Posted on 08 October 2009 by Laxman | Email|Print
From WSJ: Indonesia, Pakistan and South Korea are lining up to sell Islamic bonds offshore in separate offerings that will add diversity to a niche area of finance and spur the revival of a market that had a severe setback during the global credit crisis.
The deals, likely to be initiated next year, could net the three governments a total of $2 billion and would reflect a growing recognition of sukuk as an alternative source of funds for governments in Asia. Investors appear hungry for investments that comply with Shariah, or Islamic law……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Forbes: Islamic bond issues are expected from non-traditional markets such as South Korea, Singapore, Thailand and Britain as the global economy heals, market watchers said on Wednesday.
Early signs of a global economic recovery have fed hopes that the Islamic bonds, or sukuk, issuance pipeline is set to flow again after a year of drought brought on by the recession and credit crisis. ………………Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Ph.msn.com: The German luxury car maker Daimler said on Wednesday it would launch a financial services unit in the United Arab Emirates to offer credits which conform to Islamic law.
Daimler’s financial division has created a joint venture with importers of Mercedes-Benz automobiles in Abu Dhabi and Dubai to offer loans and leasing for new and used vehicles, “including a shari’a compliant Islamic finance product,” a statement said……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Reuters: Daimler Financial Services said on Wednesday it plans to build up a financing portfolio of at least 2 billion dirhams ($544.5 million) within five years through a new joint venture in the UAE.
The new company is being set up together with local distributors Al Fahim and Gargash Enterprises……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Tadhamon Capital, one of the newest Islamic investment companies in Bahrain, is all set for its official launch which is due to take place later this month.
The company was licensed by the Central Bank of Bahrain as a category 1 investment company last year and commenced operations during the last quarter of 2008………………..Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Forexyard.com: France has made strides on creating the right kind of legal framework to draw Sharia-compliant financing but more such work is needed, Economy Minister Christine Lagarde said on Wednesday.
Lagarde has spearheaded a two-year drive to make France a centre for Islamic finance, with expectations growing that results could appear in the coming months……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Forbes: Malaysia’s state investor Khazanah Nasional will sell U.S. dollar exchangeable sukuk next year if the stock market recovers as it seeks to reduce its holdings in government-linked companies.
Khazanah, which controls some of the country’s largest listed companies, was earlier hoping to launch an exchangeable sukuk this year, said Mohd Izani Ghani, Senior Vice President for Finance at Khazanah……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Btimes.com.my: Pengurusan Aset Air Bhd (PAAB), the water asset management arm of Minister of Finance Inc, plans to raise up to RM20 billion from an Islamic bond sale to fund working capital, develop water infrastructure and refinance existing loans.
The sukuk - the largest water-related bond programme ever in Malaysia - has the highest long-term rating of AAA and the highest short-term rating of P1 by RAM Rating Services Bhd……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Tradearabia.com: Ajman Bank, the emirate’s first Islamic commercial bank, has joined hands with Islamic financial service provider Al Safwa to provide Ajman Bank customers with brokerage services.
The new agreement allows customers to buy and sell Sharia compliant shares listed in DFM and ADFM live through Al Safwa. It is the most recent of many similar deals designed to offer customers and community a broader range of services, said an Ajman Bank release……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
Global Finance Group awarded Kuwait Finance House (KFH) the best Islamic bank in the gulf award and the best Islamic bank award in Kuwait in appreciation of its success and expansion at the local and global levels in general and at the gulf level in particular, in addition to its ability match between risks and investment opportunities on one hand and business requirements and growth on the other hand.
Also, it has achieved growth in assets growth, business diversification and fulfillment of customer’s expectations in regard to innovative products and distinguished service signifies its leasing role in addition to its remarkable addition to the Islamic finance business……………….Full Press Release: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Gulf-times.com: QNB yesterday reported 4% growth in its net profit to QR3.13bn in the first nine months of this year as its provisions for expected loan losses more than quadrupled and net non-interest income declined.
In the third quarter (July-September), the country’s largest lender’s net profit dipped about 8% to QR1.06bn, while its provisions for expected loan losses jumped 10-fold, according to its financial statement filed with the Qatar Exchange. QNB is 50% owned by Qatar Investment Authority……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Twocircles.net: Islamic Jurisprudence or principles of Shariah does not allow receipt or payment of interest. It believes that money has no intrinsic value; however its commercial use is permitted. In the hand of an entrepreneur money turns into capital.
Lender of the capital is entitled to share the profit and loss of the business. A lender of the capital puts his money at risk and therefore is entitled for reward in the form of business profit……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, has been named the Best Investment Bank in Bahrain by international business magazine, Global Finance.
The award was presented to Unicorn at a ceremony held on the sidelines of the International Monetary Fund (IMF) and World Bank meetings currently being held in Istanbul……………….Full Press Release: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Arabianbusiness.com: The Meydan Group, which is building the new racecourse for the Dubai World Cup in March 2010, has announced it has signed an agreement for an AED100 million Islamic loan with Emirates Islamic Bank (EIB).
Meydan will use the Sharia compliant Islamic financing to fund on-going development of the Falcon Carpark next to the Meydan Grandstand, which will have 1m sq ft of leasable space……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Maktoob.com: Qatar Investment Authority, or QIA, the country’s sovereign wealth fund, will start early next month implementing procedures to acquire an additional 5% stake in the capital of local banks, Doha-based Asharq daily reports Wednesday.
QIA is expected to inject between 1.5 billion Qatari riyals ($412 million) and QAR2 billion before the end of the current year to acquire the stakes, the paper reports citing people familiar with the matter……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Ag-ip-news.com: The Talal Abu-Ghazaleh Chartered Institute of Management Accountants (CIMA) Academy will host the global launch of the CIMA Certificate in Islamic Finance in Arabic in Dubai on October 12, 2009 at the Emirates Towers.
The launch of the Arabic certificate, with HSBC Amanah as its global supporting partner, marks a major step forward for the Islamic Finance industry – it is the first global qualification of its kind to be offered by a professional chartered accountancy body……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Menareport.com: The CEO of Al Rajhi Capital Co., Marcus Andrade, has announced the latest subscription results for Buruj Insurance. Al Rajhi Capital is the Lead Manager for the IPO. The IPO was launched on Saturday 03 October 2009.
In its first day, the IPO achieved a subscription of 107%. In the first two days, the IPO resulted in SAR 147,809,500 of subscriptions with the number of subscribers reaching 271,259. The IPO offer has been covered by 284% of total shares……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Theedgemalaysia.com: Greater global engagement is needed among standard-setting entities for Islamic finance to facilitate cooperation in achieving regulators’ and stakeholders’ shared interests in preserving global financial stability, Bank Negara Malaysia (BNM) governor Tan Sri Zeti Akhtar Aziz said yesterday.
Speaking at an Islamic finance seminar in Istanbul, with the text of the speech released here, she said as Islamic finance continued to become an integral part of the global financial system, it would increasingly be exposed to risks of financial stress arising from global financial instability and economic activities……………….Full Article: Source
Posted on 08 October 2009 by Laxman | Email|Print
From Dinarstandard.com: The Islamic banking market continues to flourish around the world with current estimates suggesting that assets managed by Islamic banks are in excess of $700 billion - predominately concentrated in the Middle East.
It is a fact that there are sufficient Muslim investors and borrowers in both Islamic and non-Islamic countries to warrant the attention of traditional banks that seek to serve such clients and capture a potentially profitable slice of a still relatively untapped market……………….Full Article: Source
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