Posted on 03 November 2009 by Laxman | Email|Print
From Thenational.ae: South Korean banking officials are in talks with local lenders to launch South Korea’s first sukuk as international demand for Islamic debt instruments grows.
The Islamic bond could be worth between Dh1.83 billion (US$500 million) and Dh3.67bn, and would be launched by the Korean government or a quasi-governmental organisation, bankers involved in the negotiations said yesterday……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Tradearabia.com: Gulf Finance House (GFH), a Manama-based Islamic financial services provider, said on Monday it had raised $300 million in fresh capital through a rights issue, slightly short of its initial $345 million target.
GFH undertook the rights issue to repair its balance sheet after posting three consecutive quarterly losses as last year’s end to a regional property boom hit its business model of arranging financing for infrastructure and real estate projects……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Reuters: Bahrain’s largest Islamic lender Al Baraka said on Monday the initial public offering (IPO) of its Syrian unit has been oversubscribed.
“We have already 150 percent, and I anticipate we will close at around 200 percent,” Chief Executive Adnan Yousif told Reuters……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Gulf International Bank (GIB) yesterday announced its debut Saudi riyal bond issuance through its Riyadh branch.
The bank has mandated GIB Financial Services and HSBC as joint lead arrangers and book runners for the bond transaction……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Arabnews.com: Middle East countries including Saudi Arabia, Jordan, Turkey, Iran, Egypt and even Libya have all shied away from raising funds from the Islamic capital market through a debut sukuk issuance citing current market conditions or surplus liquidity as reasons.
Yet the International Finance Corporation (IFC), the private sector funding arm of the World Bank Group, has seen fit in going to the market to raise $100 million through a US dollar denominated sukuk issuance……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Tehrantimes.com: Islamic Corporation for the Development of the private sector (ICD), a member of the Islamic Development Bank (IDB), has allocated $500 million facilities for private sector firms in Iran.
Hossein Salimi, advisor of Iran Chamber of Commerce, Industries and Mines, said ICD representatives have reviewed ways of granting the facility to the private sector in Iran with members of the Chamber, Islamic Republic of Iran Broadcasting reported……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Cpifinancial.net: Shari’ah-compliant stocks underperformed the broader market in the Gulf Cooperation Council, US and Europe during the third quarter of 2009, according to the latest Shari’ah Scorecard published by Standard & Poor’s, as Islamic investors remained on the sidelines while the financial sector rallied.
The S&P Global BMI Shari’ah Index returned 15.46 per cent over the three months to September 30, 2009, as investors demonstrated renewed risk appetite for equities amid signs the global economy may be stabilising and bid financial stocks higher……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Menafn.com: Germany wants to establish itself as a market for financial products that conform with Islamic law, the head of German financial regulator has said.
“We are seeing great interest from investors in Islamic countries, who want to invest their money in Germany according to shariah principles,” Bafin president Jochen Sanio said at a conference on Islamic finance in Frankfurt recently……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Reuters: The Islamic arm of Qatar National Bank (QNB) will add a further 10 branches to its network of five branches in Sudan, a Sudanese official was quoted as saying on Monday.
Ahmed Shawar, secretary-general of Sudan’s investment authority, made the comments at a news conference in Khartoum, Qatar’s al-Sharq daily reported……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Gulfnews.com: Ajman Bank, the emirate’s first Islamic commercial bank, yesterday announced it has succeeded in cutting its third-quarter operational loss by 29 per cent in comparison to the second quarter.
The accumulated loss of Dh31 million since inception is better than management expectations and the bank’s total assets currently stand at Dh1.75 billion……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Menareport.com: The Egyptian Arab Land Bank has installed the latest high-tech security and control monitors from NCR Corporation, a leading global technology company, at all its automated teller machines (ATMs) across the Kingdom, to ensure enhanced security for its customers when withdrawing money or conducting other banking services via the bank’s ATMs.
Mr. Hazem Yousef, General Manager of the Egyptian Arab Land Bank, stated, “We have recently installed the latest state of the art security systems at all our ATMs across Jordan to ensure the security of our customers whenever they are withdrawing money or using the various banking services available through our machines……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Gulfbase.com: The Central Bank of Bahrain (CBB) announces that this weeks BD25m issues of Government Treasury Bills has been oversubscribed by 240%.
The bills, carrying a maturity of 91 days, are issued by the CBB, on behalf of the Kingdom of Bahrain……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Dailytimes.com.pk: Muhammad Kamran Shehzad, Deputy Governor State Bank of Pakistan said here on Monday that draft State Bank Law also includes the steps for the promotion of Islamic Banking in the country.
He also said that there would be no threat to the banks in case federal ministries development funds held by commercial banks are transferred to the government treasury……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Menafn.com: Islamic Funds World 2009 will provide issuers, marketers and distributors with insights on the origination and distribution of Islamic funds in the MENA region.
Islamic Funds World 2009 offers opportunity and innovation for issuers, investors and asset managers to: Strategy and planning for business leaders - Equipping business leaders with forward focus strategies to capitalise on growing interest in Islamic funds in the MENA region……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Nytimes.com: At semiannual meetings of the International Monetary Fund and the World Bank in Istanbul last month, talk was largely dominated, inevitably, by the economic crisis and its aftermath.
But suitably enough, given the location, another topic also came to the fore: the role of Islamic finance, a fast-developing sector of the global banking industry that has remained remarkably resilient through the slowdown……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Thestar.com.my: One of the biggest Turkish financial institutions has indicated its interest in forging cooperation with Islamic banks in Malaysia.
“Although Turkey was once an Islamic superpower, it now needs our assistance in implementing the system of Islamic finance,” said Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah……………………..Full Article: Source
Posted on 03 November 2009 by Laxman | Email|Print
From Ameinfo.com: Thomson Reuters today officially opened its expanded and refurbished Middle East and Africa headquarters in Dubai, United Arab Emirates after a year of significant hiring to support its Middle East and African operations.
Following a ribbon cutting ceremony at Thomson Reuters offices in Dubai Media City, Joerg Floeck, President of Global Sales and Customer Services for Thomson Reuters Markets, and Basil Moftah, Managing Director of Thomson Reuters Middle East and Africa, outlined details of the past year’s expansion……………………..Full Article: Source
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