Posted on 09 December 2009 by Laxman | Email|Print
From Forbes: The restructuring of the world’s largest Islamic bond issued by Dubai’s Nakheel will cause a flight to quality, but issuance will continue to be made by sovereign borrowers and Western firms seeking diverse investor bases, executives said.
The government of Dubai upset markets on Nov. 25 by asking for a standstill agreement on the debt of two of its flagship firms, including a $3.5 billion sukuk issued by property developer Nakheel that matures on Dec. 14……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
From Business24-7.ae: There is tremendous potential for Shariah-compliant financing of infrastructure projects in the GCC and globally, said a study.
Increasing the Shariah-compliant share of such projects would help meet an infrastructure funding demand that ranges from $535 billion (Dh1.93 trillion) over the next decade to as much as $2trn by 2020, said the study……………………………..Full Article: Source
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From Ameinfo.com: The Dubai International Financial Centre Authority today announced the publication of the latest in its series of whitepapers, this one entitled, ‘Islamic Financing for Infrastructure Projects’.
The paper highlights the tremendous potential for Shari’ah-compliant financing of infrastructure projects in the GCC and globally, and notes that increasing the Shari’ah-compliant share of such projects would help meet an infrastructure funding demand that ranges from $535bn over the next decade to as much as $2 trillion by 2020……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
From Efinancialcareers.co.uk: Regardless of what has happened within the banking sector over the 18 months, Scotland still boasts an impressive financial services industry, comprising insurance, fund management, and wealth management.
The Edinburgh financial industry differentiates itself from London in a number of ways – it avoids much of the noise and short-term investment thinking that can be found in the City……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
From Btimes.com.my: Muslim countries are working on a inter-government sukuk issuance programme to improve liquidity of Islamic financial markets, an Iranian central bank official said yesterday.
Mahnaz Bahrami, the Iran central bank’s director of banking studies and regulations said governments of Muslim countries would issue sukuk to each other which could transfer them to their financial institutions under the initiative……………………………..Full Article: Source
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From Business-standard.com: The Kerala High Court today adjourned a petition filed by Subramanian Swamy, a former Union minister, against the proposed commencement of an Islamic bank with state participation. A bench of Chief Justice S R Bannurmath and A K Basheer adjourned the case for january 5, for a detailed hearing.
Swamy had challenged the October 14 order of the principal secretary, industries, of the state government, allowing Kerala State Industrial Development Corporation (KSIDC) to register a company to provide banking services as enjoined in Muslim personal law (sharia)……………………………..Full Article: Source
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From Hindu.com: Janata Party president Subramanian Swamy on Tuesday criticised the LDF government’s decision to accord sanction for formation of an Islamic banking company by the Kerala State Industrial Development Corporation (KSIDC).
Talking to reporters here, he said that the proposed banking company had to follow Islamic law. The decision was “scandalous and dangerous” for the country……………………………..Full Article: Source
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From Tradearabia.com: Bahrain Financial Harbour Holding Company (BFHHC) is taking part in the World Islamic Banking Conference (WIBC) 2009 in line with its vision of promoting the growth of Islamic finance.
The two-day WIBC opened yesterday (December 7) at the Gulf Hotel in Bahrain……………………………..Full Article: Source
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From FT Alphaville: The world of Islamic finance has been roiled by the upheavals in Dubai: questions abound over such matters as the structuring of al-ijarah sukuk like the $3.5bn bond issued by Nakheel, Dubai World’s real estate development subsidiary.
As the FT noted in a special report — “The Future of Islamic Finance — on Monday:…………………………….Full Article: Source
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From Nationalpost.com: Interest-free ‘sukak’ bonds at first withstood the economic crisis, but Dubai’s Nakheel default has hurt their reputation. Islamic financing has been growing rapidly in importance in many Muslim countries as well as in Western countries with large Muslim populations.
With almost a trillion dollars in assets worldwide, Islamic financing has attracted the interest of Islamic banks and conventional banks alike, particularly in Dubai……………………………..Full Article: Source
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From Bloomberg: Nakheel PJSC, the Dubai World-owned property developer seeking to renegotiate debt, had a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property, according to a document obtained by Bloomberg News.
The loss for the company, which is building palm tree- shaped islands off the emirate’s coast, compared with a year- earlier profit of 2.65 billion dirhams, the company’s financial statement for the six months through June showed. Revenue fell 78 percent to 1.97 billion dirhams……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
From Thejakartapost.com: Islamic banking assets could grow by 81 percent next year, but only if they fully use the supporting regulations, the central bank says. As of November, Islamic banking had mobilized total assets of Rp 61.4 trillion (US$6.54 billion).
Bank Indonesia (BI) predicted total assets could reach Rp 68 trillion by the end of 2009, a 37 percent increase from the previous year……………………………..Full Article: Source
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From Financeasia.com: Goldman Sachs has received licenses to provide fund management and corporate finance advisory services in Malaysia, making the investment bank the latest foreign institution to benefit from the continuing liberalisation of Malaysia’s financial sector.
The approvals from Malaysia’s Securities Commission (SC) allow the bank to officially open an office in the country and to offer onshore fund management services for the first time. Previously, Goldman was only able to manage Malaysian institutional funds invested outside the country……………………………..Full Article: Source
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From Arabianbusiness.com: Several investors from the Middle East want to set up new banks or invest in existing lenders in Indonesia, an Indonesian government envoy to the region said on Monday.
Alwi Shihab, President Susilo Bambang Yudhoyono’s special envoy to the Middle East, said that the Kuwait Financial House, the biggest Islamic lender in Kuwait, and a consortium of investors from Saudi Arabia, Yemen, Qatar and Bahrain are interested in setting up new banks, but he did not say whether these would be conventional or Sharia banks……………………………..Full Article: Source
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From Gulf-times.com: QNB said there are no serious negotiations being held now to purchase a majority stake in an Indonesian bank.
Responding to reports in some newspapers, QNB said in a statement posted on Qatar Exchange website, “This news is not issued by the QNB, and currently there are no serious negotiations in this regard……………………………..Full Article: Source
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From Tradearabia.com: Akbank, Turkey’s most valuable bank and company in terms of market capitalisation, has commenced the operations of its Dubai office at the Dubai International Financial Centre (DIFC).
Akbank (Dubai) Limited is the first Turkish Bank to set up at DIFC……………………………..Full Article: Source
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From Arabnews.com: Prince Alwaleed bin Talal said banks that loaned money to Dubai World can’t claim to be victims of the emirate’s debt crisis because they should have understood the risks in the first place.
“These banks are very mature banks, and they have to differentiate between a corporate loan and a sovereign loan,” Alwaleed told Bloomberg Television……………………………..Full Article: Source
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From Arabnews.com: The debt problems in Dubai will have little impact on Saudi Arabia, says Jadwa Investment in its latest report.
“Saudi banks have minimal exposure to the affected companies in Dubai and the direct impact on the Saudi economy will be small. Confidence about the unique dynamics of the Saudi economy meant that the stock market was largely unscathed,” said the Riyadh-based joint stock company…………………………….Full Article: Source
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From Tradearabia.com: Investor confidence in Dubai took a fresh knock on Tuesday as its leaders dithered over a rescue for debt-laden company Dubai World and ratings agency Moody’s slapped a downgrade on government-related debt.
‘You can usually take the view that no news is good news, but in Dubai’s case it’s quite the opposite — investors need to hear some developments on Dubai World’s restructuring,’ said Julian Bruce, EFG-Hermes director of institutional equity sales……………………………..Full Article: Source
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From 123jump.com: Dubai World debt negotiations may be acrimonious as bond holders demand control of assets and threaten legal action in Europe and the U.S.
The sukuk issued by Nakheel dropped in London trading as investors fear mounting losses may erode asset values……………………………..Full Article: Source
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From Tradearabia.com: Gatehouse Bank, the wholesale Islamic bank based in the UK, will launch a Sharia-compliant Structured Trade Finance Fund early next year with wholesale Islamic market intermediary DDCA Limited.
The fund will invest capital in structured trade finance transactions in order to inject new flows of capital into the global marketplace, it was announced at the World Islamic banking Conference yesterday (December 7)……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
Al Faiz Fund 1 Limited (Al Faiz Fund 1), a Shariah-compliant private fund established in Labuan and jointly managed by the licensed fund management subsidiaries of the Kuwait Finance House (Malaysia) Berhad Group (KFH-Malaysia) and Kuwait listed Al-Aman KSCC, announced a conditional offer to acquire 24.9 percent equity interest in Singapore Main-Board listed pacific Healthcare Holdings Limited (pacific Healthcare).
This development marks the Fund’s second investment in the Singapore healthcare sector and third investment in Singapore……………………………..Full Press Release: Source
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From Asiaing.com: Sukuk are the crest of a new wave of innovation in Islamic finance. The full potential of sukuk range of securities is far from realised. Find out how the market has and continues to develop to open new investor and issuer universes.
Islamic Bonds: Your Guide to Structuring, Issuing and Investing in Sukuk is essential reading for both those unfamiliar with Islamic finance applications, and includes advanced structures for those involved in structuring sovereign or corporate sukuk issues……………………………..Full Article: Source
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From Ameinfo.com: At the 16th annual World Islamic Banking Conference 2009 in Bahrain, UK Islamic finance leaders shared their insights on the future of Islamic finance at a dedicated UK Roundtable discussion.
They called for a positive outlook in the coming year despite the adverse economic climate. The challenging issues and themes presented in the discussion showcased thought leadership held by UK firms in the Islamic finance industry……………………………..Full Article: Source
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From Afxnews.com: Westlaw Business and the Islamic Financial Services Board (IFSB) announced today their agreement to provide global business law professionals with IFSB’s unique direction on Sharia law within the Westlaw Business Islamic Finance Centre. Westlaw Business is part of Thomson Reuters.
The IFSB is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: The Foundations (Jersey) Law 2009 (the “Foundations Law”) was registered by the Royal Court of Jersey on 19 June 2009 and came into force on 17 July 2009.
In the past a substantial amount has been written about the use of Jersey-based Shari’a-compliant trusts as a financial planning tool for Muslims, and the similarities between the Jersey Trust and the Waqf……………………………..Full Article: Source
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From Huliq.com: A groundbreaking book that explains the impact of globalization on Islamic Finance and its portents for the future. The financial tsunami of 2008 emphasized the fragility of a debt-based financial system.
Numerous international banks have had their reputations tarnished by the credit crisis, and investors’ confidence in debt instruments and debt financing has since waned……………………………..Full Article: Source
Posted on 09 December 2009 by Laxman | Email|Print
From UPI: Muslims living in Germany don’t believe a Swiss-like minaret ban is possible here, but they say they feel threatened by growing Islamophobia.
“I was made a Turk,” says Burhan Kesici, the vice president of the Islamic Federation Berlin, a group that represents 12 Muslim congregations in this city……………………………..Full Article: Source
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