Posted on 17 December 2009 by Laxman | Email|Print
From Indiatimes.com: Kerala, the southern Indian state which relies on Middle East remittances for a quarter of its economy, plans to sell the nation’s first Islamic bonds next year to help pay for infrastructure projects.
“The way we see it, it’s another form of venture capital,” the state finance minister Thomas Isaac said in an interview in Thiruvananthapuram, the southern state’s main city. “We need long-gestation funds to build airports, high-speed trains and expressways. Islamic finance promises unexplored potential in that context.”……………………………….Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Arabnews.com: The Islamic Corporation for the Development of the Private Sector (ICD) has decided to launch a Shariah-compliant investment company in Tatarstan. The decision was made at the 16th World Islamic Banking Conference 2009 that was held in Bahrain recently.
ICD is the private sector arm of the Jeddah-based Islamic Development Bank (IDB). The Bahrain conference was co-chaired by Khaled Al-Aboodi, CEO and general manager of ICD, and Rustam Minnikhanov, prime minister of the Republic of Tatrastan……………………………….Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Theedgemalaysia.com: The National Higher Education Fund (PTPTN) plans to convert its conventional education loan scheme for all current 1.45 million student borrowers to the new syariah-compliant education financing programme by December next year.
Pursuant to the conversion, the 4% interest rate for loan repayment under conventional banking scheme will be replaced with a 1% administrative charge under the new scheme based on the Islamic principle of Ujrah………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Tradearabia.com: Financial services information company Thomson Reuters plans to launch a new portal early next year that could transform the Islamic financial industry.
Detail of the Islamic Financial Gateway were unveiled at the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)-World Bank annual conference on Islamic banking and finance which closed at the Crowne Plaza last night………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From 7days.ae: Dubai Electricity and Water Authority (DEWA) has moved to assure the market that it will be able to pay its upcoming $3.2 billion installment in full.
The statement from the Dubai utilities provider comes alongside others from comp-anies listed on the Nasdaq Dubai in responses to the bourse’s recent request for reassurance in the wake of the Dubai World debt issue………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Thepeninsulaqatar.com: Dubai firms told bondholders they were safe a day after a bailout allowed troubled developer Nakheel to repay its bond, but investors still fretted over the future of the United Arab Emirates as an investment destination.
Repayment of a $4.1bn bond issued by Dubai developer Nakheel is set to complete after being sent to the principal paying agent………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Menafn.com: Standard & Poor’s Ratings Services said today that it assigned its ‘AA+’ issue-level rating on the $500 million sukuk (trust certificates) issued by GE Capital Sukuk Ltd., a limited liability exempted company incorporated under the laws of Bermuda.
The rating is based on the final sukuk documentation dated Nov. 27, 2009. The sukuk assets consist primarily of ownership interests in aircraft assets and rights under the lease agreements entered into regarding these assets………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Business24-7.ae: Project finance in the region is expected to continue to grow especially with the growth of bond market along with other alternative financing tools.
The recent restructuring talks are also not expected to adversely impact the sector due to the unique way of structuring project finance. “Project finance looks clearly at the individual structure on who are the parties and the players,” Frank Beckers, Managing Director, Head of Project and Capital Advisory, Deutsche Bank,said……………………………….Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Dubaichronicle.com: Further consolidating its status as the UAE’s leading Sharia-compliant financial institution, Dubai Islamic Bank (DIB) announced today that it has been named “Best Bank” at this year’s Islamic Business & Finance Awards.
This is the third time that the world’s first Islamic bank has received this prestigious accolade…………………………………Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Albawaba.com: Abu Dhabi Islamic Bank (ADIB), one of the region’s leading Islamic banks, announced today that it has arranged over AED200 million Islamic finance facility for International Capital Trading (ICT) to finance one of its real estate projects.
The agreement was signed at ICT head office in Abu Dhabi by Hamad öAbdulla Al Shamsi, Chief Executive Officer of ICT and Nuhad Saliba, General Manager Wholesale & International at ADIB and in the presence of senior executives from both parties………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Fitch Ratings has today maintained the Individual ratings of five Dubai-based banks on Rating Watch Negative (RWN) to allow the agency more time to assess ongoing developments at Dubai World (DW) and their impact on the wider Dubai economy.
Fitch expects to resolve the rating watches over the next two-to-three months, allowing time for more information to arise and for the agency to review all of the rated banks’ audited 2009 financial statements………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Themalaysianinsider.com: The Malaysian unit of Kuwait Finance House has pulled out of a RM920 million deal to buy part of an office tower from a local property developer.
Malaysia’s YNH Property Bhd told the stock exchange late yesterday that Kuwait Finance House Malaysia (KFHM) had informed it that it would not proceed with the purchase.YNH Property also said it may seek legal demages from the Islamic bank………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Mondovisione.com: Dow Jones Indexes, a leading global index provider, today announced that it has been named “Best Index Provider Shari’ah compliant Indexes” by Dubai-based Islamic Business & Finance magazine.
The Islamic Business & Finance awards are designed to inspire and reward excellence in Islamic business and finance globally………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Tradearabia.com: A proposal to name the new GCC common currency Khaleeji has been turned down, it has emerged.
Finance Ministry resources and information assistant under-secretary Ismail Al Marhoon said the name had been suggested ever since the common currency was mooted, but it was felt it was “too general”………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Business24-7.ae: Soaring gas exports will ally with rebounding oil prices and production to catapult Qatar’s economy into double-digit growth in the next two years while its fiscal surplus will sharply widen, a key Saudi bank said yesterday.
The gross domestic product of the world’s third gas power is estimated to have swelled by 9.4 per cent this year despite the adverse impact of the global financial turmoil after leaping by nearly 14.3 per cent in 2008………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Menafn.com: International Islamic (QIIB) briefed students from the Department of Accounting at the Ahmed Bin Mohamed Military College about Islamic banking, accounting and financial systems in the bank during their recent visit to International Islamic (QIIB).
They were received at the International Islamic bank by Jamal Abdullah Al Jamal, Assistant CEO, Mamdouh Ayashi, Assistant General Manager (Information Systems) and Mahmoud Zayat, Finance Manager………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Arabianbusiness.com: Tamkeen has signed a $1.2m contract with Ernst and Young to train 130 Bahraini graduates in Islamic finance and business accounting, the labour fund’s CEO said on Monday.
Bahrain’s emergence as a banking hub in the region has created a growing need for professionals qualified in Islamic financial work, Tamkeen said………………………………..Full Article: Source
Posted on 17 December 2009 by Laxman | Email|Print
From Insurancenewsnet.com: Bahrain-listed Takaful International Co said it has signed an agreement with Hannover Retakaful to increase its family takaful insurance coverage up to US$5 million per individual, aiming to improve its insurance services and portfolio expansions.
Takaful International’s chief executive officer, Younis J. Al Sayed, said in a statement that the agreement would give the company higher capacity, especially in family takaful, which provides protection to individuals including savings schemes, children’s education schemes, personal loan protection and individual income protection………………………………..Full Article: Source
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