Posted on 30 July 2009 by Laxman | Email|Print
From Bloomberg: Islamic finance will play a central role in reviving Asian economies as investors look to emerging markets to deliver higher returns than the U.S. and Europe, according to Kuwait Finance House.
Demand for investments backed by tangible assets like power plants and property grew after banks outside of Asia were hit hardest by the global financial crisis, Baljeet Grewal, managing director of the second-biggest Islamic bank’s research unit, said in a phone interview from Kuala Lumpur yesterday……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Business24-7.ae: Takaful windows in conventional insurance companies could lead to much faster growth for the industry and would encourage entry of new players into the market, the senior executive of an international law firm focusing on insurance and reinsurance sectors has said.
Takaful window involves a conventional insurance company offering Shariah compliant insurance products without establishing a separate legal entity for the sale of such products……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Dailymirror.lk: Amana Takaful Insurance recently marked its 10th year of operations in Sri Lanka whilst also marking a significant milestone for Takaful in Sri Lanka by reaching Rs 1 Billion in GWP for the last financial year.
Within this short period of time Amana Takaful has been successful in carving a market for themselves in Sri Lanka and also rose in its Brand Rating by 7 notches to 70th position last year, in the rankings researched by Brand Finance……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Onlineopinion.com.au: The world is on the brink of facing an economic and environmental disaster due to the financial crisis and global warming, yet we are focusing on the type of clothes a woman may choose to wear.
As an Australian Muslim woman, I found it horrifying to listen to the French President’s statements about the burqa being a sign of subservience and oppression……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Tradearabia.com: Downbeat prospects for the UAE’s economy, combined with provisions as a result of debt trouble at two Saudi conglomerates is likely to dampen profits of the UAE’s biggest banks for the remainder of 2009, analysts say.
Second-quarter results of top lenders in Abu Dhabi and Dubai, the two wealthiest emirates of the seven that make up the UAE, have shown that provisions eroded an otherwise healthy income from traditional sources……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Khaleejtimes.com: Mashreqbank reported on Wednesday that its second-quarter net profit had tumbled by 39 per cent compared with the same period last year, due to increased provisions against bad loans that the bank took amid the country’s slowing economic growth.
Mashreqbank’s quarterly net income fell to Dh434.9 million from Dh706.9 million in 2008, it said. The UAE’s fifth-biggest bank by assets booked provisions of Dh319 million in the April-June quarter……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Business24-7.ae: Abu Dhabi Islamic Bank’s (Adib) net profit fell 30 per cent to Dh193.4 million ($52.65m) in second quarter of 2009 from Dh275.7m a year earlier.
Net profit for the first half of 2009 at dropped 11.2 per cent to Dh461.8m due to lower investment income of Dh156.2m in the real estate subsidiary and credit loss provisions amounting to Dh 171.4m in second quarter of 2009……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Reuters: Bahrain-based Islamic lender Gulf Finance House is seeking to refinance its $300 million murabaha loan, for which it has appointed Deutsche Bank as bookrunner, IFR reported on Wednesday.
The loan, arranged by WestLB and Raiffeisen Zentralbank Oesterreich, is maturing in February 2010……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Business24-7.ae: Bahrain is seeking $1.3 billion (Dh4.7bn) from regional financing agencies to upgrade the Gulf state’s power and water network over the next 10 years, said an official yesterday.
“We’re seeking soft loans from funding agencies within the region,” said an official at Bahrain’s Electricity and Water Authority……..Full Article: Source
Posted on 30 July 2009 by Laxman | Email|Print
Thomson Reuters announced the addition of the Islamic Finance Centre on the Westlaw Business global legal platform. Westlaw Business combines transactional and legal guidance with tools designed specifically for business lawyers.
“The Islamic Finance Centre leverages the best assets from across Thomson Reuters, along with legal guidance from, and in close partnership with, Islamic finance standards boards,” said Kevin Ritchey, senior vice president, Westlaw Business. “It is the first legal resource of its kind designed specifically for lawyers working on Sharia-compliant transactions. Our goal is to advance transparency and legal insight into this growing area of practice to better serve legal professionals on a global basis.” …….Full Press Release: Source
Posted on 30 July 2009 by Laxman | Email|Print
From Dailyexpress.com.my: OCBC Al-Amin Bank Berhad will hold an Islamic Banking seminar at the Hyatt Regency Hotel on Aug 11, here.
The seminar is aimed at educating and updating businesses on the latest in Shariah-compliance relating to cash management and trade finance……..Full Article: Source
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