Posted on 20 June 2012 by Laxman | Email|Print
Saudi-based Islamic Development Bank (IDB) priced an $800 million five-year sharia-compliant bond, or sukuk, on Tuesday, lead arrangers said, in its first public debt issuance in over a year.
The size of the sukuk was increased to $800 million from $750 million at launch, indicating string demand for the sale, and the issue carries a profit rate of 1.357 percent………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Dubai-based Islamic mortgage lender Tamweel plans to raise $235 million from the sale of a mortgage-backed sukuk secured on properties in the emirate and related receivables, according to a rating statement from Moody’s.
The certificates are due to mature in 2046, according to the agency’s provisional rating, released on Tuesday………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
The first tranche of QIB (UK)’s Shariah-compliant structured note programme- Hemaya, has matured, giving a “positive” return of 10.09% on investors’ invested capital. Hemaya invests in the Qatari stock market, QIB said.
QIB (UK) was the first institution to launch a Shariah-compliant capital protected structured note in May 2010. Since the first issuance, QIB (UK) has launched six Hemaya structured note tranches raising more than $150mn………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 125%.
Subscriptions worth BD25 million were received for the BD20 million issue, which carries a maturity of 182 days. The expected return on the issue, which begins on 21th June 2012 matures on 20December 2012, is 1.30%………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Indonesia aims to raise 1 trillion rupiah ($106.10 million) in a sukuk auction on June 26, the debt office said on Tuesday.
The ministry plans to sell six-month sharia T-bills and project-based sukuk maturing in 2018, 2022, 2027 and 2037, according to the statement………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Emirates, the world’s third-largest airline, announced on Monday that it has fully repaid a $550 million sukuk bond on its maturity date - June 18 - and hinted that Islamic financing would continue to play a key role for the fast-growing carrier moving forward.
The Dubai-based airline, which launched the world’s first airline sukuk - also known as Islamic bond - seven years ago, reflects its strong financial position with its on-time repayment of the sukuk ………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
RAM Ratings has reaffirmed the AA1 rating of GB3 Sdn Bhd’s (”GB3″ or “the Company”) RM850 million Senior Secured Al-Bai Bithaman Ajil Bond Facility (”ABBA Bonds”), with a stable outlook. GB3 is an independent power producer (”IPP”) operating a 640-MW combined-cycle, gas-turbine power plant in Lumut, Perak.
The rating is supported by GB3’s strong business profile, underscored by the favourable terms of its Power Purchase Agreement (”PPA”) with Tenaga Nasional Berhad, satisfactory operating record and healthy cashflow that supports its debt-servicing ability. Similar to all other IPPs, however, the rating is moderated by regulatory and single-project risks. (Press Release)
Posted on 20 June 2012 by Laxman | Email|Print
Malaysia’s securities commission is revising its guidelines for equities which qualify for Islamic investment, in a move that could increase the appeal of the country’s sharia-compliant funds industry to Gulf investors.
Under the previous standards, investment was banned or restricted in companies that were involved in industries deemed to be unethical, such as gambling, alcohol and tobacco………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Legislators in various jurisdictions should be more directly involved in the global Islamic finance industry because without them not much can progress in terms of the drafting and adoption of enabling laws and guidelines, said Sir Chukwudi Jones V. Onyereri, Chairman of the Committee on Banking and Currency of the House of Representatives (Parliament) in Nigeria.
“Yes we are one of the biggest stakeholders but I think the problem is that there is too much concentration on engaging largely with central banks and regulatory authorities. If we as legislators do not understand or engage with any financial market segment, not much legislation will be drafted or adopted,” he said………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Full text of the inaugural address given by Ravi Menon, Managing Director, Monetary Authority of Singapore at the opening of the 3rd Annual World Islamic Banking Conference: Asia Summit, Grant Hyatt Singapore on 5 June 2012.
Dr Ahmad Mohamed Ali Al-Madani, President, Islamic Development Bank, Your Excellencies, distinguished guests, ladies and gentlemen, good morning. And to all our foreign guests, a warm welcome to Singapore………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Global financial crisis has challenged the very fundamentals and operating methodologies of several (hitherto well-managed) banks across the globe. Its effect has been pervasive and a vast majority of the banks and financial institutions have burnt their fingers badly. It is therefore pertinent to question the very philosophies of running these banks, which proved that nobody is ‘too big to fail’.
During these troubled times, Islamic banks have shown somewhat better resilience as compared to their peers in conventional sector. In fact, some sections of the society believe that Islamic banking can be treated as a better possible cure for the market-related diseases and it can be relied upon, to bring in financial and economic stability………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Loans by 75 banks in Mena reached $855.7 billion in 2011. The UAE and Saudi banks were the largest lenders in the Middle East and North Africa (Mena) region with Dubai-based Emirates NBD topping with $55.3 billion in 2011, said a report.
Emirates NBD was followed by Qatar’s QNB with a total of $53.226 billion loans while National Bank of Abu Dhabi recorded loans of $43.423 billion, Forbes Middle East said………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
The Malaysia-based International Centre of Education in Islamic Finance (INCEIF) and Amjaad Development, the corporate division of Amjaad Group, signed a memorandum of understanding (MoU) to impart training and education in the field of Islamic banking and finance through specialised professional courses tailored specifically to meet the needs of professionals involved in Islamic banking and finance and also for potential candidates seeking employment in this vibrant sector.
The agreement was signed by engineer Khalid bin Hilal Al Yahmadi, chairman of the Board of Directors of Amjaad Development and Daud Vicary Abdullah, president and CEO of INCEIF, the global university of Islamic Finance………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Dubai Islamic Bank ( DIB ) announced today that it has been named the region’s “Best Islamic Bank” at the Banker Middle East Industry Awards 2012, held in Dubai on June 12, 2012.
The Banker Middle East Industry Awards recognise the best performing financial services institutions across the Middle East and North Africa. A panel of well-respected industry experts shortlist the nominees and the winners are selected through online voting by more than 10,000 registered users of Banker Middle East. (Press Release)
Posted on 20 June 2012 by Laxman | Email|Print
US firm VASCO Data Security International, Inc. has partnered with Path to offer Islamic financial institutions an integrated high-standard solution providing authentication security with VASCO’s authentication technology.
Path Solutions has integrated VASCO’s DIGIPASS technology into its core internet banking applications iMAL*Connect and iMAL*2Mobile, a new generation of enterprise Islamic banking and investment systems, providing customers with strong authentication and secure online accessibility to personal accounts as well as ensuring transaction integrity………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
The global economic crisis is the result of “greed” and only a selfless approach will save the world, a renowned economist has said.
Nobel laureate Mohammed Yunus, who is also founder of the world’s first micro-finance bank, Grameen Bank, said on Thursday a greedy global financial system and wrong capitalism structure were actually to be blamed for triggering the collapse. He said the micro-finance model put in place at Grameen Bank actually reflected the basic spirit of the Islamic banking………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Horizon Terminals Ltd (HTL), the wholly-owned subsidiary of Emirates National Oil Company (Enoc) focused on terminalling operations, has signed a 10-year Islamic term financing facility of $100 million with Standard Chartered Bank, Emirates NBD and Noor Islamic Bank.
The term partly finances the construction of a second 60 km jet fuel pipeline from the new bulk liquid petroleum terminal in the Jebel Ali Free Zone to the Dubai International Airport, and its associated storage tank farm with 141,000 cubic metres of capacity. The transaction has a dual tranche of USD and AED………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
Islamic mortgages in Malaysia are growing at three times the pace of non-syariah-compliant home loans, boosted by tax incentives and flexible payments.
Residential loans that comply with the tenets of Islam increased by an average 37 per cent in the past five years, compared with 11 per cent for non-Islamic financing, central bank data show. Syariah-compliant lending for housing purchases reached an all-time high of RM40.6 billion (US$12.9 billion) in April, or 15 per cent of the RM270 billion market………………………………………..Full Article: Source
Posted on 20 June 2012 by Laxman | Email|Print
From the moment the Egyptian regime was toppled in February 2011, the nation’s military and its Islamic democrats were set on a collision course. Now we’re seeing the crash.
Aided by a Constitutional Court ruling rolling back parliamentary elections, the Supreme Council of the Armed Forces has dissolved parliament and appointed 100 “experts” to write a new constitution………………………………………..Full Article: Source
RSS
