Posted on 30 December 2009 by Laxman | Email|Print
From Arabianbusiness.com: Islamic Development Bank’s long term and short term credit ratings were affirmed by Standard and Poor on Tuesday. The financial services company confirmed that the outlook for the bank is stable.
The report said that the bank’s capital position is extremely strong and its liquidity ample. Its long term credit received an AAA rating, while its short term credit was rated at A1+…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Bloomberg: Malaysia, the world’s biggest market for Islamic bonds, may enable individuals to trade Shariah- compliant debt on its exchange as part of a plan to attract new investors to the securities.
“Bursa Malaysia is looking into the possibility of offering such a facility in response to market demand,” the bourse said in an e-mailed statement to Bloomberg News today. We are “reviewing the feasibility of such a regime with regulators,” it said, without giving a timeline for the project…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Muslims.net: Malaysia plans to conduct 19 bond sales next year to help raise funds for development projects and fin-ance its budget deficit. The government will sell notes maturing in 2013, 2015, 2017, 2019, 2020 and 2030, comprising both conventional and Islamic securities
The central bank, Bank Negara Malaysia, which conducts debt auctions on behalf of the treasury, didn’t provide details on the amount to be raised at each debt sale…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Khaleejtimes.com: Islamic finance has withstood the negative impact of the global financial crisis, proving its resilience, effectiveness and relevance to the global financial industry, said Farhan Al Bastaki, Executive Director for Islamic Finance at the Dubai International Financial Centre Authority.
While the world has been searching for an alternative to the conventional banking system deeply impacted by the global financial crisis, few have realised that a more stable, asset-backed and efficient system already exists, he said at a meeting of Shariah Advisory Panel of the International Islamic Financial Market, or IIFM — a body comprising 47 Islamic finance institutions from across the world…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Zawya.com: Islamic finance is the fastest growing market in ethical finance with an annual average growth of between 10 and 20 percent.
Current global Islamic finance assets stand at $800 billion and are expected to rise to $4 trillion by 2015. The credit crunch has provided Islamic finance with a unique opportunity to assert its values of ethic-based financing, which could help shape the global financial industry as a whole…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Mondaq.com: Australian fund managers wishing to test investor demand for Shariah-compliant products should consider Shariah windows when making investment decisions.
Australia is well placed to service the increasing regional and domestic demand for Shariah funds (also known as Islamic funds). However despite increasing demand, understanding of Shariah funds remains relatively low in the Australian financial services industry…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
Germany’s first Islamic bank, a unit of Kuveyt Turk Bank of Turkey, is to open its doors in early 2010 in the southern city of Mannheim, an executive confirmed Tuesday. Under Islamic banking principles, interest on loans is forbidden and money cannot be lent to enterprises that flout Sharia law. Instead, borrowers must offer collateral and lenders receive a share of business profits.
The unit will open by March at the latest in Mannheim, a factory city with a large ethnic Turkish population, Istanbul-based Kuveyt Turk Bank said. It would seek a full local banking licence for Germany later…………………………………….Full Press Release: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been over subscribed.
Subscriptions worth BD18m were received for the BD6m issue, which carries a maturity of 91 days…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Bernama: CIMB Islamic Bank Bhd’s Tier 2 Junior Sukuk Programme of up to RM2.0 billion in nominal value was admitted to the main market of Bursa Malaysia Tuesday under an exempt regime.
“The listing of our Islamic sub-debt on Bursa Malaysia further strengthens our commitment to the development of the Islamic finance industry, in this case, the Islamic debt capital market,” said CIMB Islamic chief executive officer Badlisyah Abdul Ghani…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Bi-me.com: Saudi Basic Industries Corp., the world’s largest petrochemical maker known as Sabic, plans to raise SAR10 billion (US$2.7 billion) in a private placement of bonds to the government-run Public Investment Fund reported Bloomberg, citing a company statement.
The seven-year notes will help finance the company’s expansion plans, the Riyadh-based petrochemical maker said in a statement on the Saudi bourse Website today…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From WAM: The Dubai International Financial Centre (DIFC) hosted a meeting of the Shari’ah Advisory Panel of the International Islamic Financial Market (IIFM) to obtain guidance from scholars and to explain the benefits of its Tahawwut (Hedging) Master Agreement.
The Agreement provides a framework and mechanism on hedging or risk management transactions that can be undertaken by the Islamic finance industry. It has been developed by the IIFM jointly with the International Swaps and Derivatives Association (ISDA)…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Arabfinance.com: Investor confidence in the Gulf Cooperation Council (GCC) economies took a “significant” drop in December following the Dubai World crisis, but improved post the Nakheel sukuk payment, Shuaa Capital said.
The monthly GCC Investor Confidence Index dropped 32.7 points to 98.1 points in the wake of Dubai World’s announcement on Nov. 25 to request a standstill on its $26 billion debt obligations while it restructured various parts of its businesses, including developer Nakheel, Shuaa said…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Gulf-daily-news.com: Ahli United Bank (AUB) has been named Bank of the Year - Bahrain for 2009 by The Banker magazine. This is the fourth year running AUB has won the award by this affiliate publication of the UK’s Financial Times Group.
The Banker’s 10th Bank of the Year Awards edition acknowledges those banks which proved successful in navigating the stormy waters of this year, one of the most challenging years in decades…………………………………….Full Article: Source
Posted on 30 December 2009 by Laxman | Email|Print
From Ameinfo.com: Path Solutions, a leading provider of information technology solutions to the Islamic financial services industry, has announced that Al Baraka Bank Syria has selected Path’s Islamic banking solution to meet the growing industry demand.
Both Al Baraka Bank Algeria and Al Baraka Bank Sudan are currently using Path Solutions’ iMAL system…………………………………….Full Article: Source
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