Posted on 13 October 2009 by Laxman | Email|Print
From Dow Jones: Indonesia’s plans to hold regular, open auctions of Islamic bonds could add energy to its nascent local-currency sukuk market.
The government is slated to hold its first open auction of sukuk Tuesday. It aims to raise IDR1.5 trillion, but may boost the offering if demand is strong. The paper will have tenors of six and 11 years………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Gulf-times.com: The exposure of Qatar’s Islamic banking industry to real estate and construction is far higher than the GCC industry average, according to the International Monetary Fund (IMF) data.
However, the Qatari banking industry’s returns on assets were higher than the GCC average and so was their profitability, even as its capital adequacy fell below the regional average, said the IMF’s Regional Economic Outlook………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Forbes: Price talk for a five-year benchmark sukuk by Abu Dhabi’s Tourism Development & Investment Co (TDIC) has been issued at 250 basis points over midswaps, IFR reported on Monday.
IFR, a publication owned by Thomson Reuters, said roadshows were to be completed in London on Monday………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Bloomberg: Tourism Development & Investment Co., a state-owned developer of hotels in Abu Dhabi, may raise $1 billion from a five-year Islamic bond issue that could be the biggest international sale from the Gulf this year, bankers familiar with the deal said today.
The Islamic bond, also known as sukuk, may be priced to yield around 240 basis points above the benchmark mid-swap rate, according to one banker who didn’t want to be identified because the details are private. The bids for the issue exceed $4 billion, he said………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Top financiers from Malaysia are in Bahrain for a roadshow which begins today.The delegation is led by Crown Prince of the State of Perak, Dr Nazrin Shah Ibni Sultan Azlan Shah, who is the financial ambassador for the Malaysian International Islamic Financial Centre (MIFC), which is organising the roadshow.
He will be leading a delegation of more than 70 members from 45 key organisations in Malaysia………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Bernama: Malaysia will offer two scholarships to eligible Qataris to pursue the Chartered Islamic Finance Professional programme at the International Centre for Education in Islamic Finance in Kuala Lumpur next year.
The Raja Muda of Perak, Raja Dr Nazrin Shah, in announcing this today, said two research grants would also be awarded to Qatari researchers by the International Syariah Research Academy for Islamic Finance………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Bernama: CIMB Islamic Bank on Monday launched the EasyLife Takaful Life Plan, a health plan managed by CIMB Aviva Takaful Bhd.
The plan provides health and hospital benefits including for surgery, daily a hospital income, a lump sum payment for critical illness,outpatient treatment for kidney dialysis, anti-cancer treatment and death benefits………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Legalbusinessonline.com: The Muslim Community Co-operative Australia (MCCA) has called upon Macpherson + Kelley (M+K) to help design and establish an Australian-based Islamic financing vehicle that aims to attract offshore investors.
M+K principals Peter Rawling and Gerard Kennedy have a long working relationship with MCCA, which has run as a co-operative to provide Islamic services to clients, in particular Islamic financial services………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Menareport.com: Gulfmena Investments Limited has today announced the launch of the “Gulfmena Arab Opportunities Fund Limited”. This is the first directional absolute return hedge fund focusing specifically on the MENA equity markets to be managed by a GCC based and DFSA regulated asset management business.
The asset manager of the fund, Gulfmena Alternative Investments Limited, was granted a license by the Dubai Financial Services Authority (DFSA) to operate as a DIFC asset management company in August 2009 and is headed by CEO and Fund Manager, Haissam Arabi………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Ameinfo.com: International banking and financial leaders have gathered in Dubai to kick-start much needed discussions on where the international Islamic banking sector stands today, in the midst of the slowly fading worldwide crisis.
The World Islamic Retail Banking Conference tackled today the structural challenges of the industry and untapped opportunities, which if prudently addressed, could help in the revitalization and further shaping of the industry on a new international level………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Forbes: Pakistan is likely to issue a new Islamic banking license for Gulf banks next year, a senior banking executive said on Monday.
At least two Gulf-based or Gulf-sponsored banks are operating in Pakistan and the new license is likely to be in line with the central bank’s drive to increase Islamic banking to 12 percent of the banking sector by 2012 from the current five percent………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Neurope.eu: Several local and international Islamic institutions have been established in the country since the adoption of Kazakhstans law on Islamic finance and banking, which took place eighth months ago.
The new law is part of Kazakhstans efforts to develop its financial infrastructure and establish Almaty as a regional financial centre. The issuance of sukuks, or Islamic bonds, by Kazakhstan-based companies is expected to drive the market for Sharia finance, Gazeta.kz reported………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Tradearabia.com: Abu Dhabi Islamic Bank (Adib) has taken adequate reserves against potential losses and it has no need to increase provisions, a senior executive said on Monday.
Malik Sarwar, head of wealth management at the bank, said the bank’s funding base was healthy………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Ameinfo.com: The Dubai Financial Services Authority (DFSA) issued last week a Consultation Paper setting out proposals to enhance clarity and accessibility of the Islamic finance rules of the Dubai International Financial Centre (DIFC).
Consultation Paper No. 66, which is posted on the DFSA website www.dfsa.ae, seeks public comment on the proposed restructuring of the Islamic finance Rules and also on a web-based “virtual handbook”………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Abu Dhabi Islamic Bank has taken adequate reserves against potential losses and it has no need to increase provisions, adding that its funding base was healthy, a senior executive said yesterday.
Malik Sarwar, head of wealth management at the bank, also said the lender’s profits are likely to grow double digit into next year and it is looking to expand in the Middle East and North African region………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Hurriyetdailynews.com: Islamic index operations will be completed and will be operational soon, said Hüseyin Erkan, chairman of the Istanbul Stock Exchange, or IMKB, adding that new city indexes will also be ready in the upcoming period.
The standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Conference, or COMCEC, has charged IMKB with overseeing cooperation between stock exchanges, said Erkan………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Moody’s Investors Service has assigned a Aa3 rating, with negative outlook, to the upcoming senior sukuk trust certificates of HSBC Middle East Limited (HBME) (Jersey), that will be issued under a USD5 billion Trust Certificate Issuance Programme.
The rating is subject to review of the final terms of the sukuk trust certificate issuance………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Ameinfo.com: Emirates NBD, one of the region’s largest banks as far as assets, recently conducted an awareness campaign at Lamcy Plaza to update the public on the latest offerings in the conventional and Islamic savings schemes, mainly focusing on the Emirates NBD education plans, insurance protection plans and Takaful programs.
The campaign was set into action in order to ensure that customers are offered attractive tailor made solutions that can help them better plan their savings and reach the absolute height of their financial potential………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Businessweek.com: To lift sales in the U.A.E., the Mercedes-maker is rolling out new Sukuk auto financing plans that meet Islamic laws barring interest-bearing loans.
In a bid to boost sagging sales, Daimler Financial Services AG, the financial services arm of auto giant Daimler AG, has open two new companies in the Middle East that will finance cars under the rules of Islamic law………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Thisisguernsey.com: Islamic finance is a growing force in world commerce that Guernsey should harness, according to an expert in the field.
‘It is an area of the market the Channel Islands need to focus on now because it will grow with time,’ Bilal Ahmed, senior manager at Ernst & Youngsaid………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Tradearabia.com: Gulf Capital, a leading private equity firm in the Gulf region, plans to invest Dh1.84 billion ($500 million) in the region’s three largest economies - Saudi Arabia, the UAE and Egypt, its chief executive said.
The private equity investments in the region flowed primarily to these countries which accounted for 67 per cent of the total number of deals announced year to date,’ said Dr Karim El Solh, chief executive officer of Gulf Capital………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Tradearabia.com: Private equity bosses in the Middle East say the worst of the financial crisis has passed, but improved capital and equity markets won’t immediately translate to large or numerous deals.
Executives at one of the industry’s largest conferences, Super Return Middle East, were cautiously optimistic about the region’s health and ability to rebound………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Presstv.ir: Iran is to offer to Iranian nationals $550 million in bonds to help pay for development plans of the Abadan and Isfahan refineries, an Oil Ministry official says.
“The bonds were supposed to be issued by September but it was delayed due to incomplete preparations,” Iran’s energy news agency SHANA quoted Deputy Oil Minister, Seyyed Noureddin Shahnazizadeh as saying………………….Full Article: Source
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Posted on 13 October 2009 by Laxman | Email|Print
From Ameinfo.com: Asia’s leading credit rating agency, RAM Rating Services Berhad (RAM Ratings) envisions greater presence in the Gulf Cooperation Council (GCC) Countries.
As part of the Malaysia International Islamic Financial Centre (MIFC) Roadshow to Bahrain from 14 to 15 October, RAM Ratings is exploring further collaborations between the regions, particularly in the areas of Islamic finance………………….Full Article: Source
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