Posted on 13 November 2009 by Laxman | Email|Print
From Arabianbusiness.com: Switzerland’s Sarasin on Thursday became one of the first foreign private banks to launch an Islamic product in an effort to meet with the rising global demand for shariah-compliant financial products.
The Swiss private bank said it plans to offer estate and succession planning, financing and asset management with money market and structured products known as Wakala, Murabaha and Maraya……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Reuters: The Islamic division of Swiss financial group UBS will broaden its derivatives offering to meet a growing demand for risk management tools.
Division head Armen Papazian told Reuters UBS’s Islamic clients were seeking ways to hedge risks, predicting 20 percent growth in its Islamic derivatives business in the year to end-2010……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Economist.com: France has banned the Islamic veil in state schools. Parliament is looking into outlawing the burqa from public places. But how bendy is this attitude? When it comes to Islamic finance, to the dismay of some politicians on both right and left, the government is trying to introduce elements of sharia—under which “usury” is forbidden.
In a global recession, Islamic finance looks an attractive business. Worldwide sharia-compliant assets grew by 29% over the past year to $822 billion, according to The Banker……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Bernama: France is seeking Malaysia’s expertise to develop its Islamic finance system, its Economy, Industry and Work Minister Christine Lagarde said Thursday.
“Malaysia is a big Islamic finance hub,” she said at a press conference here before a meeting with Bank Negara Malaysia’s governor Tan Sri Dr Zeti Akhtar Aziz……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Alarabiya.net: Australia’s natural resources such as iron ore provide a wealth of assets for sukuk issuance but tax laws have to be amended for its Shariah finance market to flourish, Malaysia’s central bank said on Thursday.
Trailing Muslim neighbors such as Malaysia and Indonesia, Australia has begun to look into developing Islamic finance to attract wealth and create jobs……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Reuters: Bond issues in the petro-economies of the Gulf Arab region will increase in volume as well as size in 2010, as returns bolster international appetite for the region’s debt, bankers say.
State and corporate issuers in the world’s largest oil exporting region have raised more than $20 billion since April and enjoyed a strong take-up from international investors……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Reuters: Pakistan is considering issues of Islamic bonds and Eurobonds, while the International Monetary Fund believes the country’s economy remains at risk despite some progress, its finance minister said on Thursday.
Pakistan could tap debt markets as early as the first or second quarter of 2010 with one or more issues, the minister told Reuters in an interview in the United Arab Emirates……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Bernama: The strengths in Islamic finance are derived from the principles of syariah that require financial transactions be accompanied by an underlying productive economic activity thus resulting in a close link between financial and productive flows, Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz said.
She said this requirement reduced the prospect for over exposure to risks associated with excessive leverage and imprudent risk taking……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Thestar.com.my: Syarikat Takaful Malaysia Bhd (STMB) is looking at restructuring its operations in Indonesia in a bid to boost its takaful business in the most populous Islamic country.
At a briefing after STMB AGM yesterday, group managing director Datuk Hassan Kamil said he expected the exercise to be completed in 12 months……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Brudirect.com: The Ministry of Finance, Brunei Darussalam has announced the successful pricing of its 37th, 38th and 39th issuance of short-term Sukuk Al-Ijarah securities.
The accumulated total of the three sukuk issuances was B$101 million - B$38 million for Series 37, B$33 million for Series 38 and B$30 million for Series 39……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Albawaba.com: Ithmaar Bank reported yesterday a US$29.5 million loss attributable to equity holders of the Bank for the three month period ended 30 September 2009. This compares with a US$20.5 million loss for the same period last year.
The announcement, by Ithmaar Bank CEO and Member of the Board Mohamed Hussain, follows the review and approval, by the Board of the Directors on 11 November 2009, of the Bank’s consolidated financial results for the nine month period ended 30 September 2009……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Bernama: Bank Islam Malaysia Bhd expects local and regional corporations to increasingly choose Syariah-compliant financing to fund their growth and expansion.
Its general manager for strategic relations, Datuk Wan Ismail Wan Yusof, said the trend was being accelerated by the recent turmoil surrounding the conventional financial system, which the Syariah system with its unique characteristics has apparently avoided, and the continuing promotion of Islamic banking by the government……………………………Full Article: Source
Posted on 13 November 2009 by Laxman | Email|Print
From Tradearabia.com: ABC Islamic Bank today announced that it posted a profit of $6.4 million for the nine-month period ending September 2009.
Income for the third quarter was $9.2 million versus $10.6 million for the previous quarter, due largely to lower rates and prudent trimming of balance sheet asset size, the bank said in a statement……………………………Full Article: Source
RSS
