Posted on 18 January 2010 by Laxman | Email|Print
From Sabanews.net: A strictly secular European heavyweight, France is seeking to adopt the Islamic financial system just as a prelude to becoming a European center for Islamic economy.
Although no tangible moves have been made in this respect, the French government is determined to enact laws giving Islamic finance access to France. This has been already confirmed by several senior French officials…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Btimes.com.my: Islamic banking and financing have become a more important force globally, reaching a point where countries and financial institutions that have never looked at it before are now seriously exploring the benefits and potentials.
According to research by the International Monetary Fund, global syariah-compliant asset is worth more than US$800 million (RM2.7 billion) and is expected to reach US$1 trillion (RM3.34 trillion) in one to two years…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Pakistantimes.net: State Bank of Pakistan has decided to gradually adopt Shariah standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The standards will cater to the need of local environment and that of Islamic banking industry in the country, said an SBP circular here on Saturday.
The decision to adopt AAOIFI Shariah Standards has been taken to harmonize and standardize the Shariah practices and procedures of Islamic banking institutions (IBIs) in the country as per internationally recognized standards…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Arabnews.com: Bank Negara Malaysia (BNM), the central bank, is pressing ahead with developing a series of Shariah parameters that would provide a standard guidance on applying the respective Shariah contracts in Islamic finance.
In fact, BNM in December 2009 published its latest draft concept paper — a Shariah Parameter Reference 3 (SPRC 3) — on the Mudarabah contract…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Ameinfo.com: Bahrain-based Sakana Holistic Housing Solutions, the innovative Islamic mortgage finance provider, and BMI Bank (BMI), an associate of BankMuscat, the largest financial services provider in Oman, recently signed commodity Murabaha Islamic financing facility whereby BMI Bank provided BD3m funding for one year to Sakana towards working capital requirements.
This agreement is in continuation of the successful relationship which both organizations have established over the last two years with Islamic financing facilities amounting to BD8.2m extended by BMI to Sakana which were repaid on due date…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Financialexpress.com: It was meant to be a unique experiment. As India decided to dabble with its first Islamic bank, to be registered as a non-banking finance company (NBFC), backed by the Kerala State Industrial Development Corporation, “faith” was finally moving the mountain.
In the pipeline were also the much sought Islamic bonds, “sukuks”. Kerala’s finance minister, Thomas Isaac, had acknowledged, “We need long-gestation funds to build airports, high-speed trains and expressways. Islamic finance promises unexplored potential in that context.”………………………………….Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Indiatimes.com: Earnings at National Commercial Bank (NCB), the largest Saudi bank by assets, almost doubled last year despite a slowdown in lending, but its fourth quarter profit looked to have fallen to the lowest in a year.
State-owned NCB, which is slated for privatisation, made a net profit of 4.04 billion riyals ($1.08 billion) in 2009, up from 2.03 billion riyals in 2008, it said in a statement…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Malaysianmirror.com: Syria is offering foreign investors a majority stake in its private banks as the country pushes ahead with efforts to boost economic reforms and move away from its socialist legacy.
The move also comes as Syria steadily sheds its image as a radical in the political arena, with ties warming up with former foes such as the United States, France and Saudi Arabia…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Arabnews.com: Alinma Bank’s profit fell by 85 percent in the fourth quarter of 2009 as its net income amounted to SR5.6 million ($1.49 million), compared to SR38.6 million ($10.29 million) for the previous quarter, according to a posting on the Saudi stock market (Tadawul) website on Saturday.
The posting, made by Abdulmohsen Al-Fares, CEO of the bank, says operating income for the said period stood at SR138 million, while net income from investing and financing activities stood at SR138 million. Earnings per share for the period amounted to SR0.40…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Cpifinancial.net: Barwa Bank, a major new Qatari financial services provider, today announces the approved acquisition of Qatari based investment shareholding company, The First Investor.
The acquisition by Barwa Bank has received full approval from the Qatar Central Bank and filings with the Ministry of Business and Trade are in progress…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Tradearabia.com: National Bank of Oman’s full-year net profit fell 42.5 per cent to RO26.11 million ($67.82 million) from RO45.38 million in 2008, according to a filing on the Muscat stock exchange on Sunday.
National Bank of Oman, the sultanate’s third-largest lender by market value, posted a six-per cent drop in customers’ deposits and a 2.5-per cent decline in loans for the full year…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Northwestern.edu: In 2003, Devon Bank started its Islamic finance division. A community bank in West Rogers Park, it has since expanded and adapted what it calls its faith-based financing services, becoming a pioneer in Islamic finance in the U.S. The Islamic Finance News recently recognized it as the “Best Islamic Bank” in the U.S. in 2009.
Now the bank offers Islamic banking services in 38 states, with plans to expand to all 50. The bank is also looking into auto and education financing, and Shariah-approved investment products…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Thenational.ae: The US$10 billion (Dh36.73bn) in financial assistance to Dubai announced last month by Abu Dhabi includes $5bn committed in November by two Abu Dhabi-controlled banks, Dubai said yesterday.
Dubai announced in mid-December that Abu Dhabi would lend it $10bn to help prevent cash-strapped companies controlled by the Dubai Government, notably Dubai World, stay afloat after the financial crisis impacted their ability to keep up with debts accumulated during the property boom…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Btimes.com.my: Vastalux Capital Sdn Bhd, a unit of the Malaysian oil and gas services provider Vastalux Energy Bhd, had the credit rating on its RM100 million Islamic bond downgraded to AA- from A+ by Malaysian Rating Corp.
This is to reflect a perceived deterioration in the Vastalux group’s liquidity position, Malaysian Rating said in a report today, adding it is susceptible to cash flow pressures…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Arabfinance.com: NCB Capital, the investment banking arm of National Commercial Bank, Saudi Arabia’s largest bank, believes that the Middle East is now set to become a new global growth engine reflecting an ongoing structural shift in the global balance of economic and financial power.
The GCC will be a key beneficiary of this process with favorable growth prospects underpinned by sound government policy and strong structural drivers…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Ameinfo.com: The World Future Energy Summit 2010 which opens in Abu Dhabi proves that environmental protection is not only about enforcing rules and regulations. Initiative and self-regulation must also be key drivers in a real shift to a green world economy.
The GCC has the chance to transform itself into a sustainability model for all emerging markets…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
Path Solutions, a Kuwait-based provider of Islamic banking software solutions, has been adjudged as the Best Islamic Technology Provider in the 2009 Islamic Finance News Poll conducted by REDmoney. The poll confirms the leadership status for Path Solutions in the information technology systems for Islamic banking.
Commenting on the win, Naji Moukadam, President of Path Solutions said, “We are honored to be named for the second year in a row Best Islamic Technology Provider. This recognition certainly acknowledges our market position and contribution in the field and will help us consolidate our presence further…………………………………..Full Article: Source
Posted on 18 January 2010 by Laxman | Email|Print
From Muslims.net: Many advisers ask clients to invest in emerging markets and US bonds. But, being an Emirati, can I invest directly into those markets and bonds, and how to go about investing in these places and asset classes?
Answer: As an Emirati you are able to invest in any way you choose all over the world, including in the emerging markets of India, China, Brazil, Russia etc. However, being an Emirati means you are also a Muslim, and so your choice of investments will be limited to those that are Sharia-compliant…………………………………..Full Article: Source
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