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Islamic Finance Briefing - Archive | July, 2012

ADIB appoints new head of wholesale banking

Posted on 23 July 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank (ADIB) has appointed Arif Usmani as the Global Head of ADIB’s Wholesale Banking business. Arif has more than 30 years of diverse banking experience across several geographies and disciplines. He has extensive experience in risk management, corporate relationship banking and franchise management.
Tirad Al Mahmoud, CEO of ADIB Banking Group said, “Arif’s reputation and vision are much admired in the banking sector globally. His experience is especially relevant to ADIB as he has worked in key growth markets. Arif’s extensive experience will definitely add value to ADIB and assist in achieving the objectives of our Wholesale Banking Group.” (Press Release)

W Africa closer to Islamic finance services

Posted on 23 July 2012 by Laxman  |  Email|Print

Senegal and members of the West African Economic and Monetary Union (also known as the UEMOA region) have completed a review of the region’s financial regulations, aiming to launch Islamic financial services later this year.
The review, completed by the international consultancy IFAAS (Islamic Finance Advisory & Assurance Services), was commissioned by the Senegal Ministry of Finance with the support of the Jeddah-based Islamic Development Bank (IDB)………………………………………..Full Article: Source

Standard Chartered Saadiq to offer PruBSN Takaful products in Malaysia

Posted on 23 July 2012 by Laxman  |  Email|Print

Prudential BSN Takaful Bhd (PruBSN) Takaful producers will be offered through Standard Chartered Saadiq branches in Malaysia. The bank is making available three new Takaful investment-linked plans underwritten by PruBSN at eight of its branches.
The Takaful products will also be available at the 32 conventional Standard Chartered branches in the country soon. PruBSN’s SmartEdu-I, FirstHorizon-I and LifeLink-i allow customers flexibility to secure protection and investment plans that suits their lifestyle and financial needs………………………………………..Full Article: Source

Gulf increasingly seen as a ‘safe haven’

Posted on 23 July 2012 by Laxman  |  Email|Print

The second quarter of this year saw the GCC financial markets put up a show of considerable resilience in the face of elevated global economic uncertainty as the Euro zone crisis deteriorated.
The Sukuk market has remained one of the brightest spots of the GCC financial sector over the past quarter. Although overall issuance in Q2 fell short of the volumes seen in the opening months of the year, many of the positive trends observed during the past year have not only continued but been further consolidated………………………………………..Full Article: Source

Are religious beliefs a drag on economic growth?

Posted on 23 July 2012 by Laxman  |  Email|Print

Many critics of the religion as a social organisation argue that Islam, like other old religions, stymied business in general and economic activity in particular. One staunch advocate of such a view is Timur Kuran who has written extensively on the negative impact of Islamic contract laws and the division of business and estate consequent to the Islamic law of inheritance.
On the surface, Kuran’s view is appealing but a deeper, more objective, look reveals that it is not the institution of religion that is the cause of underdevelopment. Rather, the early stage of development in which many Muslim countries are in has caused the debilitated and enervated commercial sector which Kuran laments………………………………………..Full Article: Source

Islamic finance will be global industry in 3 years, says Academician

Posted on 20 July 2012 by Laxman  |  Email|Print

Dr Paul TemporalIslamic finance, which is becoming the more preferred mode of finance by many compared with conventional banking, is expected to be a global industry in three years, driven by its transparent and ethical business practices.
Dr Paul Temporal, an associate fellow at Said Business School at University of Oxford in the United Kingdom, said Islamic finance would continue to grow, especially when conventional banking continued to have issues around the world………………………………………..Full Article: Source

Islamic finance goes global

Posted on 20 July 2012 by Laxman  |  Email|Print

According to the World Wealth Report 2012, released by Capgemini and RBC Wealth Management, the Middle East was the only region where wealth increased among individuals of high net worth, who are often defined as those with $1 million in investable assets.
And while private bankers say that most of their clients are not trying yet to bank according to Shariah law, they say the market will evolve. Islamic finance, which is becoming the more preferred mode of finance by many compared with conventional banking, is expected to be a global industry in three years, driven by its transparent and ethical business practices………………………………………..Full Article: Source

Malaysia’s Axiata gets nod to issue $1.5 bln Islamic bonds

Posted on 20 July 2012 by Laxman  |  Email|Print

Malaysian telco Axiata Group said on Thursday it won regulatory approval for its proposed issuance of up to $1.5 billion worth of Islamic bonds to fund general corporate needs.
Axiata said the fund raising, which comes in the form of non-fixed tenure multi-currency sukuk programme, allows airtime vouchers on Axiata’s mobile telecommunications network to be included as a trust asset………………………………………..Full Article: Source

Axiata plans to raise $1.5 bln via Islamic bonds

Posted on 20 July 2012 by Laxman  |  Email|Print

Malaysia’s largest mobile telephone company by sales said in a statement to the stock exchange that it would be the first Asian telecommunications company to issue multiple currency Islamic bonds, or sukuk. It didn’t specify which currencies, nor did it specify maturities or the number or size of tranches.
It called the issuance “strategic” as it would appeal to regional investors while also introducing the company to a diverse pool of investors across the Middle East and Europe, increasing its prospects for future fundraising………………………………………..Full Article: Source

S&P rates Axiata Group sukuk program ‘BBB-’

Posted on 20 July 2012 by Laxman  |  Email|Print

Standard & Poor’s Ratings Services today assigned its ‘BBB-’ long-term issue rating to the multi-currency US$1.5 billion equivalent sukuk program of Malaysia-based telecommunications holding company Axiata Group Bhd. (BBB/Positive/–; axA+/–). Axiata Group will issue the program through Axiata SPV2 Bhd.
The issue rating reflects the strength of the transaction documentation, including the lease, wakala, murabaha, and purchase-undertaking agreements. Under these agreements, Axiata Group is obliged to make all payments needed to ensure that the issuer has sufficient funds to pay the certificate holders in a timely manner………………………………………..Full Article: Source

Latham and White & Case lock horns on blockbuster Qatari sukuk

Posted on 20 July 2012 by Laxman  |  Email|Print

Latham & Watkins and White & Case have landed roles on one of Qatar’s largest-ever dollar-denominated Islamic bond issuances.
The $4bn (£2.6bn) bond sold by the State of Qatar will comprise one tranche of trust certificates worth $2bn due in 2018 and a second $2bn tranche due in 2023. Qatar has not disclosed the purpose of the proceeds, but it is likely that much of the money will go towards preparing the country as it gears up to host the football World Cup in 2022……………………………………….Full Article: Source

Nasdaq Dubai welcomes $500mln Emaar sukuk listing

Posted on 20 July 2012 by Laxman  |  Email|Print

Nasdaq Dubai, the region’s international exchange, welcomed on Thursday listing of a
$500 million sukuk on its market by Emaar Properties, the Dubai-based global property developer.
The listing is the first by Emaar on Nasdaq Dubai and constitutes the second drawdown under the company’s recently updated $2 billion Trust Certificate Issuance Programme………………………………………..Full Article: Source

CCM cancels sukuk issuance

Posted on 20 July 2012 by Laxman  |  Email|Print

Chemical Company of Malaysia Bhd (CCM) said it had cancelled its sukuk issuance programme. In a filing with Bursa Malaysia, CCM said it cancelled the issuance on grounds that it no longer required the programme and stated that its existing facilities were sufficient in facilitating its business requirements.
The company had cancelled the issuance of Musyarakah commercial papers (MCP) and Musyarakah medium-term notes (MMTN) pursuant to a MCP programme of up to RM250mil in nominal value and a MMTN programme of up to RM500mil in nominal value………………………………………..Full Article: Source

Islamic bond market momentum builds in Gulf

Posted on 20 July 2012 by Laxman  |  Email|Print

Arab Gulf issuers are turning to the Islamic bond market like never before, selling record amounts of debt compared with non-Shariah compliant sellers, as demand for sukuk pushes yields to the lowest levels since 2005.
Gulf Cooperation Council Islamic offerings totaled $17.4 billion this year, twice the $8.7 billion for non-Shariah compliant bonds, according to data compiled by Bloomberg. Qatar increased 2012 sales over the previous full-year record last week with a $4 billion offer………………………………………..Full Article: Source

Islamic banking crusades: $1 bln for global development projects

Posted on 20 July 2012 by Laxman  |  Email|Print

The 284th meeting of the Board of Executive Directors of the Islamic Development Bank, which convened at IDB headquarters starting Sunday 16 July, under the chairmansMmmhip of Dr. Ahmad Mohamed Ali, President, IDB Group, approved more than $ 1,158 million towards development projects financing for IDB member countries and Muslim communities in non-member countries.
This is the largest amount of approvals by a single IDB board meeting since the Bank’s inception in 1975. The approvals covered a large number of strategically important development projects comprising:……………………………………….Full Article: Source

IFSB, Bank Negara Malaysia organises programme and seminar on Islamic microfinance

Posted on 20 July 2012 by Laxman  |  Email|Print

The Islamic Financial Services Board (IFSB) and Bank Negara Malaysia will jointly organise the BNM-IFSB Financial Inclusion Advisers (FIA) Programme and Seminar on Islamic Microfinance. The four day programme will be held in Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur from 27-30 August 2012.
The FIA Programme will also provide participants an overview of the different types of policies and interventions which will facilitate in shaping a more inclusive financial sector………………………………………..Full Article: Source

Afghan Bankers’ delegation visits Meezan House

Posted on 20 July 2012 by Laxman  |  Email|Print

A 16-member delegation of Afghanistan International Bank along with officials of State Bank of Pakistan recently visited Meezan Bank’s Head Office - Meezan House, to gain an in-depth understanding of Islamic Banking and Meezan Bank’s products and services in Pakistan.
A statement here on Thursday said that the delegation included members of Senior and middle management of the Bank who were visiting Pakistan for training at the National Institute of Banking and Finance (NIBAF)- a non-profit subsidiary of the State Bank of Pakistan………………………………………..Full Article: Source

Islamic financial services - A boom industry

Posted on 20 July 2012 by Laxman  |  Email|Print

Islamic financial services have become a boom industry. The sector’s assets worldwide stood at US$1,3trillion at the end of 2011, 14% up on 2010 and 153% up on five years earlier, reports the UK Islamic Finance Secretariat.
The picture in SA reflects this increase. Islamic financial services assets here are growing at 15%-20%/year, says Yusuf Dukander, an Islamic finance specialist at the SA Institute of Chartered Accountants………………………………………..Full Article: Source

Bahrain: Coming together in Islamic finance

Posted on 20 July 2012 by Laxman  |  Email|Print

The Kingdom is encouraging some of its sharia-compliant banks to join forces to be better capitalised and equipped to deal with an increasingly turbulent and competitive global market.
At the end of June, shareholders of three Bahraini Islamic lenders – Capivest, Elaf Bank and Capital Management House – approved a proposal put forward by their respective managements to merge their operations, a move first mooted at the end of last year………………………………………..Full Article: Source

Taking Islamic finance education to the masses

Posted on 20 July 2012 by Laxman  |  Email|Print

Ethica announced that it is making the study notes for its award-winning Certified Islamic Finance Executive (CIFE) program freely available to the public as an e-book.
Voted “Best Islamic Finance Qualification” at the Global Islamic Finance Awards, Ethica is the only globally-recognized certification institute in the world to fully comply with AAOIFI’s Shariah standards. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions and the de facto standard in 90% of the world’s Islamic finance jurisdictions. (Press Release)

StanChart Saadiq offers PruBSN takaful products

Posted on 20 July 2012 by Laxman  |  Email|Print

Prudential BSN Takaful Bhd (PruBSN) has teamed up with Standard Chartered Saadiq Bhd to jointly offer takaful products.
StanChart Saadiq CEO Wasim Saifi said the bank has made available three new takaful investment-linked plans underwritten by PruBSN at eight of its branches. The takaful products will also be available at the 32 conventional StanChart branches in the country soon………………………………………..Full Article: Source

Abu Dhabi National Takaful Company offers Family Takaful to National Bonds customers

Posted on 20 July 2012 by Laxman  |  Email|Print

Abu Dhabi National Takaful has announced the launch of Takaful Family Protection Plans exclusively for National Bonds customers. They are: NBC Child Education Plan, NBC Family Protection Income Plan, NBC Female Care Protection Plan and NBC Maid Protection Plan, all designed to provide lifestyle protection.
The plans are designed to offer various protection options covering policyholders on a 24/7 worldwide basis against death, disability and critical illness and ensuring that their families will be able to cope with any financial hardship if the customers are no longer there to take care of them………………………………………..Full Article: Source

SC names Shariah Advisory Council’s new line-up

Posted on 20 July 2012 by Laxman  |  Email|Print

The Securities Commission (SC) has announced the members of its Shariah Advisory Council (SAC) who will serve for two years starting July 1. SAC is the central authority responsible for determining the syariah principles of the Islamic capital market in Malaysia.
The 11 SAC members are: Tun Abdul Hamid Mohamad, former Chief Justice of the Federal Court, Tan Sri Sheikh Ghazali Abdul Rahman, syariah legal advisor, Attorney-General’s Chambers……………………………………….Full Article: Source

Islamic financial services on rise, but private banks lag

Posted on 19 July 2012 by Laxman  |  Email|Print

Noor QuekAs demand for financial products and services that comply with Islamic law has grown in recent years, retail banks have responded, tailoring a range of Shariah-compliant products including simple checking accounts and mortgage and car financing.
But private banks have lagged, offering relatively little in terms of wealth management for Islamic customers, who want products and services that respect Islamic laws prohibiting trading in debt and collecting interest, among other rules………………………………………..Full Article: Source

Islamic forestry fund aims to tap crossover appeal

Posted on 19 July 2012 by Laxman  |  Email|Print

Luxembourg-based Sustainable Capital has announced the launch of a sharia-compliant forestry fund, part of a trend toward crossover products that appeal to Islamic investors as well as those interested in green investment.
The firm aims to raise $100 million in the open-ended fund, which starts its offering period next Monday and will invest in the agricultural, biomass and forestry sectors. Islamic finance adheres to religious principles but the industry has only recently begun to stress the theme of wider social responsibility………………………………………..Full Article: Source

Islamic funds fuel Dubai sukuk rally

Posted on 19 July 2012 by Laxman  |  Email|Print

A spectacular rally in Dubai-linked Islamic bonds is pushing yields to record lows and influencing prices in the entire Gulf debt market. Some investors think the rally has reached excessive proportions, potentially setting bonds up for a partial pull-back when the euphoria starts to fade.
Dubai’s $1.25bn sovereign sukuk, issued at a profit rate of 6.396% in November 2009 and maturing in 2014, was yielding just 3.2% yesterday, for example………………………………………..Full Article: Source

Bermuda: Goal is to expand Islamic finance opportunities

Posted on 19 July 2012 by Laxman  |  Email|Print

The Premier and Minister of Finance, Paula Cox, led a delegation to London to continue efforts to strengthen Bermuda’s relations with member countries of the Gulf Cooperation Council [GCC].
The delegation arrived in London last Sunday [July 15] and included Wayne Furbert, Minister of Business Development and Tourism; Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority and representatives of Price Waterhouse Coopers [PWC] Bermuda, Caroline Foulger and Belaid A. Jheengoor………………………………………..Full Article: Source

A trillion dollars and counting: How Egypt’s new president will boost Islamic banking

Posted on 19 July 2012 by Laxman  |  Email|Print

Islamic finance may not be familiar yet to many Westerners, but it’s a trillion-dollar business that is set to get even bigger now that the most populous country in the Arab world has elected a president from the Muslim Brotherhood.
Egypt’s new president, Mohamed Morsi, is likely to give a new impulse to the growth of the Islamic banking sector in his country, the birthplace of sharia-law compliant finance………………………………………..Full Article: Source

S.Africa: Islamic financial services - A boom industry

Posted on 19 July 2012 by Laxman  |  Email|Print

Islamic financial services have become a boom industry. The sector’s assets worldwide stood at US$1,3trillion at the end of 2011, 14% up on 2010 and 153% up on five years earlier, reports the UK Islamic Finance Secretariat.
The picture in SA reflects this increase. Islamic financial services assets here are growing at 15%-20%/year, says Yusuf Dukander, an Islamic finance specialist at the SA Institute of Chartered Accountants………………………………………..Full Article: Source

Islamic Development Bank approves $1 bln in projects across 20 countries

Posted on 19 July 2012 by Laxman  |  Email|Print

The 284th meeting of the Board of Executive Directors of the Islamic Development Bank, which convened at IDB headquarters starting Sunday 16 July, under the chairmanship of Dr. Ahmad Mohamed Ali, President, IDB Group, approved more than $ 1,158 million towards development projects financing for IDB member countries and Muslim communities in non-member countries.
This is the largest amount of approvals by a single IDB board meeting since the Bank’s inception in 1975. The approvals covered a large number of strategically important development projects comprising:……………………………………….Full Article: Source

Ethical banking: As banks wallow in the mire, is it still possible?

Posted on 19 July 2012 by Laxman  |  Email|Print

Marks & Spencer is the latest provider to launch a current account but its timing could not have been worse.
The high street bank behind M&S’s new account is HSBC, which has just been forced to apologise over revelations that staff at its global subsidiaries laundered billions of dollars for drug cartels, terrorists and pariah states………………………………………..Full Article: Source

NBK posts KD 120.8 mln profit – NBK Group’s total assets reach KD 14.3 bln

Posted on 19 July 2012 by Laxman  |  Email|Print

National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest-rated in the Middle East, reported net profits of USD 431.2 million (KD 120.8 million) for the first half of 2012 compared with USD 523.5 million (KD 146.7 million) for the same period in 2011.
NBK’s 1H 2012 profits were held back by the USD 96.4 million (KWD 27.0 million) judgmental provision charges, reflecting the negative economic and geopolitical developments occurring both domestically and in the region and their potential implications on an already stagnant operating environment………………………………………..Full Article: Source

Abul: KIB is ready to launch the holy month of Ramadan events

Posted on 19 July 2012 by Laxman  |  Email|Print

Kuwait International Bank ( KIB ) has announced the completion of preparation for the events taking place during the holy month of Ramadan focusing on religious, social and athletic activities throughout the month. The bank confirms its role as not only limited to being an Islamic Banking institution servicing its customers but also is an institution looking after the development of all aspects of the community.
On the occasion, Economic Research Department Manager and Board Secretary Dr. Sadeq Abul expressed: “Stemming from the bank’s keenness to establish social bonds between members of the society during the holy month of Ramadan, a program of events and activities have been prepared starting with the distribution of a Quran CD to all employees and customers in the voice of Sheikh Mishari Al Afasi and will be available at all of the bank’s 18 branches.” (Press Release)

Islamic banking forum planned

Posted on 19 July 2012 by Laxman  |  Email|Print

For almost two decades, the annual World Islamic Banking Conference (WIBC) in Bahrain has been at the forefront of the global Islamic finance industry, establishing its reputation as the world’s largest and most influential gathering of Islamic finance industry leaders.
From a mere 120 pioneering delegates at its launch back in 1994, the 18th WIBC in 2011 continued this tradition of supporting growth, excellence and innovation in the industry and broke new records in 2010 with more than 1,200 delegates from more than 50 countries………………………………………..Full Article: Source

Clifford Chance advises on U.S.$500 mln Emirates Islamic Bank trust certificates issuance

Posted on 19 July 2012 by Laxman  |  Email|Print

Clifford Chance ’s Dubai Office has advised Emirates Islamic Bank PJSC and Emirates NBD PJSC on the issuance by EIB Sukuk Company Ltd. on 11 July 2012 of London Stock Exchange-listed U.S.$500 million 4.147 per cent. trust certificates due 2018 under its U.S.$1 billion Trust Certificate Issuance Programme.
The EIB Sukuk confer on the certificateholders the right to receive specific payments arising from certain shari’a-compliant assets of EIB and have the benefit of a guarantee provided by ENBD in respect of EIB ’s obligations under the EIB Sukuk. (Press Release)

Pembinaan BLT’s 4th sukuk oversubscribed

Posted on 19 July 2012 by Laxman  |  Email|Print

Pembinaan BLT Sdn Bhd’s fourth sukuk issuance via an accelerated bookbuilding process has been oversubscribed by nine times.
Managing director and chief executive officer Mohammed Redza Mohd Yusof said the fourth issuance of RM800mil had received strong demand from investors, which allowed them to achieve competitive rates………………………………………..Full Article: Source

RAM assigns AA3 rating to Edaran’s RM750mln Sukuk

Posted on 19 July 2012 by Laxman  |  Email|Print

RAM Rating Services Bhd assigned a preliminary AA3 rating, with a stable outlook, to Edaran SWM Sdn Bhd’s proposed initial issuance of RM750mil from its proposed Islamic medium-term notes programme (IMTN) of up to RM1bil in nominal value (2012/2032).
It said on Wednesday Edaran is the main sub-contractor to its sister company, SWM Environment Sdn Bhd (SWME), which is the concessionaire for collection services and public-cleansing management services in Johor, Negeri Sembilan and Melaka………………………………………..Full Article: Source

Halyk Finance notifies on acceptance of orders to participate in offering of Islamic bonds sukuk Al-Murabaha of Development Bank of Kazakhstan

Posted on 19 July 2012 by Laxman  |  Email|Print

Kazakhstan Stock Exchange (KASE) based on the notice of JSC Subsidiary of Halyk Savings Bank of Kazakhstan Halyk Finance (Almaty), which is the joint manager and book runner of Development Bank of Kazakhstan (Astana) Islamic bonds “Sukuk “al-Murabaha” issue, notifies on acceptance of orders from the exchange members to take part in the upcoming offering of Development Bank of Kazakhstan bonds being issued and registered in compliance with the legislation of a foreign state.
Below are parameters of mentioned bonds and the order of bonds offering for purchasing in Kazakhstan provided to KASE by JSC Subsidiary of Halyk Savings Bank of Kazakhstan Halyk Finance………………………………………..Full Article: Source

Existing firms allowed to offer Islamic insurance products

Posted on 19 July 2012 by Laxman  |  Email|Print

The Securities and Exchange Commission of Pakistan (SECP) has allowed existing companies to offer Takaful products which would prove to be a major initiative for expansion of the Islamic insurance network in the country.
Muhammad Ali Chairman SECP told reporters here on Tuesday that allowing traditional insurance companies to offer Islamic products is a big development. “Takaful-widow has been provided to existing insurance companies.”……………………………………….Full Article: Source

Indonesian aims to raise 500 bln rph in July 24 sukuk auction

Posted on 18 July 2012 by Laxman  |  Email|Print

Indonesia aims to raise 500 billion rupiah ($52.91 million) in a sukuk auction on July 24, the debt office said in a statement on Tuesday. The finance ministry plans to offer 6-month sharia T-bills and long terms project-based sukuk with maturities of 6-, 10-, 15- and 25-years.
Indonesia failed to sell all the series offered in a sukuk auction on July 10. Earlier on Tuesday, the country raised 9 trillion rupiah worth of conventional bonds from a debt auction……………………………………….Full Article: Source

Islamic bonds offer cheaper funding for lucky few

Posted on 18 July 2012 by Laxman  |  Email|Print

Islamic bonds are offering cheaper funding for a lucky few. Shariah-compliant bonds were once seen as a pricey source of financing for governments and companies. But a growing pool of captive capital means the bonds are now less expensive than their conventional equivalents.
Shariah-compliant banking assets will top $1tn globally in 2012, up 33% from 2010, according to Standard Chartered. These Islamic funds can only be invested into other Shariah-compliant instruments. The decade-young sukuk market is struggling to keep up with the demand for high quality paper………………………………………..Full Article: Source

Western investors warm to sukuk

Posted on 18 July 2012 by Laxman  |  Email|Print

The stable performance of Islamic bonds in the secondary markets is increasingly attracting the attention of western investors who have been hit by the volatile mainstream markets.
A year ago, conventional investors may have accounted for 40% of a typical issuance of an Islamic bond, known as a sukuk, according to Souhail Mahjour, a syndicate banker at HSBC. He said they now they account for as much as 60%………………………………………..Full Article: Source

Qatar’s $4bln sukuk to ensure liquidity at the ‘least cost’

Posted on 18 July 2012 by Laxman  |  Email|Print

QIIB (International Islamic), which was a co-manager to Qatar’s recent $4bn two-tranche sukuk, said the bond would ensure liquidity at the “least cost” and “positively impact” all sectors of the national economy.
QIIB chief executive officer, Abdulbasit A al-Shaibei said International Islamic was proud to have participated in the sukuk, which received great attention from all over the world in view of “Qatar’s robust economy”………………………………………..Full Article: Source

Russia’s Ak Bars raises $600 mln via Eurobond

Posted on 18 July 2012 by Laxman  |  Email|Print

Russian mid-sized lender Ak Bars raised $600 million via a ten-year Eurobond issue, pricing the deal at an 8 percent yield, the bank said in a statement on Monday.
Ak Bars, with its headquarters and key operations in Russia’s Republic of Tatarstan, is ranked among the top-20 domestic lenders by assets. Together with Ak Bars’ deal, Russian borrowers have raised over $25 billion via Eurobond issues so far this year, more than for last year as a whole………………………………………..Full Article: Source

United Real Estate completes final repayment of $100mln sukuk

Posted on 18 July 2012 by Laxman  |  Email|Print

United Real Estate Company (URC), one of the region’s leading real estate companies, has announced that on July 9th, it received a confirmation from Citi, its delegate agent, confirming that URC has made the final repayment to complete its $100m sukuk obligations in full and that Citi no longer has any holdings for the issued securities.
The sukuk was issued on 13 June 2007 with a return of LIBOR +1.5 percent, repayable in five annual installments, each of which URC repaid on time, in line with the original agreement. (Press Release)

CBB Sukuk Al-Ijara fully subscribed

Posted on 18 July 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 fully subscribed by 100%. Subscriptions worth BD20m were received for the BD20m issue, which carries a maturity of 182 days.
The expected return on the issue, which begins on 19th July 2012 and matures on 17th January 2013, is 1.30%. (Press Release)

Malaysia: Banks plan Shariah assets for Asian millionaires

Posted on 18 July 2012 by Laxman  |  Email|Print

Standard Chartered Plc will start Islamic private banking services in Asia and CIMB Group Holdings Bhd. plans to roll out new products for the wealthy as they target rich Muslims who have limited investment options in the region.
The UK’s second-largest lender by market value will offer Shariah-compliant products tailored to meet the needs of people who have at least $2 million (Dh7.35 million), Wasim Saifi, the Kuala Lumpur-based global head for Islamic consumer banking, said………………………………………..Full Article: Source

FNB’s Islamic banking board quits

Posted on 18 July 2012 by Laxman  |  Email|Print

First National Bank’s (FNB) Islamic finance division has been rocked by the resignation of the unit’s entire board following the appointment of a new CEO, previously employed by Absa.
The board quit weeks after FNB last month poached the head of Absa Islamic finance, Amman Muhammad, who is expected to play a pivotal role in FNB’s plans to expand into Africa, which has an estimated Muslim population of 400m………………………………………..Full Article: Source

Islamic Development Bank to finance Bangladesh power projects

Posted on 18 July 2012 by Laxman  |  Email|Print

The Islamic Development Bank will give Bangladesh 380m dollars in loan for two power projects. The IDB and Bangladesh government signed two agreements to that effect at the IDB Headquarters in Jeddah, Saudi Arabia, on Saturday [14 July].
According to the agreements, the IDB will give 200m dollars for the “Ashuganj Power Station Efficiency Improvement Project” and 180m dollars for the “Construction of Bhola 225MW Combined Cycle Power Plant Project”………………………………………..Full Article: Source

When it comes to Arab economies, ideology means little

Posted on 18 July 2012 by Laxman  |  Email|Print

The ongoing showdown in Egypt between the country’s Islamists and its military rulers is a clear reminder of how difficult democratic transitions in the Arab world are likely to be. Obviously, the failure to reach a power-sharing agreement will prolong political instability. But the resulting economic inaction would be just as damaging to the consolidation of democratic rule in Egypt.
Emerging Arab leaders, from Islamists to former regime officials who have re-invented themselves, are keenly aware of the need to improve their countries’ economic prospects………………………………………..Full Article: Source

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