Posted on 16 November 2009 by Laxman | Email|Print
From Chinastakes.com: Islamic banking continues to see strong growth while conventional banking has stagnated, according to the 2009 Top 500 Islamic Financial Institutions in The Banker magazine’s November issue.
The assets held by fully sharia-compliant banks or Islamic banking windows of conventional banks rose by 28.6% to $822bn in 2009, from $639bn in 2008. This is a striking contrast to The Banker’s 2009 Top 1000 World Banks survey in July, which showed annual asset growth of just 6.8% at conventional banks……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Saudigazette.com.sa: Sharjah Islamic Bank (SIB) has signed a media consultancy agreement with Sahara Communications, a subsidiary of Sahara Group, at the bank’s headquarters in Sharjah.
The agreement was signed by Ahmed Saad, SIB’s COO, and Fahad Al Deeb, vice president of Sahara Communications……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Reuters: Saad Trading, Contracting & Financial Services on Sunday said the Golden Belt 1 Sukuk Company was unable to make a periodic payment as scheduled on a $650 million sukuk due in 2012.
Saad Trading, Contracting & Financial Services said in a statement posted on the Bahrain stock exchange that “due to matters beyond its control, it is currently impossible for the issuer to perform its payment obligations under the sukuk.”…………………….Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Albawaba.com: Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank announced it has signed an agreement today with Deutsche Bank for the placement of its second US$ 100 million convertible murabaha facility.
The announcement is the latest success in the broader GFH liquidity and capital management plan that includes rights issue subscriptions of over US$ 300 million dollars, the partial sale of Qinvest to Qatar Islamic Bank for approximately US$ 51 million and the planned placement of the first US$ 100 million convertible murabaha with Macquarie Group……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Xinhua: On the eve of the World Summit on Food Security, the U.N. Food and Agriculture Organization (FAO) and the Islamic Development Bank (IDB) on Sunday announced a 1-billion-U.S.-dollar agreement to fund agricultural development in poor countries that belong to both organizations.
The U.N. Agency said it is hoped that the framework agreement, which was concluded on Sunday in Rome by IDB President Ahmad Mohamed Ali and FAO Director-General Jacques Diouf, will help leverage additional resources and bring total investment in the IDB-FAO program to some 5 billion U.S. dollars by 2012……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Btimes.com.my: Top lender Malayan Banking Bhd (Maybank) (1155) is open to collaborating with Turkey’s Bank Asya in areas like trade finance but is not interested in taking up an equity stake, its chief said.
“It is not our intention at this moment to look at any equity investment in Turkey. Our focus remains in Southeast Asia and, South Asia to some extent,” its chief executive officer Datuk Seri Abdul Wahid Omar told reporters yesterday on the sidelines of the Kuala Lumpur Islamic Finance forum……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai Islamic Bank (DIB) said it has launched the new Al Islami Online Banking system in line with the bank’s ongoing commitment to customer care and technical innovation.
The launch marks the first phase in the modernisation initiative of Al Islami Online Banking. This upgraded system provides a simple, user-friendly experience and includes many value-added enhancements……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), one of the leading Islamic banks in the region, has signed a three-year memorandum of understanding (MoU) with Emirates Institute for Banking and Financial Studies (EIBFS) to increase co-operation between the two organizations and to provide structured training and development initiatives for UAE Nationals working in the Islamic finance industry.
The MoU, signed by Abdullah Al-Shahi, Executive Vice President, Human Resources & Emiratization Division at ADIB, and Jamal Al-Jassmi, General Manager of EIBFS, aims to develop new Islamic banking programs and prepare a strong UAE national workforce for the Islamic Banking Industry……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Business24-7.ae: There is no better time to sell “responsible” financial products such as Islamic products than today as lessons of a financial crisis buoyed by an irresponsible systemic phenomena are still fresh on the minds of investors.
And the recent deterioration of wealth is no obstacle in doing so as regions, such as the Middle East and Asia, continue to rake growth…………………….Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Tradearabia.com: EFG-Hermes, a leading investment bank in the Arab world, said its net profit for the third quarter of 2009 fell 28 per cent to EGP346 million ($63.4 million) when compared to the same period last year.
The bank’s total consolidated revenues dropped 9.4 per cent from the previous quarter. This came as regional indices shed 22 per cent of their value compared with last year. Similarly, the trading volumes were down 33 per cent year-on-year and 44 per cent quarter-on-quarter……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From WSJ: Kuwait’s Investment Dar, the Islamic financial firm that owns half of British luxury carmaker Aston Martin, plans to present a proposed debt restructuring plan to creditors this month, the company said Sunday.
The meetings organized by Dar and the nine-member Coordinating Committee representing creditors will take place in Kuwait and Dubai on November 24 and November 25 respectively, the company said in a statement……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Lawfuel.com: Allen & Overy has advised on the Government of Dubai’s inaugural sukuk issue which is both the largest sovereign sukuk ever and the largest international sukuk from the Middle East in 2009.
The sukuk was issued in two tranches with an aggregate face amount of approximately USD2 billion under a newly established USD2.5bn Trust Certificate Issuance Programme……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Ameinfo.com: The latest Fund Market Insight Report from Lipper, a Thomson Reuters Company, for the Gulf Co-operation Council (the GCC) countries reveals that equity funds registered for sale in the GCC continued the upward trend noticed during the second quarter gaining 16.31% on average, bringing year-to-date performance to almost 39%.
As of the end of September 2009, almost all Lipper equity categories ended the quarter on a positive note, with the sole exception of funds invested in Kuwait, which lost 0.39%……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Gulfbase.com: The GCC banks experienced a significant profit decline in 3Q09 as compared to the previous year; down 9%YoY for the quarter and down 13%YoY for the 9M09 periods, the Kuwait-based Global Investment House stated here yesterday.
Bottom lines of Saudi and UAE banks, however, were less impacted despite the fact that banks from these countries were the major contributors of non-performing loans, and consequently provisions……………………..Full Article: Source
Posted on 16 November 2009 by Laxman | Email|Print
From Reason.com: French President Nicolas Sarkozy runs into trouble in the race for petrodollars, as members of his own party derail a plan to liberalize banking rules to make room for sharia-compliant (no-interest) banking
Unfortunately, where France is concerned, you can’t assume the default position is in favor of individual rights. So it’s not clear why allowing non-interest-bearing banking requires an amendment……………………..Full Article: Source
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