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Islamic Finance Briefing - Archive | June, 2012

StanChart working on 4 sukuks in Gulf

Posted on 29 June 2012 by Laxman  |  Email|Print

Standard Chartered bank is arranging up to four sukuks in the Gulf region. Afaq Khan, CEO of Standard Chartered’s Islamic banking unit, said the bank is involved in 3-4 corporate and sovereign sukuks likely to be issued this year.
“There are 3-4 sukuk deals in the pipeline that Standard Chartered is working in the region. These are UAE dirham, US dollar and Malaysian ringgit denominated sukuks to be issued by corporates and sovereigns,” Khan said………………………………………..Full Article: Source

15pct sukuk growth seen

Posted on 29 June 2012 by Laxman  |  Email|Print

The Islamic finance industry will grow 15% annually in the next decade, after syariah- compliant banking assets surged in Asia in the past year, according to a global standards-setting body.
Holdings in Malaysia rose 27% to RM344bil in the 12 months to April 30, according to the central bank. In Indonesia, they climbed 43% to 144.3 trillion rupiah (US$15.2bil), official data show………………………………………..Full Article: Source

Qatar’s Barwa plans to issue sukuk by 2013

Posted on 29 June 2012 by Laxman  |  Email|Print

Qatar’s Barwa Bank plans to issue a sukuk by 2013 and is eyeing a share listing over the longer term, according to its chief executive.
The Islamic lender, a unit of Barwa Real Estate, sees an issuance as helping smooth out maturities in the state, which plans to invest about $130 billion in its non-hydrocarbon sector through to 2018………………………………………..Full Article: Source

Crescent Wealth to launch Australia’s 1st Islamic pension fund

Posted on 29 June 2012 by Laxman  |  Email|Print

Australian fund manager Crescent Wealth plans to launch the country’s first Islamic pension fund by December and allocate between 15 to 30 percent of it in property, its managing director said.
Talal Yassine said Crescent Wealth hopes to build the fund to between A$4 billion ($4.03 billion) and A$6 billion in five years. Crescent Wealth, which was established last year, currently has less than A$5 million under management and advice but Yassine expects strong growth for his fund due to a lack of available Shariah-compliant financial products in Australia………………………………………..Full Article: Source

Islamic Development Bank signs $2bln deal with Korea Development Bank

Posted on 29 June 2012 by Laxman  |  Email|Print

The Islamic Development Bank ( IDB ) has signed a Framework Co-financing Agreement (FCA) with Korea Development Bank (KDB) in which each bank will earmark $1 billion to co-finance public private partnership (PPP) projects in IDB member countries over the next three years.
The common pipeline of projects for co-financing would be based on the two institutions’ shared understanding of the development needs of the target countries and best practice concepts on development financing. The agreement aims to target projects in infrastructure, agriculture, human development and development of the private sector………………………………………..Full Article: Source

Egypt: Govt to accept US$1 bln loan from Islamic Development Bank

Posted on 29 June 2012 by Laxman  |  Email|Print

Planning and International Cooperation Minister Fayza Abouelnaga said a US$1 billion loan from the International Islamic Trade Finance Corporation, which is affiliated with the Islamic Development Bank, will be signed on Monday.
The loan would have a 3.25 percent interest rate. In a statement to the press on Thursday, Abouelnaga said money from the loan will be distributed to the Egyptian General Petroleum Corporation and the General Authority for Commodities………………………………………..Full Article: Source

Zambia: Islamic banking in offing

Posted on 29 June 2012 by Laxman  |  Email|Print

Government has finalised working on regulations to oversee the operations of Islamic banking in Zambia, Finance Minister Alexander Chikwanda has said. Islamic banking, which is a financial service that meets the requirement of Shariah or Islamic Law, is designed to meet specific religious requirements of Muslims and there is no interest charged.
Chikwanda said the regulations for the operation of Islamic banking in the country will come into effect before the end of this year………………………………………..Full Article: Source

Bank Al Khair ex-CEO convicted of embezzlement

Posted on 29 June 2012 by Laxman  |  Email|Print

A Bahraini court has sentenced the former chief executive of Bank Al Khair in absentia to four years in jail for embezzlement and squandering the bank’s funds, the Islamic lender said.
It said the Criminal Court of Bahrain also convicted Majid Al-Refai at a hearing on Tuesday of destroying bank documents as well as preventing shareholders and authorised entities from accessing bank records………………………………………..Full Article: Source

UK real estate is becoming a major asset class for Islamic finance

Posted on 29 June 2012 by Laxman  |  Email|Print

The inauguration of The Shard of Glass skyscraper in London has put UK real estate firmly in the spotlight as an increasingly important asset class for Islamic finance.
Perched 310 meters above the London cityscape, making it the tallest building in the European Union, the Shard has already become an iconic landmark globally. It is also a strong symbol of the rise of Islamic finance, as the project was 95% funded by the Qatar National Bank in a Shariah-compliant transaction………………………………………..Full Article: Source

Kenya: Draft law paves way for Islamic Reits funds

Posted on 29 June 2012 by Laxman  |  Email|Print

The draft Reit regulations 2012 published by the Capital Markets Authority (CMA) allow for creation of Shariah-compliant Reit products. Besides complying with requirements for development and construction Reits (D-Reits) and income investment Reits (I-Reits), proposed Islamic Reit funds will have to appoint Shariah advisers.
Shariah advisers will guide Reit managers on Shariah principles applicable in Kenya and conduct Shariah-compliant assessments of the terms of Reit schemes and Reit securities………………………………………..Full Article: Source

Uncertainty, disparity in Islamic finance pose challenges

Posted on 29 June 2012 by Laxman  |  Email|Print

The uncertainty and disparity in some areas of Islamic finance can at times be an added cost for industry players or turn them away from it, said a senior Securities Commission (SC) director.
Zainal Izlan Zainal Abidin, the SC executive director, said the legal, regulatory and tax frameworks for Islamic finance sometimes differ from one market jurisdiction to another, and this poses a challenge when one goes into cross border situations………………………………………..Full Article: Source

Islamic finance industry is fastest growing sector

Posted on 29 June 2012 by Laxman  |  Email|Print

Islamic finance industry will continue to grow much faster than conventional banking in the Middle East and also increase its market share despite issues of Shariah standards across markets, regulations, tax issues, and documentation standardisation.
“The Islamic banking industry is considered to be one of the fastest growing sectors in the financial industry,” Nimish Makvana, secretary, ICAI — Dubai Chapter, said in his opening remarks………………………………………..Full Article: Source

Islamic finance sector set to post major growth

Posted on 29 June 2012 by Laxman  |  Email|Print

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organisers of the upcoming International Islamic Finance Conference 2012.
They noted that the sector is undergoing a dramatic change with its one-time easily identifiable early entrants of the 1970s increasingly joined by new dedicated players, alongside Sharia specific, specially-branded product offerings from the general banking sector………………………………………..Full Article: Source

Shariah Capital shrinks ‘11 operating loss

Posted on 29 June 2012 by Laxman  |  Email|Print

Shariah Capital, Inc. a specialist in Shariah-complaint financial services, Thursday reported a narrowed operating loss for 2011, and said it is reviewing the costs and benefits of its AIM listing as the MENA investment environment remains difficult and the company considers new business opportunities.
Revenue in year ended Dec. 31: $1.15 million (2010: $1.28 million). Operating loss $380,479 (2010: loss $412,912)……………………………………….Full Article: Source

Takaful challenges to be probed at forum

Posted on 29 June 2012 by Laxman  |  Email|Print

The global takaful industry has witnessed tremendous growth in the last decade. The Ernst & Young World Takaful Report 2012, which was launched at the seventh Annual World Takaful Conference in Dubai last April, confirmed that global takaful contributions grew by 19 per cent to $8.3 bilion in 2010, out of which, the GCC contributed $5.68bn.
However, the GCC insurance landscape is still dominated by conventional insurers and regional takaful operators are facing stiff competition from established conventional players and foreign players entering the takaful market space………………………………………..Full Article: Source

Oman plans Islamic finance rules before year-end

Posted on 28 June 2012 by Laxman  |  Email|Print

Azmat RafiqueA regulatory framework for Islamic finance is taking shape in Oman as government bodies move towards meeting the country’s stated aim of making sharia-compliant products available to the public this year. But logistical challenges and the limited size of the market may prevent entrants to the business from making quick profits.
Legislation covering takaful (Islamic insurance) and sukuk (Islamic fixed income securities) is expected to be finalised by the end of the third quarter of the year, Capital Market Authority officials told Reuters………………………………………..Full Article: Source

Religious money matters, and banks are converts

Posted on 28 June 2012 by Laxman  |  Email|Print

Australia likes to congratulate itself on “discovering” economic trends that it is actually late to get into. Asia is one area like this. We’re 12 years into the 21st century, but Canberra is spending millions assembling a white paper on “Australia in the Asian century”.
Another trend is towards Islamic finance. Some people raise their eyebrows. Why do pious Muslims need to work with capital differently from the rest of us? Wrong question. The right one is, how can we get more pious Muslims to deposit more of their money with us? Fortunately, Australia, which has almost half a million Muslims, according to the 2011 census, is starting to answer that question………………………………………..Full Article: Source

Overseas expansion key in future Islamic capital market

Posted on 28 June 2012 by Laxman  |  Email|Print

The next phase of growth of the Islamic capital market would be characterised by greater internationalisation, which would see more product as well as service providers expanding beyond their home market.
The Securities Commission’s executive director of Islamic capital market Zainal Izlan Zainal Abidin said more investors would seek products or instruments with international exposure………………………………………..Full Article: Source

Islamic fund house opens in UK offering suite of Shariah products

Posted on 28 June 2012 by Laxman  |  Email|Print

A new fund house has launched in London offering Shariah compliant funds in a Ucits structure to UK investors. Oasis Crescent, which has its new office in the Knightsbridge area of London, has been managing Islamic and conventional funds for more than 15 years, with £2.5bn (€3bn, $4bn) of assets under management, and operating within Europe for more than ten.
The company said the Islamic investment market in the UK is currently “under £1bn” but has the “potential to be between £120bn and £160bn”………………………………………..Full Article: Source

Islamic finance set to reach $5 trillion by 2016

Posted on 28 June 2012 by Laxman  |  Email|Print

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organisers of the upcoming International Islamic Finance Conference 2012.
Recent estimates predict a year-on-year growth rate of 25%, which would see the global industry valued at $5 trillion in 2016. They said that this indicates a need for an increased understanding of both the sector and the robust strategies needed to support such growth where the increased competition is in danger of blurring of lines between products and services. (Press Release)

Global Islamic finance to mark steep growth

Posted on 28 June 2012 by Laxman  |  Email|Print

The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organizers of the upcoming International Islamic Finance Conference 2012.
In a news announcement the event management team at Emerald Insight suggested that the demand for the Shariah-managed industry is largely market driven with a noticeably high number of institutions entering the arena introducing new products to market………………………………………..Full Article: Source

Olayan Group prices sukuk at $173mln

Posted on 28 June 2012 by Laxman  |  Email|Print

Olayan Group, one of the largest conglomerates in Saudi Arabia, has concluded its maiden issue of an Islamic bond, or sukuk, sources said.
It is one of a number of Saudi entities that have priced their first local currency sukuk this year as interest in the country’s debt market grows on the back of high investor liquidity and a desire to diversify funding sources away from bank loans………………………………………..Full Article: Source

Bank Muamalat gets ball rolling on fund-raising with bond sale

Posted on 28 June 2012 by Laxman  |  Email|Print

Bank Muamalat, an Islamic lender in Indonesia, is planning to raise Rp 800 billion ($85 million) from the sale of subordinated Islamic debt this week. The bank, which is partly controlled by the Islamic Development Bank, is offering the 10-year Islamic notes to investors today and plans to list the debt on the Indonesia Stock Exchange next Monday.
The offering will be the first as part of Bank Muamalat’s long-term plan to raise Rp 1.5 trillion within two years, the lender said in a brief prospectus published in Investor Daily on Monday………………………………………..Full Article: Source

Tamweel bond climbs to record on Dubai recovery: Islamic Finance

Posted on 28 June 2012 by Laxman  |  Email|Print

Tamweel’s Islamic bond climbed to a record as the mortgage provider controlled by Dubai Islamic Bank plans its second sukuk sale this year, boosted by an increase in property sales.
The yield on the 5.154 per cent Islamic bonds, which pay returns on assets instead of interest, due January 2017 has fallen 57 basis points in June to 4.30 per cent on Wednesday………………………………………..Full Article: Source

MAF in second stab at bond as market, Dubai improve

Posted on 28 June 2012 by Laxman  |  Email|Print

A year after it called off its maiden conventional bond issue in the international market, Dubai’s Majid Al Futtaim Holding is trying again. This time, stronger global demand for Gulf debt, and better investor sentiment towards Dubai in particular, mean a much smoother ride for MAF.
The shopping mall developer is eyeing a seven-year, $500 million conventional bond, longer than the five-year tenor favoured in the region. It released price guidance at 5.375 percent on Wednesday………………………………………..Full Article: Source

Bahrain said to offer record-high yield in bond sale

Posted on 28 June 2012 by Laxman  |  Email|Print

Bahrain, which quashed anti- government protests in 2011, will pay more to raise $1.5 billion than it did in prior 10-year bond sales, a person familiar with the sale said, as investors focus on political risks.
The smallest member of the six-nation Gulf Cooperation Council priced bonds at 437.5 basis points over similar-maturity midswaps, or about 6.15 percent, according to the person, who asked not to be identified because the information is private………………………………………..Full Article: Source

Bank Sohar finalises Islamic banking system

Posted on 28 June 2012 by Laxman  |  Email|Print

Bank Sohar, the Sultanate’s most youthful and dynamic Banking institution and Path Solutions, a global provider of software solutions to the Islamic financial services industry today announced that they have inked a pact at a signing ceremony in Muscat, Oman.
As per the deal, Path Solutions’ pioneering Islamic Banking system iMAL will be implemented at Bank Sohar to assist the bank extend Islamic Banking services………………………………………..Full Article: Source

IBank sets sights on halal export loans

Posted on 28 June 2012 by Laxman  |  Email|Print

The Islamic Bank of Thailand (IBank) plans to increase its focus on halal food exports, with a target of 3 billion baht in loans for the industry this year, says bank president Dheerasak Suwannayos.
The target is a 50% increase from last year, he said. IBank expects to extend 20 billion baht in credit to all sectors this year. Dheerasak said of Asean’s 601 million people, Muslims account for 260 million………………………………………..Full Article: Source

Thailand: Islamic Bank seeks another soft loan for flood victims.

Posted on 28 June 2012 by Laxman  |  Email|Print

Islamic Bank of Thailand has asked the central bank to provide it with an additional Bt800 million in soft loans for re-lending to flood victims, president Thirasak Suwanayos said.
The bank also plans to lend more to support those wanting to do business in Asean. Flood victims have already applied for loans worth Bt800 million, which is the amount previously made available to the bank under the flood-recovery scheme, he said………………………………………..Full Article: Source

Emirates Islamic Bank extends home finance to property owners in Manazil Towers in Sharjah

Posted on 28 June 2012 by Laxman  |  Email|Print

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced today that it will provide housing finance to UAE and GCC nationals buying property in Manazil Towers in Sharjah.
The announcement follows a MoU signed with the developer, Manazil Real Estate, to finance end users for its five completed towers (Manazil Tower 1, 2, 3, 4 and 5) in Sharjah. (Press Release)

Bank Negara update on Islamic mega bank licences

Posted on 28 June 2012 by Laxman  |  Email|Print

A statement by the Malaysian central bank, Bank Negara Malaysia, said, “The issuance of an Islamic mega bank licence in Malaysia is to increase the international dimension of Islamic Finance in the Malaysian financial system and thus enhance Malaysia’s global economic and financial interlinkages with other parts of the world, in particular, with other emerging economies and international financial centres.
“Entities applying for such licences are required to meet all the existing rules and regulations set forth by Bank Negara Malaysia. A full licence will only be awarded once all legal and regulatory requirements are met………………………………………..Full Article: Source

Politics hinders aid to Arab Spring economies

Posted on 28 June 2012 by Laxman  |  Email|Print

Over a year since the Middle East’s revolts began, countries hit by unrest are having trouble obtaining the foreign aid they badly need to rebuild their economies and ease social problems.
When Saudi Arabia withdrew its ambassador to Cairo in late April, yields on Egyptian Treasury bills rose and stock prices slipped as investors feared Egypt would be cut off from billions of dollars of Saudi financial aid………………………………………..Full Article: Source

Will Islamic ideology influence Egypt’s new foreign policy?

Posted on 28 June 2012 by Laxman  |  Email|Print

Muslim Brotherhood as a movement has committed to respect whatever has been agreed and concluded by Egypt and even by the previous Egyptian Government. Connections with the Muslim countries will probably influence the presence of Egypt within the Arab and Muslim world and it will be redefined. It is a deep shift in the positions of Egypt.
I do not see Egypt becoming a country that encourages any subversive or destructive movements across the region, I have no fear that this is the case. I think Egypt will want to remain a country that works for the stability of the Middle East but I think the tone will change and eventually, depending on Egypt’s interests, we will see different traces in terms of the foreign policy………………………………………..Full Article: Source

Malaysia: Islamic mega bank licence applications are market-driven, says BNM

Posted on 27 June 2012 by Laxman  |  Email|Print

Bank Negara Malaysia (BNM) said applications for Islamic mega bank licences are market-driven and private sector-led. “Those entities exploring the possibility of participating as an investor will determine their own course of action based on their assessment of the business viability of the investment,” it said.
Stringent criteria and assessments by BNM will be applied on prospective investors and the licensee as required by the law, it said. BNM said entities applying for Islamic mega bank licences are required to meet all the existing rules and regulations set by the central bank………………………………………..Full Article: Source

HSBC beats CIMB as sukuk sales head for record

Posted on 27 June 2012 by Laxman  |  Email|Print

Rafe HaneefHSBC Bank Plc, which surpassed CIMB Group Holdings Bhd as the top Islamic bond arranger this year after dominating sales in the Persian Gulf, is predicting lower borrowing costs will drive record issuance in 2012.
Europe’s largest lender, the sole underwriter of Jeddah, Saudi Arabia-based General Authority of Civil Aviation’s US$4bil sukuk, handled 46 offerings worth US$7.2bil in 2012, a 35% market share, according to data compiled by Bloomberg………………………………………..Full Article: Source

Saudi’s Olayan issues $173mln sukuk

Posted on 27 June 2012 by Laxman  |  Email|Print

Olayan Group, one of the largest conglomerates in Saudi Arabia, has concluded its maiden issue of an Islamic bond, or sukuk, two sources with knowledge of the matter said on Tuesday.
It is one of a number of Saudi entities that have priced their first local currency sukuk this year as interest in the country’s debt market grows on the back of high investor liquidity and a desire to diversify funding sources away from bank loans………………………………………..Full Article: Source

Bahrain eyes 10 year bond

Posted on 27 June 2012 by Laxman  |  Email|Print

Bahrain, the Gulf Arab state hit by ongoing social unrest, plans to issue a benchmark-sized 10-year dollar bond this week, lead arrangers said, after testing investor appetite in roadshows that conclude on Tuesday.
Initial price guidance for the issue, which appears to be a single-tranche deal, was at a spread of 462.5 basis points over midswaps. At current swap prices, that equates to a coupon of 6.375 per cent; 10-year midswaps were quoted at 1.75 per cent on Tuesday………………………………………..Full Article: Source

Fitch rates Islamic Development Bank’s USD800mln Sukuk issuance at ‘AAA’

Posted on 27 June 2012 by Laxman  |  Email|Print

Fitch Ratings-London/Paris-26 June 2012: Fitch Ratings has rated Islamic Development Bank’s (IDB) issuance of USD800m Trust Certificates due 26 June 2017 issued by IDB Trust Service Limited, under its USD6.5bn Trust Certificate Issuance Programme (TCIP) at ‘AAA’.
The TCIP benefits from a guarantee provided by the IDB; therefore, its rating is in line with IDB’s Long-Term Issuer Default Rating (IDR) of ‘AAA’ with a Stable Outlook………………………………………..Full Article: Source

Tunisia: Preparing legal system regulating Islamic funding

Posted on 27 June 2012 by Laxman  |  Email|Print

Finance Minister Houcine Dimassi announced, on Monday in Hammamet, the start of a comprehensive legal system to rule Islamic funding, including a solidarity-based Ettakaful insurance system.
Opening works of the Eleventh Carthage Symposium on “Capacity of Arab Insurance and Re-insurance Industry to Face up to New and Important Risks,” Mr. Dimassi said that Islamic financing had proved its efficiency while the traditional finance system had undergone regression, notably in the United States of America and Europe, as a result of the sovereign credits………………………………………..Full Article: Source

Islamic finance has an important role to play in improving current economy

Posted on 27 June 2012 by Laxman  |  Email|Print

Islamic finance has a role to assume in a new world economic model, as the existing model, is unable to balance growth and social responsibility, says an economist.
Graeme Maxton said the fundamental principles underlying in the system was that charging interest on loans or using others as a source of profit was something not allowed………………………………………..Full Article: Source

Shariah-compliant finance gaining ground in the West

Posted on 27 June 2012 by Laxman  |  Email|Print

Leading executives at global institution Standard Chartered say that Shariah-compliant banks are on track to boast around half of the region’s banking assets by 2020 - on the back of surging growth which has seen the industry expand by 30 per cent in the region in just two years.
Potential revenues from Islamic banking are absolutely huge, according to Khalid Elgibaly, head of consumer banking in the region at Standard Chartered. Way of winning client trust and encouraging loyalty are an important factor for investors regardless of their religion, ethnicity, and background and aim to produce a “feel good” factor for the investor………………………………………..Full Article: Source

Deloitte: Saudi Arabia Islamic finance assets total $94bln

Posted on 27 June 2012 by Laxman  |  Email|Print

Deloitte’s Middle East Islamic Finance Knowledge Center (IFKC) report, Empowering Risk Intelligence in Islamic Finance, finds the total of Saudi’s Arabia Islamic Finance Assets, valued at $94bn, represents 8.2% of total Global Islamic Finance assets.
“Greater pressure has been placed on financial institutions offering Islamic Financial services to galvanise risk exposure and governance capabilities,” commented Dr. Hatim El Tahir, director of the IFKC. “Global and regional jurisdictional regulatory reforms are continuing. How this regulation will affect the Islamic Finance sector and the role of IIFS in the economy is yet to be seen,” he added………………………………………..Full Article: Source

Absa man heads to FNB’s Islamic unit

Posted on 27 June 2012 by Laxman  |  Email|Print

The former head of Absa ’s Islamic banking unit, Amman Muhammad, has joined rival First National Bank (FNB) and has pledged to make it dominant in Islamic banking in SA.
Mr Muhammad last week said his vision was also to spearhead FNB’s Islamic banking business in sub-Saharan Africa, targeting markets where SA’s third-largest bank already had operations or intended to expand into………………………………………..Full Article: Source

CBB and banks discuss financial situation in Bahrain

Posted on 27 June 2012 by Laxman  |  Email|Print

Governor Central Bank of Bahrain (CBB) and the representatives of the banking industry discussed the economic and banking situation in Bahrain and its impact on the performance of the national economy during the year.
The CBB and the Bahrain Association of Banks (BAB) held their second meeting of the year to discuss the developments of the financial services sector in the Kingdom of Bahrain………………………………………..Full Article: Source

Asian Finance Bank likely target as Islamic mega lender

Posted on 27 June 2012 by Laxman  |  Email|Print

The controversial plan by regulator Bank Negara Malaysia (BNM) to set up an Islamic mega bank using public funds could involve the purchase of an existing lender, Asian Finance Bank (AFB), say industry sources. The AFB is one of three foreign Islamic banks in Malaysia.
But perhaps likely to be more troubling than the use of public funds is a move to offer Islamic banking expert Professor Datuk Dr Rifaat Ahmed Abdel Karim and other “promoters” of the idea up to nine per cent of the shares in the super bank, which is to be capitalised at US$1 billion (RM3.2 billion)………………………………………..Full Article: Source

Nigeria: Challenges, prospects of Takaful insurance

Posted on 27 June 2012 by Laxman  |  Email|Print

The National Insurance Commission (NAICOM), recently announced its plan to release the guidelines on Takaful or Islamic Insurance by the end of next month. Nnamdi Duru writes on the peculiarities of this highly specialised branch of insurance practice and the benefits.
The insurance regulator, National Insurance Commission (NAICOM) said it would soon put in place the necessary framework for the take-off of takaful insurance, a platform for the protection of lives and properties based on risk sharing in line with the principles and practice of Islam as against risk transfer as in conventional insurance………………………………………..Full Article: Source

Malaysia’s postal service moves into Islamic pawn broking

Posted on 27 June 2012 by Laxman  |  Email|Print

Pos Malaysia has agreed an 80/20 joint venture deal with Bank Muamalat Malaysia to provide Shari’ah finance under the Ar-Rahnu system.
The new company Pos Ar-Rahnu will offer Islamic pawn broking services in Malaysia’s network of more than 700 post offices. Pos Malaysia has acquired Bright Emerald Sdn Bhd, through which the joint venture will operate, renamed Pos Ar-Rahnu. Three of the businesses four directors will be appointed by Pos Malaysia, the bank will provide the fourth………………………………………..Full Article: Source

Islamic banking assets set to reach $1.1 trillion in 2012

Posted on 26 June 2012 by Laxman  |  Email|Print

Hussain Al QemziWith the gap between Islamic and conventional banking solutions narrowing substantially, banking assets of the Shariah-complaint segment — growing twice as fast as conventional banking assets — are expected to reach $1.1 trillion globally in 2012, up 33 per cent from 2010, Standard Chartered said.
With the fast development of the Islamic banking industry, Muslim high net worth individuals, or HNWIs, are increasingly expecting Shariah compliance in managing their wealth, making Islamic wealth management solutions a key market need, Standard Chartered Private Bank said at the launch of a comprehensive suite of Islamic financial solutions for its clients………………………………………..Full Article: Source

MidEast Islamic private banking set to grow: StanChart

Posted on 26 June 2012 by Laxman  |  Email|Print

Stephen Richards EvansIslamic private banking looks set for strong growth in the Middle East, Standard Chartered Plc’s head of private banking ex-Asia said on Monday.
From a current very low base, private banking services adhering to Islamic principles will grow to between 20 and 25 percent of new wealth management business within two or three years, said Stephen Richards Evans, head of private banking for Europe, Middle East, Africa, South Asia and the Americas………………………………………..Full Article: Source

Islamic banks ready to move into fast lane

Posted on 26 June 2012 by Laxman  |  Email|Print

Islamic banks are set to have the same share of the Middle East’s banking industry as their conventional rivals by the end of the decade, a major international lender has said.
Leading executives at global institution Standard Chartered say Sharia-compliant banks are on track to boast around half of the region’s banking assets by 2020 - on the back of surging growth which has seen the industry expand by 30 per cent in the region in just two years. Standard Chartered say Islamic banking now accounts for 25 per cent of the UAE banking industry………………………………………..Full Article: Source

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