Posted on 20 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: The default of two prominent Middle Eastern investment companies is shaping up to be a test case for the $1,000bn Islamic finance industry on how Islamic bonds, or sukuk, are settled.
Until recently, the market for bonds that comply with Islamic law, or sharia, was one of the fastest growing niches of the international financial industry, with issuance soaring from virtually nothing less than a decade ago to about $100bn of sukuk bonds outstanding this year……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Menafn.com: London-based Gatehouse Bank, the latest Islamic bank to be authorized by the UK’s Financial Services Authority (FSA), has become the first Islamic bank to join Paris Europlace, an organization that promotes Paris as a financial center.
Paris Europlace has over the last two years also started to focus on the Islamic finance sector and established an Islamic Finance Commission in December 2007……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Btimes.com.my: Thailand will consider allowing Malaysian firms to own a stake in Islamic Bank of Thailand to help provide Islamic banking particularly in the southern region, its Finance Minister Korn Chatikavanij said.
Korn said this could be a way to channel money from the government’s stimulus package to help resolve the political and social unrest in the southern provinces where Muslims predominantly reside……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: The GCC is at the heart of the Islamic world, with the two holiest shrines under the guardianship of Saudi Arabia, a kingdom that prides itself on being governed under shariah law.
It might therefore be expected that the GCC states would be at the centre of the rapidly expanding Islamic finance industry, which encompasses retail and investment banking, insurance, fund management and the issuance and trading of shariah compliant securities known as sukuk……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Gulfbase.com: In the first nine months of this year, the Sharia-compliant Dubai Sharia Asset Management (DSAM) Kauthar Commodity Funds have recorded extremely strong gains, led by the DSAM Kauthar Gold Fund, which was up 51.48 percent as of Sept. 30, 2009, the Dubai Multi Commodities Authority (DMCCA) announced.
The DSAM Kauthar Commodity Fund (DCKF), an equally-weighted fund-of-funds comprised of four single-strategy, commodity-focused funds that invest exclusively in Sharia-compliant long/short equity hedge funds on the Al-Safi Trust platform, was up 30.51 percent at the end of the third quarter of this year……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Maktoob.com: Abu Dhabi Investment House, or ADIH, said Monday it launched a $300 million Shariah-compliant fund to tap opportunities in fast-growing hospitality sectors across the Middle East, North Africa and Asia.
The Hospitality Development Fund, which has a projected 20% internal rate of return, has Bahrain-based Gulf Finance House and Ithmaar Bank as advisors and has already identified several investment opportunities, ADIH said in an emailed statement……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Business24-7.ae: Abu Dhabi Investment House (Adih) announced the launch of its $300 million (Dh1.10bn) Hospitality Development Fund (HDF).
The fund will invest in the projects within the GCC, Middle East and North Africa and Asia (Menasa)……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Ameinfo.com: Future sukuk structures are set to be more conservative, Mohammed Tariq, Head of Treasury at the Islamic Development Bank (IDB) told delegates at the Meed Capital Markets conference in Dubai.
‘There has been some clarity but there are still some questions. There were underlying Shariah issues that have now been clarified.’…………………..Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Forbes: Dubai’s move to repay and restructure some of its $80 billion debt and words of confidence from policymakers may not be enough to convince sceptical investors that the emirate could pay its bond obligations.
Successful debt restructuring is essential to prevent the debt-laden Dubai — already bailed out by the federal government once — from defaulting and cutting off overseas financing channels for the emirate whose 6-year oil boom burst last year, causing a big crash in the property market……………………Full Article: Source
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From Maktoob.com: Dubai’s financial services watchdog will liberalise its regulations on the industry and lower its fees next year in an attempt to boost investor activity and competition, a panel said on Monday.
The Dubai Financial Services Authority (DFSA), which regulates financial and ancillary services on the Dubai International Financial Centre (DIFC), could implement the changes as early as the first quarter of 2010, the panel’s chair said……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Thenational.ae: Dubai and its government-owned companies are paying off loans and seeking to tap international investors for fresh funds as the emirate takes advantage of improved economic conditions to tackle its US$85 billion (Dh312.16bn) debt burden.
The Government of Dubai has invited investors to attend a round of fund-raising presentations starting on Thursday in Europe, Asia and the UAE. The last time Dubai raised funds from international investors was in April last year……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Zawya.com: Ithmaar Bank Chairman Khalid Abdulla-Janahi announced that the Bank intends, as part of its capital-raising exercise, to offer a rights issue and launch a five-year Mandatory Convertible Sukuk, the Islamic equivalent of mandatory convertible bond issue.
J.P. Morgan is assisting Ithmaar Bank with its capital-raising plans for the Mandatory Convertible Sukuk……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Thenational.ae: Dubai and the companies it controls are taking advantage of a rally in global markets to pay off loans and seek cheaper funds from international investors as the emirate tackles its US$85 billion (Dh312.16bn) debt burden.
The Government of Dubai yesterday invited investors to attend a round of fund-raising presentations starting on Thursday in Europe, Asia and the UAE. The last time Dubai raised funds from international investors was in April last year……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Tadhamon Capital, one of the newest Islamic investment companies in Bahrain, officially opened its new corporate headquarters at GBCORP Tower, Bahrain Financial Harbour yesterday.
The event was held under the patronage of Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj, who noted that the launch of the company was testimony of Bahrain’s strong economy……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Cpifinancial.net: Capital Management House (CMH), the Bahrain based investment bank, has been upgraded from “Investment Business Firm- Category 1” to a “Wholesale Investment Bank License by the Central Bank of Bahrain.
The Wholesale Islamic investment Banking license enables CMH to offer a wider range of wholesale banking products and services to its shareholders and client base as well as to receive banks and clients deposits……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Menafn.com: The Manama-based Islamic investment bank, Gulf Finance House (GFH), which announced in August its intention of raising $300 million of new capital through a rights issue, has confirmed that it has already received about $100 million in commitment subscription offers prior to the official launch of its capital raising initiative on Oct. 15.
The full success of the rights issue will only become clear at the end of this week, although market sources stress GFH should have no problem in closing the transaction despite current market conditions……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Less than a decade into Syria’s financial liberalisation efforts, banking is proving to be one of Syria’s fastest-growing sectors and an increasingly important pillar in the overall transformation of the economy.
Since the government began issuing licences in 2001, 11 private conventional and three private Islamic banks have set up in the country, with another two planning their initial public offerings (IPOs) and expected to be operational by year-end……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Tradearabia.com: The UAE’s Ministry of Finance has completed the buyout of the Emirates Industrial Bank as a key step in the formation of the Dh10 billion ($2.72 billion) Emirates Development Bank.
The ministry today signed an agreement to buy the remaining 49 per cent stake from 13 public institutions, banks and insurance companies. This adds to the 51 per cent already owned by the government……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Finextra.com: Dubai Islamic Bank Pakistan Ltd., one of the most innovative Islamic banks in the industry, has signed a deal with TPS for ‘PRISM - Corporate Internet Banking Solution’.
Offering a wide range of online banking and cash management services, TPS provides businesses with real-time technology and rigorous security in a versatile, yet simple-to-use application……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Zawya.com: Qatar First Investment Bank (QFIB) has announced that is has recently acquired a 41% equity stake in Qatar Engineering & Construction Company, one of the largest Qatar based engineering firms specializing in executing engineering projects for the oil and gas industry.
The acquisition transaction was signed a few days ago at a ceremony in Doha marking QFIB’s debut transaction in this sector and in Qatar……………………Full Article: Source
Posted on 20 October 2009 by Laxman | Email|Print
From Cpifinancial.net: CIMB Group has announced the launched of “CIMB Middle East BSC (C) [formerly known as CIMB Islamic Investment House BSC (C)], its re-branded joint-venture company with YBA Kanoo, in Bahrain.
The launch was held at the sidelines of the MIFC Roadshow to Bahrain……………………Full Article: Source
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