Posted on 04 November 2009 by Laxman | Email|Print
From Bernama: The British government is looking forward to partner with Malaysia in Islamic finance due to the country’s success in the sector.
British Minister of Trade, Investments and Small Business, Lord Mervyn Davies, said as the world’s top financial centre, London was keen to join hands with Kuala Lumpur as the two governments could generate more ideas and schemes together………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Business24-7.ae: Islamic law should prevail over secular law when a Malaysian court hears Shariah finance matters, a religious scholar said, responding to uncertainty in the industry about how to deal with legal disputes.
Dispute resolution is expected to be a key area for the $1 trillion (Dh3.67trn) Islamic finance sector as a fragmented regulatory framework and untested court systems push legal wranglings into unchartered territory………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Thenational.ae: Other financial centres, from New York to Kuala Lumpur and taking in London and Paris, are challenging the Gulf for leadership of the US$1 trillion (Dh3.67tn) industry.
Without some concerted and even government-directed action, the region will squander its natural advantages in Islamic finance. It would be a terrible waste………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Bernama: Prime Minister Datuk Seri Najib Tun Razak said Malaysia has achieved significant success in Islamic finance which at end June this year accounted for close to 19 per cent of the country’s banking assets.
As at end-August, the Islamic capital market too had reached RM803 billion, representing 54 per cent of Bursa Malaysia’s market capitalisation………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Thestar.com.my: Islamic finance players must take the lead in further strengthening the architecture of the sector to attract global Islamic fund management companies to establish their operations in the country, said Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop.
He said players should continue embarking on extensive marketing and promotions as these efforts were particularly essential in creating attractive environment for the benefit of both parties………………………Full Article: Source
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From Bernama: Malaysia’s first mover advantage in the Islamic banking and finance industry will remain intact, said Standard Chartered Saadiq’s Chief Executive Officer, Afaq Khan.
Malaysia is a long-term player in the industry and it is very established, he said………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Efinancialnews.com: Shariah-compliant indices outperformed their mainstream counterparts during the 12 months to the end of September despite not investing in western financial stocks, which have been the driving force behind the wider equities rally this year.
Standard & Poor’s Shariah-compliant 500 and Global Broad Market indices have both outperformed their non-compliant equivalents in the 12 months to the end of September, the index provider announced yesterday………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Accountancymagazine.com: A shortage of expertise and a lack of regulatory harmonisation among Sharia’a principles are the biggest obstacles for growth in the Islamic finance sector, according to a new report.
But accountants at BDO are predicting the sector will be embraced by London’s financial hub – more than half of executives in the Islamic finance sector believe it will grow by 10-20% in the next three years, as confidence in the conventional banking system has suffered a knock………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Bernama: Islamic finance players must take the lead in further strengthening the architecture of the sector to attract global Islamic fund management companies to establish their operations in the country, said Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop.
He said players should continue embarking on extensive marketing as well as promotions as these efforts were particularly essential in creating attractive environment for the benefit of both parties………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Reuters: Commercial Bank of Qatar, the Gulf state’s third-biggest by market value, will gauge U.S. investor’s appetite for a potential bond issue at a roadshow on Wednesday.
“We are going on a roadshow, starting tomorrow in the U.S. followed by Asia, Dubai and Abu Dhabi on Sunday,” Finance Director Nicholas Coleman said on Tuesday from Doha………………………Full Article: Source
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From Bernama: Malayan Banking Bhd (Maybank) is open to collaboration with its counterpart in Turkey but is not interested to buy any stake, group chief executive officer Datuk Seri Abdul Wahid Omar said on Tuesday.
“We are open to collaboration in terms of trade finance and products. Collaboration does not have to be in the form of equity,” he said………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Saudigazette.com.sa: Saudi Arabia has called for strict banking regulation and conservative lending regimes but spoke out against the need for a global financial supervisor, five days ahead of a G20 meeting where regulation will take center stage.
The G20 member said it wished to strengthen regulatory institutions vis-a-vis banks, and that it was working actively ahead of the Scotland meeting of central bankers and finance ministers to make its views heard………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Btimes.com.my: Standard Chartered Saadiq (SCS) is eyeing expansion, in terms of size and scale, in countries where it has a presence, including Malaysia as it sees a huge growth potential in Islamic finance.
SCS is the international Islamic Banking unit of Standard Chartered Bank………………………Full Article: Source
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From Theedgemalaysia.com: Hong Leong Bank Bhd (HLB) has appointed Hijah Arifakh Othman as the chief operating officer, global Islamic financial services, as the group seeks to set up an Islamic branch in Singapore.
In a statement yesterday, HLB said Hijah would play the key role of building and galvanising the group’s Islamic financial services franchise as a regional one as well as to create value out of cross-border transactions via Islamic instruments for the group and its customers………………………Full Article: Source
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From Gulfbase.com: Banks in the Gulf are unable to finance huge projects in the oil-rich region and fill a credit gap created by the withdrawal of foreign banks amid the global financial crisis, bankers said yesterday.
“The total shareholders equity of the top 150 Arab banks is just $170 billion [Dh624bn],” Shaikha Al Bahar, Deputy Chief Executive of National Bank of Kuwait, told the Kuwait Financial Forum………………………Full Article: Source
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From Thepeninsulaqatar.com: Gulf banks should merge in the wake of the financial crisis, first in their home markets and then across borders, Oman’s Central Bank head and senior Gulf bankers said yesterday.
Gulf central banks should begin by encouraging domestic consolidation and then expansion throughout the region to build up stronger financial institutions, Oman Central Bank Executive President Hamood Sangour Al Zadjali said………………………Full Article: Source
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From Khaleejtimes.com: A planned merger between Islamic mortgage lenders Amlak Finance and Taweel will begin in January, the Minister of Economy Sultan Bin Saeed Al Mansouri said on Tuesday.
“We are moving forward in that, and in January 2010 we will start implementing the solution,” he told reporters on the sidelines of a conference in Dubai………………………Full Article: Source
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From Bi-me.com: Noor Takaful, the Sharia’a compliant insurance brand of Noor Investment Group, announced today the launch of the GCC’s first online real-time, web based, Islamic insurance service.
With a simple click of a mouse, the easy to use online facility allows customers to shop for a variety of insurance products which are offered at very competitive and transparent rates………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Ibspublishing.com: In anticipation of the introduction of Islamic finance to the French market, Path Solutions has partnered with Hiram Finance, a Paris-based consultancy firm.
Hiram Finance, which works with a number of conventional IT suppliers, such as Sophis and Calypso, will now also offer Path’s iMAL core system both to start-ups and conventional institutions converting to Islamic business practices………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Ameinfo.com: International law firm Lovells acted as sole transaction counsel on the first Sukuk issued today by IFC, a member of the World Bank Group.
The IFC Sukuk will be dual-listed on Nasdaq Dubai and Bahrain stock exchanges………………………Full Article: Source
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Bursa Malaysia’s world’s first Shariah compliant commodity trading platform, Bursa Suq Al-Sila’ was awarded the ‘Most Outstanding Islamic Finance Product’ by KLIFF Islamic Finance Awards 2009. Bursa Suq Al-Sila’ was selected amongst numerous Islamic financial products and services despite being launched only in August this year.
Within two months of its launch, the platform received international recognition with cross-border trades being performed by Islamic financial institutions across several markets including the UK and the Gulf Cooperation Council (GCC) countries………………………Full Press Release: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Gulf-times.com: The GCC asset management industry is poised to grow 15% annually to up to $300bn by 2014 and the global Islamic finance industry is slated to grow annually 15%-20% to more than $4tn in invested funds in about 8-10 years, according to Doha Bank CEO R Seetharaman.
However, there are key challenges to Islamic finance, calling for measures, including harmonisation of standards, building adequate infrastructure, allowing greater capital mobility, addressing legal and tax restrictions and relaxing non-supervisory restrictions on access by foreign intermediaries to domestic markets, he said at the fourth World Islamic Infrastructure Finance Conference………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Tradearabia.com: Investments in Abu Dhabi infrastructure, property and manufacturing are expected to reach about $1 trillion in the medium term, the United Arab Emirates economy minister said on Monday.
‘The planned investments to be implemented in Abu Dhabi through public and private partnerships in infrastructure, real estate and manufacturing sectors over the medium term are expected to reach $1 trillion,’ Sultan bin Saeed Al-Mansouri said………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Ameinfo.com: Against the backdrop of a continuing shortage of conventional credit, the 4th Annual World Islamic Infrastructure Finance Conference (WIIFC 2009) set the stage in Doha for senior decision-makers representing major infrastructure sectors to engage leading government agencies, bankers, investors and financiers in discussions that explored new opportunities for revitalising growth.
The event, which was attended by more than 200 industry leaders, featured keynote addresses from leading industry experts………………………Full Article: Source
Posted on 04 November 2009 by Laxman | Email|Print
From Gulf-times.com: Qatar ranks 6th among the world’s leading project financing countries, Minister of Economy and Finance HE Yousef Hussein Kamal has said.
Addressing the fourth World Islamic Infrastructure Finance Conference, Kamal said Qatar financed projects worth $ 8.6bn during the first nine months of this year, a 37% growth compared to the same period of last year………………………Full Article: Source
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