Posted on 02 October 2009 by Laxman | Email|Print
From Gulfnews.com: Don’t look now but Islamic banking and finance is becoming big. How big, you ask? Moody’s credit rating agency estimates the global sector is worth around $700 billion (Dh2.57 trillion).
It has been more than a year since the fall of Lehman Brothers and the onset of the global financial crisis, but Islamic banks seem to be doing well………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: The UK is currently the leading Western country for Islamic financial services with reported assets worth $18bn at the end of 2007. Over the past 30 years London has been providing Islamic banking services but only recently has it gained more recognition.
This can mainly be attributed to an increased support for this form of banking by the UK government………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Reuters: Dubai Financial Group has refused an offer to buy preference shares in Malaysia’s Bank Islam, in which it holds a 40 percent stake, the Malaysian lender said on Thursday.
Bank Islam, which is Malaysia’s No 2 sharia bank, had offered preference shares to its shareholders in April to raise up to 540 million ringgit ($156 million)………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Theedgemalaysia.com: Dubai Financial Group LLC, which did not take up an offer to subscribe for a block of preference shares in Bank Islam Malaysia Bhd (BIMB), is reviewing its strategic options in relation to its 40% stake in the country’s oldest Islamic bank.
In a statement on Oct 1, the Dubai Group, which owns Dubai Financial, said it had redirected its investment strategy closer to home………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Forexpros.com: A $1.45 billion sukuk programme by Abu Dhabi’s Tourism Development & Investment Co (TDIC) received top ratings from three major ratings agencies on Thursday.
Fitch Ratings and Standard & Poor’s said they had assigned an AA rating to the programme of Islamic bonds, or sukuk, on a preliminary or expected basis, while Moody’s gave it Aa2………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Arabfinance.com: Abu Dhabi Commercial Bank, the United Arab Emirates’ third-largest lender by assets, has set price guidance for the first tranche of its $7.5 billion bond programme, an executive said on Thursday.
“It (the guidance) has been priced at 262.5 basis points over U.S. treasuries,” the ADCB executive, who did not wish to be identified, told Reuters………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Reuters: Indonesia’s unlisted state fertilizer firm PT Pupuk Kalimantan Timur plans to issue a total of 1.3 trillion rupiah ($135.1 million) in bonds and sukuk in the fourth quarter to fund business expansion, its chief said.
The total debt will consist of 1 trillion rupiah in conventional bonds and the remaining 300 billion rupiah in Islamic-compliant debt, or sukuk. Both will have five-year maturity………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Tradearabia.com: The Dubai International Financial Centre (DIFC) is working closely with the World Bank Group’s Multilateral Investment Guarantee Agency (Miga), on an initiative to assist and support the development of the region’s bond and sukuk market.
The two institutions are also cooperating closely on their overall aim of promoting foreign direct investment (FDI) into the Mena region………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Thisismoney.co.uk: The Islamic Bank of Britain is offering two great rates on 18- and 24-month bonds at 4% and 4.5% respectively, by far the best rates in the short-term bond market.
However, the Islamic Bank of Britain, which we reviewed earlier this year, offers its rates on a ‘target’ basis. This means the rate may fall or rise in line with the bank’s profits………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Isria.com: Islamic finance has strong support from Kazakhstan’s President Nazarbayev, who was the driving force behind the adoption of the new law - which is backed by other senior government officials and the Regional Financial Centre Almaty (RFCA).
In essence, the new law is part of Kazakhstan’s efforts to develop its financial infrastructure and further establish Almaty as the country’s dynamic financial centre………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Indiatimes.com: The Marwar Muslim Educational and Welfare Society has established Marwar Sharia Co-operative Credit and Savings Society in Jodhpur. The society is based on Islamic Sharia banking which means cooperative banking that treat customer as its partner.
The chief advisor of the society, Kumar Rajiv, said the financial business in the world is governed by profit-making. This leads to socio-economic imbalance in society………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Newvision.co.ug: Central bank is reviewing sections of the Financial Institutions Act 2004 to introduce Islamic banking in Uganda, Justine Bagyenda, executive director of supervision has said.
“The current act has a few restrictions on Islamic banking. We are proposing amendments in order to cater for Islamic banks and products so that business can be launched here.”……………..Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Maktoob.com: The Syrian market regulator Thursday called on investors to participate at the 1.75 billion Syrian pounds ($38 million) initial public offering of Albaraka Bank Syria that will run from Sunday to Nov. 4.
The IPO will represent 35% of the bank’s capital which will total SYP5 billion after the share sale, the remaining 65% have already been fully-subscribed by the founders that include Bahrain’s shariah-compliant Albaraka Banking Group, Emirates Islamic Bank, and the Kuwait Syrian Holding Co., in addition to Syrian, Jordanian and Saudi individual investors………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Thenews.com.pk: Loss-ridden Mybank on Thursday announced the sale of 59.34 per cent shares to a Mauritius-based investment firm, which had recently acquired Arif Habib Bank.
In a notice issued to the Karachi Stock Exchange (KSE), Mybank said a sale-purchase agreement was executed on September 30 to sell stocks to Suroor Investments Limited at Rs8 per share………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Ameinfo.com: In a summary report published by S&P yesterday, the rating agency affirmed NBK’s long term rating at A+, S&P stated that NBK’s rating was supported by its strong capitalization, resilient operating performance and a leading commercial position in the domestic market.
Meanwhile, the negative outlook reflects S&P’s expectations that the weakened operating environment stands to put pressure on NBK’s stand alone credit profile………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Thestar.com.my: Malaysian Rating Corp Bhd (MARC) has assigned preliminary ratings of AAA-ID and MARC-1-ID/AAA-ID to Sime Darby Bhd’s proposed Islamic debt programmes.
The programme comprises RM4.5bil Islamic medium term notes (IMTN) and RM500mil Islamic commercial papers/IMTN (ICP/IMTN) respectively with a combined limit of RM4.5bil………………Full Article: Source
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More stories about: Financial Instruments (Credit Cards, Debts, Loans, Mort, Performance
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Posted on 02 October 2009 by Laxman | Email|Print
From Arabianbusiness.com: Ratings agency Standard & Poor’s on Wednesday said it has lowered its long-term counterparty credit and insurer financial strength ratings on Kuwait-based Wethaq Takaful Insurance Co. K.S.C. to ‘BB’ from ‘BB+’.
At the same time, the ratings were removed from CreditWatch with negative implications, where they were placed on May 27, 2009. The outlook is negative………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Pakobserver.net: The Arabian economy mostly consisted of trading people before the advent of Islam. International trade contributed significantly to that economy. The Arabian Peninsula had quite a number of active trade centres.
Trade routs to Abyssinia were from Hijaz to Palestine, Egypt and then Abyssinia………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Tradearabia.com: Gulf Arab economies are seen returning to solid growth in 2010, with Qatar and Oman soaring on rising oil and gas output, but ‘corporate distress’ remains a risk, the Institute of International Finance said in report.
Real gross domestic product (GDP) in Kuwait, Saudi Arabia, and the United Arab Emirates was expected to grow 4 per cent, 3.5 per cent and 3.4 per cent respectively in 2010, driven mainly by a rebound in oil production, the IIF said in its report………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Philanthropy.com: A new fund to manage Islamic charitable donations plans to start up in early 2010 and aims to raise $750-million from wealthy Muslims in its first year, Reuters reports.
The World Zakat Fund, an effort by the Malaysian government, has so far collected $50-million in “soft” commitments and hopes to pay annual returns of 10 to 15 percent, said Humayon Dar, chief executive of BMB Islamic, a financial consultant who is advising the fund………………Full Article: Source
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Posted on 02 October 2009 by Laxman | Email|Print
From Menareport.com: AlHuda Centre of Islamic Banking and Economics is privileged to organize five days’ International Conference on Islamic Banking & finance in Almaty, the capital of Kazakhstan in which delegates not only from Kazakhstan but also from Central Asian countries are participating.
The Speakers will deliver research articles on Islamic banking and finance. First day of the conference will cover the topics as Basic fundamentals of Islamic Banking, models and products etc. and on the second day, Shariah, Regulatory, Auditing and Accounting issues will be the topics of focus………………Full Article: Source
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