Posted on 02 November 2009 by Laxman | Email|Print
From Business24-7.ae: The combined assets of Islamic banks jumped by nearly 66 per cent at the end of 2008 despite massive losses suffered by the global banking sector because of the economic crisis, according to a an Arab banking group.
From around $350 billion (Dh1.2 trillion) at the end of 2007, the total assets of the world’s largest full fledged Islamic banks surged to around $580bn at the end of 2008, an increase of nearly 66 per cent, the Beirut-based Union of Arab Banks (UAB) said in its monthly magazine, the Arab Banker……………………….Full Article: Source
Posted on 02 November 2009 by Laxman | Email|Print
From Business24-7.ae: Assets under management (AuM) in the Islamic fund industry have increased over the past few years, reaching $44 billion (Dh161.4bn) in 2009 from $20bn in 2003, said a senior official of a company specialising in Islamic finance.
“There has been a rapid increase in the number of Islamic funds as well as broader choices available for investors. From 210 in 2003, funds rose to 700 in 2009. The AuM (Assets under Management) increased from $20bn in 2003 to $44bn in 2009……………………….Full Article: Source
Posted on 02 November 2009 by Laxman | Email|Print
From Thenational.ae: The recent growth of Islamic finance has proved revolutionary for two reasons: it has provided access to new sources of capital and liquidity and, equally important, it has shown the world an approach whereby ethical values can be reconciled with financial returns.
Some sources say Islamic assets worldwide total between about US$700 billion (Dh2.57 trillion) and $1tn, up from $150bn a decade ago……………………….Full Article: Source
Posted on 02 November 2009 by Laxman | Email|Print
From Thestar.com.my: While Malaysia is doing a great job in promoting Islamic finance, the adaptation process to some of its products will need a deeper look or “a second visit”, according to a renowned Muslim scholar.
Dr Hatem El-Karanshawy, founding dean of the Qatar Faculty of Islamic Studies, has voiced caution over the need to quickly Islamise products just to be at par with other conventional instruments……………………….Full Article: Source
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From Maktoob.com: Ratings agency Standard and Poor’s (S&P) could introduce an index for sukuk, or Islamic bonds, next year, although liquidity in the secondary market remained an obstacle, a senior executive said on Sunday.
Investor demand for a measure of sukuk performance has been growing as interest in Sharia-compliant investment instruments increases globally……………………….Full Article: Source
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Islamic banking has allowed the Kingdom of Bahrain to be regarded as a world-class financial center and a preferred destination for major international finance and economy-related events.
Accordingly, the Bahrain World Economic Summit was held on October 26, 2009 in the Kingdom, and Islamic finance specialist Al-Khabeer International joined the impartial summit to engage the Bahraini business community in constructive debate over critical concerns shaping the future of the country……………………….Full Press Release: Source
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From Gulfbase.com: Mohamed El-Kuwaiz, the Managing Director of Derayah, revealed that assets of investment funds have increased in Saudi Arabia over the past five years from SAR 60 billion ($16 million) to SAR 89 billion ($23.7 million), averaging an annual growth rate of eight per cent.
El-Kuwaiz said that this was in contrast to the stock market index, which has dropped during the same period from 8,200 to 5,600 at an average annual decline rate of 7.4 per cent……………………….Full Article: Source
Posted on 02 November 2009 by Laxman | Email|Print
From Digitalproductionme.com: Fledgling Qatari media group Alnoor Holdings launched officially during the Doha Tribeca Film Festival with the announcement of a US $200m film fund.
The company intends to finance 15 movies for the international market during a five-year period with the stated aim of making “the best potential returns involving Hollywood talent”……………………….Full Article: Source
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From Arabfinance.com: Bahrain-based Gulf International Bank (GIB) plans to issue riyal-denominated bonds in a private placement, it said on Sunday.
State-owned GIB said in a statement on its website it has mandated GIB Financial Services and HSBC lead managers and book runners for the bond, the amount of which it did not provide……………………….Full Article: Source
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From Business24-7.ae: HSBC is looking at subscribing to the second tranche of Dubai’s $20 billion (Dh73.4bn) bond programme, a senior bank official said.
The bank may use it for its investment portfolio, that is it will buy bonds and distribute them to its private banking customers or it may use it for its trading book, said John Coverdale, Group General Manager and Global Co-Head of Commercial Banking at HSBC……………………….Full Article: Source
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From Gulfbase.com: Kuwaiti banks in general have a strong and firm capital base, stressed the Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdelaziz Al-Sabah in interview Sunday.
Interviewed by local AL-Qabas daily, on the sidelines of the Kuwait Financial Forum held here, Sheikh Salem said change in banks data between September 2008 and the same month 2009 indicates positive growth rates in both private sector deposits and the loans portfolio……………………….Full Article: Source
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From Tradearabia.com: Jordan’s Housing Bank for Trade and Finance said on Sunday its net profit for the first nine months of the year fell 45 per cent to JD48.8 million ($68.8 million) compared with the same period last year on higher provisions.
Michel Marto, the bank’s chairman, said in a statement operating revenue fell 3.6 per cent to JD193.4 million while deposits rose to JD4.1 billion from JD3.75 billion at the end of last year……………………….Full Article: Source
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From Maktoob.com: Gulf states plan to launch their monetary council, a precursor for a joint central bank, in 2010 but the planned single currency may be delayed, the Saudi central bank chief said Sunday.
“The [Gulf] monetary council will be established in 2010. It will be entrusted to complete other procedures,” Mohammad al-Jasser, head of the Saudi Arabian Monetary Agency, told reporters in Kuwait. ………………………Full Article: Source
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From Saudigazette.com.sa: The Middle East’s first regional currency union is still “on track” despite the decision of the United Arab Emirates to opt out of the program, Muhammad Al-Jasser, governor of the Saudi Arabian Monetary Authority, said Thursday.
At a briefing on the sidelines of a conference aimed at promoting Islamic finance in Germany, Al-Jasser said that the UAE’s opt-out is “definitely not a fatal blow” and that he still expects the UAE and Oman, which has also opted out of the Gulf Cooperation Council’s monetary union plans, to rejoin the project at a later date……………………….Full Article: Source
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From Finextra.com: There has been an effort by the west to try and find ways to integrate with Islamic banks through agents or workarounds that maintain Islamic laws. This has been partially successful.
However, with the economic world in confusion and strife, is it about time that the western world viewed Islamic banking not through its religious focus but simply as an alternative method of finance……………………….Full Article: Source
Posted on 02 November 2009 by Laxman | Email|Print
From Haqeeqat.org: Open up the pages of any newspaper or Financial Magazine and you are guaranteed to find advertisements from banks announcing their latest Islamic finance products. Once perceived as a niche market, Islamic finance today is big business with both local and international banks keen to get in on the act.
An increasing number of non-Muslims are adopting Islamic compliant products as awareness of the principles behind Shari’ah finance has grown. In 2008, at least $500 billion in assets around the world were managed in accordance with Shari’ah and the sector is growing at more than 10% per year……………………….Full Article: Source
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