Posted on 10 November 2009 by Laxman | Email|Print
From AFP: The global economic order needs “radical change”, Iranian President Mahmoud Ahmadinejad said on Monday, calling for the adoption of Islamic principles instead of capitalist values.
“The present economic crisis is due to the capitalist system. The world needs radical change,” Ahmadinejad told a one-day economic summit of the Organisation of the Islamic Conference (OIC)………………………….Full Article: Source
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From AP: Iran’s president said Monday that capitalist excesses caused the global economic meltdown and are un-Islamic, as leaders at a Muslim forum touted their religion’s banking system a way to revive battered economies.
President Mahmoud Ahmadinejad was among heads of state in Istanbul for a one-day meeting of the Organization of The Islamic Conference, a 57-state bloc of Muslim countries that promotes religious solidarity in economic and other matters………………………….Full Article: Source
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From Tehrantimes.com: Iranian President Mahmoud Ahmadinejad has put forward a proposal calling for the establishment of a common market among Organization of the Islamic Conference member states.
“The establishment of a common market is an achievable goal………………………….Full Article: Source
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From Xinhua: Leaders from Islamic countries met here on Monday to show their political will to enhance economic and commercial cooperation amid the global financial meltdown.
Turkish President Abdullah Gul chaired the Economic Summit of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of the Islamic Conference (OIC) at Istanbul’s Four Seasons Hotel to mark the 25th anniversary of the committee………………………….Full Article: Source
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From Arabnews.com: Armed with its brand new motto “Shaping Islamic Finance Together,” the Malaysian Islamic Finance Center (MIFC) took to the road recently to urge countries that the best way to promote the global Islamic finance industry was through cooperation and greater collaboration, particularly in the areas of innovation and liquidity management.
The six-day visit of the 80-strong MIFC delegation to Qatar and Bahrain last month led by Deputy Governor of Bank Negara Malaysia, Mohd Razif Abd Kadir, under the patronage of Raja Nazrin Shah, financial ambassador of the MIFC and Crown Prince of Perak State in Malaysia, was the latest manifestation of this initiative………………………….Full Article: Source
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From Btimes.com.my: The Securities Commission (SC) has entered into a mutual recognition agreement to facilitate cross-border distribution of Islamic investment products with its Hong Kong counterpart - the Securities and Futures Commission (SFC) Hong Kong.
This is the second mutual recognition agreement entered into by the local regulator, and is a significant milestone for SC and the SFC in the area of cross-border regulation of Islamic investment funds, and the development of deeper and broader investment markets………………………….Full Article: Source
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From Bernama: Malaysian capital market players can now fast-track the entrance of their Islamic products into Hong Kong and tap into potential business in mainland China.
This follows the Mutual Recognition Agreement (MRA) on the Development of Islamic Capital Market and Islamic Collective Schemes signed between the Securities Commission (SC) Malaysia and the Securities and Futures Commission SFC) Hong Kong on Monday………………………….Full Article: Source
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From Btimes.com.my: The Securities Commission (SC) is pursuing more collaborative agreements with other foreign jurisdictions to further promote the country as the centre of Islamic finance.
“We are, in fact, discussing with other jurisdictions to sign similar arrangements,” SC chairman Tan Sri Zarinah Anwar told reporters………………………….Full Article: Source
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From Isria.com: Introducing the concepts and practices of sharia finance and banking to the public at large in the UK and for potential investors from around the world, the Embassy of Indonesia in London has held the Indonesian Islamic Financial Forum 2009 on 5 November 2009.
With an annual growth rate of 10-20 percent and asset increases of 10-15 percent each year, the sharia finance is one of the most rapidly growing industry in the world. According to Moody’s, the global Islamic finance market has grown by about 15 per cent for each of the past three years and is worth more than US0 billion………………………….Full Article: Source
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From Bloomberg: Dubai’s second half of a $20 billion bond program will be “well received,” and those who doubt the unity of Dubai and Abu Dhabi should “shut up,” the emirate’s ruler Sheikh Mohammed Bin Rashid Al-Maktoum said.
“The second tranche of the bond program will be well received, it will be widely subscribed and will be used directly to meet Dubai’s obligations in the next few years,” Sheikh Mohammed told an investors conference organized by Bank of America Merrill Lynch in Dubai today………………………….Full Article: Source
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From Gulfnews.com: Sharjah Investment and Development Authority (SIDA) has started talks with banks to raise capital through an Islamic sukuk to invest in tourism projects worth Dh10 billion, a top official said.
“Yes, we have started talks with banks to raise capital for the development of tourism projects in the emirate of Sharjah,” Marwan J. Al Sarkal, chief executive of SIDA, which is known as Shurooq in Arabic, told Gulf News here on Monday………………………….Full Article: Source
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From Maktoob.com: Oil-rich Qatar may look to tap the debt markets as it seeks to host major sporting events in a bid to attract tourists, the chairman of the country’s tourism authority has said.
In an interview with Zawya Dow Jones, Qatar Tourism Authority Chairman Ahmed Al Nuaimi said the tiny Gulf state would look to pump $17 billion into infrastructure projects over the next five years to support tourism, as well as building up to 30,000 hotel rooms by 2012………………………….Full Article: Source
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From Dailynews.lk: Sri Lanka has every legitimate right to expect its friendly Middle Eastern countries to invest here in huge projects using the Islamic financial products such as “Sukuk”, “Murabaha” and so on.
Sri Lanka on its part should create a level playing field in order to attract Islamic financial products so that they can compete with their conventional counterparts………………………….Full Article: Source
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From Maktoob.com: Bahrain-based Gulf International Bank (GIB) has raised 1.5 to 2 billion Saudi riyals in ($400-$533.3 million) a three-year private bond issue priced at 127.5 basis points over the Saudi interbank offered rate (Sibor) and plans further issues, an executive said.
Antoine Dijkstra, GIB’s chief investment and treasury officer told Reuters late on Sunday the issue has attracted an order book of just over 5 billion riyals, with the final amount to be decided on Monday depending on the exact allocation of the issue to investors………………………….Full Article: Source
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From Thepeninsulaqatar.com: HSBC Bank Middle East yesterday announced the appointment of Mohammed Mubarak Al Sabahi as Senior Manager for HSBC Amanah in Qatar.
Mohammed will lead the HSBC Amanah business as HSBC seeks to expand its Islamic banking operation in the country………………………….Full Article: Source
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From Gulf-times.com: Doha Bank, Qatar’s third-biggest bank by assets, has approached Turkey’s banking regulator to set up branches in the country and may look into acquisitions there, chief executive officer Raghavan Seetharaman said.
“Turkey is one option we are looking at seriously in the current context,” Seetharaman told Bloomberg TV yesterday………………………….Full Article: Source
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From Bernama: Two foreign banks have been shortlisted by Bank Negara Malaysia in their applications for new Islamic banking licenses, Deputy Finance Minister Datuk Dr Awang Adek Hussin said Monday.
“I was told a few had submitted,” he told reporters after officiating the Islamic Financial Planning and Wealth Management Conference here………………………….Full Article: Source
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From Ameinfo.com: As further confirmation of the bank’s high standing in the international financial services community, Dubai Islamic Bank (DIB) announced today that it has received the “Top Distributor Bank for the UAE market” for the period July-September 2009 from Germany’s FWU AG in recognition of the exceptional performance of the Al Islami Takaful Savings Programme.
The Al Islami Takaful Programme, launched earlier this year, is part of DIB’s comprehensive suite of wealth management solutions, which includes savings schemes, mutual funds and other structured products………………………….Full Article: Source
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From Interfax-religion.com: There has been concluded an agreement to establish the first Russia’s “Takaful business”, an insurance company operating under Shariat laws.
In the first quarter of 2010, a new organization intends to offer its customers the services of motor hull insurance and pilgrimage trips, Kommersant daily reports Monday morning………………………….Full Article: Source
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From Tradearabia.com: Takaful Re, a leading capitalised Islamic reinsurance company, has appointed Khaled M. Khaleif, a Libyan national, as the new finance manager.
Khaleif, a holder of Bachelor degree in Business Administration from the University of Houston, has 12 years of experience in reinsurance finance with Arab Insurance Group………………………….Full Article: Source
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From Arabnews.com: The accession of the Jeddah-based Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, as a permanent member of the Berne Union, the international organization and community of leading export credit and political risk insurers, is a major achievement.
But to what extent it will boost a culture of export of credit insurance in the member countries of the IDB must remain a moot point………………………….Full Article: Source
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From Arabnews.com: 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 Islamic finance sector as a fragmented regulatory framework and untested court systems push legal wranglings into unchartered territory………………………….Full Article: Source
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From Thepeninsulaqatar.com: IBQ, in its latest GCC brief, reports that the recent months have witnessed an overwhelming consensus that the global economy is on the road to recovery, suggesting that the bottom of the financial crisis is behind.
A number of recent economic indicators and signs strongly suggest the crisis has subsided. The most recent projections of the IMF show the world economy is expected to contract by 1.1 percent in 2009 and expected to recover 3.1 percent next year………………………….Full Article: Source
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From Arabtimesonline.com: Female investors in the Gulf hold USD 40 billion of the region’s wealth, according to Reuters, having traded more than 18 million stocks last year.
In line with its commitment to empowering women from the region towards achieving financial independence, Mayfair Wealth Management (MWM), one of the leading offshore financial and investment advisory services providers based in the Cayman Islands, is offering investment advice on Shariah compliant products …………………………Full Article: Source
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From Thenational.ae: Getting corporate America to recognise the purchasing power of Muslims, rather than running scared because of stereotypes, was difficult but not impossible, said Michael Hastings-Black, the co-founder of the Desedo Advertising Agency, which specialises in minority markets.
Addressing more than 200 delegates at the American Muslim Consumer Conference recently, he recounted a tale illustrating the high passions generated by a television advert last year by Dunkin’ Donuts, which did not even specifically address Muslims………………………….Full Article: Source
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