Posted on 19 October 2009 by Laxman | Email|Print
From Maktoob.com: The issuance of Islamic bonds, or sukuk, is expected to rise in the Gulf region next year as confidence returns to capital markets, a senior executive at Japanese investment bank Nomura said.
“We believe that we will see many issuances of either sukuk or bonds in the next 18 months, especially in Saudi Arabia and Abu Dhabi,” Mohamed Idriss, Nomura’s head of global markets for the Middle East and North Africa, told Al Arabiya television. “Particularly in the energy and transportation sectors.”…………Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Thenational.ae: Ithmaar Bank plans to raise up to $500 million through a rights issue and a five-year Mandatory Convertible Sukuk. “We have received the Central Bank of Bahrain’s No Objection in respect of the Mandatory Convertible Sukuk,” said Khalid Abdulla Janahi, the chairman of the bank.
“As for the rights issue and equity line of credit, they will be subject to the approval of the regulatory authorities in the kingdom of Bahrain………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Bloomberg: Dubai Civil Aviation Authority may issue bonds to refinance $1 billion in debt maturing next month, two bankers familiar with the transaction said. The Islamic bonds, also known as sukuk, mature on Nov. 4.
Dubai Civil Aviation hired UBS AG, Dubai Islamic Bank, Standard Chartered Plc and Bank of Tokyo-Mitsubishi UFJ Ltd. to manage the Islamic and conventional bond sale, according to the bankers who declined to be identified because details of the deal are private………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Thedailynewsegypt.com: The $1 trillion Islamic finance industry needs to improve asset quality, risk assessment and regulation to meet growing demand from investors looking to diversify their portfolio, a top scholar says.
Islamic bonds or sukuk, the biggest component of the industry, are structured as profit-sharing or rental agreements and their returns are derived from underlying assets instead………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Dawn.com: Islamic banking despite all its effort could hardly increase its share in the traditional banking system and remained far behind the conventional banks.
The State Bank in its banking system quarterly review, released on Friday, said the share of Islamic banking has marginally increased by 30 basis points to 5.1 per cent in the quarter ending June 30, 2009………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Tripolipost.com: After successfully weathering the global financial crisis, the Middle East banking sector is poised for growth in light of widespread regional market reforms and global structural changes favouring the region, said Omar Bin Sulaiman, Governor of the DIFC and Vice Chairman of the UAE Central Bank.
“During a period of great strain on financial systems across the globe, markets, governments, regulators and institutions here in the Middle East have responded professionally and appropriately, working in concert to steadily bring this region through the most serious test ever of its systems and structures………….Full Article: Source
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From Ameinfo.com: Capivest, an Islamic investment bank based in the Kingdom of Bahrain, has announced the successful exit of its Optimum Fund rewarding its investors with 100% of their invested capital and a profit of 10%.
Commenting on this event, Mr. Hasan Habib, Executive Director of Treasury and Financial Institutions at Capivest, said:…………Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Reuters: Saudi-based Al-Rajhi Bank 1120.SE posted a lower-than-expected 2.2 percent rise in third-quarter net profit after booking higher provisions, but still made its highest quarterly net profit since 2006.
The Gulf’s biggest Islamic lender by market value made 1.795 billion riyals ($478.7 million) in the three months to end-September, compared with 1.76 billion riyals in the same period a year ago, the bank said in a statement on Saturday………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Gulfnews.com: Unicorn plans to spend $1 billion (Dh3.67 billion) on acquiring other institutions in the Gulf, Europe and Asia and has raised about $220 million of capital to this end. It is preparing to launch a sukuk, or Islamic bond, in Saudi Arabia in the fourth quarter.
Details of the latest sukuk have yet to be worked out, says Al Refai, though he was reported in April as saying that the bank was planning a $425 million Sharia-compliant bond to fund its expansion plans………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Maktoob.com: UAE-based Sharjah Islamic Bank Sunday said its nine-month net profit fell 21% to 227.1 million ($62 million) from AED287.1 million a year earlier.
“Despite the current financial crisis and the difficulty in the operating environment, the bank achieved strong financial results,” it said in a statement on the Abu Dhabi Exchange Web site………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Gulfnews.com: Increased provisioning and a loss-recording real estate unit have forced Abu Dhabi Islamic Bank (ADIB) profits down by 30 per cent for the second quarter to Dh193 million, the bank reported on Wednesday.
The bank recorded second-quarter provisions against bad loans of Dh171.4 million, bringing its first-half total to Dh247 million. ADIB’s real estate arm, Burooj, recorded a first-half loss of Dh14.4 million, compared with almost Dh142 million in the same period last year………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Tradearabia.com: Al Salam Bank - Bahrain has announced a net profit of BD4.6 million ($12.1 million) in the third quarter.
This was against BD7.4 million for the same period last year, a decline of 35 per cent owing to the bank’s cautious approach to new investment and financing due to difficult market conditions………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Ameinfo.com: Qatar National Bank (QNB) was named the Best Bank in Qatar at Global Finance magazine’s thirteenth annual Best Bank Awards ceremony held at the same time as the Annual Meetings of the IMF and World Bank in Istanbul, Turkey.
More than 200 bank CEOs and senior financial officers and central bankers attended the gala ceremony………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Bloomberg: Commercial Bank of Qatar, the Gulf country’s second-biggest bank by assets, expects earnings in the fourth quarter to be higher than in the year-earlier period after two quarters of declining profit.
“I am comfortably expecting to beat the Q4 figure for 2008,” Chief Executive Officer Andrew Stevens said in a telephone interview in Doha today………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Zawya Dow Jones: Abu Dhabi-based Emirates Telecommunications Corp. (Etisalat), said Saturday it acquired a 100% stake in Tigo Sri Lanka for $207 million as it continues its expansion into new markets. Etisalat last week said it is close to finalizing a bond program - under which the company will be able to sell conventional bonds and Islamic bonds, or sukuk - aimed at financing foreign acquisitions and expanding into new markets.
“This new acquisition is a clear example of Etisalat’s international investments strategy of seizing distinctive growth opportunities and maximizing value to shareholders,” Etisalat Chairman Mohammed Hassan Omran said in an emailed statement………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Presstv.ir: The Tehran government is to offer Iranian nationals one billion euros ($1.40 billion) in bonds to invest in Iran’s huge South Pars gas field.
Pars Gas and Oil managing director, Ali Vakili, has announced that the participation bonds will be floated by December to help pay for development plans of the gas projects………….Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Thenational.ae: After many years of languishing at the lower ends of Middle East foreign direct investment (FDI) league tables, Saudi Arabia is fast becoming the darling of Arab and non-Arab investors.
The FDI by the UAE in the kingdom stood at nearly US$5.8 billion (Dh21.3bn) last year, the largest flow by an Arab country, figures released by the Inter-Arab Investment Guarantee Corporation (IAIGC) showed………….Full Article: Source
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Posted on 19 October 2009 by Laxman | Email|Print
From Bernama: In line with efforts to promote Malaysia as an Islamic financial centre, investors are being encouraged to use the country as a gateway for investment and base for financial activities.
“Let’s jointly promote Islamic finance in the international market and the mutual acceptance of each others’ financial products while marketing them together,” the Raja Muda of Perak, Raja Dr Nazrin Shah ibni Sultan Azlan Shah, urged in an interview here………….Full Article: Source
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From Kidderminstershuttle.co.uk: Birmingham is second only to London as Europe’s leading centre for Islamic Finance, specialist consultant, Mohammad Nazir, told a business seminar.
Speaking at a breakfast event hosted at the offices of city centre law firm, Clarke Willmott, Mr Nazir said: “There are massive opportunities for professional firms in the West Midlands to take advantage of this growing market.”…………Full Article: Source
Posted on 19 October 2009 by Laxman | Email|Print
From Gulfnews.com: Don’t fall into the trap of thinking rallies last forever. They don’t. Be clear about your objectives of why you’re in the market and have a plan to protect your profits and keep your losses small in case you are surprised by sudden turns.
A certain amount of enthusiasm has returned to the UAE and it’s been reflected in the stock markets. At the same time there is still a long way to go before there is a sustained recovery………….Full Article:
Posted on 19 October 2009 by Laxman | Email|Print
From Spectator.co.uk: The clash of civilisations between the Muslim world and the West takes many forms. Even on the financial front, there are deep differences of philosophy in relation to money, debt and profit.
But at a time when the Anglo-Saxon mode of banking is flat on its back after the credit crunch, its Islamic counterpart is gaining wider acceptance, and even laying claim to be a more stable alternative………….Full Article: Source
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