Posted on 13 March 2009 by Laxman | Email|Print
From Timesofindia.indiatimes.com: Shariah-based mutual fund (MF) schemes have made a quiet entry into the Indian investment arena. Benchmark AMC, a fund house that specialises in index-based investing, has recently closed subscriptions for a Shariah-based fund.
A similar offering from Taurus Mutual Fund, Taurus Ethical Fund, is currently open for subscription. Shariah is Islamic law derived from Quran and Hadis, the traditions of the Prophet, which governs all aspects of Muslim life….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Reuters: Indonesia aims to raise about $580 million from its first global sharia-compliant bond issue this year, a finance ministry official said on Thursday, tapping a wider array of investors to fund its budget deficit.
The government, which launched a 73.3 trillion rupiah ($6.12 billion) fiscal stimulus package earlier this year in response to the global economic slowdown, has forecast a budget deficit equivalent to 2.5 percent of gross domestic product, pushing up its borrowing requirement….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Antara News: Now is not a good time for the government to issue global retail Islamic bonds (Sukuk) because the world economy is still fraught with uncertainties, a market and economic analyst said.
“It is not an appropriate time for the government to issue global Islamic bonds amid the current economic uncertainties where risks have the potential to continue to develop,” Chief economic and market analyst of Citicorp for Asia Pacific, Johanna Chua, said here on Thursday….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Gulfnews.com: Gulf Arab oil producers have to revisit their 2010 target for monetary union, Bahrain’s central bank governor said yesterday, as states across the region focus on tackling the fallout from the global financial crisis.
Bahrain is one of five states, along with Saudi Arabia, the United Arab Emirates, Kuwait and Qatar, that is working towards launching a single currency by a 2010 target date set in 2001. Economists and some policymakers have said meeting that deadline - which initially envisioned issuing notes and coins by January 1, 2010 - is virtually impossible….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Thenational.ae: In the ruins of the global economy, an optimist should see an opportunity for something better to emerge. Calamity is often the midwife of progress, and the existing global financial system has its origins in the dying days of the Second World War.
The tasks in 1944 were daunting but clear: to create growth and stability, under the umbrella of the US, in preparation for the looming contest with Russian communism….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Tradearabia.com: Iranian President Mahmoud Ahmadinejad told regional leaders that the capitalist system was close to collapse.
Opening a one-day summit of the 10-nation Economic Co-operation Organisation (ECO) including Turkey, Pakistan and other neighbours, he also suggested a single currency should be used in trade between members, according to our sister newspaper Gulf Daily News….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Qatar’s economy grew 7.8 per cent at current prices in the fourth quarter to 83.2 billion riyals ($22.85bn), down from a more than 60pc surge in the third quarter, as energy prices slumped, official data showed.
Fourth-quarter nominal gross domestic product (GDP) for the world’s largest exporter of liquefied natural gas rose from 77.2bn riyals in the same period last year, the Qatar Statistics Authority said…. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Bernama: Bursa Malaysia Bhd plans to launch the Commodity Murabahah House (CMH), an international spot commodity platform which operates under Shariah requirements, by middle of this year.
“Currently, Islamic financial institutions are using commodities which are traded on the London Metal Exchange (LME). So, we are creating an alternative platform for Islamic banks,” Bursa’s chief executive officer Datuk Yusli Mohamed Yusoff said Thursday….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Dubai Islamic Bank claims to be the oldest Islamic bank in the world, but it also has a history punctuated by scandal.
Its new management hopes the referral of seven defendants to court this week for allegedly participating in a scheme to defraud the bank of more than $500m will end the latest period of uncertainty, which has revived awkward memories of the past….. Full Article: Source
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From Bernama: Kuwait Finance House (KFH) has been honoured by the international financial magazine Euromoney, and named the “Best Islamic Bank in the Middle East” and “Best Islamic Real Estate Provider” for 2009.
Euromoney acknowledged the success of the KFH expansion policy, which enabled the group to be present in the global markets, including Malaysia, KFH said in a statement here Thursday….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Eyeofdubai.com: Noor Islamic Bank PJSC today announced it won three awards from Islamic Finance News (IFN) for various capital market transactions arranged and jointly led by the bank’s corporate and investment banking group in 2008. Kuala Lumpur-based Islamic Finance News is a leading provider of news on the global Islamic finance sector.
The three prestigious awards – ‘Structured Finance Deal of the Year’ and ‘UAE Deal of the Year’, and the ‘Best Tawarruq Deal of the Year’ – were presented at a gala ceremony held on 3rd March at the Grand Hyatt Hotel in Dubai….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Ameinfo.com: The Dubai Financial Market (DFM) General Index closed 0.75% lower at 1,504.38 points. Real estate firm Deyaar Development lost 2.13% on news that it will refund 100% to customers of certain projects and that its German CEO Markus Giebel is open for merger talks, triggering more speculation about the status quo of Dubai’s real estate sector. Islamic insurance operator Dar Takaful gained 2.48%.
Despite several downgradings in the GCC insurance sector by Standard and Poor’s since the beginning of 2009, Dar Takaful shares gained 18.10% during the last four weeks. …. Full Article: Source
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From Zawya.com: Saudi Arabia, with a shortage of 100 million housing units and a monthly demand of 150,000 and 200,000 units, is seen as the most promising realty sector market in the region, a top banker at International Investment Bank (IIB) said.
“IIB will participate in one of the major housing projects in Saudi Arabia this year and the expected total size of the project will be $500 million,” said Aabed Al-Zeera, board member and Chief Executive of Bahrain-based IIB …. Full Article: Source
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From Arabtimesonline.com: Kuwait Stock Exchange was seen moving almost sideways this week, leaning slightly towards bullish.
However, the trading is still concentrated on the banking and large capitalization stocks as it seems like investors still do not have faith in other sectors and companies of the market, and they looked extra cautious regarding the auditors reports on the annual financial results….. Full Article: Source
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From Tradearabia.com: The Dubai International Financial Centre (DIFC) hosted a seminar today (March 12) where delegates discussed key issues facing the accounting profession, including fair value accounting, ethics, corporate governance, and the importance of international convergence.
Entitled “New Developments in International Auditing and Ethics Standards”, the seminar was organised by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) - independent standard-setting bodies of the International Federation of Accountants (IFAC), the leading global organisation for the accountancy profession….. Full Article: Source
Posted on 13 March 2009 by Laxman | Email|Print
From Gulf-times.com: The Securities and Exchange Commission of Pakistan has introduced criteria for the categorisation of open-end funds schemes in which non-resident Pakistanis invest and which the authorities hope to encourage further, particularly NRPs in the Gulf region, managed by asset management companies (AMCs) with effect from March 6, 2009.
Official sources said here the decision, taken in consultation with the Mutual Funds Association of Pakistan (MFAP), is aimed at enabling investors to make informed decisions during the current chronic economic recession which is taking its toll on the country’s stock markets….. Full Article: Source
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