Posted on 05 October 2009 by Laxman | Email|Print
From WSJ: Global issuance of sukuk, or Islamic bonds, rallied during the third quarter with the value of sukuk issued rising 82% in the latest sign that confidence is returning to capital markets.
Data from Zawya.com’s Sukuk Monitor shows the value of Islamic bonds issued world-wide for the third quarter rose to $6.2 billion, from $3.4 billion for the same quarter of 2008………………Full Article (Subscription Required): Source
Posted on 05 October 2009 by Laxman | Email|Print
From Reuters: China is the next big Islamic finance market, as demand grows for ethical funds, but Asia’s fastest-growing economy must first sort out tax issues, a unit of British insurer Prudential said.
A large Muslim population and growing wealth provide a ready retail Islamic banking market in China, a senior executive of Prudential’s Kuala Lumpur-based fund management unit said………………Full Article: Source
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From Thestar.com.my: One of the more contentious topics in the market today is the rights of sukuk holders in the event of non-payment or default. Do they have a claim on the underlying assets in the sukuk formation?
Where do they stand in the line-up of creditors, given the general belief that sukuk are the more secured investments compared to their conventional counterparts largely because of the asset backing………………Full Article: Source
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From Business24-7.ae: The process for the launch of the first tranche of the $1.45 billion (Dh5.32bn) sukuk programme by Abu Dhabi’s Tourism Development and Investment Company (TDIC) will begin today with a roadshow in Abu Dhabi, sources said.
The size of the issue, which will be arranged by three banks including ADCB and Standard Chartered, will be known only after a series of such roadshows to be held in different markets. TDIC refused to comment on the issue………………Full Article: Source
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From Arabnews.com: Following the successful launch of its recent $850 million 5-year international sukuk, the Jeddah-based Islamic Development Bank (IDB), the multilateral development bank (MDB) of the 57 Muslim countries, is set to increase its fundraising and resource mobilization under its MTN (medium-term note) Program from $1.5 billion to $5 billion.
Another initiative that is under serious consideration by the MDB, according to Mohammed Tariq, head of treasury at the IDB, “is to help the non-institutional investors to participate in IDB’s international offering of its tradable sukuk………………Full Article: Source
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From Thenational.ae: More forensics on the restructuring going on at Dubai World. Commentators expressed some alarm at the move to shift assets from Nakheel to Istithmar World, worrying that it was hollowing out the company and reducing the amount of collateral available to owners of Nakheel’s $3.5 billion sukuk should the company default.
They’re worrying for nothing. A closer examination of the terms of the sukuk as laid out in the prospectus, reveals that the sukuk is unsecured………………Full Article: Source
Posted on 05 October 2009 by Laxman | Email|Print
From Nortonrose.com: An amendment to article 2011 of the French Civil Code was passed on 17 September 2009 by the French National Assembly (Assemblée Nationale) to help promote the development of Islamic finance in France.
This amendment is intended to assist in the structuring of Shariah-compliant products in France using French trusts (fiducies)………………Full Article: Source
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From Gulfnews.com: Sharia advisers can be held accountable in court for lapses in their duty but it would be hard to make a case against them as their role involves views which differ across the industry, a top scholar said recently.
Sharia advisers are gatekeepers of the $1 trillion (Dh3.67 trillion) Islamic finance industry, applying Islamic and banking law to decide which financial practices and products comply with Sharia………………Full Article: Source
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From Twocircles.net: How to handle Islamic banking in a secular country like India that already has the conventional banking system is very important, said E Ahmed, Union Minister of State for Railways.
Mr Ahmed said that Islamic finance can have a large potential in India as the country has the world’s second highest population of Muslims. Islamic finance is based on Islamic principles and at the same time, applicable to the whole society, he added………………Full Article: Source
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From Isria.com: Having a sufficient pool of talent and expertise in Islamic Finance will be key to the development of Brunei as an Islamic financial services hub in Asia.
This was said by the Minister of Energy at the Prime Minister’s Office, Pehin Orang Kaya Seri Dewa Major General (Rtd) Dato Seri Pahlawan Hj Mohammad Hj Daud during the Public Seminar on Islamic Finance organised by Bank Islam Brunei Darussalam (BIBD) yesterday………………Full Article: Source
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From Reactionsnet.com: Lack of sufficient retakaful capacity for specialty lines and big risks is one of the biggest challenges for takaful companies, according to speakers on a panel at the Reactions Middle East Reinsurance Conference.
Lack of sufficient retakaful capacity for specialty lines and big risks is one of the biggest challenges for takaful companies, according to speakers on a panel at the Reactions Middle East Reinsurance Conference………………Full Article: Source
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From Bernama: Strategic marketing plans must be in place for Islamic finance and Takaful to garner a 20 per cent market share of the financial market.
Saying that Bank Negara Malaysia has set this target to be achieved in 2010, the Chief Executive Officer of Global Pro Consulting Sdn Bhd, Ahmad Sanusi Husain said good banking products, education and infrastructure was needed to grow the market share in the country………………Full Article: Source
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From Gulf-times.com: Arab banks in the Gulf will continue to face financial headwinds as loan-loss provisions continue to weigh on balance sheets in the third quarter.
“Overall we expect average loan-loss provisions to rise as delinquencies rise,” Daniel Cowan, research analyst at Morgan Stanley told Zawya Dow Jones………………Full Article: Source
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From Gulf-times.com: QNB said yesterday it had not signed a deal to finance the development of Iran’s Esfandiar oilfield and was not considering any such investment.
Iran said on Saturday QNB would invest €400mn ($581.4mn) to finance the development of the field, Oil Ministry website Shana reported, quoting a senior official………………Full Article: Source
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From Globalarabnetwork.com: Recent reports that the Saad Group owned by Maan Al Sanea has reached some sort of debt settlement with Saudi banks is a matter of hope, but also of concern for international banks.
The fact that one of the parties in the massive dispute between two Saudi family groups is now beginning to reach some settlement on their debt is of course encouraging, as the dispute has cast a shadow on bank relationships with family-owned businesses and caused uncertainty in the vital financial sector of regional economies………………Full Article: Source
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From Bernama: Global Pro Consulting Sdn Bhd, an Islamic finance and business advisory and training company, is looking for strategic partners locally and internationally to expand its business.
Chief Executive Officer Ahmad Sanusi Husain said the company welcomed individuals and firm with global interest, especially from the South East Asia, Europe and Middle East, to tie up with them………………Full Article: Source
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From Arabfinance.com: Arab Finance Brokerage Company has moved 14 places in Q3 2009 to join top 85-brokerage companies list in the Egyptian market with trade value of L.E 284 million while trading volume hit 29 million shares (about 21.000 transactions).
Arab Finance has came in place 129 in Q1 2009 with trade value of L.E 46 million and 6 million shares (5536 transactions). The company made significant leap in Q2 2009 after values hit L.E 238 million and 34 million shares trading volume over 16.000 transactions according to Egyptian Stock Exchange report………………Full Article: Source
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From Thenational.ae: Dubai World has retracted a statement last month that it moved hotel and property assets to its investment arm Istithmar World from elsewhere within the conglomerate, saying that Istithmar already owned the assets in question.
Dubai World, which has an estimated US$5.5 billion (Dh20.2bn) in debt and another $53.5bn in consolidated liabilities at its various subsidiaries, announced in mid-September that as part of its ongoing restructuring “selected hotel and real estate assets and the management teams related to these assets, primarily in international markets, have been transferred to Istithmar World”………………Full Article: Source
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From Tradearabia.com: Reem Finance has announced a co-operation agreement with Hydra Properties under which the company will extend its Islamic mortgage finance to all properties within the Hydra Village development.
Reem Finance will showcase the mortgages available to new potential home buyers as well as to existing investors at the Hydra stand during the Cityscape Dubai exhibition………………Full Article: Source
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From Tradearabia.com: Bahrain-based Al Baraka Banking Group will launch a $100 million initial public offer (IPO) for its Syrian unit today.
Group president and chief executive Adnan Yousif said that the launching of Al Baraka Bank Syria with a capital of $100 million reflects our full confidence in our abilities and financial position to proceed with the implementation of the plans to expand our geographical network through the setting up of new banking units and the opening of more branches for the existing units………………Full Article: Source
Posted on 05 October 2009 by Laxman | Email|Print
From Gulfnews.com: Bahrain-based Al Baraka Banking Group BSC said Al Baraka Bank Syria shares were being offered to Syrian investors in an initial public offering (IPO) that started on Sunday. The IPO will end on November 4.
Al Baraka Bank Syria capital will be five billion Syrian pounds ($100 million). Promoters have subscribed to 65 per cent of the capital, which amounts to 6.5 million shares worth 3.25 billion Syrian pounds (Dh259.2 million)………………Full Article: Source
Posted on 05 October 2009 by Laxman | Email|Print
From Businessweek.com: The Kuwait Islamic investment firm that owns half of British luxury car maker Aston Martin says it has appointed a chief officer to restructure its debts.
The Investment Dar said in an announcement Sunday, the new manager, Mike Grant, brings to the company over 20 years of experience………………Full Article: Source
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From Arabfinance.com: Gulf nations are “on track” to create a new shared currency and will set up a monetary council, a precursor to a joint central bank, by the start of 2010, Saudi Arabia’s central bank Governor Muhammad al-Jasser said.
The countries involved have done a “lot of work” on technical convergence criteria, al-Jasser said at a lunch in Istanbul where he’s attending the annual meetings of the International Monetary Fund and the World Bank………………Full Article: Source
Posted on 05 October 2009 by Laxman | Email|Print
From Trend.az: The President of Azerbaijan Ilham Aliyev proposed setting up a TURKSOY fund. He made this statement speaking at the 9th summit of the Turkic-speaking countries` Heads of State in Nakhchivan, AzerTAj state news agency reported.
“We need to boost TURKSOY`s activities in future. We propose setting up a TURKSOY fund that would deal with restoring historic monuments across all Turkic states and lands”, said Ilham Aliyev………………Full Article: Source
Posted on 05 October 2009 by Laxman | Email|Print
From Independent.com.mt: Following the successful events on Islamic Finance in the past two years, the Malta Institute of Management (MIM) is now organising an international event on this subject.
The five-day event, entitled Islamic Finance in a European Financial Services Framework, will start with a number of presentations on 12 October at the Radisson SAS Baypoint in St Julian’s and be followed by various workshops throughout the week, leading up to a final session to be held at the Islamic Centre in Paola on 16 October………………Full Article: Source
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From Ameinfo.com: For the third consecutive year, Al Wifaq Finance Company will be participating in Cityscape Dubai 2009, in a bid to capitalize on the growing demand for Islamic finance products and services in the UAE.
The company will showcase its Sharia compliant mortgage finance offerings during Cityscape Dubai which is being held from Oct 5-8, 2009 at the Dubai International Conventional and Exhibition Centre………………Full Article: Source
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