Posted on 16 October 2009 by Laxman | Email|Print
From Reuters: Most executives involved in Islamic finance expect the industry to grow by between 10 and 20 percent over the next three years, a survey published by accountancy firm BDO showed on Thursday.
The study, based on responses from 173 financial services executives active in the sector, found that 53 percent expected 10 and 20 percent growth while another 22 percent felt the industry could grow by 20-30 percent or more…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Bernama: The presence of a strong Islamic finance sector alongside with conventional finance has contributed to Malaysia’s capacity to weather shocks to the financial system, said the Raja Muda of Perak, Raja Dr Nazrin Shah.
Since the Asian financial crisis a decade ago, Malaysia has taken steps to strengthen its financial system, with its regulatory and supervisory framework significantly improved with greater corporate governance and improved risk management practices, said Raja Dr Nazrin……………………Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Btimes.com.my: The recent crisis should teach Islamic finance players one important lesson: the need for a unified regulation across nations.
Malaysia, which has the most advanced Islamic finance regulation, should take the lead in helping to create a standardised regulatory and supervisory framework, said economist Dr Abbas Mirakhor, who is formerly an International Monetary Fund executive director…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Reuters: General Electric Capital Corp plans to hold a roadshow for fixed income and sukuk investors in the Middle East, Asia and Europe, an official at one of the banks managing the roadshow said on Thursday.
Citigroup and Goldman Sachs plans to hold the meetings beginning the week of Oct. 19, the official said…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Arabtimesonline.com: Sorooh Investment company has signed a memorandum of understanding with Prime Property Consultants Company and HE Hamad Bin Abdullah Al-Attiyah to create “ Sorooh European income-generating Fund — Al Seif compliant with Islamic Sharia”.
The fund will be established with equity of 200 million Euros representing a total investment volume of approximately 650 Euros and will offer investors the opportunity to invest in high-quality income generating from commercial real estate in Western Europe…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Bernama: HSBC Amanah has acted as lead manager for the US$1 billion Sukuk Al Ijara for Abu Dhabi’s Tourism Development and Investment Co (TDIC), the first sukuk to be issued by an Abu Dhabi government entity.
A statement released here today said the five-year sukuk was priced at 230 basis points over mid-swaps and was almost seven times oversubscribed…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Reuters: Property developer Nakheel saw prices fall on its Islamic bonds on Thursday after speculation that the state-owned firm might offer equity to holders of its $3.5 billion bond due in December.
Nakheel is part of state-owned conglomerate Dubai World, which itself is undergoing a restructuring, and the upcoming Dec. 14 maturity of its Islamic bond, or sukuk, is considered a key test of Dubai’s ability to meet its debt obligations in the face of the economic downturn…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Zawya Dow Jones: Dubai World said Thursday it is close to completing its restructuring, which will help the government-owned conglomerate save $800 million over the next three years, easing part of its debt pile.
The company, which faces looming debt obligations, including a closely watched $3.5 billion bond due later this year, said the restructuring will allow its business units to be “well prepared to thrive in both the current climate and the still uncertain future.”……………………Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Gulfnews.com: Tourism Development and Investment Company (TDIC), developer of major cultural, residential and tourism destinations in Abu Dhabi, has issued the largest GCC sukuk of 2009 with its inaugural $1 billion five-year Reg S Sukuk Al Ijara under a $1.45 billion global sukuk trust certificate issuance programme.
This transaction is the first sukuk issuance by a 100 per cent indirect Government of Abu Dhabi owned entity…………………….Full Article: Source
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From Sukuk.me: Saudi Electricity Co’s (SEC) oversubscribed 7 billion Saudi riyal ($1.87 billion) sukuk late last month could mark a turning point for Islamic debt markets, with more issues likely to follow later this year, a senior HSBC Holdings (HBC) official said.
“There is a solid pipeline of potential issues, and we should see more in the second half of this year,” Rajiv Shukla, head of debt capital markets for the Middle East and North Africa at HSBC, the lead arranger on the Islamic bond,said…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Investorsoffshore.com: The Dubai Financial Services Authority (DFSA) last week issued a Consultation Paper setting out proposals to enhance the 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, seeks public comment on the proposed restructuring of the Islamic finance rules and also on a web-based “virtual handbook.”……………………Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Tradearabia.com: National Bank of Oman (NBO) third-quarter net profit fell 50 per cent to 6.12 million rials ($15.90 million) compared with the last-year period, coming in just under analyst forecasts.
The bank made a net profit of 19.57 million rials in the first nine months of the year compared with 34.81 million a year earlier, it said on the bourse website on Thursday without giving quarterly figures…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Qatar Islamic bank (QIB), the world’s fourth largest Islamic bank in terms of assets, posted a net profit of QR1.01bn for the nine months period ended September 30, 2009 compared to a net profit of QR1.2bn for the corresponding period last year, according to Qatar Exchange website.
Meanwhile, the bank said in a statement yesterday that the excellent results have been achieved despite the global financial downturn thanks to an increase in its operational activities revenues and aggressive expansion of its non-operational revenues sources…………………….Full Article: Source
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From Gulf-daily-news.com: Malaysia-based bank CIMB Islamic was relaunched as CIMB Middle East during a gala dinner at the Ritz-Carlton Bahrain Hotel and Spa last night.
The launch event was held under the patronage of Crown Prince of the State of Perak Dr Nazrin Shah Ibni Sultan Azlan Shah, who is the financial ambassador for the Malaysia International Islamic Financial Centre (MIFC)…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Bernama: Bursa Suq Al- Sila’, the end-to-end Syariah-compliant commodity trading platform, has received recognition in the Gulf Cooperation Council (GCC) countries with recent trades being undertaken by CIMB Islamic and several GCC institutions.
In a statement, Bursa Malaysia said it hoped to meet the increasing demand for Syariah-based commodity-financing and liquidity management in the GCC countries and globally through these trades…………………….Full Article: Source
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From Constructionweekonline.com: Barwa Real Estate is set to receive a US $115 million (QR420 million) Islamic loan to fund its ongoing projects, the developer announced on the Qatar stock exchange on Wednesday.
“The Board of Directors has ratified a shariah-compliant Murabaha financing agreement with International Bank of Qatar,” said the firm in a statement. “The agreement aims at providing a financial umbrella for the company’s ongoing projects and investments.”……………………Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Efinancialcareers.com: Global financial recovery is boosting the near-term outlook for Islamic banking and investment, a niche whose rapid growth took a breather last year.
That bodes well both for experienced Islamic-finance professionals and conventional bankers who seek to broaden their skills and client base…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Dailyillini.com: French President Nicolas Sarkozy made his opinion on the burqa very clear over the summer, and after getting some legal snags worked out, he’s also strongly indicated his feelings about Islamic banking.
France’s Finance Minister Christine Lagarde put it succinctly in a new government television ad, reported in an NPR article on Tuesday: “I would like to convince you that London is not your only choice for Islamic investment, but that Paris is also ready to welcome you and any of your clients who are looking for an alternative.”……………………Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Imfdirect.imf.org/: The IMF’s latest regional economic outlook for the Middle East compares the performance of Islamic banks in the countries of the Gulf Cooperation Council (GCC) with conventional ones during the global financial crisis.
Islamic banks were less affected during the initial phase of the crisis, reflecting a stronger first-round impact on conventional banks through mark-to-market valuations on securities in 2008…………………….Full Article: Source
Posted on 16 October 2009 by Laxman | Email|Print
From Sukuk.me: The Islamic finance industry is becoming popular worldwide. This popularity has not come without certain misunderstandings or misconceptions.
One major issue is the question of how Islamic finance is different from conventional finance when the rates (or profit margins) charged by Islamic financial institutions from borrowers are the same as those charged by conventional financial institutions…………………….Full Article: Source
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