Sun, Dec 21, 2014
A A A
Welcome bhaimia
RSS

Islamic Finance Briefing - Archive | March, 2012

Sudan eyes up to $1.5 bln with pipeline-backed Sukuk

Posted on 20 March 2012 by Laxman  |  Email|Print

Sudan aims to raise $1 billion to $1.5 billion this year with Islamic “sukuk” bonds that offer stakes in an oil pipeline, a move the African country hopes will draw more Gulf Arab investment to its debt market, a senior official said on Monday.
Sudan Financial Services Co., which issues Islamic bonds on behalf of the government, wants to offer the dollar-denominated sukuk within two months, General Manager Azhari Eltayeb Elfaki told Reuters………………………………………..Full Article: Source

Indonesia sells $1.49 bln retail Sukuk

Posted on 20 March 2012 by Laxman  |  Email|Print

Indonesia’s finance ministry sold a record 13.6 trillion rupiah ($1.49 billion) in retail sukuk after receiving 19 trillion rupiah in demand, debt office chief Rahmat Waluyanto said on Monday.
The three-year retail sukuk has a coupon of 6.25 percent and can only be bought by individual investors who are Indonesian citizens. The ministry initially set an indicative target of 10 trillion rupiah………………………………………..Full Article: Source

Sukuk studied to fund Emirates Glass expansion

Posted on 20 March 2012 by Laxman  |  Email|Print

Dubai Investments is negotiating with investors and financial institutions to fund a second phase of the Mussafah manufacturing unit of Emirates Float Glass which was officially inaugurated.
Khalid Bin Kalban, Managing Director and Chief Executive Officer of Dubai Investments, said his company is also exploring a sukuk to fund the expansion………………………………………..Full Article: Source

Saudi Electricity picks banks for global Sukuk roadshow

Posted on 20 March 2012 by Laxman  |  Email|Print

Saudi Electricity Co can expect strong appetite for its debut foray into global debt markets, after the state-owned utility picked banks for roadshows ahead of a potential dollar-denominated Islamic bond.
SEC will hold investor meetings in Asia, the Middle East and Europe starting March 21 following which the company may issue a sukuk, subject to market conditions………………………………………..Full Article: Source

S&P rates proposed USD Saudi Electric trust certificates ‘AA-’

Posted on 20 March 2012 by Laxman  |  Email|Print

Standard & Poor’s Ratings Services said that it assigned its ‘AA-’ long-term issue rating to the proposed U.S. dollar ijara trust certificates to be launched by Saudi Electricity Global SUKUK Co., a special purpose vehicle incorporated in the Cayman Islands.
The notes benefit from a purchase undertaking provided by Saudi Electric Co. (SEC; AA-/Stable/–) and are designed to cover any payment shortfall in a timely manner and to redeem the full value of the notes at maturity………………………………………..Full Article: Source

National Bank of Abu Dhabi said to sell $750 mln bonds

Posted on 20 March 2012 by Laxman  |  Email|Print

National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-biggest bank, will raise $750 million from a sale of dollar bonds, according to three people familiar with the plan.
Several Abu Dhabi-based banks have sold bonds over the past few months. First Gulf Bank PJSC (FGB), owned by Abu Dhabi’s ruling family, raised $500 million from the sale of five-year Islamic bonds in January. Abu Dhabi Islamic Bank (ADIB) PJSC, the emirate’s biggest Shariah-compliant lender, also sold $500 million of five-year sukuk in November, while Union National Bank PJSC raised $400 million from five-year bonds that month………………………………………..Full Article: Source

Dana Infra to issue bonds worth RM8bln for MRT project

Posted on 20 March 2012 by Laxman  |  Email|Print

Dana Infra Nasional Bhd would be issuing bonds worth RM8bil in the second half of this year to finance the construction of the My Rapid Transit (MRT) project, less than the RM20bil to RM30bil initially expected, banking sources said.
There is also a likelihood that due to the delay in the bond issuance, the initial bridging loan of RM500mil from a consortium of banks to cover early building work would be raised to a “couple of billion ringgit” so that the MRT project would not suffer any delay, said the source……………………………………….Full Article: Source

Dr Jaroudi named chief executive of Bank Nizwa

Posted on 20 March 2012 by Laxman  |  Email|Print

Following Central Bank of Oman (CBO) approval, Bank Nizwa, Oman’s first Islamic bank, has announced the appointment of Dr Jamil el Jaroudi as chief executive officer.
Ahmed Saif al Rawahi, chairman of the Bank Nizwa Founding Committee, said, “Until we had formal approval from the CBO, we couldn’t go public with details of our chosen CEO. But now we can and it gives me great pleasure to announce the appointment of Dr Jamil el Jaroudi as Bank Nizwa’s first CEO………………………………………..Full Article: Source

SNR Denton Islamic finance head resigns

Posted on 20 March 2012 by Laxman  |  Email|Print

Sheikh Muddassir Siddiqui, a prominent Islamic scholar and partner at international law firm SNR Denton’s Dubai office, has resigned from the firm to pursue a career in sharia advisory services.
Siddiqui told The Brief, a Gulf-based magazine on legal affairs published by Thomson Reuters, that he had stepped down as head of Islamic finance at SNR Denton because of the rapidly changing legislative environment in the Middle East and North Africa………………………………………..Full Article: Source

Interest in ‘halal’ finance growing in Italy

Posted on 20 March 2012 by Laxman  |  Email|Print

Islamic finance has existed in Europe for more than forty years, with the United Kingdom one of the world’s leading countries in the field, and others, such as Malta and Luxembourg, also at the forefront. In Italy, where the sector is more or less non-existent, results of the first experiments are now beginning to be seen.
In 2009, for instance, Deloitte set up a sector dedicated to Islamic finance. ”At the moment, we are developing products compatible with Italian regulations,” says Alberto Liotta, a director at the consultancy firm, a guest at a conference organised by Islamic Relief Italia………………………………………..Full Article: Source

Ethical solutions to bridge funding shortfalls

Posted on 20 March 2012 by Laxman  |  Email|Print

The squeeze on public finances finds necessity as the mother of invention in trying to find new sources of funding. At the same time the ethics of the financial system are under continuing scrutiny, with Goldman Sachs last week accused by a departing executive of being “morally bankrupt”.
This month has already seen three events in Scotland which bear witness to the increasingly social and ethical dimension to searches for finance………………………………………..Full Article: Source

Friends Life-AMMB in family takaful venture

Posted on 20 March 2012 by Laxman  |  Email|Print

Friends Life PPL Ltd, a UK-based pension, life and investment firm will roll out a family takaful business in Malaysia with its local partner AMMB Holdings Bhd this year.
It is understood that the joint venture, AmFamily Takaful Bhd, will offer three major products lines, namely protection, investment-linked savings and pensions………………………………………..Full Article: Source

HSBC solely arranges and issues SR1bn Almarai Sukuk

Posted on 19 March 2012 by Laxman  |  Email|Print

Fahad AlsaifHSBC announced that it has helped arrange the first ever sukuk program in Saudi Arabia. The program was set up for Almarai Company for an amount up to the size of its paid up capital. HSBC also assisted Almarai in the debut issuance under this newly established program, in an amount of SR1 billion ($267 million), with further issuance expected in the future.
A sukuk program effectively allows a company to raise money by launching sukuk into the market quickly and efficiently, and is ideal for issuers intending to access the market frequently and flexibly………………………………………..Full Article: Source

Egypt lays Sukuk foundations

Posted on 19 March 2012 by Laxman  |  Email|Print

Egypt is solidifying rules and regulations that will allow companies to issue Islamic bonds, or sukuk, in an early sign it is positioning itself to tap into a boom in Islamic finance.
The North African nation will “by the end of June” finalise the executive regulations to allow companies to issue Islamic corporate bonds, or bonds that comply with the Islamic ban on interest, said Ashraf Sharkawi, the head of the Egyptian Financial Supervisory Authority………………………………………..Full Article: Source

Egypt: Time for Sukuk

Posted on 19 March 2012 by Laxman  |  Email|Print

The move to make amendments to the capital market law falls in the framework of the Egyptian government’s objective of reverting to issuing sukuks as a means of raising financing. Earlier this year the minister of finance had been quoted earlier as saying that Egypt would issue sukuks.
The announcement comes at a time when Egypt is facing a growing need for financing. Egypt’s growth rate came to 0.4 per cent during the second quarter of 2011/12, a long way from the 5.6 per cent during the same quarter the previous year. Net international reserves reached $15.7 billion at the end of February 2012, compared to $36 billion in January 2011……………………………………….Full Article: Source

Khazanah issues $357.8 mln Sukuk

Posted on 19 March 2012 by Laxman  |  Email|Print

The state investment arm Khazanah Nasional said yesterday it has issued a seven-year sukuk, or Islamic bond, of US$357.8 million (RM1.09 billion) that is exchangeable into shares of Parkson Retail Group Ltd, one of China’s largest department store operators.
The bonds were issued at the tightest end of the price guidance of negative 0.25 per cent yield to maturity and 30 per cent exchange premium via an accelerated bookbuilding process on March 14, Khazanah said……………………………………….Full Article: Source

DIFCI reviewing loan options to repay Sukuk

Posted on 19 March 2012 by Laxman  |  Email|Print

DIFC Investments (DIFCI) is reported to be considering a loan of up to $1 billion to assist in repaying a $1.25 billion Sukuk that matures in June. DIFCI, the investment arm of Dubai International Financial Centre is apparently considering taking out a $1 billion loan as one of its options to help meet its debt obligations.
In February DIFCI hired US investment bank Moelis & Co to advise it on options for the Sukuk maturity. The five-year Sukuk which matures 13 June 2012 was initially sold by CIMB, Deutsche Bank, Dubai Islamic Bank, Emirates NBD, Goldman Sachs and Mashreq………………………………………..Full Article: Source

Why Goldman Sachs has delayed its Sukuk

Posted on 19 March 2012 by Laxman  |  Email|Print

The continuing no-show of Goldman Sachs’s proposed sukuk programme has done little to dampen the rumour mill surrounding the issuer.
The latest talk in the market suggests that the bank is taking its time to address concerns about the deal before returning to the Islamic market………………………………………..Full Article: Source

Tunisia sets up Islamic finance working group

Posted on 19 March 2012 by Laxman  |  Email|Print

The Tunisian government has set up a working group that will study how to develop Islamic finance in the country, a finance ministry official said.
The group, which includes representatives from the central bank, stock exchange and private sector institutions including Bahrain-based Al Baraka Banking Group, will look at the country’s legal framework, said Karima Rezk, a director at the ministry………………………………………..Full Article: Source

Cambodia considers attractions of Islamic finance

Posted on 19 March 2012 by Laxman  |  Email|Print

“Most investors in the Middle East are certainly looking for Islamic-compliant business in countries that aren’t majority Muslim,” Ashraf Bin Md Hashim, head of consultancy at the International Sharia Research Academy for Islamic Finance, said.
Hashim said the Islamic finance is almost nonexistent among Cambodia’s Muslims. Muslims make up around two per cent of Cambodia’s population of 13 million which is mainly Buddhist………………………………………..Full Article: Source

IDB seals $98 mln education deal with Nigeria

Posted on 19 March 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) has sealed a $98 million education deal with the Federal Government to finance bilingual education in Nigeria. According to Nigeria’s Minister for State Finance, Yerima Lawan Ngama, the project will see students of traditional Islamic schools integrated into formal learning.
Ngama said, “We are brokering a very interesting programme on bilingual education to have our young children in almajiri schools integrated a little bit more into the standard education system………………………………………..Full Article: Source

IDB president meets Yemen’s minister

Posted on 19 March 2012 by Laxman  |  Email|Print

The President of Islamic Development Bank Group (IDB) Dr. Ahmad Muhammad Ali met here Yemen’s Minister of Planning and International Cooperation and the Bank’s Governor representing Yemen, Dr. Mohammed Saeed Al-Saadi and Minister of Finance Sakher Al-Wajih.
During the meeting, Dr. Ali stressed the Bank Group’s keenness on providing all possible support and assistance to Yemen in economic and social development………………………………………..Full Article: Source

Sharjah Islamic Bank partners with SCFA

Posted on 19 March 2012 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB) has signed a strategic partnership memorandum with the Supreme Council for Family Affairs (SCFA) in Sharjah on Saturday.
The deal aims to support the efforts made by the SCFA to its non-profit humanitarian subsidiaries such as Sharjah City for Humanitarian Services, Friends Of Cancer Patients, Breastfeeding Friends, Friends of Kidney Patients, Friends of Diabetes Patients, Friends of Arthritis Patients and other charitable nonprofit organizations operating under the umbrella of the SCFA………………………………………..Full Article: Source

Islamic banking : An alternative discipline

Posted on 19 March 2012 by Laxman  |  Email|Print

Banking has evolved as an integral part of economics since long. Of late, correspondingly, Islamic banking has also occupied its position in Islamic economics. Now-a-days many academic curricula contain Islamic banking as an alternative to conventional or traditional banking.
But when it comes to the genesis of banking and that of Islamic banking, one would admit that conventional banking has got much longer history and passed through many more phases of evolution than Islamic banking………………………………………..Full Article: Source

Bank Nizwa names CEO

Posted on 19 March 2012 by Laxman  |  Email|Print

Jamil el Jaroudi has been named as the Chief Executive Officer of Bank Nizwa, following the Central Bank of Oman’s formal approval.
Ahmed Saif al Rawahi, Chairman of the Bank Nizwa Founding Committee said, “Until we had formal approval from the CBO we couldn’t go public with details of our chosen CEO, but now we can and it gives me great pleasure to announce the appointment of Dr Jamil as Bank Nizwa’s first CEO. Jamil brings many years of commercial experience, but even more importantly has strong credentials in both Islamic banking and banking start-ups.”……………………………………….Full Article: Source

EIB launches Jumeirah home finance scheme

Posted on 19 March 2012 by Laxman  |  Email|Print

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, said it has launched a special housing finance campaign for customers to help them own their dream home in “Jumeriah Park,” a key project developed by Nakheel.
The new Manzili programme is targeted at individuals who wish to avail home finance for their own home in Jumeirah Park, said a statement from EIB………………………………………..Full Article: Source

DIB wins 3 Islamic Finance News awards

Posted on 19 March 2012 by Laxman  |  Email|Print

Dubai Islamic Bank (DIB) won three awards at the recent Islamic Finance News Awards in the categories of “Corporate Finance,” “Restructuring” and “Structured Finance” Deal of the Year categories.
Established in 2005, the Islamic Finance News Awards honour excellence in the Islamic finance industry………………………………………..Full Article: Source

Qatari banks’ earnings ‘to grow by double digits’

Posted on 19 March 2012 by Laxman  |  Email|Print

Qatar’s banking sector is expected to witness strong profitability with average earnings slated to see double-digit growth year-on-year (Y-o-Y) in 2012 on strong domestic lending, according to Global Investment House.
“We forecast average earnings growth of 18% Y-o-Y in Qatari banks in 2012 with the sector benefiting from strong domestic lending activity. Overall, we assume 2012 net loan growth of 16.2% for the sector,” Global said, adding “Qatar’s burgeoning economy will trickle down quite favourably to its banking sector”………………………………………..Full Article: Source

Emirates Islamic Bank extends ‘MANZILI’ Home Finance to ‘Jumeirah Park’ customers

Posted on 19 March 2012 by Laxman  |  Email|Print

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced today, the launch of a special housing finance campaign for customers who would like to own their dream home in ‘Jumeriah Park’ or already own a property within the development.
Emirates Islamic Bank’sManzili programme is targeted at individuals who wish to avail home finance for their own home in Jumeirah Park, the prestigious project developed by Nakheel. The first of its kind offer in the current market, this package offers competitive variable rate options starting from 5.90% for a maximum period of 25 years, with a 24 hour pre-approval offer. (Press Release)

NBF to distribute 39.2pct cash dividends

Posted on 19 March 2012 by Laxman  |  Email|Print

UAE-based National Bank of Fujairah (NBF) said its board has approved the distribution of 39.2 per cent of the 2011 profit as cash dividends to the investors following its solid results.
The NBF had in January reported a 64.4 per cent jump in its 2011 full-year profit which hit Dh280.9 million ($76.4 million) compared to Dh170.9 million the year before………………………………………..Full Article: Source

Al Ansari Exchange partners with Islamic Finance House to offer more convenient, cost-effective labour guarantee services

Posted on 19 March 2012 by Laxman  |  Email|Print

Al Ansari Exchange, the UAE’s exchange house network that provides worldwide remittance and foreign exchange services, has announced a new partnership with Islamic Finance House (IFH) across its branches whereby IFH will issue labour guarantees for companies.
Under the partnership, Al Ansari Exchange will offer exceptional value to commercial establishments and a more convenient and cost-effective platform as it does not require an annual renewal fee, which is typically charged by banks. (Press Release)

Malaysia: Life insurance industry to grow by between 7pct and 10pct

Posted on 19 March 2012 by Laxman  |  Email|Print

The life insurance industry, which registered total new business premiums worth RM7.92bil last year, is expected to grow by between 7% and 10% this year despite the global external headwinds.
For life insurance, the penetration rate stands at 42.83%, while takaful is about 10%………………………………………..Full Article: Source

Tunisia establishes Islamic finance working group

Posted on 16 March 2012 by Laxman  |  Email|Print

Karima RezkThe Tunisian government has set up a working group that will study how to develop Islamic finance in the country, a finance ministry official said.
The group, which includes representatives from the central bank, stock exchange and private sector institutions including Bahrain-based Al Baraka Banking Group, will look at the country’s legal framework, said Karima Rezk, a director at the ministry………………………………………..Full Article: Source

Malaysian Islamic insurers eyeing Indonesian market‎

Posted on 16 March 2012 by Laxman  |  Email|Print

Hans De CuyperMalaysia’s biggest Islamic insurers plan to expand in Indonesia, taking advantage of industry growth that’s almost three times the pace of their home market and increasing wealth in the world’s most-populous Muslim country.
Mayban Ageas, the nation’s largest insurer, is considering an acquisition in Indonesia, chief executive officer Hans De Cuyper said. Syarikat Takaful Malaysia Bhd, the second biggest, estimates its Indonesian unit will generate 50 per cent of its profits, from less than 10 per cent now, managing director Hassan Kamil said, without giving a timeframe………………………………………..Full Article: Source

Tanjung Bin said sold RM3.3bln Sukuk

Posted on 16 March 2012 by Laxman  |  Email|Print

Tanjung Bin Energy Sdn Bhd, a Malaysian electricity producer, sold RM3.3 billion (US$1.1 billion) of Islamic bonds to yield 4.45 percent to 6.05 percent, two people with knowledge of the deal said.
The Shariah-compliant bonds were privately placed in 31 portions, with maturities ranging from five years to 20 years, said the people who couldn’t be named because the information is private. The securities were rated AA3, the fourth-highest investment grade by RAM Rating Services Bhd……………………………………….Full Article: Source

Investors pile into Khazanah exchangeable

Posted on 16 March 2012 by Laxman  |  Email|Print

Khazanah Nasional last night returned to the equity-linked market with a $358 million exchangeable Islamic bond, which was aggressively priced and confirmed that there is indeed huge investor appetite for deals backed by strong credits.
The bonds are exchangeable into Hong Kong-listed Parkson Retail Group and are backed by Khazanah’s remaining 220 million shares in the company – one of the largest nationwide department store operators in China………………………………………..Full Article: Source

Khazanah sells RM1.09bln convertible Sukuk

Posted on 16 March 2012 by Laxman  |  Email|Print

Khazanah Nasional Bhd said it sold US$357.8 million (RM1.09 billion) worth of exchangeable sukuk at negative yield, a first for this type of asset class. It is also the first convertible debt paper to be issued in two years.
The seven-year Islamic paper comes with a year-three put option and zero periodic payment. It was priced to pay a yield of negative 0.25% with a 30% conversion premium – both at the issuer-friendly end of marketed terms………………………………………..Full Article: Source

Khazanah wins aggressive terms on exchangeable Sukuk

Posted on 16 March 2012 by Laxman  |  Email|Print

Malaysian state-owned investment agency Khazanah Nasional priced its exchangeable sukuk last night (Thursday) to raise US$357.8m.
The seven-year note was issued at par with a put at 99.25 after three years, and is exchangeable into shares of Hong Kong-listed Parkson Retail Group………………………………………..Full Article: Source

Khazanah’s USD357.8 mln exchangeable Sukuk achieves negative yield

Posted on 16 March 2012 by Laxman  |  Email|Print

Khazanah Nasional Berhad announced the successful issuance of a seven-year benchmark exchangeable sukuk of USD357.8 million, via an independent Labuan incorporated special purpose company, Pulai Capital Ltd., exchangeable into the shares of Parkson Retail Group Limited, one of the largest department store operators in the People’s Republic of China.
The Sukuk was successfully priced through an accelerated book-building process on 14 March 2012, and at the tightest end of the price guidance at -0.25% yield to maturity and 30.0% exchange premium. The transaction drew a demand of 3.4 times book size, attracting a diverse group of over 100 investors comprising long only funds, hedge funds, arbitrage funds as well as asset managers across Asia and Europe. (Press Release)

Islamic bank to finance Nigeria education after militant attacks

Posted on 16 March 2012 by Laxman  |  Email|Print

The Islamic Development Bank will provide $95 million in loans to integrate Nigeria’s Koranic schools with the West African country’s mainstream education system after a spate of militant attacks.
“The main purpose is to link the boys coming out of the Koranic schools, the madrasas, with the public education system,” IDB President Ahmad Mohammed Ali, said yesterday in an interview in Abuja, Nigeria’s capital. “This is very important now with the unfortunate problem of Boko Haram.”……………………………………….Full Article: Source

Jonathan urges IDB to inject more capital into Nigeria’s economy

Posted on 16 March 2012 by Laxman  |  Email|Print

President Goodluck Jonathan has urged the Islamic Development Bank (IDB) to inject more capital into the Nigerian economy in an effort to address the country’s infrastructural challenges.
Jonathan, who was represented by Vice-President Namadi Sambo, made the appeal while declaring open the first IDB-Nigeria Business Forum in Abuja on Thursday………………………………………..Full Article: Source

Sambo seeks more funds from Islamic bank

Posted on 16 March 2012 by Laxman  |  Email|Print

Vice-President Namadi Sambo, on Thursday, urged the Islamic Development Bank (IDB) to inject more capital into the nation’s economy in support of infrastructure development and general economic development.
Sambo, who made the call while declaring open the IDB-Nigeria Business Forum in Abuja, said the gesture would complement the nation’s current efforts to sustain economic reform and development………………………………………..Full Article: Source

Internet banking and mobile banking as a part of islamic banking services

Posted on 16 March 2012 by Laxman  |  Email|Print

Some Islamic banks have monthly subscription fees and set-up fees, while others do not require any additional charges and offer their online products for free. All the Islamic bank services come with strong protection and security that places a complete confidence upon any transaction performed by its customers.
By reshaping financial solutions to make it computerized and easy to use, Islamic banks have opened a new dimension in the Islamic bank segment as it provides a more accessible and flexible option for the local market………………………………………..Full Article: Source

BNP Paribas to expand Gulf revenues

Posted on 16 March 2012 by Laxman  |  Email|Print

French lender BNP Paribas expects to grow its revenues from the Gulf region this year despite a slight impact on its business as a result of the Arab Spring, the bank’s Middle East head said.
“Globally, the bank had good 2011 results and also here in the Middle East, and we expect this to continue especially from asset management and wealth management,” Jean-Christophe Durand said. “This is a very important region for BNP Paribas.” ……………………………………….Full Article: Source

NBD Islamic finance portfolio grows 24 pct in 2011

Posted on 16 March 2012 by Laxman  |  Email|Print

The National Bank for Development (NBD) in cooperation with Abu Dhabi Islamic Bank (ADIB) have announced its 2011 financial results, which revealed positive indicators despite the circumstances the Egyptian economy faced during the past year.
2011 witnessed significant growth in the Islamic financing portfolio, reaching EGP 600 million after excluding bad debt from before the acquisition, with a growth rate of 24 per cent compared to 2010. The portfolio increased from EGP 2.7 billion in 2010 to EGP 3.3 billion at the end of 2011, which is five times the growth rate of 4.5 per cent in the Egyptian market………………………………………..Full Article: Source

Qatari banks see good growth

Posted on 16 March 2012 by Laxman  |  Email|Print

Qatari banks performed well in 2011 and are projected to record double-digit growth in their net profits this year due to rise in domestic credit, according to a Kuwait investment bank.
“For 2012, we forecast a 20.4 per cent increase in the net profit of Qatari National Bank (QNB) while for Commercial Bank of Qatar growth is expected to be 19.2 per cent and Doha’s to be 12.6 per cent….for the two Islamic banks, growth is expected to be 14.5 per cent,” Global Investment House (GIH) said in a study………………………………………..Full Article: Source

Aman showcases insurance range for luxury craft

Posted on 16 March 2012 by Laxman  |  Email|Print

Dubai Islamic Insurance and Reinsurance Company (Aman), a leading Islamic Insurance provider in the UAE, is showcasing its line of insurance products for high-end luxury pleasure crafts at the Dubai International Boat Show.
Organised by Dubai World Trade Centre (DWTC), DIBS is being held from March 13 to 17, 2012 at the Dubai International Marine Club, Mina Seyahi………………………………………..Full Article: Source

Dubai’s DIFCI seeks $1 bln loan to repay Sukuk

Posted on 15 March 2012 by Laxman  |  Email|Print

DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, started talks with banks for a loan to help repay a $1.25 billion Islamic bond due in June, two bankers with knowledge of the plan said.
The company plans to raise $900 million to $1 billion from a five-year syndicated loan and will make up the rest with its own cash, said the bankers, who declined to be identified because the information is private. The talks are at an early stage and no mandate has been awarded, they said………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Dubai Investments mulls $272 mln Islamic bond issue

Posted on 15 March 2012 by Laxman  |  Email|Print

Khalid bin KalbanConglomerate Dubai Investments may look to raise up to 1 billion dirhams ($272.3 million) in 2012 through sale of a sukuk, or Islamic bond, to finance the expansion of its manufacturing units and repay debt.
The company, in which emirate’s sovereign wealth fund Investment Corporation of Dubai (ICD) owns an 11.5-percent stake, is already in talks with an Italian lender for a $200 million loan and a sukuk issue will only be considered if the loan deal does not go through, Chief Executive Khalid bin Kalban told reporters on Wednesday………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

Indonesia: Sellers raise retail Sukuk sales target to Rp 19 trillion

Posted on 15 March 2012 by Laxman  |  Email|Print

Agents for the Indonesian government’s fourth retail sukuk (Islamic debt papers for individual investors) have raised their sales target by Rp 5.48 trillion (US$595.73 million) to Rp 19.15 trillion due to the strong demand from locals.
As of Tuesday, which was the seventh day of the sukuk’s offer period, 15,165 investors had applied for Rp 11.77 trillion worth of the bonds, Rahmat Waluyanto, the Finance Ministry’s director general for debt management, told The Jakarta Post………………………………………..Full Article: Source

Podcast Play - Download this article   |   Play - Download Full Briefing   |   Subscribe to the Podcast Feed

banner
banner
March 2012
M T W T F S S
« Feb   Apr »
 1234
567891011
12131415161718
19202122232425
262728293031