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Islamic Finance Briefing - Archive | July, 2012

Islamic banking opens job options

Posted on 31 July 2012 by Laxman  |  Email|Print

Emerging markets in Islamic banking and finance in India and abroad need close to 50,000 financial experts, a requirement that can be met by the huge reserves of human capital in the country, particularly in Hyderabad.
M S Sheriff from the Institute of Islamic Banking Finance and Insurance (IIBFI) said, “There are 75 countries in the world which have recognised Islamic banking and finance with South Africa, USA, Singapore, Saudi Arabia and Malaysia being a few of them……………………………………….Full Article: Source

Asset manager, bourse launch Nigeria Islamic index

Posted on 31 July 2012 by Laxman  |  Email|Print

Islamic wealth manager Lotus Capital and Nigeria’s bourse (NSE) on Monday launched a debut index of Nigerian Stock Exchange-listed companies that comply with centuries-old Islamic investment principles.
The NSE Lotus Islamic index, which covers 15 equities with combined market capitalisation of around 2.87 billion naira ($18 mln), excludes banks, companies with high levels of debt or leverage and other stocks that conflict with Islamic principles………………………………………..Full Article: Source

Bahrain firm turns to ringgit sukuk markets

Posted on 31 July 2012 by Laxman  |  Email|Print

Another Gulf borrower is turning to diversify its funding sources to the ringgit sukuk market. Bahrain Mumtalakat Holding is believed to be planning roadshows in Kuala Lumpur via joint leads CIMB and Standard Chartered.
It is setting up a RM3bil Murabahah programme, which was rated AA2 by RAM. An imminent deal is not expected as basis swaps are not favourable to Gulf borrowers at the moment………………………………………..Full Article: Source

Sukuk’s global reach

Posted on 31 July 2012 by Laxman  |  Email|Print

Islamic finance industry has shown an impressive growth of 15-20 per cent per annum with assets under management valued at $1 trillion. The industry is projected to reach $2 trillion in the next three years.
Islamic finance has become a global phenomenon with a number of non-Muslim countries also showing keen interest in this area. United Kingdom intends to make London the hub of Islamic finance with plans to issue sovereign sukuk and amend tax laws on Islamic finance………………………………………..Full Article: Source

A&O represents Axiata in milestone sukuk

Posted on 31 July 2012 by Laxman  |  Email|Print

Allen & Overy has advised Malaysian telco Axiata Group on its issuance of $1.5 billion worth of Islamic bonds, the first internationally rated multi-currency sukuk programme in the Asia-Pacific region.
Axiata said the fund raising, which came in the form of non-fixed tenure multi-currency sukuk programme, allowed airtime vouchers on Axiata’s mobile telecommunications network to be included as a trust asset………………………………………..Full Article: Source

Azerbaijan bank plans Qatar presence

Posted on 31 July 2012 by Laxman  |  Email|Print

Azerbaijan’s largest lender, International Bank of Azerbaijan, plans to have an Islamic banking subsidiary in Qatar by the end of this year as it develops its regional Islamic finance capabilities, a senior executive said.
IBA, 50.2 per cent owned by Azerbaijan’s Ministry of Finance, would then start operating in Qatar in the first quarter of 2013, Behnam Gurbanzada, IBA’s director of Islamic banking, said in an interview this week………………………………………..Full Article: Source

Bank Nizwa names its first new board

Posted on 31 July 2012 by Laxman  |  Email|Print

Bank Nizwa, Oman’s first Islamic bank, hosted its constitutive general meeting (CGM) at the InterContinental Hotel Muscat, earlier this week, where the bank’s first board of directors was elected.
Seventy-four per cent of shareholders voted in person or by proxy to elect the first board, which includes Amjed Mohammed Al Busaidi, Amer Hamed Al Sulaimani, Abdul Aziz Saud Al Khalili, MusabahSaif Al Mutairi, Adil Abdul Aziz Yahya Al Kindi, YousufYaqoob Al Harthy, Saif Hilal Nasser Al Mawali and MuadhSalim Al Ghazali………………………………………..Full Article: Source

NBO geared to offer ‘Muzn’ sharia-compliant products

Posted on 31 July 2012 by Laxman  |  Email|Print

National Bank of Oman (NBO) is well poised to offer Islamic Banking products as soon as the final guidelines and the necessary approvals are received from the Central Bank of Oman, the Deputy Chairman Mohammed Mahfoodh al Ardhi stated in the Chairman’s Report of the bank’s financial performance for the six months to June 30, 2012.
“The shareholders of the bank, have, at an extraordinary general meeting held on June 10, 2012, approved the Board of Directors’ recommendation for the appointment of a Sharia supervisory board for the bank’s Islamic Banking window………………………………………..Full Article: Source

HSBC cashes in after its Omani acquisition

Posted on 31 July 2012 by Laxman  |  Email|Print

HSBC is cashing in on its recent acquisition of Oman International Bank. The recently merged HSBC Bank Oman reported a 4.3 per cent rise in second-quarter profit. Net income in the quarter ended June 31 stood at 7.2 million Omani rials, up from 6.9 million rials on the same period last year, the bank said.
The merger between HSBC and Oman International Bank - previously the country’s fifth-largest lender - was completed last month. HSBC had been Oman’s sixth-largest lender before the merger………………………………………..Full Article: Source

Jersey: Islamic finance in Jersey

Posted on 31 July 2012 by Laxman  |  Email|Print

In recent years there has been a worldwide move towards ethical investment leading to a dramatic growth in Islamic Finance. Jersey Finance has invested much time and effort in highlighting Jersey’s credentials in this area.
Jersey is well placed to meet the demands and challenges associated with providing Shari’a-compliant services. But this is not a new development, Jersey has been providing services to Muslim clients and in particular to those resident in the GCC for many years………………………………………..Full Article: Source

Is China courting American muslims?

Posted on 31 July 2012 by Laxman  |  Email|Print

The legitimization of political discourse against Muslims is on the rise in the United States, while Beijing—an ostensibly socialist, secular government—builds mosques, in a paradoxical soft-power pitch to the Muslim world. Will Muslim business interests look East?
In little over a decade since 9/11, China built a mosque to welcome Muslim guests from countries like neighboring Kazakhstan, a major supplier of natural fuels, to Guangzhou for the 2010 Asian Games. Chinese state-owned construction companies finished a railway allowing Muslims to travel between pilgrimage sites in Mecca and Medina in the same year and broke ground in the construction of a monumental Grand Mosque of Algiers in 2012………………………………………..Full Article: Source

Saudi- Islamic capital markets to witness unprecedented growth

Posted on 30 July 2012 by Laxman  |  Email|Print

Saudi Arabia has proved its potential in the capital markets issuance space in 2012, with a slew of high-profile sukuk issuances backed by the government.
The single largest sukuk issue ever originated from Saudi Arabia in January 2012, worth $4 billion, by the General Authority of Civil Aviation (GACA). The Kingdom’s sukuk market is now considered the third largest in the world after Malaysia and the UAE and is expected to continue to climb up the issuance ladder moving forward………………………………………..Full Article: Source

Islamic finance needs more perks

Posted on 30 July 2012 by Laxman  |  Email|Print

CIMB Islamic Bank Bhd’s chief executive officer (CEO) Badlisyah Abdul Ghani said government started offering incentives only from around 2004/2005 to jumpstart the industry amid strong demand for IF products but few suppliers in the market.
“The demand was there but the players were not keen to do the business. So, the reason the incentives were given was to get the industry moving. As a result of that, the supply of IF instruments and products became more, and the interest from consumers grew as they now had more choice of products,” he said……………………………………….Full Article: Source

Focus on OIC first, Islamic finance players told

Posted on 30 July 2012 by Laxman  |  Email|Print

Islamic finance players should build the base of Islamic finance system within the Organisation of Islamic Cooperation (OIC) member countries before venturing into other continents, says a banker.
CIMB Islamic Bank Bhd chief executive officer (CEO), Badlisyah Abd Ghani, said most Islamic finance players gave too much attention to markets like Europe and US, probably due to trade linkages………………………………………..Full Article: Source

Need to build up confidence to promote Islamic finance globally

Posted on 30 July 2012 by Laxman  |  Email|Print

Although Malaysia has one of the most established and regulated Islamic finance frameworks, local financial institutions need to build up confidence to promote it in the global Islamic finance market.
CIMB Islamic Bank Bhd chief executive Badlisyah Abdul Ghani said although Islamic finance had been thriving in the domestic market, most of the local banks had not been active in the global syndication market or even the sukuk market………………………………………..Full Article: Source

Kazakhstan joins sukuk bandwagon; South Africa to follow?

Posted on 30 July 2012 by Laxman  |  Email|Print

July was yet another exceptional month in the sukuk landscape as it witnessed the issuance of two debut sukuk, the first being the long-awaited Development Bank of Kazakhstan (DBK) issue that came in the form of a Malaysian ringgit tranche of MYR 240 million (USD 75 million) marking the first ever Islamic bond by a CIS country or former Soviet republic issuer.
The move is expected to leave a positive impact on the growth of the industry in the majority Muslim Kazakhstan and is likely to spur more issues in Central Asia’s largest economy. DBK is the largest development financial institution in Kazakhstan and is wholly owned by the government through its sovereign wealth fund, Samruk-Kazyna………………………………………..Full Article: Source

AmIslamic launches global sukuk fund

Posted on 30 July 2012 by Laxman  |  Email|Print

AmIslamic Funds Management (AIFM) has launched a new global sukuk fund called AmDynamic Sukuk1, which is denominated in ringgit and aims to provide capital appreciation by investing primarily in Islamic bonds, both locally and globally.
The fund’s approved size is 100 million units and its initial and additional investments are RM1,000 and RM500, respectively………………………………………..Full Article: Source

Templeton targeting Muslim wealth

Posted on 30 July 2012 by Laxman  |  Email|Print

Franklin Templeton Investments is starting its first Islamic funds, following companies including BNP Paribas SA in tailoring products to win business in the Muslim world.
The world’s third-largest asset-management company will start three sukuk and stock investment vehicles in Luxembourg in the next few months, Sandeep Singh, its Malaysian country head, said………………………………………..Full Article: Source

Abu Dhabi Islamic Bank opens its first branch in Iraq

Posted on 30 July 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank , the second-largest Islamic lender in the United Arab Emirates (UAE), began operating its first branch in Baghdad this month, aiming to play a role in the development of private banking in Iraq, the bank said.
The OPEC country is slowly getting back on its feet nine years after the U.S.-led invasion that toppled former Iraqi leader Saddam Hussein and it needs foreign investment in virtually every sector to rebuild its dilapidated infrastructure………………………………………..Full Article: Source

Oman’s first Islamic bank names board at second attempt

Posted on 30 July 2012 by Laxman  |  Email|Print

Oman’s Bank Nizwa, a newly-formed Islamic lender which sold shares to the public in June, has elected its first board, it said in a statement on Sunday, a month after an initial meeting to approve the selection ended without agreement.
Bank Nizwa, the sultanate’s first Islamic bank, elected an eight-member board and approved the bank’s articles of association at a meeting on Saturday, the filing to the Muscat bourse showed………………………………………..Full Article: Source

Al khaliji posts gain of QR262mln in H1

Posted on 30 July 2012 by Laxman  |  Email|Print

Al khaliji has reported a 5% gain in its first half net profit to QR261.9mn despite slippage in net interest earnings. Net interest income had fallen 11% to QR273.48mn, according to its financial statement filed with the Qatar Exchange.
Although net fee and commission income surged 20% to QR66.99mn and dividend income by 7% to QR6.48mn and net profit from ‘available-for-sale’ financial investments by 69% to QR127.17mn, the lender reported an 8% decline in its net operating income to QR458.26mn………………………………………..Full Article: Source

Expect surprises when expanding, banks told

Posted on 30 July 2012 by Laxman  |  Email|Print

Banks and financial institutions have to tread carefully when expanding their turf in Malaysia or elsewhere as deficiencies in the regulatory environment can throw up surprises. “When it comes to mergers and acquisitions (M&As), a lot of things look good on paper,” RAM Ratings deputy CEO Promod Dass said.
Hong Leong Bank Bhd group chief risk officer Justin Soong acknowledged that regulatory loopholes existed when it came to M&As for Islamic banks. “When Hong Leong Islamic acquired EON Islamic last year, it turned out to be the first merger of Islamic banks in the world………………………………………..Full Article: Source

Islamic exchanged-traded funds struggle on lack of options

Posted on 30 July 2012 by Laxman  |  Email|Print

Islamic exchange-traded funds (ETFs) are struggling to attract fresh investors, in contrast to a move by Western investors into conventional ETFs - a difference due to the Gulf’s plain-vanilla investment culture and the way in which institutions choose financial products.
Plain vanilla is the most basic or standard version of a financial instrument, usually options, bonds, futures and swaps. Plain vanilla is the opposite of an exotic instrument, which alters the components of a traditional financial instrument, resulting in a more complex security………………………………………..Full Article: Source

Global travel industry gears up for Muslim tourist boom

Posted on 30 July 2012 by Laxman  |  Email|Print

From halal spas to prayer rooms at airport terminals, the global tourism industry is gearing up for a projected boom in Muslim travel over the next decade, experts say.
Their growing number and affluence means Muslims — especially from the oil-rich Middle East — are travelling like never before, and it is a trend that looks set to gather pace………………………………………..Full Article: Source

Pakistan Takaful industry enters new era

Posted on 30 July 2012 by Laxman  |  Email|Print

Takaful Industry is growing rapidly around the world with 230 Takaful Companies, 13 Re-Takaful companies with the total volume of $11 Billion.
Takaful was started in 2005 in Pakistan when Securities and Exchange Commission of Pakistan (SECP) introduced Takaful Rules 2005 according to which only full fledge takaful companies had the permission to operate and in this regard, 5 Takaful companies came into being due to efforts of investors of Malaysia, Qatar, Kuwait, UAE, Saudi Arabia and Pakistan……………………………………….Full Article: Source

Bangladesh: Islamic insurers depositing funds with conventional banks

Posted on 30 July 2012 by Laxman  |  Email|Print

A number of Islamic insurance companies have reportedly been depositing their funds with the country’s conventional banking system in violation of the spirit of Islamic values, central bank officials said. They said insurers based on Islamic principles have been depositing their funds with the conventional banking system mainly with a view to earning more profits.
The country’s Islamic banks generally offer 1.0 to 2.0 per cent less profit on the deposits than that of conventional banks, sources familiar with the issue said………………………………………..Full Article: Source

Takaful Brunei holds tahlil for late royals

Posted on 30 July 2012 by Laxman  |  Email|Print

About 60 staff members from Takaful Brunei Darussalam Sdn Bhd attended a tahlil ceremony for His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam’s late parents, Al-Marhum Sultan Hj Omar ‘Ali Saifuddien Sa’adul Khairi Waddien and Al-Marhumah Duli Raja Isteri Pengiran Anak Damit, at the Royal Mausoleum.
The ceremony was also accompanied by its two subsidiary companies, Takaful Brunei Am Sdn Bhd and Takaful Brunei Keluarga Sdn Bhd. It was led by the imam Hj Mohd Daud Hj Abd Kadir………………………………………..Full Article: Source

Radical Islamic winter to come: Israeli deputy foreign minister

Posted on 30 July 2012 by Laxman  |  Email|Print

A golden rule followed by diplomats is this: don’t comment officially about ongoing issues. However, Deputy Foreign Minister of Israel Daniel Ayalon was different. Speaking with journalists Thursday in Seoul he talked candidly and directly about Syria, Iran and North Korea. He offered incisive observations regarding the modus operandi of the governments of these nations.
First, he put forward that the Arab Spring wasn’t a success. “Now, we’ll have a radical Islamic winter,” he said. In particular in Syria, the minister said, the Sunnis will oppress people the same way President Bashar al-Assad does, if they take power………………………………………..Full Article: Source

Islamic Facebook Salamworld prepares to launch

Posted on 30 July 2012 by Laxman  |  Email|Print

In the world of social media, Facebook has long been king, but one company says that the market is ripe for a coup from an unprecedented contender: a social media platform for Muslims, by Muslims. Indeed, Facebook’s user numbers have slumped of late. The website has been dropped by roughly 400,000 users in Turkey alone since March.
Yavuz Kurt is the PR director of Salamworld, a new social networking website founded on core Muslim values. Settling into a sofa in one of the company’s elegant reception rooms in Salamworld’s compound high above the Bosporus, he begins his pitch: “There are 250 million Muslim Facebook users who use that site because there is no halal alternative. We will provide this alternative.”……………………………………….Full Article: Source

Kazakh sukuk debut opens to door to Islamic finance

Posted on 27 July 2012 by Laxman  |  Email|Print

Nursultan NazarbayevA $75 million Islamic bond issue by the Development Bank of Kazakhstan, the first sukuk issued in the former Soviet Union, is likely to spur more issues in Central Asia’s largest economy, banking officials said on Thursday.
The 240 million five-year Malaysian ringgit ($75.5 million) issue on July 18, which generates an annual payment of 5.5 per cent, has set the benchmark for Islamic bond issuers in the former Soviet republic, the Development Bank of Kazakhstan said………………………………………..Full Article: Source

Azerbaijani bank plans Qatar presence

Posted on 27 July 2012 by Laxman  |  Email|Print

Azerbaijan’s largest lender, International Bank of Azerbaijan, plans to have an Islamic banking subsidiary in Qatar by the end of this year as it develops its regional Islamic finance capabilities, a senior executive said.
IBA, 50.2 per cent owned by Azerbaijan’s Ministry of Finance, would then start operating in Qatar in the first quarter of 2013, Behnam Gurbanzada, IBA’s director of Islamic banking, said……………………………………….Full Article: Source

ADIB first UAE bank to launch in Iraq

Posted on 27 July 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), the UAE’s second- biggest Shariah-compliant bank, has become the first lender in the country to establish a branch in Iraq, it was announced on Wednesday.
The ADIB branch is located at Baghdad and marks the first UAE-based financial institution to receive a full operations banking license from the Iraqi Central Bank………………………………………..Full Article: Source

Sharjah Islamic Bank profit rises 21pct to Dh149.2m in H1

Posted on 27 July 2012 by Laxman  |  Email|Print

Sharjah Islamic Bank first-half 2012 profits posted on 21% increase to reach Dh149.2 million, compared to 123.3 million achieved in the same period last year.
The balance sheet grew by 2.2 per cent since December 2011 with total assets reaching Dh18.1 billion. Net customer receivables reached Dh10.6 billion rising by Dh142.8 million (or 1.4 per cent) while customer deposits reached Dh10.8 billion rising by Dh 385.8 million(or 3.7 per cent) growth since Dec 2011………………………………………..Full Article: Source

Bank Sohar first half profit soars

Posted on 27 July 2012 by Laxman  |  Email|Print

Delivering yet another quarter of sustained growth, Bank Sohar’s net profit for the six months ended June 30 grew by 49.55 per cent to RO10.361 million, compared to a net profit of RO6.928 million for the corresponding period of 2011.
This financial performance has won the bank laurels as the fastest growing banking institution in Oman -” underscoring Bank Sohar’s quest for a successful niche in an industry dominated by well-established players………………………………………..Full Article: Source

Fitch holds Jordan Islamic Bank at ‘BB-’; Outlook stable

Posted on 27 July 2012 by Laxman  |  Email|Print

Fitch Ratings has affirmed Jordan Islamic Bank’s (JIB) Long-term Issuer Default Rating (IDR) at ‘BB-’ with a Stable Outlook, Short-term IDR at ‘B’ and Viability Rating at ‘bb-’.
JIB’s IDRs are driven by the Viability Rating. The affirmation reflects the bank’s solid domestic franchise (JIB is the domestic market leader in Islamic banking in Jordan), strong liquidity and healthy profitability. The ratings also take into account the difficult domestic (and regional) operating environment, high financing book concentrations and capitalisation that typically lags the sector average. (Press Release)

Top UAE lenders beat Q2 estimates, raise hope for future

Posted on 27 July 2012 by Laxman  |  Email|Print

The three largest lenders in the United Arab Emirates on Tuesday posted estimate-beating second-quarter profit as increased net interest and Islamic financing income boosted revenues and provisioning fell.
Analysts said the results pointed to steady future growth in a sector which in recent years has been hampered by high provisioning, in particular on exposure to Dubai state-linked entities………………………………………..Full Article: Source

NBAD named best asset management house

Posted on 27 July 2012 by Laxman  |  Email|Print

The National Bank of Abu Dhabi (NBAD) has been awarded the Best Asset Management House in Middle East by International Takaful Awards.
Takaful, which awarded the accolade based on financial achievement and client survey, recognised NBAD’s Asset Management Group for its superior performance and its commitment to innovate and offer Shari’a-compliant products………………………………………..Full Article: Source

Oasis Crescent launches in UK

Posted on 27 July 2012 by Laxman  |  Email|Print

A South African Islamic finance company launched its UK offices “to cater for the growing needs of the country’s estimated three million Muslims” in London.
Adam Ebrahim, Founder and CEO of Oasis Crescent, said at the launch that they will provide “unique Shari’ah-compliant investment products and services for the first time in the UK marketplace for Muslims looking to invest their funds according to Islamic principles.”……………………………………….Full Article: Source

IBFIM: Islamic finance talent much needed

Posted on 27 July 2012 by Laxman  |  Email|Print

The human and talent factor is very much needed to ensure that Malaysia consolidates its position as a global Islamic financial hub. “Islamic finance has grown rapidly in recent years and so has the demand for knowledge,” Islamic Banking and Finance Institute Malaysia (IBFIM) chief executive officer Datuk Adnan Alias said.
“This is where IBFIM comes in as the industry’s partner in talent development, especially in the areas of banking, capital market, takaful and wealth management,” he said……………………………………….Full Article: Source

Islamic index products struggle in Gulf investment culture

Posted on 26 July 2012 by Laxman  |  Email|Print

Islamic exchange-traded funds (ETFs) are struggling to attract fresh investors, in contrast to a move by Western investors into conventional ETFs - a difference due to the Gulf’s plain-vanilla investment culture and the way in which institutions choose financial products.
ETFs are funds which track indexes of shares, bonds or commodities and are traded like stocks. Their sharia-compliant versions follow religious principles such as bans on interest and gambling………………………………………..Full Article: Source

Islamic financial instruments arrived at Kazakhstan market

Posted on 26 July 2012 by Laxman  |  Email|Print

Kazakhstan Development Bank held a successful debut 5-year release of the Islamic Sukuk worth more than 11.350 billion tenge. The interest rate will be 5.5% per annum. The share of Kazakh investors accounted for 38% of total output.
Islamic financial instruments has begun to appeal to Kazakhstan and at the end of the year, economists expect further growth in this segment of the financial market. A successful debut issue of 5-year Sukuk Al-Murabaha by the Kazakhstan Development Bank gives rise to optimistic forecasts. The output of shares equaled to 11.350 billion with a 5.5% interest rate per annum………………………………………..Full Article: Source

Deutsche Bank sees end of ‘sukuk premium’

Posted on 26 July 2012 by Laxman  |  Email|Print

The ‘sukuk premium’ - the additional cost which borrowers must pay to issue an Islamic bond instead of a conventional bond - has effectively disappeared, and this will stimulate a boom in sukuk issuance while lengthening tenors, a senior executive at Deutsche Bank said.
‘I don’t think there is an Islamic premium anymore,’ Salah Jaidah, head of Islamic finance at the bank and chief country officer for Qatar, said in an interview this week………………………………………..Full Article: Source

Indonesian Sukuk auction misses target

Posted on 26 July 2012 by Laxman  |  Email|Print

Indonesia raises IDR 460 billion ($48.65 million) from a Sukuk auction on 24 July, missing its IDR 500 billion target. The Indonesian Ministry of Finance accepted no bids for one-year Shari’ah T-bills and none for the six-year, 10-year or 15-year project-based Sukuk.
Bids were accepted for 25-year project-based Ijarah Sukuk (maturing 15 February 2037) at a weighted average yield of 6.69 per cent. Bids worth a total of IDR 2 trillion were made in the auction………………………………………..Full Article: Source

Malaysia: Boom in Shariah funds

Posted on 26 July 2012 by Laxman  |  Email|Print

The Securities Commission’s (SC) prediction of a RM3.3 billion to RM7.7 billion inflow into syariah funds via the Private Retirement Scheme (PRS) will mean a richer treasury for the nation.
Asian Strategic Leadership Institute’s (Asli) Centre for Public Policy Studies chairman and economist Tan Sri Ramon Navaratnam told The Malay Mail that with such a fund available domestically, there was no need for Malaysia to borrow money from abroad………………………………………..Full Article: Source

Abu Dhabi Islamic Bank launches operations in Iraq

Posted on 26 July 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial institution, today announced the expansion of its regional footprint by opening its first branch in Iraq. It becomes the first UAE-based financial institution to receive a full operations banking license from the Iraqi Central Bank and to start operations from Iraq. The first fully-fledged ADIB branch is located at Baghdad and is led by Jawdat Mahmoud Jawdat.
ADIB is now poised to support and guide UAE and GCC investments in Iraq and its surrounding areas, it will also develop the Islamic finance industry in Iraq by bringing best in class Islamic banking products. (Press Release)

Malaysia: Banks, ITFC discuss funds for emerging market traders

Posted on 26 July 2012 by Laxman  |  Email|Print

Three local banks are exploring ways to cooperate with International Islamic Trade Finance (ITFC) to provide trade financial solutions for Malaysian entrepreneurs doing business in emerging markets, including in Organisation of the Islamic Conference (OIC) and non-OIC countries.
Tujuh Keajaiban Middle East Free Zone Enterprise (TK) chief executive officer Krishnan Ramamurthi said the solutions being worked out were for entrepreneurs who wanted to increase their business turnover overseas………………………………………..Full Article: Source

Islamic finance - An alternative banking model?

Posted on 26 July 2012 by Laxman  |  Email|Print

Whether you’re bored of bank bashing or not, there’s no denying that people are searching for more trustworthy, transparent places to place their cash. And with the Islamic Bank of Britain (IBB) launching a table-topping 4% expected profit rate for its two-year fixed account, will faith-based bank accounts prove a popular alternative?
Contrary to what you may think, the account is open for anyone to apply. And as an Islamic bank, IBB does not pay interest. The rate is offered as an ‘expected profit rate’, because the Bank invests the funds into Sharia compliant and ethical trading activities. These activities deliver a profit over the 24 month term………………………………………..Full Article: Source

Sharjah Islamic Bank H1 net profits up 21 pct

Posted on 26 July 2012 by Laxman  |  Email|Print

Sharjah Islamic Bank has announced H1 net profit of AED 149.2 million, compared to 123.3 million achieved in the same period last year, a 21 per cent increase. The balance sheet grew by 2.2 per cent since December 2011 with total assets reaching AED 18.1 billion. Net customer receivables reached AED 10.6 billion rising by AED 142.8 million (or 1.4 per cent) while customer deposits reached AED 10.8 billion rising by AED 385.8 million (or 3.7 per cent) growth since December 2011.
Liquid assets were stable at AED 4.1 billion or 22.7 per cent of the balance sheet at the end of June 2012 compared to a similar 4.1 billion or 23.2 per cent of the balance sheet at the end of 2011………………………………………..Full Article: Source

Islamic Bank offers 4pct profit on 2-year fixed term savings

Posted on 26 July 2012 by Laxman  |  Email|Print

The Islamic Bank of Britain (IBB) is offering a new two-year fixed term deposit savings bond that pays an expected profit rate of four per cent.
As an Islamic Bank, the IBB does not pay interest to savers. Instead the rate of four per cent is offered to investors as an “expected profit rate” which deliver a profit over an agreed period, in this case 24 months………………………………………..Full Article: Source

Fitch affirms Jordan Islamic Bank ratings

Posted on 26 July 2012 by Laxman  |  Email|Print

Fitch Ratings has affirmed Jordan Islamic Bank’s (JIB) Long-term Issuer Default Rating (IDR) at ‘BB-’ with a Stable Outlook, Short-term IDR at ‘B’ and Viability Rating at ‘bb-’. A full list of rating actions is at the end of this rating action commentary.
JIB’s IDRs are driven by the Viability Rating. The affirmation reflects the bank’s solid domestic franchise (JIB is the domestic market leader in Islamic banking in Jordan), strong liquidity and healthy profitability………………………………………..Full Article: Source

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