Posted on 27 October 2009 by Laxman | Email|Print
From Businessweek.com: There are four million Muslims living in Germany. They eat, drink and pray in accordance with the precepts of the Prophet Muhammad. But when it comes to monetary transactions, the principles of the Koran have played hardly any role in Germany. That is about to change.
Early next year, the first Islamic bank in Germany to offer products that are in compliance with Sharia law will open its doors. The bank, Kuveyt Türk Beteiligungsbank, will open a branch in the downtown area of Mannheim, a city in western Germany, and branches in other cities are also planned…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Btimes.com.my: China is the next big Islamic finance market, as demand grows for ethical funds, but Asia’s fastest-growing economy must first sort out tax issues, a unit of British insurer Prudential said yesterday.
A large Muslim population and growing wealth provide a ready retail Islamic banking market in China, a senior executive of Prudential’s Kuala Lumpur-based fund management unit said…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Zawya.com: Ireland, like other European countries, is warming to Islamic finance and Dublin has emerged as an Islamic investment fund rival to the Channel Islands and Luxembourg.
Indeed several Shariah-compliant funds are registered there, including the Oasis Crescent Global Equity Fund which is based in Dublin and so is the planned CIMB Global Islamic Equity Fund which is due to be launched over the next month or so…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Business24-7.ae: Global issuance of Islamic bonds, or sukuk, may surpass $20 billion (Dh73.46bn), recovering from a lull this year, helped by government spending and energy financing needs, shows a poll.
According to the poll of 12 Islamic finance bankers and experts, conducted by Reuters, six respondents said the new issuance would exceed $20bn, while four said it would be $15-17bn and only one put the figure of less than $15bn…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Bloomberg: Islamic bonds are poised for record gains amid confidence that Nakheel PJSC, the developer of palm- tree shaped islands off the Dubai coast and the market’s biggest issuer, will avoid default.
“Nakheel is the flagship,” said Yannick Lopez, who helps oversee Paris-based OFI Asset Management’s $30 billion in assets. “A default by Nakheel could have wider implications” on the Islamic bond market, he said…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Reuters: British insurer Prudential plans to launch two Islamic equity funds in Dubai in the coming months and apply for an asset management licence in Indonesia, an official said on Monday.
Demand for sharia funds would be strong once Dubai bounces back from an economic slowdown, said Mark Toh, Prudential Corp Asia’s regional Islamic fund management head…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Reuters: Kuwait Finance House (KFH), the country’s biggest Islamic lender, said on Monday that its provisions were declining but had set aside 460 million dinars ($1.6 billion).
Chief Executive Mohammad al-Omar, speaking to Al Arabiya television, did not give a comparative figure or a time frame…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Mondovisione.com: Dow Jones Indexes, a leading global index provider, today launched the Dow Jones Islamic Market (DJIM) Greater China Index. The index measures the performance of companies in mainland China, Hong Kong and Taiwan that have passed screens for Shari’ah compliance.
The Dow Jones Islamic Market Greater China Index is designed to serve as underlying for financial products such as exchange-traded funds (ETFs) or as a benchmark for mutual funds…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Btimes.com.my: Pengurusan Aset Air Bhd, the Malaysian government company in charge of reorganising the nation’s water industry, sold RM2.5 billion (US$739 million) of Islamic bonds, a person with knowledge of the matter said.
The sale, part of the company’s RM20 billion Islamic medium-term notes program, included RM1.35 billion of one-year notes which priced to yield 2.7 per cent, RM500 million of five-year notes at 4.4 per cent, and RM650 million of 10-year notes yielding 5.05 per cent, the person said, without wanting to be identified before a public announcement…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD12m were received for the BD6m issue, which carries a maturity of 91 days…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Already one of the largest bond markets in Asia, Malaysia is working to expand its bond activity horizontally and vertically, extending the scope of existing products while planning to offer new products to attract more funds.
As part of these efforts the Malaysian stock exchange is looking to encourage wider bond activity, having announced plans to launch a secondary trading platform for bonds, including Islamic paper…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Tradearabia.com: The comprehensive reorganisation of Bahrain’s leading banks Ithmaar and Shamil will see the two pooling in their resources, expertise and in-house knowhow to create a single, more powerful bank, said a top Shamil Bank official.
Shamil Bank chairman Shaikh Mohamed Abdulla Al Anqari on Monday welcomed the proposed plans for a comprehensive Ithmaar-Shamil reorganisation announced by the Ithmaar Bank chairman last week…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Gulfnews.com: Bank of Sharjah on Monday said net profit for the period ending September 30 was Dh388 million, a 14 per cent increase over the Dh341 million posted in the same period last year.
The bank’s improved performance during the period was driven by the increase in net interest income. Earnings per share increased by 5 per cent to 19.2 fils, up from 18.3 fils…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Major Kuwaiti and Bahraini banks reported a sharp decline in third-quarter profit yesterday as they raised provisions to cover bad loans to Saudi firms.
One lender, Kuwait’s Gulf Bank said it expected bad loans would weigh on profits up to mid-2010. The bank, which did not publish a net profit or loss figure for the quarter ended September 30, also used its entire operating profit of $147.1m from the third quarter as provisions…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Ameinfo.com: Emirates NBD, the Middle East’s large banking group by assets, announced its results for the 9 month period ending 30 September 2009.
Total income up 24% to Dhs8.3bn for 9 months ended 30 September 2009 compared to Dhs6.7bn for the same period last year. - Operating profit before impairment allowances in the first 9 months of 2009 up 36% to Dhs5.6bn (Q3 2008 YTD: Dhs4.1bn)……………………Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Onlinenews.com.pk: Meezan Bank Limited, the largest Islamic Bank in Pakistan has recorded 24% growth in its profit after tax which stood at Rs. 654 million for the nine months period ended September 30, 2009 compared to Rs. 527 million in the corresponding period last year.
This was announced after the 46th Meeting of the Board of Directors of Meezan Bank Limited held on recently in Dubai……………………Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Maktoob.com: Jordan Islamic Bank, or JIB, a unit of Bahrain’s Albaraka Banking Group, Monday said its net profit plummeted 76% to 2.5 million Jordanian dinars ($3.53 million) in the third quarter of 2009, from JOD10.3 million a year earlier.
The sharp decline in earnings was due to a plunge in revenues of financial assets held to maturity which nose-dived 98% to about JOD32,000, from JOD10.4 million in the third quarter of 2008, according to the bank’s income statement published on the Amman bourse Web site…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Btimes.com.my: Bank Islam Malaysia Bhd, the country’s oldest Islamic lender, will launch a new structured deposit fund with an initial size of RM300 million this fiscal year, to improve its non fund-based income.
Its non-fund based income contributed 10 per cent to its total consumer banking revenue for the financial year ended June 30 2009, from 5.8 per cent a year earlier…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Gulfnews.com: Dubai Al Tomooh Finance Scheme for Small National Businesses and Emirates Islamic Bank (EIB) have announced the signing of a Memorandum of Understanding (MoU) to provide Al Tomooh customers with the option to obtain Sharia-compliant financing, including Murabaha, Istisna’a and Ijara.
The move comes in light of the increase in demand on Islamic financing. Applicants will benefit from the facilities provided by the Al Tomooh Finance scheme under the conditions and regulations of Islamic financing…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank today announced the signing of an agreement with Qatar Islamic Bank (QIB) relating to the sale of 10% of its 15% stake in Qinvest to QIB.
Qinvest, now Qatar’s leading investment bank was conceived by GFH in partnership with QIB and launched in 2007 and GFH will retain a 5% share holding in the Bank. This sale will realize approximately US$50 million in liquidity which is in addition to the US$150 million in capital already raised so far from its rights issue and the planned US$100million investment by Macquarie Group for the GFH convertible murabaha……………………Full Press Release: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Already a force to be reckoned with, Bahrain’s insurance industry looks set for a period of sustained growth in the future, having apparently seen off the worst of the international economic crisis.
There are some 160 insurance companies and organisations operating in the Bahraini market, of which 25 are locally incorporated insurance firms, a further 11 being branches of foreign companies, with the rest comprising of other insurance ancillary services and insurance organisations…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Arabnews.com: Adnan Buyukdeniz, the general manager of Albaraka Turk Participation Bank, one of the pioneering Islamic banks in Turkey, passed away on Oct. 16 after a long illness.
Only 51 years old, Turkey has lost one of its most experienced Islamic bankers. Adnan devoted almost all of his professional life, spanning more than two decades, to the development of Islamic finance in Turkey…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Twocircles.net: The India-based International Institute of Islamic Business and Finance (IIIBF) has entered into a partnership with Trisakti University, Indonesia that includes mutual recognition of each other’s education programs, development of new courses in emerging areas, such as, Islamic microfinance and Islamic non-profits and charities.
According to Dr Mohammed Obaidullah, a Senior Economist with the Jeddah-based Islamic Development Bank and the founder of IIIBF, “The partnership should provide a tremendous boost to research and human resource development for the growing number of Islamic microfinance and poverty alleviation projects across the globe…………………….Full Article: Source
Posted on 27 October 2009 by Laxman | Email|Print
From Tradearabia.com: IslamicAdvisory.com, the world’s only Islamic finance training portal, has launched the first online accredited Islamic finance training certificate, with exams starting this month for the CIFE or Certified Islamic Finance Executive.
Recently nominated ‘Best Islamic Finance Training Institution’ by Islamic Business and Finance Awards, IslamicAdvisory.com rigorously tests and approves its training and certification with a team of leading scholars and bankers…………………….Full Article: Source
RSS
