Posted on 05 November 2009 by Laxman | Email|Print
From Forbes: The first template for over-the-counter Islamic derivative contract will be launched this year or early next, one of the institutions involved in its creation said on Wednesday.
The contract is expected to pave the way for quicker and cheaper Islamic risk management and more frequent cross-currency transactions………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: The Minister of Economy & Finance H E Yousuf Hussein Kamal, CEOs and Senior Management personnel from the banking sector of the Gulf and International Finance Houses attended the opening of the 4th Annual World Islamic Infrastructure Finance Conference yesterday.
Internationally recognised as the largest and most significant gathering of Islamic banking and finance leaders was held at the Ritz Carlton………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Zawya.com: The fast-growing Islamic financial sector needs strong regulation to ensure it never faces the damage suffered by the global system as a result of the financial crisis, Malaysia’s prime minister said yesterday.
Najib Razak, whose government oversees one of the world’s largest and most comprehensive Islamic financial sectors, said it was “imperative for the industry to draw upon the lessons learnt to ensure that we avoid any such financial instability in the future”………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Zawya.com: The global financial crisis has not hit Islamic finance industry thanks to its sound and strong systems as Gulf Islamic investment firms still have USD 235 billion’s worth of combined assets, Islamic financial leaders said.
Speaking at the two-day 3rd Fiqh Conference for Islamic Finance Institutions, which kick-started here earlier in the day, they stressed the significance of carrying on the sound strategies of Islamic investment firms which they said are now highly reputed in European countries and the US………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Thebanker.com: The Banker’s third annual survey of the world’s Top 500 Islamic Financial Institutions this month suggests that not only has the industry avoided the calamities of conventional banks that led to the current global banking crisis, it has also managed to maintain strong asset growth in turbulent economic conditions.
The 2009 survey shows that the volume of sharia-compliant assets of the Top 500 grew by an extremely healthy 28.6%, rising to $822bn from $639bn in 2008………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Tradearabia.com: The Dubai government will use proceeds from a recent bond issue to pay off a $1 billion Islamic bond from the emirate’s department of civil aviation, maturing on November 4, a source familiar with the matter said on Wednesday.
‘The Dubai government will be using funds from the bond issue last week to pay off the department of civil aviation bond,’ the source said………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Bi-me.com: The International Finance Corporation (IFC), a member of the World Bank Group, today listed its first Sukuk on NASDAQ Dubai, the international exchange serving the Middle East.
Jeff Singer, Chief Executive of NASDAQ Dubai, said: “The launch of the IFC’s and the World Bank’s first Sukuk and its listing on NASDAQ Dubai are a significant step in the continuing integration of Islamic finance into the global financial system………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Hilal Sukuk Company’s IFC Hilal Sukuk will be listed on the Bahrain Stock Exchange (BSE). BSE acting director Ebrahim Al Aradi yesterday issued a resolution in this regard.
The size of the issue is $100 million and the duration five years until November 3, 2014………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Gulf-times.com: Ahli Bank’s Al Hilal Islamic Banking has announced a profit on its investment deposits and savings accounts for Q3 of 2009 as well as opening of a new branch in Mirqab area.
The bank has paid attractive returns on deposits; 6.05% profit rate on investment deposits of more than one year while the annual profit rates for one-year, 6-months and three-month investment deposits are 5.90%, 5.75% and 5.57% respectively, according to a statement………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Reuters: The European unit of Bahraini Islamic lender Al Salam is considering real estate and private equity investments that could complete by January.
“We would hope to have something else for the market before year-end,” Mohammed Paracha, CEO of Al Salam Europe Ltd, told Reuters on the sidelines of a conference on Wednesday………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Tradearabia.com: Egyptian Gulf Bank said its net profit for the first nine months of 2009 fell 14 per cent to EGP71.7 million ($13.1 million). Net profit in the first nine months of 2008 was EGP83.7 million.
The bank added provisions of EGP5.85 million during the quarter, down from EGP41.9 million in the 2008 period………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Ithmaar Bank shareholders yesterday voted to transform the Bahrain-based institution into a commercial bank and fuse it with its wholly owned retail subsidiary Shamil Bank.
Ithmaar is pushing ahead, with full force, towards completing in the shortest time possible, plans for a comprehensive reorganisation, which is hoped will be in situ by February or March………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Bahrain-based Gulf Finance House (GFH) is in advanced talks with banks to place a $100 million convertible Islamic instrument and plans to launch a new bank in the region, its chief executive said yesterday.
“We’re in advanced conversations with more than one party,” Ahmed Fahour said………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Arabfinance.com: Insurance companies in the Gulf Cooperation Council (GCC) have the potential to increase their profitability by 20 to 30 percent if they overcome the current challenges in underwriting, according to a report by management consultancy A.T. Kearney.
Managing underwriting is one of the key enablers for insurance companies in the GCC to improve their margins, A.T. Kearney said in a report………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Despite the recent financial turmoil, the insurance sector in Bahrain has continued its double digit growth in both the conventional and takaful markets.
That was the message from Central Bank of Bahrain (CBB) executive director financial institutions supervision Abdul Rahman Al Baker in his opening speech to the two-day Sixth Annual Gulf Insurance Forum at the Gulf Hotel………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Sukuk.me: Islamic stock investors can benefit from planters, builders, telecommunications and energy firms as the global economic recovery lifts the broader market, according to fund manager RHB Investment Management.
Eighty-eight percent of securities listed on the local bourse, Bursa Malaysia, are shariah compliant………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Arabnews.com: Qatar’s economic growth should accelerate strongly in the next fiscal year, the Gulf country’s emir said on Tuesday, while consumer prices continue to decline this year.
The world’s top natural gas exporter has been enjoying strong growth rates, unlike the rest of the region, keeping its oil and gas output intact despite a fall in oil prices………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Bloomberg: Dubai’s plans to sell $10 billion of bonds for its government support fund will “depend on its needs at the time,” United Arab Emirates Minister of Economy Sultan Bin Saeed al-Mansouri said.
Dubai, the second-largest of the country’s seven emirates, will probably complete raising a second $10 billion by the end of November, Mohammed Alabbar, a member of Dubai’s Executive Council said on Oct. 9………………………Full Article: Source
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Posted on 05 November 2009 by Laxman | Email|Print
From Bernama: Public Mutual, a wholly-owned subsidiary of Public Bank, won the Most Outstanding Islamic Fund Manager award for the third consecutive year at the sixth Kuala Lumpur Islamic Finance Forum (KLIFF) here Tuesday.
Public Mutual’s chief executive officer, Yeoh Kim Hong expressed pride in receiving the award, which also marked the company’s 138th industry award since 1999………………………Full Article: Source
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