Posted on 22 December 2009 by Laxman | Email|Print
From Gulfnews.com: Sukuk issuance in the UAE crossed $26.8 billion (Dh98.3 billion) from 34 issuances between 2000 and 2008, making the country a market leader in the Gulf’s Islamic bond market.
The Dubai International Financial Centre (DIFC), home to the largest exchange for sukuk by listed value, worth more than $16 billion, on Monday launched DIFC Sukuk Guide — a comprehensive introduction to various sukuk structures, as well as legal and regulatory information on issuing sukuk from the DIFC and listing sukuk on Nasdaq Dubai………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Business24-7.ae: Several companies, especially from the Middle East, are in talks with investment banks for issuance of Islamic bonds (sukuk) in the near future with value estimated at $50 billion (Dh183.65bn), said a report.
Sukuk issuances that saw a massive decline in 2008 have begun to pick up and the recently issued sukuks in the region were heavily oversubscribed………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Gulf-times.com: The near-default of Dubai developer Nakheel’s Islamic bond will trigger calls for better bankruptcy rules in the Gulf as investors wake up to legal and financial risks now that the boom years are over.
Sukuk are fixed income products that behave like conventional bonds but don’t pay interest—which is banned by Shariah law—and roughly offer the same protection as an ordinary unsecured corporate bond in case of a default………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Tempointeractive.com: The government will issue the second batch of new retail islamic bond next year expected to raise Rp3 trillion on January 10th, at the signings of the cooperation for the bond issue with 18 underwriters at the Finance Department on Monday (21/12).
Director General of Debt Management with the ministry Rachmat Waluyanto said the ministry set the price per bond at Rp1 million with a minimum purchase of Rp5 million, and due to mature in three years. But it is yet to set coupon rates on January 21st………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Thejakartaglobe.com: Indonesia plans to sell Rp 3 trillion ($315 million) of Islamic bonds to retail investors in January and February, said Rahmat Waluyanto, director general of the Ministry of Finance’s debt management office. The notes will be on offer from Jan. 25 to Feb. 5 and will mature on Feb. 10, 2013, Waluyanto said.
Southeast Asia’s largest economy is selling bonds next year to help finance the 2010 budget deficit that the government forecasts will reach Rp 98 trillion, equivalent to 1.6 percent of gross domestic product………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
The Dubai International Financial Centre Authority today announced the release of the “DIFC Sukuk Guide” - a comprehensive introduction to various sukuk structures, as well as legal and regulatory information on issuing sukuk from the DIFC and listing sukuk on NASDAQ Dubai.
The guide reflects the leading role that DIFC plays in global Islamic finance. Not only is it home to the largest exchange for sukuk by listed value, worth more than $16bn, it provides an operating, listing and incorporating environment that is world class, and ideally suited to structured Islamic, and non-Islamic, products………………………………….Full Press Release: Source
Posted on 22 December 2009 by Laxman | Email|Print
Zawya, the leading online business and investment opportunity platform focusing on the Middle East, and Ipreo, premier global provider of deal execution software and capital markets analytics, are partnering to offer a complete solution for buyside and sellside professionals within the Sukuk and IPO markets.
The combined offering will be a single integrated platform to provide the most powerful, accurate and timely intelligence in the market, enabling buyside professionals to make real-time decisions whilst giving sellside professionals the most advanced tools to originate, market and distribute Sukuks and IPOs to the investment community………………………………….Full Press Release: Source
Posted on 22 December 2009 by Laxman | Email|Print
International Turnkey Systems Group (ITS), a leading ICT (Information Communication Technology) provider, announced today that it has been named the ‘Best Technology Provider’ of the year at the Islamic Business and Finance Award ceremony. The Award is a testament to ITS continued pioneering position in the Islamic Banking technology solutions field of business.
The Islamic Business & Finance Awards have been designed to recognize and reward excellence throughout the global Islamic Finance community. They honor Islamic Financial institutions from around the world and emphasize on the importance and growth of Islamic finance………………………………….Full Press Release: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Business24-7.ae: UAE banks are expected to keep a low profile in lending operations in 2010 despite an expected improvement in domestic demand triggered by a recovery in oil prices and the local economy, a key Saudi bank said yesterday.
Lending by the country’s 24 national banks and 28 foreign units sharply slowed down in the first half of 2009 and is projected to grow by only around five per cent through the year and in 2010 against 38 per cent in 2008, the Saudi American Bank Group (Samba) said in its December economic bulletin………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
FromTthepeninsulaqatar.com: Doha Islamic has been adjudged as the Best Domestic Islamic bank in the Middle East - 2009. The accolade was conferred by the prestigious Banker Middle East Awards 2009 for excellence in a glittering ceremony held at Emirates Tower Hotel, Dubai.
The award conferred on Doha Islamic is in recognition of the trust and confidence by the local financial services community and an acknowledgement of Doha Islamic’s customer centric approach and progressive outlook committed in providing one-stop-financial service experience to its ever expanding customer base………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Moody’s Investors Service has today taken a number of rating actions on the four Lebanese rated banks: Bank Audi, BLOM Bank, Byblos Bank and Bank of Beirut:
Moody’s has downgraded to Ba3 from Ba2 the long-term global local currency (GLC) deposit ratings of Bank Audi, BLOM Bank and Byblos Bank. In addition, the outlook on foreign currency deposit ratings of Bank Audi, BLOM Bank, Byblos Bank and Bank of Beirut has been changed to positive from stable………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Poten.com: IBA, part of DBS Group, said Eric Ang, DBS’ Head of Capital Markets and an IBA director, will provide oversight of the Islamic bank’s business until a successor is named. He will be assisted by the bank’s Managing Director for Corporate Banking and Capital Markets, Tan Jeh Wuan.
IBA was set up in 2007 by DBS, which holds 50 per cent plus one share, and a group of Middle Eastern investors to provide Islamic banking services to customers in Asia and the Middle East………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Arabnews.com: The Ithmaar Bank board of directors, during a meeting held at the bank’s headquarters in Bahrain, elected Prince Amr Mohammed Al-Faisal as chairman of the board and Khalid Abdulla-Janahi as executive vice chairman in line with the bank’s commitment to the international corporate governance best practice.
The board of directors also established a group executive management committee to be chaired by the executive vice chairman………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Bernama: HSBC Bank Malaysia Bhd has appointed Mukhtar Hussain as its new deputy chairman and chief executive officer (CEO) from Dec 15, 2009.
Mukhtar first joined the HSBC group in 1982 as a graduate trainee, the bank said in a statement on Monday………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Bloomberg: Maybank Investment Bank Bhd. and Mizuho Securities Co. signed a preliminary agreement to form a “strategic alliance” and work together to further develop markets in Malaysia, Japan and other regions.
The two companies plan to cooperate on primary and secondary markets, mergers and acquisition advisory and Islamic markets, they said in a joint statement today………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Globalarabnetwork.com: Standard & Poor’s Ratings Services said today that it has revised its Banking Industry Country Risk Assessment (BICRA) of the State of Kuwait (AA-/Stable/A-1+) to Group 5 from Group 4.
At the same time, Standard & Poor’s confirmed its 15%-30% estimate of the potential level of gross problematic assets (GPAs) expressed as a percentage of domestic private-sector credit over the full course of an economic recession in Kuwait………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Tradearabia.com: Dubai World, faced with a $22 billion debt restructuring, told creditors it had $40 billion in total debts and will pitch a standstill proposal in mid-January, a banking source said on Monday.
Dubai’s flagship conglomerate outlined its financial position to creditors, as it seeks to restructure debt linked to itself and main property units, Nakheel and Limitless World………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Indiatimes.com: Dubai World disappointed creditors on Monday by making little progress on securing standstill on $22 billion of debt, as a key creditor meeting turned out to be a tame affair with less than half the expected attendees showing up.
Dubai World said the meeting was an overview and that creditors need to form a panel for talks to proceed, but gave few details………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Insurancejournal.com: A.M. Best Co. issued a bulletin that said it believes that the new “Exposure Draft (ED) Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings,” published by the Islamic Financial Services Board (IFSB), “provides a good basis for evaluating the capital of Takaful insurers, and therefore will provide sound guidance to regulators of such companies.”
The guidance that solvency requirements should be set for both the Takaful Fund and the Shareholders’ Fund is “particularly important given the quasi mutual status of these companies and the segregation of funds,” Best continued………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Tradearabia.com: Top Opec exporter Saudi Arabia expects to post a fiscal deficit of SR70 billion ($18.67 billion) in 2010, its second straight deficit, as it increases spending, the finance ministry said on Monday.
The kingdom, a member of the Group of 20 leading economies, forecasts expenditures of SR540 billion for 2010, including SR260 billion for investment projects………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Business24-7.ae: Gulf states are likely to keep their large spending packages in place next year, even as major economies withdraw stimulus, as higher oil prices give the world’s top oil exporting region enough room to support a fragile recovery.
The global financial crisis slashed income for top Arab economies making them drain reserves as they embarked on massive spending plans to help emerge from this year’s downturn………………………………….Full Article: Source
Posted on 22 December 2009 by Laxman | Email|Print
From Thehindubusinessline.com: In true democratic fashion, the Swiss went to polls and cast their vote in a referendum on an important issue for them: whether new mosques to be built in Switzerland should have minarets.
And in an overwhelmingly clear decision, the answer was ‘no’ with 57.5 per cent of the electorate voting in favour of a ban and 42.5 per cent against. This vote, and the fact that 22 out of 26 cantons (or states) supported the initiative, makes it a go for a constitutional amendment………………………………….Full Article: Source
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