime Minister Abdelilah Benkirane on Saturday and discussed the prospects of setting up an Islamic bank and an insurance company in the North African country.
The high-level delegation accompanying Sheikh Khalid, including QIIB chief executive officer, Abdulbasit al-Shaibei, also met senior Moroccan officials, members of the royal family and leaders of the business community………………………………………..Full Article: Source

Tanzania: Islamic banking taking hold, says Dr Shein

Posted on 12 December 2011 by Laxman  |  Email|Print

Islamic banking has emerged as a new reality in the Tanzania financial scene in which case the Bank of Tanzania (BoT) needs to create a conducive atmosphere to positive service delivery in the new field, Zanzibar President Dr. Ali Mohammed Shein has declared.
President Shein made this appeal in Dar es Salaam officiating at an inauguration of the third branch of the People’s Bank of Zanzibar (PBZ) at Lumumba/Mahiwa Street in Kariakoo area, whereby he decried attitudinal indifference of Tanzanian customers about Islamic banking services………………………………………..Full Article: Source

BCP suspends marketing Islamic products in Morocco

Posted on 12 December 2011 by Laxman  |  Email|Print

The bank stopped marketing its Islamic products because of technical problems earlier this year but plans to return to the Shariah-compliant market in early 2012.
According to the latest statistics from Bank Al-Maghrib, Islamic financing totalled MAD 744 million ($89.3 million) at the end of July, down 15 per cent since the beginning of the year. La Vie Eco quotes Laidi El Wardi, Deputy General Manager of Banque Centrale Populaire (BCP) as saying the bank’s move to suspend marketing Shari’ah-compliant products, “…is in response to technical problems at the marketing of our solutions.”……………………………………….Full Article: Source

Islamic banking: Developed by Indians, flourishing in other countries

Posted on 12 December 2011 by Laxman  |  Email|Print

A professional researcher on India-centric socio economic and political databases Shafeeq Rahman while stating that the core system of the interest-free banking, widely termed as the Islamic Banking System, is developed by economists of the Indian subcontinent expressed surprise over the fact that the region has gained nothing from it.
“The conceptual framework of Islamic banking is mainly developed by the Islamic economists of the Indian subcontinent; in particular, the complete non-interest banking module was developed for the first time in 1969 by Nejatullah Siddiqi though the business of Islamic banking flourished in West Asian countries, Iran, Malaysia and Indonesia”, Shafeeque Rahman wrote in a recent article published in Tehelka………………………………………..Full Article: Source

S&P reviewing ratings of 50 MENA banks on new criteria

Posted on 12 December 2011 by Laxman  |  Email|Print

Standard & Poor’s (S&P) is reviewing credit ratings on 50 banks in the Middle East and North Africa under a new set of criteria, a move that could result in higher funding costs for lenders already hit by the euro zone crisis and the Arab Spring revolts.
The agency, which last month classified Bahrain’s banks as the riskiest in the GCC (Gulf Cooperation Council), and saw a weak credit profile for United Arab Emirates lenders, expects more activity in debt capital markets as bank lending struggles, a senior S&P executive told Reuters in an interview………………………………………..Full Article: Source

Madrid aims to become Islamic finance education hub of Europe

Posted on 12 December 2011 by Laxman  |  Email|Print

Islamic finance and business education has flourished over the last decade or so in line with the growth of the industry. Universities, business schools, colleges and professional bodies - both in the Muslim countries and in other countries especially Europe, Singapore and the US - have introduced courses on Islamic finance purportedly helping to meet the demand for trained human capital, the dearth of which is a major bottleneck threatening the continued growth of the industry.
Not surprisingly, in the absence of a globally recognized accreditation body for Islamic finance and business education, quality and standards are at best mixed, with some courses bordering on the ordinary and mediocre………………………………………..Full Article: Source

Shariah compliant funds of funds sector analysis

Posted on 12 December 2011 by Laxman  |  Email|Print

Marketed as an investment one-stop shop, multi-manager funds first came to light in the 1980s but became more prominent as an investment model in the 1990s. They are a very popular optionamongst both retail and institutional investors in the US and UK. The funds aredesigned to make an investor’s life easier by bringing together a range of specialist managers into a single fund.
There are two types of multi-manager funds: those that invest in a range of other funds controlled by different asset managers, which are called funds of funds, and those that appointexternal managers with specific expertise to invest separate tranches of theprovider’s portfolio; these are called manager of managers funds………………………………………..Full Article: Source

Demand for Shariah-compliant PRI increases in MENA

Posted on 12 December 2011 by Laxman  |  Email|Print

In these volatile times managing global political risks is a major challenge for investors and financiers alike. As the global economic and financial crisis and its impact on markets the world over; the euro zone sovereign debt crisis; and the fallout of the Arab Spring continue to fester, demand for investment, political risk and sovereign risk insurance is soaring as part of risk management and mitigation strategies.
In the MENA countries, demand for Shariah-compliant PRI has increased significantly, according to various providers………………………………………..Full Article: Source

Barwa Bank pact with Allianz Takaful

Posted on 12 December 2011 by Laxman  |  Email|Print

Barwa Bank has formed a strategic partnership with Allianz Takaful, - QFC Branch, a major player in the family takaful segment, to become the first Islamic lender to offer a comprehensive range of Shariah compliant unit linked takaful products to customers.
Commenting on the partnership, Barwa Bank general manager (Banking) Keith Bradley said: “We are very pleased to have partnered with one of the leading takaful providers to provide customers with a suite of products which enable them to save, whilst at the same time enjoying very high levels of protection for their families. ……………………………………….Full Article: Source

Arab Monetary Fund unlikely to offer aid to Europe

Posted on 12 December 2011 by Laxman  |  Email|Print

The Arab Monetary Fund is unlikely to offer any funding assistance to the euro zone because providing loans to unrest-hit countries across the Arab world has priority, Director General Jassim Al-Mannai said on Sunday.
“There is a big need in Arab countries, a constant need, taking into account the Arab Spring,” he told reporters on the sidelines of a meeting of regional bankers in the UAE capital………………………………………..Full Article: Source

Saudi Arabia reaping fruits of economic reforms

Posted on 12 December 2011 by Laxman  |  Email|Print

The debilitating debt crisis in euro zone economies and the continued economic growth in other advanced economies are among the major reasons impacting the global economy.
However, Saudi Arabia, the biggest economy in the Middle East, is among a very few countries that has proved to be quite resilient and robust. “It is thanks largely to a number of effective reforms that were undertaken in the last few years,” said Khaled Al-Aboodi, the chief executive officer of Islamic Corporation for the Development of the Private Sector………………………………………..Full Article: Source

First Islamic credit card in Egypt will launch in 2012

Posted on 09 December 2011 by Laxman  |  Email|Print

Baraka Bank in Egypt will launch an Islamic Credit Card product for the first time in Egypt in the second quarter of the next year, ECO of the Barak Bank Ashraf al-Ghamarawi said. The bank will launch all kinds of the credit cards including platinum, silver and gold, especially after considering the Egyptian market.
The product is accepted by agents of the Egyptian market although there is a difficult situation with the Egyptian economy after the Egyptian January 25 Revolution, al-Ghamarawi said………………………………………..Full Article: Source

Gulf International Bank places $300mln Sukuk

Posted on 09 December 2011 by Laxman  |  Email|Print

Dr Yahya AlyahyaGulf International Bank (GIB) has completed the pricing and closing of a three-year $300 million Sukuk Al Murabaha private placement. The sukuk certificates will pay a profit rate of six-month US dollar Libor plus 130 base points on a semi-annual basis, and will mature on December 7, 2014.
The sukuk offering was successfully placed with a number of institutional investors, with JP Morgan acting as sole manager of the placement. “We are delighted with the successful closing of our inaugural placement in the Islamic sukuk market, and securing an attractive pricing despite the volatile market backdrop,” said GIB chief executive Dr Yahya Alyahya………………………………………..Full Article: Source

South African government invites Sukuk proposals

Posted on 09 December 2011 by Laxman  |  Email|Print

The National Treasury has invited banking institutions to submit proposals for the provision of advisory services for the structuring and issuance of a government Sukuk in the local and international markets.
The invitation is in line with the South African National Treasury’s intention to diversify its funding and investor base. “There is a great interest in the SUKUK market and this is the first step towards meeting the growing appetite for government backed Shari’ah-compliant investments” said Lungisa Fuzile, Director General of the National Treasury………………………………………..Full Article: Source

Bank Indonesia sells SBI debt

Posted on 09 December 2011 by Laxman  |  Email|Print

Indonesia’s central bank sold its nine-month SBI debt on Thursday at a 5.03858 percent rate, lower than 5.22412 percent in last month’s auction, absorbing liquidity more than expected. Bank Indonesia (BI) also sold its nine-month sharia SBI debt at the same rate. It sold 27.29 trillion rupiah ($3.02 billion) of SBIs and 382 billion rupiah of sharia SBIs.
BI kept its benchmark overnight rate at a record low 6 percent on Thursday as anticipated, pausing because it expects recent rate cuts to help to stimulate the domestic economy next year as global growth slows………………………………………..Full Article: Source

Nakheel pays $2 bln to its trade creditors

Posted on 09 December 2011 by Laxman  |  Email|Print

Nakheel, the developer of Dubai’s palm-shaped islands, said on Thursday it has made payments to the tune of Dh7.3 billion ($2 billion) to its trade creditors.
The Dubai-based company had paid Dh5 billion to trade creditors in June, followed by Dh4.8 billion Islamic bonds to its contractors and suppliers in August. Nakheel will issue another Dh1 billion of sukuk before the end of this year as part of its Dh59 billion restructuring deal with trade creditors………………………………………..Full Article: Source

Pakistan: Insurance and Shariah

Posted on 09 December 2011 by Laxman  |  Email|Print

With the widespread availability of financing after the liberalisation of financial sector, insurance is fast becoming a necessity in Pakistan. Car financing, for example, by banks and other forms of lending by banks and other financial institutions require the borrowers to buy insurance on the items purchased through financing.
While shari’a compliant financing is now widely available from the fully-fledged Islamic banks like Meezan, Dubai Islamic, Bank Islami and others and from conventional banks like Muslim Commercial Bank, Bank Al Falah etc, the same cannot be said for shari’a compliant insurance, which is still at an initial stage of development………………………………………..Full Article: Source

BMI Bank, Medgulf Allianz Takaful sign bancassurance deal

Posted on 09 December 2011 by Laxman  |  Email|Print

BMI Bank signs strategic agreement with newly formed joint partnership between Allianz Group and Medgulf to offer customers a complete suite of life and non-life insurance products.
The service, offered under the bank’s recently formed bancassurance umbrella, will be available to both Bahrainis and expatriates. The agreement was signed by BMI Bank’s Chief Executive Officer Jamal Al-Hazeem and Dr. Abdullah Mansury, the General Manager of Medgulf Allianz Takaful………………………………………..Full Article: Source

Great Eastern looks east

Posted on 09 December 2011 by Laxman  |  Email|Print

Great Eastern Takaful, one of Malaysia’s top Islamic insurers, has announced that it will be expanding its presence across the Indonesian border in 2012. GE Takaful hopes that by moving into the nascent Islamic insurance market in the world’s most populous Muslim state that it will rapidly assume a top three market position.
Local press reported that GE Takaful would initially start operating in Indonesia through its existing bancaTakaful agency agreement with OCBC NISP Bank – an Indonesian subsidiary of Singapore’s OCBC Bank………………………………………..Full Article: Source

UAE businesswomen look at opportunities in Islamic finance and halal food

Posted on 09 December 2011 by Laxman  |  Email|Print

United Arab Emirates (UAE)’s leading businesswomen are looking into investment opportunities to work with Malaysians in two areas - Islamic finance and halal food.
President of the Abu Dhabi Business Women Council and chief operating officer of Al Jaber Group Fatima Al Jaber said Islamic finance and halal food were the two mutual areas that Malaysia and UAE could work together………………………………………..Full Article: Source

Malaysians invited to participate in Halal food, Islamic finance sectors in Kazakhstan

Posted on 09 December 2011 by Laxman  |  Email|Print

Malaysian are invited to participate in various business sectors in Kazakhstan, particularly halal food and Islamic finance.
Kazakhstan Ambassador to Malaysia B. Atamkulov said the two sectors offered huge growth potential as the majority of the country’s population were Muslims. Atamkulov also said he would like to see Malaysian products flowing directly into Kazakhstan rather than getting them from third parties………………………………………..Full Article: Source

No fix for Gulf loan market as Europeans exit

Posted on 09 December 2011 by Laxman  |  Email|Print

As European banks withdraw from the Gulf loan market, they are leaving a gap which other banks are unlikely to fill completely – ushering in an era of fewer, smaller and more expensive loans even as companies’ need to refinance their debt grows.
Lending in the region, which was already down on levels seen in the boom before Lehman Brothers collapsed in 2008, has been curtailed severely in the second half of this year by the eurozone debt crisis………………………………………..Full Article: Source

ADCB shifts focus to growth at home

Posted on 09 December 2011 by Laxman  |  Email|Print

Abu Dhabi Commercial Bank (ADCB) is pulling back from international markets and focusing on domestic growth as bad loans rise and it tries to curb expenses, the lender said in an updated prospectus for a bond programme launched three years ago.
ADCB sold its first sukuk last month, a $500 million issue, but the bank said the update to its prospectus did not portend further sales. “This filing is done to keep the programme updated, and ADCB currently has no plans to tap the wholesale markets,” Kevin Taylor, the bank’s treasurer, told Bloomberg News………………………………………..Full Article: Source

BASF added to Dow Jones Islamic Market (DJIM) Index

Posted on 09 December 2011 by Laxman  |  Email|Print

BASF, The Chemical Company, is now listed on the Dow Jones Islamic Market Index (DJIM). The listing places the company into a global universe of investable equities that have been screened for Shari’ah compliance consistent with Dow Jones Indexes’ methodology. The listing underlines BASF’s commitment to growth in the Middle East region, where it has expanded its presence significantly over the last decade and has recently made significant long term investments in manufacturing infrastructure.
The DJIM listing is a welcome recognition of not just the strength of our brand in the region and the interest of Shari’ah-compliant investors, but of our philosophy to abide by the highest ethical standards in all our dealings, and respect the cultural mores of our customers in every geography that we enter. (Press Release)

Harvard fires economics professor over article on Islamic terrorism

Posted on 09 December 2011 by Laxman  |  Email|Print

Harvard University has decided to remove courses taught by Janata Party president Subramanian Swamy at its annual summer school session, terming his views as ” reprehensible” in a controversial piece he wrote on Islamic terrorism in India.
At a meeting of Harvard’s Faculty of Arts and Sciences, faculty members voted with an “overwhelming majority” to remove two economics courses - ‘Quantitative Methods in Economics and Business’ and ‘Economic Development in India and East Asia’ - that Swamy teaches. In a July op-ed piece for an Indian publication, Swamy had recommended demolishing hundreds of mosques and suggested that only Muslims in India who “acknowledge that their ancestors were Hindus” should be allowed to vote. ……………………………………….Full Article: Source

ENBD decides against Sukuk in December-sources

Posted on 08 December 2011 by Laxman  |  Email|Print

Emirates NBD has decided not to go ahead in December with a planned sukuk issue, sources with knowledge of the matter told Reuters on Wednesday.
“There’s no roadshow or sukuk this year. Emirates Islamic Bank will look into a roadshow early next year if markets permit and may sell the sukuk if there’s enough investor appetite,” one of the sources said. ENBD declined to comment………………………………………..Full Article: Source

Global Sukuk cheaper and more plentiful in 2011

Posted on 08 December 2011 by Laxman  |  Email|Print

November 2011 witnessed a record number of sukuk issues totaling USD 8.86 billion globally, according to data compiled by Zawya Sukuk Monitor. Major issues include a global seven-year USD 1 billion sukuk sold by Indonesia in the international markets followed by a similar seven-year USD 750 billion international sukuk by the Central Bank of Bahrain.
Bank Negara Malaysia successfully issued MYR 3 billion (USD 950 million) Government Investment Issue (GII) in the domestic market………………………………………..Full Article: Source

Interview with a Sukuk Expert

Posted on 08 December 2011 by Laxman  |  Email|Print

How do you view the recent surge in sukuk issues and what are the main reasons behind this?
Samer Mardini - Vice President - Fixed Income & Islamic Financial Products Trader Middle East & North Africa - SJS Markets: “Sukuk market continues to grow despite the uncertainty of the global financial markets. We continue to see a lot of appetite from many issuers in different countries. Primary sukuk market surged up significantly in 2011 especially in the second half attracting local and foreign investors.”……………………………………….Full Article: Source

Goldman’s Sukuk induces ownership and liquidity risks

Posted on 08 December 2011 by Laxman  |  Email|Print

The Shariah risk is not so much in the initial structure but in what it can potentially become. Obviously,Goldman Sachs did not choose the most consensual structure. In the meantime, alively debate has been sparked especially concerning the possible risks of non-Shari’a compliance. These risks are not induced by the initial structure as it has been confirmed by Shari’a Scholars,but by what this structure can potentially become.
This is a summary analysis to highlight three key concepts of the structure of Goldman Sachs’s Sukuk, namely: Thetype of structure, the liquidity, and the ownership of the Sukuk holders………………………………………..Full Article: Source

Year-end rush expected in Gulf bond offerings

Posted on 08 December 2011 by Laxman  |  Email|Print

Borrowers in the Gulf are hastening to issue bonds as the year draws to a close, analysts say, following several quiet months in the region’s capital markets as issuers waited to see how the European debt crisis and Arab Spring would play out.
“Many who needed to raise money by issuing bonds have been waiting months for conditions to improve, but most of these issuers have calendar-year objectives to keep in mind,” said Eric Swats, head of asset management at Rasmala Investments in Dubai………………………………………..Full Article: Source

Dubai Holding unit to repay $500mln bond in Feb from own cash flow

Posted on 08 December 2011 by Laxman  |  Email|Print

Dubai Holding Commercial Operations Group, or DHCOG, a unit of one of the emirate’s investment holdings, will repay a $500 million bond maturing in February 2012 from its own internal cash flow, a spokesperson said Tuesday.
“DHCOG will repay the $500 million bond when it matures in Feb 2012, from its own internal cash flow,” the DHCOG spokesperson said……………………………………….Full Article: Source

Bank Islam eyes M&As in Indonesia and Bangladesh

Posted on 08 December 2011 by Laxman  |  Email|Print

Bank Islam Malaysia Bhd is eyeing opportunities for expansion in Indonesia and Bangladesh, which have sizeable Muslim populations and adequate Islamic banking regulatory policy and supporting infrastructure for syariah-based financing and banking operations.
Managing director Datuk Seri Zukri Samat said as mergers and acquisitions (M&As) were on Bank Islam’s agenda for growth, the bank was on the lookout for suitable candidates but had not initiated any discussions………………………………………..Full Article: Source

Sharia reverse repo offered to absorb liquidity

Posted on 08 December 2011 by Laxman  |  Email|Print

Bank Indonesia (BI) says it is offering reverse repo for sharia banks and business units to reduce bank liquidity in the financial system.
Reverse repo transactions require banks to purchase at least Rp 1 billion (US$110,000) of government sukuk from the central bank and receive margins when they buy back at an agreed price after a specified time period, BI said……………………………………….Full Article: Source

Amrahbank signs next agreement with Islamic Trade Finance Corporation

Posted on 08 December 2011 by Laxman  |  Email|Print

Azerbaijan’s Amrahbank has cemented its relationship with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, with the second $1.5 million trade finance agreement.
Speaking on the occasion, ITFC Chief Executive Officer Waleed Al-Wohaib stated that as a recognized provider of trade solutions for its member countries’ needs the ITFC announced its second cooperation experience with AmrahBank………………………………………..Full Article: Source

Embrace Islamic banking, Sanusi tells western nations

Posted on 08 December 2011 by Laxman  |  Email|Print

Governor, Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has urged Western nations to embrace Islamic banking. Sanusi, who said this at the annual conference of the Muslim Students’ Society of Nigeria (MSSN), Lagos State Area Unit, held at Adeyemi Bero Hall, Alausa Ikeja, Lagos, added that it would help in giving a face lift to their economic crisis.
Represented by his Special Assistant on Non-Interest Banking and a member of the Technical Committee of Islamic Financial Services Board of Malaysia, Dr. Bashi Umar, Sanusi reiterated that Islamic banking is the best alternative to already failing Western banking system………………………………………..Full Article: Source

Elaf Bank Joins the BFX’s Bait Al Bursa Platform

Posted on 08 December 2011 by Laxman  |  Email|Print

The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, is pleased to announce that Elaf Bank, a wholesale Islamic bank licensed by the Central Bank of Bahrain, has become a registered user of Bait Al Bursa, the Islamic finance division of the BFX.
Bait Al Bursa, an innovative and comprehensive platform, will complement the broad scope of Elaf Bank’s core business offerings………………………………………..Full Article: Source

Emirates NBD may need to set aside $2.2bln for bad loans

Posted on 08 December 2011 by Laxman  |  Email|Print

Emirates NBD, the UAE’s biggest bank by assets, may need to set aside as much as AED8bn ($2.2bn) by the end of 2013 to cover for bad loans, Goldman Sachs said.
“Looking at the guidance provided on asset quality trends, we calculate a provisioning range of AED6-8bn is required between the fourth-quarter of 2011 and the fourth-quarter of 2013,” analysts including Waleed Mohsin and Ali Shekofti wrote in a report dated Wednesday………………………………………..Full Article: Source

BSE Institute launches Islamic banking, finance & capital market program

Posted on 08 December 2011 by Laxman  |  Email|Print

BSE Institute in collaboration with Taqwaa Advisory and Shariah Investment Solutions (TASIS) has launched a two day Program on “Islamic Banking, Finance and Capital Market” on Dec.16 & 17, 2011.
Islamic banking and finance, also known as ethical banking, Shariah compliant Banking, interest-free banking or as special finance, has reached the shores of more than 75 nations of the world. Surprisingly the nations who have taken keen interest in promoting this concept also include hardcore secular and developed nations such as the UK, the USA, France, Germany, Singapore etc. ……………………………………….Full Article: Source

ICIF pitches for Islamic banking to fund India’s infra

Posted on 08 December 2011 by Laxman  |  Email|Print

Indian Centre for Islamic Finance(ICIF) today made a strong pitch for Islamic banking in the country to meet India’s huge need for funds for infrastructure development. India needs one trillion dollar to upgrade its infrastructure in order to achieve the target of annual growth of 9 per cent and hence Islamic banking can be an alternative to meet this requirement, said Mr Muddassir Siddiqui, an international expert on Islamic finance.
He claimed Islamic financing has emerged as a viable alternative the world over after the financial meltdown in the West in 2008. It is growing at the rate of more than 15 per cent………………………………………..Full Article: Source

S.Africa considers issuing Islamic bonds

Posted on 07 December 2011 by Laxman  |  Email|Print

Lungisa FuzileSouth Africa’s National Treasury is considering issuing Islamic bonds to diversify its investor base and could have its first sukuk in the market as early as the next financial year if approved.
“There is a great interest in the sukuk market and this is the first step towards meeting the growing appetite for government-backed shariah-compliant investments,” said Lungisa Fuzile, director general of the National Treasury, in a statement on Tuesday………………………………………..Full Article: Source

South Africa seeks bank proposals for inaugural Islamic bond

Posted on 07 December 2011 by Laxman  |  Email|Print

Pravin GordhanSouth Africa invited banks to submit proposals for the sale of its first Islamic bond as the continent’s biggest economy seeks to broaden access to financing.
The Pretoria-based National Treasury asked lenders to submit proposals for the structuring and issuance of an Islamic bond, known as a sukuk, in local and international markets by Dec. 21. It will shortlist bidders by Jan. 20, the Treasury said………………………………………..Full Article: Source

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