Posted on 28 October 2009 by Laxman | Email|Print
From Bloomberg: Global standards for Islamic derivatives contracts may be published as soon as December, helping companies and investors manage risk more effectively, according to the International Swaps and Derivatives Association.
“This is a real innovation in what could potentially be a huge growth area,” ISDA Chairman Eraj Shirvani said in an interview in Singapore yesterday……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Global issuance of Islamic bonds, or sukuk, may surpass $20bn, recovering from a lull this year, helped by government spending and energy financing needs, a poll shows.
According to the poll of 12 Islamic finance bankers and experts, six respondents said the new issuance would exceed $20bn, while four said it would be $15bn-$17bn and only one put the figure of less than $15bn……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Reuters: Al Rajhi Capital, the investment banking arm of the biggest Saudi Islamic lender, Al Rajhi, is arranging two large Islamic bonds, or sukuk, for Saudi firms, executives said on Monday.
“We have two mandates at this stage right now,” said Joseph Rodriguez, managing director of the leveraged finance unit, declining to identify the firms or sectors……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Reuters: The strength of Saudi Arabia’s public finances should not prevent the government from issuing sovereign Islamic bonds — or sukuk — which will be critical to the development of corporate sukuk issues, bankers said.
Kamal Mian, head of Saudi Hollandi Bank’s Islamic banking unit, also said that any of Saudi Arabia’s 130-plus listed firms can tap the sukuk market, but the high financial cost linked to ratings from international agencies makes bank funding “always cheaper.”…………………….Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Bloomberg: Dubai plans to limit its first international debt sale in 18 months to Islamic bonds after setting up a $6.5 billion program to sell medium-term notes, according to a banker involved in the deal.
The emirate will price five-year, fixed dollar-denominated bonds that comply with Shariah law to yield 375 basis points, or 3.75 percentage points, above the midswap rate, said the banker who didn’t want to be identified because the deal hasn’t been completed……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Business24-7.ae: The fixed-rate dollar sukuk by Dubai, whose order book is reported to have crossed $1.5 billion (Dh5.5bn) on active demand, is likely to be priced in the range of 6.5-6.7 per cent, according to analysts.
The order book for the second part of the issue, which is a floating-rate dirham sukuk, is more than Dh3.5bn. It is likely to be priced at 375 basis points above the three-month Eibor, which was 1.955 per cent on the Central Bank website yesterday……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Muslims.net: Confidence that Dubai’s biggest issuer of Sharia-compliant bonds can honour its debts is likely to push the sector’s growth
Islamic bonds are poised for record gains amid confidence that Nakheel , the Dubai market’s biggest issuer, will avoid default, according to the Bloomberg news wire……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Alibaba.com: Indonesia raised 200 billion rupiah ($20.97 million), below target, from the sale of Islamic bonds maturing in 2015, the finance ministry said in a statement on Tuesday.
The ministry had also planned to sell sukuk maturing in 2020 and in 2024, but there were no winning bids, the ministry said……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Gulf Finance House (GFH) has signed an an agreement with Qatar Islamic Bank (QIB) relating to the sale of 10 per cent of its 15pc stake in Qinvest to QIB.
Qinvest, now Qatar’s leading investment bank, was conceived by GFH in partnership with QIB and launched in 2007. GFH will retain a 5pc share holding in the bank……………………..Full Article: Source
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From Dawn.com: The Jeddah-based Islamic Development Bank (IDB) has agreed to provide $140 million for replacement of decades-old and obsolete signalling system of Pakistan Railways.
Under the agreement, the bank would finance the procurement, installation and commissioning of equipment to establish modern computerised signalling system including training, project supervision, consultant and corresponding project contingency……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Reuters: Qatar First Investment Bank (QFIB) could spend around 45 percent of the firm’s 1.6 billion Qatari riyals ($439.8 million) of paid-up capital on acquisitions, to grow its business across sectors, its chairman said on Tuesday.
The bank has an authorized capital of 3.6 billion riyals……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Albawaba.com: First Gulf Bank (FGB), one of the region’s leading financial institutions, announced today its financial results for the third quarter, reporting a Net Profit of AED930 million, which is 20% higher than the second quarter of 2009, and 9% higher than the third quarter of 2008.
“At a time where the global economy is witnessing slow recovery, FGB stands out as a solid financial institution, delivering a strong performance……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Gulfnews.com: National Bank of Abu Dhabi (NBAD) on Tuesday reported a profit of Dh914 million in the third quarter, a 40 per cent rise over last year.
The bank achieved the results despite setting aside another Dh284 million last quarter in provisions……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Reuters: Saudi family conglomerates Saad Group and Ahmad Hamad Algosaibi & Bros are restructuring debt, as are their Bahrain-based banking units, in some of the worst fallout from the credit crisis to hit the Gulf region.
Following are the latest exposure levels to Saad and Algosaibi according to the banks themselves, sources close to the banks or to media reports……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Bi-me.com: Total deposits with Saudi banks has hit US$245 billion at the end of June 2009, according to a report by BMG Financial Group, as a result of their efforts to attract more deposits and address higher demand for Islamic banking services, which provide low cost of funding and high profit margins.
In addition, bank lending to the Kingdom’s private sector rose for the first time in three months in February, albeit a mere 0.2%, according to a report by an information partner of REIDIN.com, the world’s first and leading global online information services provider……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Tradearabia.com: Gulf banks may still face an increase in bad loans but tests show a large capital injections may be needed only if volumes of bad loans rise sharply, an official at the International Monetary Fund said.
The global credit crunch sent shockwaves through the world’s top oil producing region, piercing an asset price bubble, which froze lending, squeezed liquidity and sent key economies Saudi Arabia and the United Arab Emirates into a downturn this year……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Although the insurance industry in Abu Dhabi has felt the effects of the global economy, downturns in regional equity markets and a slump in construction activity, it still presents opportunities for growth.
Over the last six years, Abu Dhabi’s insurers benefited from the emirate’s rapid economic expansion. Many rode massive waves of petrodollar investment in the state’s hydrocarbon and real estate sectors, registering impressive profits……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Arabnews.com: Foreign investors are still keen to invest in the Middle East, despite a debt implosion at two Saudi firms that may cost lenders as much as $22 billion, executives at a Reuters summit said on Monday.
The debt debacle at Saudi conglomerates Ahmad Hamad Algosaibi & Bros and Saad Group is the biggest financial scandal to hit the Middle East, leaving foreign and local banks facing massive debt exposure……………………..Full Article: Source
Posted on 28 October 2009 by Laxman | Email|Print
From Ameinfo.com: Abu Dhabi Islamic Financial Services (ADIFS), ADIB brokerage arm and UAE’s biggest Islamic broker by market share, today announced the signing of an agreement with Tradenet, a leading regional order management solutions provider to the financial industry.
As per the agreement, Tradenet will implement the order management system for ADIFS to handle exchange trading activities and will extend ADIFS’ trading services to multiple markets through multiple channels………………………Full Article: Source
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