Posted on 12 January 2010 by Laxman | Email|Print
From Zawya.com: The Islamic financial system gained additional popularity in 2009, thanks to the relative immunity it enjoyed from the fallout of the financial crisis.
The widely perceived viewpoint that Shariah-compliant financial institutions had passed the global credit crisis nearly unscathed is presenting the Islamic financial industry to many non-Muslim investors in the world as a safe haven from speculative excesses…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Reuters: The Malaysian stock exchange said it attracted $17.6 billion in Islamic bond listings in 2009 as the sukuk market shows signs of recovery.
Bursa Malaysia (BMYS.KL) said on Monday it had topped the world’s exchanges in terms of the value of sukuk listings last year, depsite only making its debut on the market in August…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Busrep.co.za: Absa Islamic Banking is the inaugural recipient of the 2009 Best Islamic Bank in South Africa award, according to the Islamic Finance news, a leading industry publication.
The accolade, determined on a poll basis by the publication’s readers, recognises excellence, achievement and leadership in Islamic banking and finance…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Organiser.org: Islamic scholars argue that payment of interest is a bane on the society. What are the alternatives especially example, for old-aged people who live on the interest from deposits of their lifelong savings, if interest is prohibited? How will banks survive without charging interest on loans extended?
An Islamic banks cannot charge interest, but then what does it do to survive?………………………………….Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Thelawyer.com: EIIB legal chief Mohaimin Chowdhury says Islamic finance will emerge from the downturn in rude health. In a paradox that sums up so much about the country, Dubai recently unveiled the world’s tallest building in the midst of a crisis in the property market.
It opens at a time when Islamic finance is facing its biggest test to date, with pressure being felt by Islamic banks as their structures face intense scrutiny in the West…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Zawya.com: Whether it is at the Islamic Finance Summit held at the Cercle de l’Union Interalliée in Paris, France, or a lively open fatwa session at the Islamic Retail Banking Conference (IRBC) 2009 held in Dubai or the 1st Euro-Arab Real Estate Conference held in Barcelona, Spain, all held over the last two or three months, it is certain that a “new kid on the block” will be a key participant.
The International Shariah Research Academy for Islamic Finance (ISRA) — the Shariah research entity of Bank Negara Malaysia, the central bank, armed with a trust of 200 million ringgits and led by Shariah scholar and executive director Mohammed Akram Laldin — is fast making its mark in an industry segment not known for its convergence or purpose of unity. ISRA, under its mandate, is dedicated to promoting applied research in the area of Shariah and Islamic finance…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Menafn.com: The opening of the new Salman Industrial City (SIC) will help Bahrain attract huge investments from the $1 trillion GCC (Gulf Cooperation Council) market, the Economic Development Board (EDB), the official economic development agency of Bahrain, said in a statement.
Chief Executive of the EDB Sheikh Mohammed Bin Isa Al-Khalifa said the industrial sector played a major role in the Bahrain economy, contributing approximately 16 percent of gross domestic product (GDP) and the new initiative offered a number of opportunities for international companies seeking to establish a position in the combined trillion dollar Gulf market…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Menafn.com: Bank of Kuwait and Middle East (BKME) has achieved a growth of 13 percent in the last three years, and is now undergoing a change to become fully Sharia-compliant.
The bank’s chairman Hamad Al Marzouq was speaking at the bank’s 43rd general assembly meeting Sunday. The bank will formally go Islamic starting from the second quarter of 2010, he noted, and added that to mark the change towards Sharia compliance BKME will be renamed as Al Ahli Al Muttahad…………………………………..Full Article: Source
Posted on 12 January 2010 by Laxman | Email|Print
From Cpifinancial.net: Bad loans and corporate defaults continued to hurt the biggest banks in Saudi Arabia as three of the country’s top finance houses revealed bleak earnings for the final quarter of 2009.
Samba, the country’s second largest bank, said its fourth-quarter net profit last year rose by just 1.1 per cent to SAR 835 million ($222.7 million) from the same period a year earlier on the back of growth in its core banking activities…………………………………..Full Article: Source
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