Posted on 14 December 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Islamic finance sector has proved to be more stable and promising during the global economic turmoil. “Where conventional financial institutions have mostly announced fiscal shortfalls, Islamic finance has weathered the global crisis and maintained a growth of assets,” said CPI Financial chief executive Nigel Rodrigues.
CPI Financial publishes Islamic Business & Finance magazine and organises the Islamic Business and Finance Awards………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Thejakartapost.com: If a secular law failed, then blame the law. When Islamic law fails, blame the stupid human behind the law who cannot carry out Divine Will. I certainly disagree with these propositions; however, this is what some Indonesian Muslims believe.
Just recently, I watched a live-to-air Islamic sermon (I was expecting the news, not this live preaching) on TV. The topic revolved around the conflict between antigraft body KPK and the National Police, and how Islam would respond………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From BBC: The Islamic finance industry has often battled with the question: How Islamic is Islamic banking? he question’s pertinence was raised in March last year, when Sheikh Muhammad Taqi Usmani, of the Accounting and Auditing Organization for Islamic Finance Institutions (AAOIFI), a Bahrain-based regulatory institution that sets standards for the global industry, said that 85% of Sukuk, or Islamic bonds, were un-Islamic.
Usmani is the granddaddy of modern-day Islamic finance, so having him make this statement is synonymous with Adam Smith saying that free-markets are inefficient………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Forbes: Prior to the current financial crisis in Dubai, sukuk issuance had started to revive following two difficult years since the August 2007 peak.
New issuance for the year to November 2009 exceeded $17.5 billion with 69 separate offerings. Confidence was demonstrated by the announcement on November 19 by General Electric that it was to raise $500 million through a five-year sukuk–the first Western industrial company to raise such financing………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Arabnews.com: A number of Mediterranean Basin countries are promoting themselves as Islamic finance hubs in an effort to attract sukuk, trust and investment funds business.
In Gibraltar, for instance, the first Shariah-compliant fund — the CL Global Property Fund — was launched in November 2009 with the aim of providing shareholders capital appreciation by investing in a diversified portfolio of real estate assets and projects, primarily student accommodation located in the major university cities of the United Kingdom………………………………Full Article: Source
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From Bernama: The Islamic banking system in Malaysia has advanced to the highest level, making the country the leading exponent of the system worldwide, Prime Minister Datuk Seri Najib Tun Razak said Saturday.
He said this was based on the country’s unique twin financial plan, based fully on Syariah and in line with the financial sector masterplan………………………………Full Article: Source
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From Business24-7.ae: The petrochemical industry in the Gulf will need to finance its high-capacity new projects through sukuk as other finance options become increasingly difficult to obtain, finance officials said.
The view comes close on the heels of an announcement of the region’s association of petrochemical producers – Gulf Petrochemicals and Chemicals Association (GPCA) – that the region will expand its petrochemical production capacity by 10 million tonnes the next year………………………………Full Article: Source
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From Risk.net: Following recent events in Dubai, there has been a flurry of articles on sukuk defaults, with some commentators suggesting Islamic finance will wane.
While many seem sure that defaults will occur, others have suggested sukuk holders’ rights and the resolution options available to them are no different from conventional bondholders’………………………………Full Article: Source
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From Gulfnews.com: While a conventional bond is a promise to repay a loan, Sukuk constitutes partial ownership in a debt (Sukuk Murabaha), asset (Sukuk Al Ijara), project (Sukuk Al Istisna), business (Sukuk Al Musharaka), or investment (Sukuk Al Istithmar).
Sukuk can be structured alongside different techniques. While a conventional bond is a promise to repay a loan, Sukuk constitutes partial ownership in a debt (Sukuk Murabaha), asset (Sukuk Al Ijara), project (Sukuk Al Istisna), business (Sukuk Al Musharaka), or investment (Sukuk Al Istithmar)………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Arabnews.com: Dubai has the World at its feet and in the Palm of its hands. Perhaps one can have sympathy for the emirate’s rulers (both past and present) because they were beguiled by those profligate promoters with their mesmerizing models.
When the emirate started pondering its future as “Dubai without oil” almost two decades ago, it was almost like the Wild West in terms of money-making ideas and hype………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Brunei.fm: The Ministry of Finance issued $68 million worth of sukuk in two separate floats between November and December, bringing the total sold to more than $2 billion, a ministry statement released yesterday said.
The statement said the Ministry of Finance had completed the successful pricing of its 40th and 41st issuances of short-term Sukuk Al-Ijarah securities………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Thenational.ae: Holders of the Nakheel sukuk, which matures tomorrow, are braced for a decision by Dubai that could see them be offered less than the value of their investments in the US$3.5 billion (Dh12.85bn) issue.
And a senior banker has warned that Dubai faces harsher credit terms and a possible liquidity squeeze if its financial problems are not resolved………………………………Full Article: Source
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From Bloomberg: Nakheel PJSC’s possible non-payment of its Islamic bond due tomorrow will trigger defaults on two other securities, bringing the total of affected securities to $5.25 billion, bond documents show.
Investors are waiting to see if the Dubai state-controlled developer will pay the maturing $3.52 billion Islamic bond, known as sukuk………………………………Full Article: Source
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From WSJ: Troubled Dubai developer Nakheel will seek to reach an agreement over its $3.52 billion bond due Monday rather than risk further fallout from the Dubai World debt crisis that has rocked confidence in the emirate, experts said Sunday.
Most analysts expect that Nakheel will try to repay the majority of its $3.52 billion Islamic bond, or sukuk, despite a debt freeze request late last month by its parent company Dubai World………………………………Full Article: Source
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From Reuters: Heavy rain pounded Dubai on Sunday adding to the gloom of the emirate’s debt woes a day before the deadline of the $3.52 billion bond by state-owned developer Nakheel, with no word on how it will be handled.
Dubai’s stock market did soar for a second consecutive session on Sunday as traders reacted to a surge in Nakheel’s bond price last week on mounting speculation it will repay………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Thestar.com.my: Malaysia is willing to send financial and banking experts to help Thailand set up an Islamic bank in the three provinces in the south for the benefit of Muslim residents.
Deputy Finance Minister Senator Datuk Dr Awang Adek Hussein said the experts could be sent at any time if the Thai authorities requested their assistance………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Thenews.com.pk: The Governor State Bank Syed Salim Raza said Islamic banking will be launched in microfinance sector.
Addressing a function organized by Acumen Fund Community Gathering here, Salim Raza said number of people got microfinance is only 1.5 million in Pakistan………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Ameinfo.com: Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for global business law professionals within the Westlaw Business Islamic Finance Centre.
“AAOIFI is a thought leader in the development of international standards applicable to Islamic financial institutions,” said Kevin Ritchey, senior vice president, Westlaw Business………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Express.co.uk: The Treasury plans to rewrite Britain’s tax rules to usher in a new wave of Sharia law for the country’s financial system. The one-line revelation is buried in the 212-page pre-Budget report.
It is among a string of startling details which barely merit a mention in Alistair Darling’s controversial mini-Budget – prompting fresh accusations that Labour is “burying bad news”………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
Emirates NBD, the largest banking group in the Middle East in terms of assets has won the Best Banking and Finance Implementation for 2009 for its recently inaugurated Data Center in Al Barsha.
The award came during the Arabian Computer News(ACN) Technology Awards Ceremony which was recently held in Dubai. The Emirates NBD, Al Barsha Data Center was executed by Gulf Business Machines (GBM) and is the largest Data Centre owned by a bank in the region………………………………Full Press Release: Source
Posted on 14 December 2009 by Laxman | Email|Print
Dubai Islamic Bank (DIB) announced today the launch of Wajaha, a distinguished Wealth Management service for ultra high net worth individuals.
Tailored to meet the distinct needs of the ultra high net worth clients, Wajaha is an invitation-only service that offers unparalleled advantages, from unique financial products to personal relationship managers, offered within a private setting in exclusive Wajaha Centres in Abu Dhabi, Dubai and Sharjah………………………………Full Press Release: Source
Posted on 14 December 2009 by Laxman | Email|Print
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), in cooperation with the World Bank, will convene the AAOIFI - World Bank Annual Conference on Islamic Banking and Finance on 14 and 15 December 2009 in Bahrain Conference Centre, Crowne Plaza Hotel, Manama, Kingdom of Bahrain.
The Conference is held under the auspices of Central Bank of Bahrain………………………………Full Press Release: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Americanchronicle.com: Khalijia Invest one of the recently established investment companies in the region, specializing in Corporate Finance and Asset Management, operating in compliance with Shari’ah guidelines announce the commencement of its operations, under its five licenses awarded by the Saudi Capital Market Authority.
Khalijia Invest Company is closed joint stock company with its head office in Riyadh, with authorized Capital of SAR 400 Million. Khalijia Invest is licensed by the Saudi Capital Market Authority (CMA) to conduct, Dealings as principal and agent, Managing, Arranging Advising and Custody………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Sundaytimes.lk: First Global Knowledge Centre (FGKC), the pioneer in Islamic Banking and Finance education in Sri Lanka has introduced another innovative programme of study in this rapidly expanding field.
Branded as iBanker, this is a unique diploma level course which covers not only Islamic Banking and Finance but also conventional banking, risk management, and investments………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Zawya.com: The exposure of Islamic banks to the debts of Dubai World, the troubled state-owned conglomerate in the Gulf, has rattled the industry and caused funding costs for them across the region to soar, according to bankers.
Dubai has been one of the most active issuers of bonds that comply with Islamic principles, known as sukuk , and the announced restructuring of $26bn of debts at the state-owned Dubai World conglomerate - including billions of dollars of sukuk - has shaken the Islamic finance industry……………………………..Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Tradearabia.com: Abu Dhabi Islamic Bank said on Sunday it has arranged a facility in excess of 200 million dirhams ($54.49 million) for International Capital Trading (ICT) to finance a real estate project.
Abu Dhabi Islamic Bank said in a statement it was liquid, well-capitalised and with an “excellent” capacity to finance projects………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Gulf-times.com: Al Jazeera Islamic Company, which will be known as Al Jazeera Finance now on, plans to broaden its business portfolio and become a sector leader in Qatar.
The Doha-based new entity will offer a broader portfolio of Islamic finance products and solutions to cater to the requirements of a wider customer base………………………………Full Article: Source
Posted on 14 December 2009 by Laxman | Email|Print
From Saudigazette.com.sa: Ratification of a monetary union agreement as well as Dubai debt woes will top the agenda of the 30th Gulf Cooperation Council (GCC) summit due to kick off in Kuwait City on Monday, a Kuwait official said.
The six GCC member states are keen on going ahead with the monetary union, which will help facilitate internal trade and promote cooperation, Kuwaiti ambassador to Egypt Rashid Al-Hamad said in a recent interview with Xinhua………………………………Full Article: Source
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