Posted on 16 December 2009 by Laxman | Email|Print
From Gulf-times.com: The World Bank plans to support standard-setting bodies of the Islamic finance industry in turning their voluntary standards into binding banking regulations, a bank official said.
The fledgling Islamic finance industry is governed by a patchwork of national banking regulators, its own standard-setting bodies and rulings of scholars interpreting Shariah, or Islamic law………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Reuters: Repayment of a $4.1 billion Islamic bond issued by troubled Dubai developer Nakheel is on the way with the funds distributed to the clearing system after being sent to the principal paying agent, Nakheel said on Tuesday.
The move comes after Monday’s 11th hour bailout by Abu Dhabi of Nakheel, the developer of man-made islands in the shape of palms off the coast of the Gulf emirate………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Thefinancialexpress-bd.com: A one day-long workshop was arranged for the Shariah Inspectors of the Islamic Banks in Bangladesh. Central Shariah Board for Islamic Banks of Bangladesh arranged the programme while Millennium Information Solution Ltd sponsored.
Justice Mohammed Abdur Rouf was the chief guest of the inaugural session and the workshop was chaired by Mr. Mokhlesur Rahman, Secretary General of the Central Shariah Board………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Tradearabia.com: Bahrain banks emerged out the winner at the 4th Annual Islamic Business and Finance Awards ceremony held in Dubai scooping nine out of the 27 awards including Best Islamic Commercial Bank and Best Islamic Training Institution awards.
The awards were designed to encourage, inspire and reward excellence within the global Islamic Business and Finance community, said the organisers, CPI Financial, publisher of Islamic Business & Finance………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Gulf-times.com: Doha Islamic has been chosen as the ‘Best domestic Islamic bank’ at the fourth Annual Islamic Business and Finance Awards 2009 ceremony held in Dubai recently.
Doha Islamic’s executive manager Yousef Hashim al-Yousef received the award at an event where 27 institutions were honoured………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Tradearabia.com: Sheikh Dr Abdulaziz Bin Naif Al Orayer, the chairman of t’azur Company, has won the ‘Outstanding Contribution to Islamic Finance’ award at the 2009 Islamic Business & Finance Awards.
The annual award ceremony honours companies and individuals that have made a significant contribution to global Islamic Finance industry. Short-lists for each of the categories are compiled by judges from across the globe and are voted on by the global readership of the Islamic Business & Finance magazine………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Menafn.com: In its ongoing commitment to the growth and development of Islamic finance, the DIFC served as patron of the 2009 Islamic Business & Finance awards and gala dinner on Monday, and the CEO of the DIFC Authority presented the Lifetime Achievement, Banker of the Year and Outstanding Contribution to the Industry awards during the black-tie event.
A total of 26 honours were handed out to banks, law firms, IT companies, operators in the field of takaful and others during an evening hosted by CPI Financial, publisher of Islamic Business & Finance magazine………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Ameinfo.com: Amid great anticipation among Islamic bankers, financiers and Islamic banking and finance institutions, the 27 winners of the 4th Annual Islamic Business and Finance Awards 2009 were revealed yesterday at a prestigious ceremony in Dubai that brought together some 300 distinguished regional and global industry professionals from around the world.
The Awards ceremony celebrated corporate and individual distinction amongst top performers in the industry………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Dubaichronicle.com: FWU Group has been given the “Best Bancatakaful” award on the back of the success of its international Family Takaful business. The awards nominees for each category were selected by a panel of world-renowned, financial experts and the winners were chosen by the readers of Islamic Business & Finance Magazine.
“My team and I are delighted to be the recipient of this prestigious award, as it demonstrates that we are one of the global leaders in Bancatakaful business,” says Dr Dirrheimer, Chairman and CEO of FWU Group………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Albawaba.com: Methaq Takaful Insurance Co., one of the leading, Shariah-compliant takaful insurance companies in the UAE, described plans to achieve robust growth in 2010.
Samer Kanan, Managing Director of Methaq Takaful Insurance, told an invited gathering of insurance broker partners in Dubai and Abu Dhabi that the Islamic insurance industry continued to grow around the world, as he highlighted the significant role being played by Takaful Insurance in supporting economic growth in UAE and the role Methaq Takaful in particular was playing as a national Islamic company………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Gulfnews.com: A comprehensive bankruptcy protection law is expected to be announced by the UAE Federal Government ‘within months’, which will give adequate legal cover to companies under financial stress, a top Dubai Government official said.
“The government is working on issuing a comprehensive bankruptcy/insolvency law that will protect businesses under financial stress and help them move forward,” Hamad Bu Amim, director-general of the Dubai Chamber of Commerce and Industry told Gulf News………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Tradearabia.com: Moody’s has placed on review for possible downgrade the ratings of four UAE banks - Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Dubai Bank and HSBC Bank Middle East.
The purpose of Moody’s rating review is to assess the resilience of these banks’ ratings to the potential continued deterioration in Dubai’s operating environment, including their exposure to the ongoing restructuring of Dubai World companies’ debt………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Arabianbusiness.com: Geneva based Faisal Private Bank has warned it could face foreclosure on parts of its real estate portfolio unless investors stump up cash to keep lenders at bay, documents seen by Reuters show.
Clients are concerned that the fund has not written down portfolio values sufficiently since 2006. They are also worried that prior to an accounting change in 2008, prompted by Swiss regulator FINMA, payouts to clients may have been bleeding the funds of capital because they were not fully covered by income………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Gulf-times.com: HSBC Amanah Premier, an Islamic banking service aimed at frequently travelling, affluent customers, has been launched.
HSBC Amanah Premier is a cross-border Islamic banking and wealth management service.
HSBC Amanah Premier is available in Qatar, Malaysia, Saudi Arabia, UAE, Indonesia, and Bahrain………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Kippreport.com: The Salford University in Greater Manchester, UK is launching a postgraduate degree course in Islamic banking from next year, reports the Daily Mail. The MSc course will initially admit 20 students, and will train them on how to invest and lend according to Islamic banking rules, says the report.
“It’s predicted that demand for Islamic services will treble in the next few years,” Hussein Abdou, a lecturer, told the paper. “The course is not just for Muslim students. It is open to all people who want to have a unique position in the jobs market,” he said………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Zawya.com: Bahrain’s emergence as an Islamic banking hub has spurred Tamkeen to put in place an ambitious plan to train 130 Bahraini graduates in Islamic finance and business accounting.
The BD 481,000 contract to train 130 Bahraini university graduates within three years, has been awarded to Ernst & Young (EY), which is the only approved training provider for the Chartered Institute of Management Accountants (CIMA-UK) programmes in the Kingdom of Bahrain………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From News.az: Azerbaijan is preparing a set of agreements to be signed at the 35th annual meeting of the governors of the Board of the Islamic Development Bank.
The agreements on two projects are estimated to be worth $200 million, according to a government source. “We are also working on a project with the Saudi Development Fund, which may be signed during the annual IDB meeting as well,” the source said………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From News.az: Development funds from the Gulf are showing interest in financing construction of the Janub Thermal Power Plant in Azerbaijan.
The World Bank, Islamic Development Bank and Asian Development Bank have already offered funds for the power station………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: While many countries in the Gulf region slipped into recession this year, Qatar has not only avoided the financial crisis but moved straight past it at speed, gaining momentum.
Some eyebrows may have been raised when, at the beginning of the year, the government confidently predicted GDP would rise by around 9% in 2009………………………………..Full Article: Source
Posted on 16 December 2009 by Laxman | Email|Print
From Iii.co.uk: Indonesia’s finance ministry said on Tuesday it was aiming to sell around $750 million of global Islamic bonds, known as sukuk, in 2010.
“It’s safe to say the indicative target is $750 million for global sukuk,” Dahlan Siamat, the finance ministry’s director in charge of Islamic debt, told reporters………………………………..Full Article: Source
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