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Islamic Finance Briefing - Archive | October, 2012

Saudi scholar in rare attack on Islamic banks

Posted on 22 October 2012 by Laxman  |  Email|Print

Scholar accuses Shariah banks of charging for balance statements, lauds other banks. A prominent Saudi Muslim scholar has launched a rare attacked on Shariah-compliant bank for charging their customers seeking a balance statement, newspapers in the Gulf Kingdom reported.
Sheikh Adel Al Kalbani said he had received a text on his mobile phone from a “well-known” Islamic bank charging him SR120 (Dh118) for having a written statement of his balance in the bank………………………………………..Full Article: Source

GFH faces scrutiny over Shari’ah compliance of Leeds United bid

Posted on 22 October 2012 by Laxman  |  Email|Print

Gulf Finance House (GFH) may be forced to seal off pubs, restaurants and betting points at the Leeds United Football Club’s stadium to allow the proposed acquisition to go ahead.
GFH is facing criticism from the Islamic finance community over its proposed takeover of Leeds United Football Club, because the club’s stadium features betting points, pubs and restaurants which serve pork products and alcohol which violate the Shari’ah………………………………………..Full Article: Source

OSKIB aims to unlock value in Islamic finance segment

Posted on 22 October 2012 by Laxman  |  Email|Print

OSK Investment Bank Bhd’s (OSKIB) Islamic banking division is taking measures to unlock value in the Islamic finance realm, in tandem with its measures in addressing the challenges currently faced in the segment.
The World Bank has valued the global Islamic finance asset size at about US$1.3 trillion currently and expects it to reach US$1.6 trillion by year-end. In Malaysia, the Islamic banking segment represented 18 per cent of the overall banking sector’s RM1.78 trillion total assets as at end-2011………………………………………..Full Article: Source

Dubai’s Emicool signs $216 mln Islamic loan

Posted on 22 October 2012 by Laxman  |  Email|Print

Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments and Union Properties , signed a 793 million dirham ($216 million) Islamic loan guaranteed by both parents, a statement said on Sunday.
Structured in a sharia-compliant manner, the facility runs for ten years, according to the statement from Mashreq , one of the banks providing finance………………………………………..Full Article: Source

Turkey’s Tupras signs $200mln loan with Gulf banks

Posted on 22 October 2012 by Laxman  |  Email|Print

Tupras, Turkey’s sole oil refiner, signed a $200 million one-year loan with a group of nine Gulf-based banks, a statement from the facility’s arranger said on Sunday. The loan was arranged by Qatar-based investment bank QInvest, the statement said. No details on the facility’s purpose or its pricing were given.
Banks which joined the loan were Barwa Bank, Commercial Bank of Qatar, First Gulf Bank, Qatar Islamic Bank, Ahli United Bank, Al Hilal Bank, Doha Bank and Dubai Islamic Bank………………………………………..Full Article: Source

Jordan Islamic Bank Q3 net profit $39.92 mln, up 35 pct

Posted on 22 October 2012 by Laxman  |  Email|Print

Jordan Islamic Bank (JIB) Q3 net profit of $39.92 million was up from $29.62 million in Q3 2011. Musa Abdelaziz Shihadeh, Vice Chairman, General Manager of JIB said the bank’s assets with accounts managed added to (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about $4.68 billion as of end-September compared to $4.43 billion at end-2011, an increase of 5.4 per cent.
Facilities granted for customers reached about $3.29 billion, up 31 per cent since end-December 2011. Jordan Islamic Bank’s capital adequacy ratio (CAR) reached 17.95 per cent , the rate of return on average equity (ROAE) after tax reached 17.7 per cent………………………………………..Full Article: Source

Islamic finance study open to non-Muslims, too, says INCEIF head

Posted on 22 October 2012 by Laxman  |  Email|Print

Many people still think that Islamic Finance study is only for the Muslims when it is actually not so. However, more are beginning to realise that Islamic Finance is a subject that can be mastered by anyone, said Global University of Islamic Finance (INCEIF) president and chief executive officer Daud Vicary Abdullah.
“We recently had 20 Australian chief executive officers learning one of our programmes online and the feedback that we got was that they were unaware that Islamic Finance is something that can be taught to non-Muslims,” he said………………………………………..Full Article: Source

The blossoming appeal of Islamic finance

Posted on 22 October 2012 by Laxman  |  Email|Print

The Islamic finance sector has seen robust growth over the years, blossoming to become the fastest growing segment in the global financial industry. In tandem, the Malaysian Islamic finance realm has scaled new heights as it represented 18 per cent of the Malaysian banking sector’s total assets as at December 2011. BizHive Weekly takes a look at the the current state of the industry, challenges faced by players and measures taken to grow and move forward.
Islamic finance has seen tremendous growth and acceptance over the recent years in Malaysia and on a global scale in over 70 countries from financial centres in Malaysia to the Middle East………………………………………..Full Article: Source

Introduction of the world’s first Islamic arbitration rules will grow Islamic finance assets

Posted on 22 October 2012 by Laxman  |  Email|Print

The introduction of the world’s first Islamic arbitration rules last month by the Kuala Lumpur Regional Centre for Arbitration (KLRCA) will pave the way for further expansion of Islamic finance with total global assets now estimated to be worth around US$1.2 trillion (RM3.72 trillion) to US$1.3 trillion (RM4.03 trillion).
Not only are the arbitration rules the first of its kind worldwide, it caters to both conventional and syariah-compliant commercial transactions and contracts as well………………………………………..Full Article: Source

Islamic finance body appoints new CEO

Posted on 22 October 2012 by Laxman  |  Email|Print

The International Islamic Liquidity Management Corp (IILM), a company backed by central banks located mainly in Asia and the Middle East, appointed on Friday a new chief executive ahead of its first issuance due within the next few months.
Kuala Lumpur-headquartered IILM has delayed its first issuance of short-term sukuk, or Islamic bonds, twice since it began operations last year………………………………………..Full Article: Source

European sukuk sellers tapping Malaysia as crisis curbs lending

Posted on 22 October 2012 by Laxman  |  Email|Print

Malaysian tax breaks on sukuk are luring companies from Germany, France and Turkey to tap the world’s biggest Islamic bond market as Europe’s debt crisis curbs lending. CIMB Group Holdings and AmInvestment Bank, among the top three sukuk arrangers in Malaysia this year, said they are seeing increased interest after the government extended tax exemptions for foreign issuers to 2014 in the September budget.
Ireland’s state-owned power producer is the only European entity that’s so far revealed plans to sell ringgit-denominated securities complying with religious tenets………………………………………..Full Article: Source

Istanbul group to host Sukuk forum

Posted on 22 October 2012 by Laxman  |  Email|Print

The Sukuk Working Group will host the Sukuk Forum to present to the world its strategies and practices for the $30 billion sukuk issue technical infrastructure along with discussing steps Turkey needs to make in order to take full advantage of its sukuk potential.
The Forum will be hosted at the Istanbul Maslak Sheraton Hotel on Nov. 22 and 23………………………………………..Full Article: Source

Marketing plans vital for takaful sector

Posted on 22 October 2012 by Laxman  |  Email|Print

Two of the key challenges confronting the takaful industry are the penetration levels for insurance and risk management solutions that are not mandatory in the Gulf. Within this small market there is intensive competition often based on prices, with very little attention to consumer insights and needs, according to MIT Consulting chief executive Hilmy Cader.
“Effective strategic marketing planning significantly improves the chances of business success by gearing the organisation to meet future challenges,” he said. “Takaful and conventional insurance companies possess a diverse set of needs in terms of what they expect from a retakaful………………………………………..Full Article: Source

Gulf Islamic banks ready to step in as HSBC pulls back

Posted on 19 October 2012 by Laxman  |  Email|Print

Four days after HSBC Holdings said it would shrink its global Islamic banking operations, National Bank of Abu Dhabi revealed very different plans: it aims to triple the contribution of its sharia-compliant operations over the next eight years.
The contrast suggests that rather than being a sign of weakness in the Islamic finance sector, HSBC’s decision reflected its own business priorities - and to the extent that the British bank pulls back from the industry, local banks will gain an opportunity to expand………………………………………..Full Article: Source

Malaysia’s Islamic banks ripe for consolidation-Bank Muamalat

Posted on 19 October 2012 by Laxman  |  Email|Print

Malaysia’s Islamic banks are ready for consolidation as they seek ways to cope with rising operational costs, a top official with Bank Muamalat Malaysia Bhd said, signalling a greater acceptance in US$143.64 billion sector for M&As.
Islamic banks in the past have often been reluctant to merge, in part due to resistance from powerful shareholders who fear a loss of control while strains in global financial markets discourage risk-taking. Islamic finance has grown in leaps and bounds to account for 23.7% of Malaysia’s total banking assets although a major aspect is missing — the development of megabanks that can issue ground-breaking products in the same way as conventional banks………………………………………..Full Article: Source

Australia brings its own connections to the Islamic finance market

Posted on 19 October 2012 by Laxman  |  Email|Print

From humble beginnings in the 1970s, Islamic finance assets total nearly USD 1 trillion globally. Despite its exponential growth in recent years, expanding at a compound annual growth rate of 20% over the past three years, it remains a subset of the global financial industry.
It will be interesting to see what impact Australia has on the market with Crescent Wealth partnering with BLME to provide Australian and South East Asian investors with access to the sukuk market………………………………………..Full Article: Source

Australia: Ease laws to allow Islamic finance to flourish

Posted on 19 October 2012 by Laxman  |  Email|Print

The federal government is under pressure to tweak tax incentives that make it easier for the Islamic finance sector to flourish in Australia and allow greater cross-border transactions with Asia.
The Dubai-based global head of Islamic finance for law firm Allen & Overy, Anzal Mohammed, says there’s a growing push to encourage policy makers in Australia to ease regulations on areas such as stamp duty and withholding tax so that people who want to invest in Islamic-compliant funds don’t get hit with unforeseen tax penalties………………………………………..Full Article: Source

KPMG meet focuses on Islamic finance in other nations

Posted on 19 October 2012 by Laxman  |  Email|Print

KPMG, a leading international firm providing audit, tax and advisory services, recently organised a seminar on ‘Islamic finance lessons learnt from abroad and challenges faced in Oman’. This was the latest in a series of breakfast seminars that KPMG held earlier.
This seminar brought together people involved with Islamic finance industry, the regulators and the support organisations. Khalid Ansari, partner-in-charge of advisory services at KPMG in Oman, highlighted that the seminar had received an enthusiastic response, with representatives attending from a wide variety of Islamic finance industry groups and regulatory organisations. The seminar was delivered by Khalid Yousaf, director of Islamic Finance Advisory Services of KPMG in Oman………………………………………..Full Article: Source

Swaps collateral, Egypt Sukuk start, SEC-bond: Compliance

Posted on 19 October 2012 by Laxman  |  Email|Print

Goldman Sachs Group Inc. (GS), Morgan Stanley (MS) and other trading firms would face higher collateral costs under swaps-market rules proposed by the U.S. Securities and Exchange Commission.
SEC commissioners voted 5-0 yesterday to seek public comment on collateral requirements for swaps that remain in the over-the-counter market instead of being settled at third-party clearinghouses.
The proposal, part of the agency’s rulemaking under the Dodd-Frank Act, would also increase capital requirements for dealers of swaps tied to single securities or loans or a narrow index of swaps………………………………………..Full Article: Source

Sukuk to gain more prominence in future

Posted on 19 October 2012 by Laxman  |  Email|Print

The prominence of sukuk will increase in the years to come due to the limited liquidity in the global market, said HSBC Amanah Malaysia Bhd CEO Rafe Haneef.
He said Malaysia would assume an important role in terms of developing new instruments in the sukuk market and reach new heights in terms of scale, debt and variety of instruments available………………………………………..Full Article: Source

Fitch rates Islamic Bank of Thailand ‘BBB-’/'AA(tha)’; outlook stable

Posted on 19 October 2012 by Laxman  |  Email|Print

IBANK’s ratings reflect Fitch’s view of a high probability of support from the Thai government, if needed. This is based on the state’s high effective ownership (93.7%) and close control, the bank’s legal status as a specialised financial institution (SFI), strong linkages to the state due to its important public policy role, as well as historical financial support from the state.
IBANK has a unique public policy role of providing Islamic financial services to Thais and domestic businesses and to support government policies, particularly policies related to Muslim communities in southern provinces………………………………………..Full Article: Source

Kenya: Barclays launches another Shariah complaint product

Posted on 19 October 2012 by Laxman  |  Email|Print

Barclays Bank of Kenya launched another Sharia-compliant product for corporate customers. The La Riba Asset Finance is aimed at enabling corporate customers to acquire moveable assets both locally and internationally.
The new product is based on the Murahaba, a cost plus profit Islamic finance instrument, whereby customers identify the assets they want to acquire upon which Barclays buys it and sells to the customer at an agreed price………………………………………..Full Article: Source

Crocker: Islamic banking importance set to increase (Video)

Posted on 19 October 2012 by Laxman  |  Email|Print

Abu Dhabi Islamic Bank Head of Private Banking Stuart Crocker discusses Shariah-compliant wealth management. He says Islamic Finance offers a wide range of practical solutions to protect wealth and to plan safer succession plans.……………………………………….Full Article: Source

Commodity trade finance lures Arab banks

Posted on 19 October 2012 by Laxman  |  Email|Print

Liquidity-rich Arab banks have been quietly participating in commodity trade finance, which until recently, was dominated by a handful of French banks that provided credit lines to top trading houses such as Glencore, Vitol and Cargill.
Industry executives said that some banks were exploring ways if they could structure commodity trade finance to make the loans compliant with sharia, or Islamic law, to increase the appeal of the product. Islamic finance is one of the fastest-growing sectors of the global financial system………………………………………..Full Article: Source

Training programmes vital for takaful sector

Posted on 19 October 2012 by Laxman  |  Email|Print

The availability of a qualified talent pool remains a key area of concern for the takaful industry. “The industry must focus on enhancing retention by developing long-term incentive schemes and training programmes,” Central Bank of Bahrain (CBB) executive director of financial institutions supervision Abdul Rahman Al Baker said.
“Regional regulators should encourage the building of a talent base and strive to enhance universities and private training centres to offer degrees and certificates in Islamic finance and takaful to accommodate the needs of students and professionals and to target a wider range of individuals interested in pursuing insurance studies………………………………………..Full Article: Source

PruBSN confident of retaining takaful top spot

Posted on 19 October 2012 by Laxman  |  Email|Print

Prudential BSN Takaful Bhd (PruBSN), is confident of remaining number one in the takaful market this year. The company said it has continued to grow from strength to strength, firstly with the achievement of its number one position in the takaful market in 2011 that set the tone for a remarkable 2012.
In the second half of 2012, the company’s Annual Contribution Equivalent (ACE) grew by 23 per cent year-on-year to RM129 million. This gave the company a market share of 28 per cent, an increase from 26.7 per cent in the same period in 2011, PruBSN said in a statement to announce the appointment of professional racer Nabil Jeffri as its brand ambassador………………………………………..Full Article: Source

Proper regulator key to takaful success

Posted on 19 October 2012 by Laxman  |  Email|Print

Consolidation is the way forward for the takaful industry, which is in need of a proper regulatory body to oversee enforceability of rules. “Any young industry always begins with mushrooming of various businesses,” Ernst and Young Islamic Banking Excellence Centre head Ashar Nazim told the Gulf Daily News, our sister publication.
“They experiment with various business models. However, there comes a time when a choice has to be made on what works best for the industry,” Nazim observed………………………………………..Full Article: Source

Etiqa aims to be the insurance and takaful market leader by 2015

Posted on 19 October 2012 by Laxman  |  Email|Print

Etiqa Insurance and Takaful aims to be the insurance & takaful leader in written premiums by 2015, ahead of the current industry No 1, Great Eastern Life Assurance (M) Bhd (GE).
The insurance arm of the Maybank Group has undertaken a strategic exercise to strengthen its position in pursuit of leadership, expanding its distribution footprint and humanising its customer experience to contribute profitably to its shareholders………………………………………..Full Article: Source

Egypt: News of Sukuk issuance agreement creates confusion among Islamist parties

Posted on 18 October 2012 by Laxman  |  Email|Print

The Ministry of Finance’s head of the Public Debt Unit, Samy Khallaf, declared that a preliminary agreement has been reached with 10 international investment banks to carry out the procedures of issuing the first Egyptian Islamic Sukuk in international markets. The value of the projected Sukuk, Khallafa dded, would range from $750 million to $1 billion, reported Al-Borsa newspaper on Wednesday.
Khallafa added that the move is tied to IMF approval of the $4.8 billion loan which the Egyptian government has requested. Yet, the Ministry has not disclosed any further details regarding the agreement, nor any information regarding projects which the government plan to fund through Sukuk………………………………………..Full Article: Source

Turkish Airlines considering multibillion dollar sukuk issue

Posted on 18 October 2012 by Laxman  |  Email|Print

Turkish Airlines, Europe’s third largest airline by passenger traffic, is considering issuing an Islamic bond, or sukuk, to finance the purchase of aircraft as the carrier expands its fleet two-fold over the coming ten years, the operator’s CEO Temel Kotil said.
“It could be within a one-year period,” Kotil said when asked if the airline would seek to finance its plane purchases with sukuk and when it may issue the bonds. “We didn’t make a decision yet - we’re checking the market to see who is cheaper. When you order these kinds of machines its multibillion of course.”……………………………………….Full Article: Source

Malaysia: Total sukuk issuance at RM219.4bln

Posted on 18 October 2012 by Laxman  |  Email|Print

The total sukuk issuance in Malaysia amounted to RM219.4bil during the first eight months of 2012 against RM120.7bil in the previous corresponding period, contributed in part by the largest issuance to date of RM30.6bil by Projek Lebuhraya Usahasama Bhd.
Securities Commission (SC) executive director Zainal Izlan Zainal Abidin said 2012 witnessed encouraging performance of the Islamic capital market and the sukuk segment was set to register another record year in terms of total issuance value………………………………………..Full Article: Source

World Bank, IDB sign Islamic finance agreement

Posted on 18 October 2012 by Laxman  |  Email|Print

The World Bank and the Jeddah-based Islamic Development Bank (IDB) have signed a three-year agreement to share expertise in Islamic finance and study how it can help economies develop.
The IDB, with 56 member countries, provides financing, loans and technical assistance for development schemes which follow Islamic principles, such as a ban on interest payments and pure monetary speculation………………………………………..Full Article: Source

Islamic finance to be demand-driven: KPMG

Posted on 18 October 2012 by Laxman  |  Email|Print

KPMG, a leading International firm providing Audit, Tax and Advisory services yesterday organised at the Grand Hyatt, a seminar on Islamic Finance-Lessons Learnt from abroad & Challenges faced in Oman.
This was the latest in a series of Breakfast Seminars that KPMG held earlier and is planning to hold over the coming months. This Seminar brought together people involved with Islamic Finance industry, the regulators and the support organisations………………………………………..Full Article: Source

Growth rate of Islamic finance industry

Posted on 18 October 2012 by Laxman  |  Email|Print

With the gap between Islamic and conventional banking solutions narrowing substantially, and due to the fast development of the Islamic banking industry, Muslim high net worth individuals are increasingly expecting Shariah compliance in managing their wealth, making Islamic wealth management solutions a key market need, Standard Chartered Private Bank has observed.
In the UAE, Islamic banking assets would grow to 20 per cent of the total banking sector in 2012 from an estimated 18 per cent in 2011, a banking expert has mentioned. According to recent data of Bloomberg, Global sales of Shariah-compliant bonds jumped to US$36 billion this year, just shy of 2011’s full-year record of US$36.7 billion………………………………………..Full Article: Source

Islamic Microfinance is a good alternative for the alleviation of poverty

Posted on 18 October 2012 by Laxman  |  Email|Print

Chief Executive officer of AlHuda Centre of Islamic Banking and Economics, Mr. Zubair Mughal said that poverty is not only the problem of Pakistan but a global issue. In fact, the declaration of Millennium Development Goals (MDGs) by United Nations to cut down the poverty to half till 2015 seems unachievable because the poverty is continuously increasing.
He said that one of the major reasons of no reduction in poverty is to follow wrong strategies. He further said that it is an alarming situation that poverty is continuously increasing in Muslim World and 46% of world’s poverty exists in Muslim countries and almost one-half of the 56 IDB member countries in Asia and Africa are classed as Least Developed Countries (LDCs) by United Nations………………………………………..Full Article: Source

Are fears of Islamic banking being over regulated overdone?

Posted on 18 October 2012 by Laxman  |  Email|Print

It is better to have a slower growth rate due to relatively restrictive regulations than to suffer a ‘subprime’ crisis. There are reports that Islamic finance players want a balanced regulatory framework that does not hamper the industry’s growth.
But Adil Ahmad, former CEO of Kuwait International Bank, says the industry is growing at a very healthy rate of 15-20% per annum, so the regulations can’t be all that restrictive………………………………………..Full Article: Source

Liquidity management in Islamic banking becoming a crucial issue

Posted on 18 October 2012 by Laxman  |  Email|Print

Banking is a business where depositors are normally free to deposit and withdraw their savings according to their preferences and financial plans. This unpredictability of behaviour put the managers under intense pressure and requires high level of skill to achieve optimality of resources at hand.
Traditionally banks manage their liquidity by investing in short term interest based securities which is not the cup of tea for an Islamic banking. Funds must emanate from a Shariah-compliant source and they need to be taken up by a Shariah-compliant source. In some places, there is no infrastructure in place to ensure that the funds are ‘clean’ Shariah-compliant. Islamic banking industry including Islamic banking windows face seriously the challenge of shortage in liquidity management instruments………………………………………..Full Article: Source

Philippines: Middle East banks eye Al-Amanah

Posted on 18 October 2012 by Laxman  |  Email|Print

The government expects to privatize Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), the only bank in the country authorized to offer Islamic banking services, in a year as two Middle Eastern banking institutions are seriously in their acquisition bid.
AAIIBP, now a subsidiary of Development Bank of the Philippines, has been put on sale by the government for a year already. Trade and Industry undersecretary Cristino L. Panlilio revealed that Al-Amanah is one banking institution in the country that Middle Eastern investment banking companies are looking into………………………………………..Full Article: Source

Qatar Islamic Bank Q3 profit dips slightly

Posted on 18 October 2012 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB), the Gulf state’s second-largest lender by market value, posted an 3.5 percent drop in third-quarter net profit on Wednesday as a big jump in provisions impacted quarterly earnings.
The bank made a net profit of QAR393.1m (US$108m) in the three months to September 30, compared with QAR407.2m in the same period a year ago, according to Reuters calculations………………………………………..Full Article: Source

SIB net profit up 2pct on year to Dh208.7mln

Posted on 18 October 2012 by Laxman  |  Email|Print

Sharjah Islamic Bank (SIB) said on Wednesday that its net profit during the first nine months of 2012 rose 2 per cent on year to Dh208.7 million. In the corresponding period last year, SIB’s net profit stood at Dh204.7 million, the Sharia-compliant bank said in a statement.
“The balance sheet grew since December 2011, with total assets reaching Dh17.9 billion compared with Dh17.7 billion, a 1 per cent rise,” SIB said………………………………………..Full Article: Source

Union National Bank posts 7.1pct climb in third quarter net profit to Dh532mln

Posted on 18 October 2012 by Laxman  |  Email|Print

Abu Dhabi-based Union National Bank (UNB) said on Wednesday its fiscal third quarter net profit rose 7.1 per cent on the year to Dh532 million while the profit for the first nine months this year rose to Dh1.4 billion from Dh1.3 billion in the corresponding period a year earlier.
“The increase in operating income was due to an increase in net interest income and net income from Islamic financing which rose to Dh1.9 billion from Dh1.7 billion in the correspnding period a year earlier,” said UNB………………………………………..Full Article: Source

Etiqa Takaful sees vast opportunities to expand business

Posted on 18 October 2012 by Laxman  |  Email|Print

Etiqa Takaful Bhd sees vast opportunities to expand its business as only 47 per cent of the population are insured. Etiqa Insurance and Takaful chief commercial officer, Shahril Azuar Jimin, said many Malaysians still did not have any kind of insurance coverage.
“The insurance penetration rate here is still low, especially among the Bumiputera community, where only 11 per cent are covered,” he said………………………………………..Full Article: Source

Islamic finance struggles toward mainstream in Azerbaijan

Posted on 17 October 2012 by Laxman  |  Email|Print

When a businessman in Muslim-majority Azerbaijan wanted a bank loan that complied with Islamic principles, until a few years ago he had to negotiate it under the table.
The government’s fear of political Islam forced banks to conduct “guerrilla Islamic finance” in which sharia-compliant deals were hidden under the appearance of conventional banking, says Fuad Aliyev, a scholar at Johns Hopkins University’s Central Asia-Caucasus Institute in Washington DC………………………………………..Full Article: Source

Islamic finance rules edge forward amid 5-year impasse

Posted on 17 October 2012 by Laxman  |  Email|Print

After at least five years of delays, Islamic finance experts in Saudi Arabia and Malaysia are renewing efforts to create common regulations for scholars. Malaysia’s International Shariah Research Academy for Islamic Finance is working with its Middle Eastern counterpart on guidelines that will address the number of boards on which scholars can sit to reduce conflicts of interest, according to Executive Director Mohamad Akram Laldin in Kuala Lumpur.
An institution will also be established to provide global accreditation, said Akram, who helped set up a body last year to oversee advisers’ activities in the Southeast Asian nation………………………………………..Full Article: Source

Islamic finance to thrive at faster rate in emerging economies

Posted on 17 October 2012 by Laxman  |  Email|Print

Islamic finance is expected to thrive at a faster rate in emerging economies given their resilient economic dynamics and potential, well as awareness of the industry, says KFH Research Ltd.
Its Managing Director/Vice Chairman, Baljeet Kaur Grewal said the liquidity in the emerging markets for Islamic finance is still growing at a robust pace and this basically is driving the demand for Islamic finance products………………………………………..Full Article: Source

Islamic finance to be demand-driven: KPMG

Posted on 17 October 2012 by Laxman  |  Email|Print

KPMG, a leading International firm providing Audit, Tax and Advisory services yesterday organised at the Grand Hyatt, a seminar on Islamic Finance-Lessons Learnt from abroad & Challenges faced in Oman.
This was the latest in a series of Breakfast Seminars that KPMG held earlier and is planning to hold over the coming months. This Seminar brought together people involved with Islamic Finance industry, the regulators and the support organisations………………………………………..Full Article: Source

QIIB sukuk issue gets final Fitch rating of ‘A-’

Posted on 17 October 2012 by Laxman  |  Email|Print

Global credit rating agency Fitch has assigned International Islamic’s $700mn trust certificate (sukuk) issue a final rating of ‘A-’. The issuing entity is QIIB Sukuk Funding.
The final rating for the five-year certificate is assigned following the receipt of final documents conforming to the information previously received and the closing of the transaction. The rating for the certificate is the same as the expected rating assigned early this month………………………………………..Full Article: Source

LBS redeems sukuk tranches for RM35mln

Posted on 17 October 2012 by Laxman  |  Email|Print

LBS Bina Group Bhd said it has made two more early settlements by redeeming and cancelling part of its first tranche of the RM15 million sukuk programme and the entire third tranche of the RM20 million sukuk programme.
“The redemption for part of Tranche 1 and entire Tranche 3 are 645 days and 274 days ahead of their respective maturity date………………………………………..Full Article: Source

Barclays Kenya to offer Shariah-compliant corporate finance

Posted on 17 October 2012 by Laxman  |  Email|Print

Barclays Bank of Kenya Ltd., the country’s third-biggest lender by market value, said it will begin offering a Shariah-compliant asset-finance product for corporates companies to meet growing demand.
The lender, based in Nairobi, has set aside $30 million for the so-called Corporate La Riba Asset Finance product, which offers fixed pricing and repayment periods of up to five years, Chief Executive Officer Adan Mohamed told reporters today in the port city of Mombasa………………………………………..Full Article: Source

IDB allocates US$710 mln for infrastructure projects in Iran

Posted on 17 October 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) has approved a US$710-million loan for Iran to implement four projects. Iranian Deputy Energy Minister Mehdi Samareh-Hashemi said that the loan will be used in establishing treatment plants at upstream areas around dams and rural regions to prevent environmental pollution.
Iran and IDB reached the agreement during the sidelines of the IMF annual meeting in Tokyo, TREND news agency quoted a report from Iran’s news agency IRNA………………………………………..Full Article: Source

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