Posted on 06 October 2009 by Laxman | Email|Print
From Reuters: U.S. fund manager Florentez Investment plans to launch an Islamic exchange traded fund next year, broadening the limited choice of sharia assets available in the world’s top economy, its chief executive said on Monday.
The fund, which is awaiting regulatory approval, will track the FTSE Sharia USA Index which measures the performance of large and mid-cap Islamic stocks, Florentez CEO Saeid Hamedanchi said……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Zawya.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
Posted on 06 October 2009 by Laxman | Email|Print
From Tempointeractive.com: State Controlled Bank Negara Indonesia 1946 announced plans to separate its sharia business unit to become sharia bank under the name Bank Umum Syariah.
Speaking after the Extraordinary General Meeting of Shareholders at the main office of the bank in Jakarta on Monday, chief director Gatot M Soewondo said the bank is expected to start operating early next year……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai-based investment bank Rasmala Investments is setting up a SR500 million ($133.3 million) Islamic property fund to tap opportunities in mid-income housing in Saudi Arabia.
The kingdom has set aside about $100 billion to boost infrastructure over the next five years and is looking to cater to growing demand for new housing from the relatively young population in the world’s largest oil exporter……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Caycompass.com: Abu Dhabi’s Tourism Development & Investment Co has received high credit ratings from all three major credit ratings agencies for a US$1.45 billion Islamic bond issue.
Fitch Ratings and Standard & Poor’s rated the sukuk programme AA, whereas Moody’s assigned an Aa2 rating……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Arabnews.com: Finance Minister Ibrahim Al-Assaf said Monday that Saudi Arabia has no plans to issue sovereign bonds. “Government bonds are issued when there is a need for them. Thank God, lately there has been no need to issue bonds or sukuk,” he said.
Analysts have said that the Kingdom does not need to borrow as it has accumulated large reserves from crude exports. However, they pointed out that a sovereign bond would help the nascent Saudi market of bonds, both Islamic and conventional. With no sovereign bond to set a benchmark, secondary bond trading has been lackluster since the market’s launch in June……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Arabfinance.com: Egypt will issue a bond as soon as markets stabilize, Finance Minister Youssef Boutros-Ghali said.
Egypt will likely seek the fresh finance form international organization as “spreads are still very high for emerging market bonds” now, he said on the sidelines of the annual meeting of the International Monetary Fund here……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Arabianbusiness.com: UAE central bank governor Sultan Nasser al-Suweidi said on Monday it would take some time to look at Islamic mortgage lenders Tamweel and Amlak and see what kind of institution they wish to form.
The fate of a merger between the two troubled companies, hit by the Dubai property price slump, has been under review by a federal government committee since November, when the UAE announced it would merge the firms with two other state-controlled banks……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Vanguardngr.com: Islamic fund has been declared as the only resilience alternative in the face of global meltdown as the returns from the Islamic financial institutions throughout the world in 2008 were in the region of $600 billion.
The Co-ordinator of a-three-day international conference of Islamic Banking and Finance, Dr Ibrahim Abdulquadri in an interview with reporters, said it would commence this week, noting that Islamic fund is the resilient alternative in the face of the global meltdown……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Tradearabia.com: Profits generated by Saudi commercial banks, including the 11 listed ones, fell 6.2 percent in the July-August period, central bank data showed on Monday.
Excluding branches abroad, Saudi banks made a profit of 5.33 billion riyals during ($1.42 billion) in the period, according to the Saudi Arabian Monetary Agency’s (SAMA) website……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Arabnews.com: The Islamic Cooperation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), has signed an agreement with the government of Maldives (GOM), to jointly develop and carry out Islamic banking services in the Maldives. The signing ceremony was held during the World Bank Group/International Monetary Fund annual meeting in Istanbul……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
Saturna Capital Corporation, adviser to the Amana Mutual Funds Trust, has launched the Amana Developing World Fund (AMDWX). The new fund is the third in the Amana Funds family designed for American Muslim investors, which includes the Amana Income Fund (AMANX) and the Amana Growth Fund (AMAGX). They are managed in compliance with Islamic (sharia) principles.
“The Amana Developing World Fund serves the growing demand for investment opportunities in emerging markets while expanding the field of portfolio diversification options for the American Muslim community,” said Monem Salam, vice president and director of Islamic investing at Saturna Capital, and deputy portfolio manager of the Amana funds……………..Full Press Release: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Bernama: The Centre for Research and Training (CERT) is organising the 6th Kuala Lumpur Islamic Finance Forum (KLIFF) 2009 from Nov 2 to 6.
Present at the forum will be local and regional delegates together with international speakers with interest in Islamic banking and finance, CERT said in a statement on Monday……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Americanchronicle.com: Clifford Chance, through its Dubai and Madrid offices, has advised The Islamic Development Bank in relation to the 2009 update of its $1.5bn sukuk-al-isthismar trust certificate programme and the second and third Issuances under that programme.
The programme was originally established in 2005 and this update made a number of Shari’a related structural changes to reflect developments since the programme was established as well as increase the programme size to $1.5bn……………..Full Article: Source
Posted on 06 October 2009 by Laxman | Email|Print
From Ummid.com: “When London, Singapore and Tokyo can have Islamic banks, why not Mumbai and Kochi”, asked H Abdur Raqeeb, general secretary of the Indian Centre for Islamic Finance, New Delhi while addressing the two day conference on Islamic Banking in Calicut.
The conference inaugurated by Union Minister of State for Railways E Ahmed on October 4, was organised by the Rouzathul Uloom Arabic College, Feroke, in the Farooq College at Calicut……………..Full Article: Source
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