Posted on 21 December 2009 by Laxman | Email|Print
From Presstv.ir: Iran is to issue Islamic bonds worth 2.5 billion euros during the current year, with the amount of bonds to be issued reaching 5 billion euros next year.
“The government of Iran guarantees the bonds’ interest,” said Iranian Minister of Economics and Finance Affairs, Seyyed Shamseddin Hosseini, in a meeting with deputy head of the Islamic Development Bank (IDB), Abdullah Aziz al-Hanavi…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Farsnews.com: Iranian Economy Minister Seyed Shamseddin Hosseini announced that Tehran intends to issue international Islamic bonds, and called on the Islamic Development Bank (IDB) to aid Tehran with selling the bonds.
In a meeting with Deputy Head of Islamic Development Bank for Financial Affairs Abdullah Aziz al-Hanavi, the Iranian minister said that the country will issue bonds worth of 2.5 billion euro and the IDB can buy these bonds and present them in international markets………………………………..Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Godubai.com: Islamic finance is gaining a strong ground, not only in the Arab world, but globally as it fully caters to a cross-section of both Muslims and non-Muslims, says an executive in the Islamic Insurance Company.
It’s a known fact that Islamic finance sector is also becoming a global alternative to conventional banking, says the Vice Chairman and CEO of Salama Islamic Arab Insurance Company, Dr Saleh J Malaikah…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Arabnews.com: The international community, including many emerging countries, is still deliberating on the necessary financial reforms at both the national and international level to pre-empt the type and scale of the global crisis that the world has been witnessing over the last year or so.
There remain serious differences over a number of issues although on the fundamental issue of promoting financial stability and resilience, there is a broad consensus………………………………..Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Arabnews.com: Nigeria is potentially the largest market for Islamic finance in Africa. It is with South Africa one of the two largest economies on the continent. However, due to political and religious sensitivities, the country is a latecomer to licensing non-interest banks and products.
With a dynamic new governor at the Central Bank of Nigeria, the country’s policy is changing through the recognition that non-interest finance is an alternative form of financial management and is open to anyone interested in ethical and socially-responsible finance irrespective of religion and region…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Thecityherald.com: Did you know that it is possible to take on an interest-free home loan? Do you believe that your investments should follow ethical principles? This is possible through the financial structures that follow the Islamic law.
Thousand of people, Muslim and not, have already turned away from their traditional banks to join the Islamic banking system…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai Islamic Bank (DIB) has announced the launch of the Al Islami Infinite Credit Card, an invitation-only card available exclusively to ultra high net worth clients of the bank.
The hand-crafted card, which is encrusted with a diamond and illustrated with genuine gold calligraphy, offers a wide range of unparalleled privileges, including international concierge services, airport lounge access, travel insurance, purchase protection and much more, said a bank statement…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Menafn.com: Gulf Finance House, or GFH, a leading Middle Eastern Islamic investment bank, announced that its board has appointed Ted Pretty as Group Deputy CEO of the bank.
“As part of our plan to build a broad and highly experienced management team, the board is pleased to announce the appointment of Ted Pretty as Group Deputy CEO, Dr Esam Janahi, chairman of the bank said…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Arabianbusiness.com: Bahrain based Islamic lender Ithmaar said on Sunday that its board has elected a new chairman, amid its restructuring and shortly before a planned rights issue to repair its balance sheet.
Ithmaar said its board has elected Amr Mohammed al Faisal as the new chairman, while previous chairman Khalid Abdulla Janahi will become executive vice chairman…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Albawaba.com: Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, has been named Best Investment House as part of the 2009 Islamic Business and Finance Awards organized by CPI Financial in Dubai. The awards are based on peer recommendations and are designed to recognise and reward excellence throughout the global Islamic finance community.
Commenting on the award, Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of Unicorn, said: “In challenging times like these, recognition by our peers, which is always gratifying, is even more meaningful than ever…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Btimes.com.my: OCBC Al-Amin Bank Bhd has introduced a new home financing package based on the syariah-compliant principle of Musharakah Mutanaqisah, where the lender and customer are partners.
The OCBC Al-Amin Manarat Home-i is designed to suit the standards widely implemented in the local and global Islamic banking market…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Thenational.ae: Roy Maurer, managing-director of Qatar’s QNB Capital, said panic flight from the region had led to an indiscriminate sell-off of quasi-sovereign bonds from oil and gas states with vast wealth and very low levels of debt.
“Those who were spooked by Dubai are giving a nice profit to anybody who knows the region and understands that Qatar, Abu Dhabi, Saudi Arabia, and Kuwait are much stronger credits. Funds are building up positions significantly,” he said…………………………………Full Article: Source
More stories about: Funds
Posted on 21 December 2009 by Laxman | Email|Print
From Khaleejtimes.com: Infrastructure spending is still a major growth driver in the Gulf Co-operation Council countries, with current projects valued at a whopping $2.6 trillion, but alternative funding schemes need to be explored as the global economic crisis is stifling commercial lenders, experts said.
While other parts of the world are re-thinking infrastructure investments due to the downturn, the GCC is continuing its massive infrastructure spending, Dr Nasser Al Saidi, chief economist of the Dubai International Financial Centre Authority, said at a recent conference…………………………………Full Article: Source
More stories about: Funds
Posted on 21 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Total assets of commercial banks in Oman increased modestly by 5.5 per cent to RO 14,264.3 million in October 2009 from RO 13,520 million in October 2008.
The expansion in commercial banks’ assets was driven by 9.8 per cent growth in credit which stood at RO 9,753.1 million as at the end of October 2009 compared to RO 8,879.2 million at the end of October 2008, according to CBO report…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
From Nation.com.pk: The Union of Small and Medium Enterprises has recommended the Islamic mode of financing as the best option for the SMEs during the present period of reduced financing by commercial banks.
Hub Operations Manager Bank Islami Pakistan Ltd (BIPL) Kazi Shafiquddin explained the benefits of Islamic mode of financing to the members of Unisame and emphasised the fact that in the present scenario Islamic mode of financing is the most suitable where the financing is based on partnerships under Mushariqa and Mudaraba and the burden is not felt by the borrowing partner as it is based on the profitability of the venture…………………………………Full Article: Source
Posted on 21 December 2009 by Laxman | Email|Print
The OIC has remained in close contact and worked in unison with the UN to find the needed ways and means to restore peace and security in Somalia which includes my direct personal contacts with the UN Secretary General time to time.
In the same vein, I would specifically pay my high regards to H E Mr. Ahmedou Ould Abdallah, the Special Representative of the UN Secretary General for his commendable role and outstanding performance directed towards bringing some tangible outcome of the efforts of all concerned to restore peace, security and stability in Somalia…………………………………Full Press Release: Source
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