Posted on 21 June 2012 by Laxman | Email|Print
Islamic finance is usually described as an infant market with domestic focus and supported by the government, hence, much like a baby reliant upon it parents in a home environment of nutrition, nurturing, and natural growth.
“To be competitive in the new world order, one has to think like an immigrant, create like an artisan, work like a start-up and provide service like a waitress, and continuously create a unique value add.” Thomas Friedman, Foreign Affairs Correspondent of the NY Times. In a “hyper-connected world, the age of ‘average’ is officially over”. Is Islamic finance hearing and, more importantly, listening?……………………………………….Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
Barwa Bank has said its involvement in the $800mn five-year sukuk for Saudi-based Islamic Development Bank (IDB) as joint lead manager indicates its strong presence in the debt capital markets.
On the deal, which marks the bank’s first sukuk involvement as joint lead manager, Barwa Bank CEO Steve Troop said: “We are extremely proud to be lead arrangers for this transaction, which is IDB’s first public debt issuance in more than a year. Our aim is to associate Barwa Bank with the leading institutions and IDB, the highest-rated institution in the Middle East (AAA), represents one of the most prestigious names in Islamic finance………………………………………..Full Article: Source
Posted on 21 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. Tamweel, a unit of Dubai Islamic Bank, has not disclosed a target size for the proposed sale. It kicked off investor meetings on Tuesday in Abu Dhabi and roadshows are due to end on June 25………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
With reference to a rating statement from Moody’s, Tamweel is on the verge of beginning a project based on the sale of a mortgage-backed sukuk (Islamic bond) secured in the emirate and related receivables to gather an amount of $235 million.
Tamweel, a unit of Dubai Islamic Bank (DIB), is a well established Islamic mortgage lender situated in Dubai. Investors meetings have begun since yesterday but the supposed sale’s target size is yet to be released with the road shows scheduled to come to an end on the 25th of this month………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
As struggling European banks scale back their worldwide operations, cash-rich Gulf lenders see a chance to expand by snapping up the Middle East assets of European rivals at attractive prices.
After years of building operations in the fast-growing Middle East and North Africa region, European lenders are shrinking back due to a crippling debt crisis at home and the need to raise capital to meet regulatory requirements………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
The first tranche of QIB (UK)’s sharia compliant structured note programme, Hemaya, investing in the Qatari stock market, has matured posting a positive return of 10.09% on investors’ invested capital.
QIB (UK) was the first institution to launch a Sharia’a compliant capital protected structured note, in May 2010………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
National Bank of Kuwait’s planned takeover of Kuwait’s Boubyan Bank moved a step closer on Wednesday, when the Islamic bank’s board gave NBK its backing, leaving a disputed stake held by another bank as the main remaining obstacle to the $2.1 billion deal.
The Boubyan board described NBK’s offer for the 52.7 percent stake it does not already own as “fair and suitable”. However, NBK must still resolve the issue of a 19.2 percent stake held by Commercial Bank of Kuwait………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
American University of Sharjah (AUS), a leading higher education institution in the UAE, signed a partnership agreement at AUS with Sharjah Islamic Bank (SIB), an award-winning Islamic bank in the UAE, to cooperate in facilitating higher education opportunities through a competitive financing plan.
The financial plan will set qualified students on a path to a better and more prosperous future by providing access to higher education at AUS. With the higher education financing plan, qualified AUS students with financial challenges will be able to access affordable education financing that will set them on the right path towards their career destiny. (Press Release)
Posted on 21 June 2012 by Laxman | Email|Print
As a vehicle for legitimizing and promoting Shariah throughout the world, Shariah-compliant finance is a phenomenon that is taking the financial world by storm right under the noses of American investors.
Given the stated mission of Shariah is to bring about the rule of Islam worldwide, anything that promotes the Shariah mission warrants careful scrutiny. American investors deserve to know where their money is being invested, and the fact that their hard-earned dollars could be helping fund the very radical terrorist groups that are seeking to destroy this nation is shocking………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
Amjaad Development, the corporate division of Oman-based Amjaad Group has signed a memorandum of understanding with the Malaysia’s International Centre of Education in Islamic Finance (INCEIF) to provide training and education services in the field of Islamic banking and finance.
The move is aimed at promoting human capital development for the Islamic finance industry, developing superior talents and best practice for the sector, supplying top researchers and educators for the sector, and offering internationally-recognised professional certification and executive programmes in Islamic finance education………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
Jordan Islamic Bank (JIB), one of the country’s small number of sharia-compliant institutions, was singled out by Global Finance magazine as the world’s best retail Islamic bank, an award that JIB has now garnered for three consecutive years.
According to Musa Abdelaziz Shihadeh, the vice-chairman and managing director of JIB, “The bank’s consistent achievements through its charitable mission is the result of efforts that aim to achieve the highest Islamic banking services standards, as well as keeping high levels of growth and profitability in all sectors and efficiency in all services.”……………………………………….Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
In accordance with the growing industry of Islamic Banking and Finance, the whole world needs 50,000 Islamic Finance Experts right away so that the emerging market of Islamic Banking and Finance may be easily promoted.
Muhammad Zubair Mughal, Chief Executive Officer – AlHuda Centre of Islamic Banking and Finance said that due to the malfunctioning of conventional banking and finance, the world is moving rapidly towards alternative system of banking and finance and undoubtedly, the Islamic banking and finance system is the first and the foremost choice of people in this regard……………………………………….Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
As the Islamic finance industry strives to drive forward and out of the global financial crisis, the roles of offshore jurisdictions continue to grow exponentially.
Offshore jurisdictions have played a vital role in the development of the Islamic finance markets. The Islamic finance industry is projected to become a US$2 trillion industry very shortly as the usage of these structures has expanded dramatically over the last decade; and offshore jurisdictions have been a key component to this growth………………………………………..Full Article: Source
Posted on 21 June 2012 by Laxman | Email|Print
A battle against federal taxpayer subsidies for Shariah programs is being escalated to the full 6th U.S. Circuit Court of Appeals after a three-judge panel of the court decided that a U.S. Marine had no right to challenge the government’s financial support for Islamic law.
The case has been brought by taxpayer Kevin J. Murray over the federal government’s multi-billion dollar bailout of AIG. It’s being handled by Robert Muise and David Yerushalmi of the American Freedom Law Center………………………………………..Full Article: Source
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