Posted on 07 October 2009 by Laxman | Email|Print
From Reuters: Investors from Asia and the Middle East on Tuesday launched a $600 million Islamic investment firm called Fajr Capital to make investments in the financial services industry in Muslim markets.
Fajr Capital said in a statement it would launch with an initial funding of $600 million from shareholders that include the sovereign investment funds Khazanah Nasional Berhad from Malaysia, the Brunei Investment Agency and the United Arab Emirates’ Abu Dhabi Investment Council………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Gulfnews.com: Fajr Capital Ltd on Tuesday announced its launch as a new Islamic investment firm focusing on financial services and complementary opportunities in the broader economy in key Muslim markets.
With an initial funding of approximately $600 million (Dh2.2 billion) and access to further capital, the firm brings together a prominent and diverse set of shareholders………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Btimes.com.my: The state-owned investment fund’s purchase of a 25 per cent stake in Fajr represents the government’s participation in building cross-linkages between Malaysia and key Muslim markets, Khazanah managing director Tan Sri Azman Mokhtar said in a statement issued in Kuala Lumpur yesterday.
Khazanah’s purchase concluded with the completion of its first round of funding with commitments amounting to US$588 million (RM2 billion), bringing together prominent shareholders from key Muslim markets………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Reuters: Japan’s SBI Holdings Inc plans to launch an Islamic investment fund worth $112 million as early as next year and to set up an online brokerage firm in India, the financial services conglomerate’s CEO said.
SBI, which generates about half of its revenues from asset management as well as from its brokerage and investment banking business, plans to shore up these core segments by accelerating investment in Asia’s emerging countries………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Forbes: Indonesia’s finance ministry is considering selling Islamic debt, or sukuk, with maturities mostly below 15 years in its upcoming monthly sukuk auctions, a senior finance ministry official said on Tuesday.
There has been speculation the goverment may issue more debt next year with maturities of below 15 years, which could put downward pressure on bond prices with similar maturities………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Vivanews.com: The Department of Finance will routinely issue state sukuk for financing the 2009 State Budget starting this month. The issuance will utilize underlying assets belonging to the government as collateral.
Director General of State Treasury Herry Purnomo said although state assets will be put as collateral, the public should not be anxious about it. “It is not a security,” he said on Tuesday, October 6………………Full Article: Source
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From Tempointeractive.com: The Finance Departement has announced bond auction for government Islamic bonds scheduled for October 13th. The auction is expected to raise Rp1.5 trillion to finance some of the government spendings in this year s state budget.
Director General of Treasury of the Finance Department, Herry Purnomo said on Tuesday in a special occasion to publicize the offer said, there will be two tranches of bonds offered, the first is due to mature in September 2015 and the second will due in October 2020………………Full Article: Source
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From Thejakartapost.com: Shareholders of Bank Negara Indonesia (BNI), the country’s fourth-largest lender by assets, on Monday approved a plan to separate the bank’s sharia banking division to better tap into the hugely lucrative sector.
The separated unit, to be called BNI Syariah, will be equipped with a paid-up capital of Rp 1 trillion (around US$104 million), BNI president director Gatot Suwondo told a press conference after the company’s extraordinary shareholders’ meeting………………Full Article: Source
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From Business24-7.ae: With local investors coming back to the market, Islamic financing will become an important element in the aircraft industry in the Middle East, according to a senior Boeing executive.
“We believe aircraft are ideal for Islamic financing institutions as they are longer, global and flexible assets,” John Matthews, Managing Director-Middle East and African Region, Boeing,said………………Full Article: Source
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From Bernama: The increasingly significant role of Islamic finance will not only increase its potential to contribute to global financial stability but also towards strengthening global growth, Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz said Tuesday.
“In the search for the appropriate reforms, there is a general consensus that we need to return banking to its basic functions - to provide financial services that add value to the real economy………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Following the overwhelming success of previous events over the last 10 years, UCI International presents, The Global Investor Window 2009, that will take place in London on the 29 & 30 October 2009.
The two day event will once again provide an opportunity for you to introduce your company’s projects and services to major Gulf and Global Investors and business leaders………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Hinduonnet.com: The government is considering the demand for Shariah-compliant banking, which has gained support from a wide spectrum of political parties.
Statistics available for the same period with regard to priority sector lending by the 29 private sector banks reveal that Muslims held over 11 per cent of the accounts, while the other minorities held 10.5 per cent………………Full Article: Source
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From Tradearabia.com: Ajman Bank, the emirate’s first Islamic commercial bank, struck a deal on Tuesday with Salama to offer its customers the market’s best Family Takaful solutions for individuals and families.
Salama is a highly respected brand is the largest global Takaful and Re-Takaful Group in the country………………Full Article: Source
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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
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From Business24-7.ae: If the writedowns facing two Saudi banking groups had arisen in the United Arab Emirates, officials there would have sought a settlement that included all banks, UAE central bank governor Sultan Nasser al-Suweidi said on Monday.
Saudi family banking conglomerates Saad Group and Ahmad Hamad Algosaibi and Bros Co face legal battles in the US courts and the Gulf Arab region after defaulting on debts, with some bankers expecting the writedowns to affect 120 banks and cost $22 billion………………Full Article: Source
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From Bernama: Bank Rakyat plans to control 50 per cent of the country’s Islamic pawn-broking market estimated at RM2 billion, according to managing director, Datuk Kamaruzaman Che Mat.
At present, Bank Rakyat controls 25 per cent of the Islamic pawn broking market, also known as Ar-Rahnu, with loan disbursements totaling RM1.2 billion annually………………Full Article: Source
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From Zawya Dow Jones: Dubai Holding, a conglomerate controlled by the emirate’s ruler, said Tuesday it paid back in full a $300 million loan belonging to its Sama property unit.
“The final installment of $50 million was settled,” a spokesman for Dubai Holding told Zawya Dow Jones, adding that the loan matured on Oct.5………………Full Article (Subscription Required): Source
Posted on 07 October 2009 by Laxman | Email|Print
From Btimes.com.my: Malaysia’s stock exchange operator said today it will allow tin, coal and aluminium to be traded on its controversial Murabahah platform by year-end, widening the pool of assets used in the Islamic financing structure.
Bursa Malaysia said an average US$58 million of trades are done daily on its Suq Al-Sila’ tawarruq platform, suggesting shariah banks have shrugged off a ruling by influential clerics that some forms of tawarruq are impermissible………………Full Article: Source
Posted on 07 October 2009 by Laxman | Email|Print
StoneCross Capital today announced it has been approved as the first U.S.-based asset management company that creates and customizes Shariah-compliant insurance-linked longevity products, and provides advisory services to global financial institutions with longevity product initiatives directed to Islamic investors.
StoneCross Capital has taken its proven management strategy and product design in the longevity asset class and has applied it to the principles of Islamic law………………Full Press Release: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: According to Ahmad Salouta, a professor of psychology at Damascus University, the interest in Islamic firms springs from the conservative nature of Syrian society, with many people making judgements not only on financial and commercial criteria but also on “a system of values, customs and religious beliefs”.
The idea behind Islamic insurance is to bring together a group of people with limited means to cooperate and help each other, said Abdelkarim al-Saqa, an official at the ministry of religious endowments………………Full Article: Source
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From Khaleejtimes.com: Reem Finance and Hydra Properties announced a partnership to provide Islamic mortgage finance to all properties within the Hydra Village development, located close to the airport and the main Abu Dhabi-Dubai highway.
The mortgages offered by Reem Finance for Hydra Village are entirely Shariah-compliant and offer eligible applicants up to 80 per cent finance for anything from seven to 15 years, and a debt service ratio of 60 per cent. Interest rates are competitive and will depend on the mortgage specifics………………Full Article: Source
Posted on 07 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 07 October 2009 by Laxman | Email|Print
Kuwait Finance House – Bahrain (KFH-Bahrain) has appointed the computer group International Turnkey Systems (ITS) to provide an integrated “Ethical Banking” solution to support the Bank’s expansion plans.
The one year contract includes upgrading the Bank’s core banking system, integrating the branch automation system, trade finance, Islamic finance, internet banking, in addition to nical services related to human resources and treasury……………….Full Press Release: Source
Posted on 07 October 2009 by Laxman | Email|Print
The Dubai International Financial Centre (DIFC) and the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, have signed a Memorandum of Understanding (MoU) to promote foreign direct investment (FDI) into the Middle East and North Africa.
Under the MoU, MIGA and DIFC will explore opportunities for co-branding of existing political risk insurance products, joint business development efforts, and development of a mutual referral process………………Full Press Release: Source
Posted on 07 October 2009 by Laxman | Email|Print
From Ameinfo.com: Waqf Fund, a Bahrain-based special fund to support Islamic finance research, education and training, has elected a new Board of Trustees following the completion of the term of its first board, formed in July 2006.
Representatives from 12 of the 19 Waqf Fund’s member institutions, including the Central Bank of Bahrain (CBB), comprise the new Board of Trustees………………Full Article: Source
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From Globalarabnetwork.com: The UK Islamic Finance Council, in association with the Securities & Investment Institute (SII) has held the next event in its Shariah scholars’ CPD programme discussing conventional financial services market topics.
The CPD programme was hosted by Simmons & Simmons, the international law firm, on 3rd October in London and was attended, amongst others, by:……………..Full Article: Source
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From Sourcingnotes.com: Islamic finance (Shari’ah banking) has seen rapid growth over the past 30 years, particularly in the last 10 years. It has now spread across more than 75 countries across the globe.
Total assets in the Islamic finance market are estimated to be in the range of $750 to $800 billion for June 2009 and are expected to touch $1 trillion by 2010, according to a study conducted by the Federal Reserve Bank of San Francisco………………Full Article: Source
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