Posted on 18 November 2009 by Laxman | Email|Print
From Business24-7.ae: Islamic banks in the UAE are outperforming their conventional rivals in terms of profitability, liquidity and earnings per share, according to a new report.
And the study said the Shariah-compliant banks have not been seriously affected by the fallout from the global financial crisis as they operate to different standards in terms of loans and investment tools…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: As cautious optimism returns to the global economy more than 1,200 industry decision-makers from over 50 countries are preparing to meet in Bahrain for a top Islamic banking conference.
The 16th Annual World Islamic Banking Conference (WIBC 2009), to be held from December 6 to 8, will focus on “New Strategies for New Economic Realities”…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Bernama: Syariah compliant private fund, Al Faiz Fund 1 Limited, has a secured commitment of US$98 million (RM331 million) up to July this year.
The fund established in Labuan and managed by the Kuwait Finance House (Malaysia) Bhd Group of Companies, has managed to attract some of the largest institutional and high net worth individual investors from the Middle East and Asia…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Albawaba.com: Global announced today that it has been named “The Leading Islamic Fund Manager” in the Middle East at an event organized by Naseeba in the Kingdom of Saudi Arabia last week.
Mr. Zeyad Awad, Head of Asset Management at Global in Saudi received the award from the organizers in an event held in Al Faisaliah Hotel in Riyadh and attended by a number of local and international business figures…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Tradearabia.com: Saudi Arabia’s Capital Market Authority (CMA) has licensed three Shuaa funds in the Saudi market; the SCSA Morabaha Fund; SCSA Saudi Gateway Fund; and SCSA Saudi Islamic Gateway Fund.
The three funds will take a conservative approach to investment and will focus on listed Shariah compliant and conventional Saudi stocks as well as IPOs…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Forbes: Indonesia does not plan to hold further sales of conventional bonds or sukuk this year after meeting its full-year fund raising target, a senior finance ministry official on Tuesday.
Southeast Asia’s biggest economy met its 2009 gross debt issuance target after it raised 2.164 trillion rupiah ($230.4 million) in a debt auction earlier on Tuesday to hit its full-year target of 144.5 trillion rupiah…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 200%.
Subscriptions worth BD10m were received for the BD5m issue, which carries a maturity of 182 days…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Kuwait Finance House-Bahrain (KFH-Bahrain) has acted as a joint lead manager and a bookrunner for the $100m sukuk issue for the International Finance Corporation (IFC).
IFC is the private sector arm of the World Bank Group…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Albawaba.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 18 November 2009 by Laxman | Email|Print
From Btimes.com.my: BIMB Holdings Bhd (BHB) said it has ceased talks with Abu Dhabi-Kuwait- Malaysia Strategic Investment Corp (ADKMSIC) to sell a 49 per cent stake in its Islamic insurance arm, Syarikat Takaful Malaysia Bhd.
In its filing to Bursa Malaysia yesterday, BHB said ADKMSIC had informed the group via a letter dated November 2 2009 that “in view of the changes in the current economic conditions, circumstances are no longer conducive for ADKMSIC to continue to pursue the proposal”…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Ameinfo.com: Fitch Ratings has affirmed Qatar Islamic Bank’s (QIB) ratings at Long-term Issuer Default (IDR) ‘A’ with ‘Stable’ Outlook, Short-term IDR ‘F1′, Individual ‘C’ and Support ‘1′.
Fitch has also affirmed the Support Rating Floor at ‘A’. The Stable Outlook reflects Fitch’s opinion that Qatar’s credit fundamentals remain strong despite the global and regional downturn, the rating agency said…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Sourcingfocus.com: Is Malaysia set to become the global centre of a new breed of Islamic finance outsourcing services? Recent research from ValueNotes, a Pune, India-based research firm suggests that this is the case.
Otherwise known as Shari’ah banking, Islamic finance is a system of banking consistent with the principles of Islamic law (or Sharia), which prohibit the payment or acceptance of interest fees for the lending and accepting of money, as well as investing in businesses that provide goods or services contrary to Islamic principles…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Btimes.com.my: Korea Exchange (KRX)and Bursa Malaysia will play host to South Korean investment bankers, advisers, issuers and institutional investors at the upcoming inaugural KRX-Bursa Malaysia Islamic Capital Market Conference.
The conference, co-organised in support of the Malaysia International Islamic Financial Centre (MIFC) initiative, will be held in Seoul on November 19…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: One should watch out for the Qatari bourse next year, especially, a key stock and financial analyst said yesterday.
Since the Ministry of Economy and Finance has projected economic growth rates in double digits at 16 percent for 2010, the stocks are expected to perform equally well…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Arabianmoney.net: The four-year old Qatar Financial Centre is catching up fast with the Dubai International Financial Centre which celebrated its fifth anniversary last week. The Doha-based QFC has more than 900 people working under its umbrella compared with the 1,400 now employed by firms registered at the DIFC.
But Dubai does rather better in terms of the number of registered financial institutions under its domain, with more than 300 compared with 116 at the QFC of which 10 are dormant licenses…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Maktoob.com: Jordan’s gross domestic and foreign debt rose 10 percent to 9.43 billion dinars ($13 billion) at the end of October compared to end of last year, finance ministry statistics released on Tuesday showed.
The latest preliminary figures show that gross net domestic debt stood at 5.760 billion dinars at the end of October, comprising almost 60 percent of the kingdom’s total debt…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Tradearabia.com: Gulf countries will discuss an option to peg their planned single currency to a basket, Kuwait Foreign Minister Sheikh Mohammad Al-Salem Al-Sabah said on Tuesday.
“It is not necessary for the GCC currency to be linked to a certain currency. It could be one currency or a basket of currencies. And this will be discussed among the Gulf countries,” Sheikh Mohammad told parliament…………Full Article: Source
Posted on 18 November 2009 by Laxman | Email|Print
From Ameinfo.com: As cautious optimism returns to the global economy and financial markets begin to move towards stabilisation and economic recovery, more than 1,200 industry decision-makers from over 50 countries are preparing to meet in Bahrain at the 16th Annual World Islamic Banking Conference (WIBC 2009).
This year’s conference, to be held on the 6th, 7th and 8th of December 2009, will focus on New Strategies for New Economic Realities and WIBC 2009 has set the stage for discussions that will shape the post-crisis landscape as Islamic banks grapple with the need to manage risk, seek new growth markets, deliver on market expectations as well as remain competitive…………Full Article: Source
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