Posted on 15 January 2010 by Laxman | Email|Print
From Bernama: CIMB-Principal Asset Management Bhd on Thursday launched it’s CIMB Islamic Global Commodities Equity Fund, with a fund size of 600 million units, to tap into the tremendous growth opportunities in the commodities sector.
“Potentially, we are looking at a growth rate of between 10 and 15 per cent per annum for the fund over the next three to five years………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Thefinancialexpress-bd.com: Each country has its peculiar problems that challenge aspiring entrepreneurs. But certain problems could be common in all societies. The common problems that hinder entry into business, include lack of financial resources, government regulations, and social attitudes that discourage risk-taking. .
But mobilisation of capital for starting a business is widely recognised as a major obstacle of for new entrepreneurs everywhere. It is not confined to a particular culture or landscape, although it could be more acute in developing countries………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Eversheds.com: Amjad Hussain, head of Banking and Islamic Finance for the Middle East at international law firm Eversheds outlines the key issues facing the Islamic banking industry in 2010.
“2009 was in many ways a very difficult year for the banking and Islamic finance industry in the Gulf region: we saw the full effects of the credit crunch move eastwards to overshadow the Gulf economies; the confidence of Gulf investors was severely dented by their own exposures in Western economies and we witnessed a number of regional high profile entities face difficulties………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Aawsat.com: Islam honors women, enhancing their standing [in society] and granting them their full unabridged rights, and in the process solidifying this view in the hearts of Muslim believers. This can be seen in the fact that one of the surras [chapters] of the Holy Quran is named “al Nissa” [the woman]. Al-Nissa is the fourth surra in the Quran, and one of the seven longest surras in the Quran.
There are also a number of Sunnah which relates situations that honor women and their rights………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Business24-7.ae: Islamic insurance (takaful) is estimated to grow to $3.519 billion (Dh12.91) by the end of 2010 in the Gulf and the industry would grow at a faster pace than conventional insurance, while the compound annual growth rate (CAGR) is expected to be 16.1 per cent during 2009-2012 period, said a research report.
Tommy Trask, Executive Director and Head of Industry Research Services, Alpen Capital, said: “Favourable demographics, growth in organised savings, Islamic finance, regulation and increasing affluence would be key contributors to the growth in GCC’s takaful industry………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Bi-me.com: Noor Takaful recently celebrated the first anniversary of its launch at a glittering function held at the Grand Hyatt Hotel, Dubai.
The company also celebrated being named ‘Best Takaful Operator 2009’, at the 4th Islamic and Finance Awards, in December………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Standard & Poor’s Ratings Services lowered its long-term counterparty credit rating on Bahrain-based Gulf Finance House G.S.C. (GFH) to ‘B+’ from ‘BB+’ and affirmed its ‘B’ short-term rating. In addition, S&P has placed both the long- and short-term ratings on CreditWatch with negative implications.
“The rating action reflects our more negative assessment of the bank’s funding and liquidity position as well as its ability to implement its revised business model to boost revenues,” said Standard & Poor’s credit analyst Goeksenin Karagoez………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Tradearabia.com: Bank Dhofar’s fourth-quarter net profit rose more than four-fold, but fell short of analysts’ expectations, according to a statement on the Muscat bourse’s website on Thursday.
Fourth-quarter net profit at Oman’s second-biggest bank by market value jumped to 6.56 million Oman rials ($17.04 million) from 1.51 million rials in the year-ago period. The fourth-quarter figure is based on Reuters calculations, as the statement did not provide a quarterly breakdown………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Maktoob.com: New provisions all but wiped out earnings at SABB bank on Wednesday, dragging net profit to its lowest quarterly level in more than a decade.
In a reminder of the pain inflicted on Saudi lenders by the global financial crisis, HSBC’s Saudi affiliate reported a 96-percent fall in fourth quarter profit………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Saudigazette.com.sa: A top official for the world’s biggest sovereign wealth fund said Monday the bulk of its holdings are still in the US and Europe, and that the Abu Dhabi fund sees “significant, long-term investment potential” in both regions despite the global downturn.
The Abu Dhabi Investment Authority’s managing director said “many substantial risks” remain as the global economy struggles to recover, however. Among the threats he cited are policies that could restrict cross-border investments by big overseas investors such as ADIA………………………………….Full Article: Source
Posted on 15 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: Kuwait is expected to spend KD12-15bn ($42-52bn) within the 2010-11 budget, the Gulf country’s finance minister was quoted as saying on Thursday.
“The state budget and what it includes from projects within the development plan for the year 2010 is between 12 and 15 billion dinars,” Mustapha Al Shamali was quoted as saying by Kuwaiti daily Al Seyassah………………………………….Full Article: Source
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