Posted on 19 January 2010 by Laxman | Email|Print
From KUNA: The French Institute for Islamic Finance (FIIF) announced here Monday that the team responsible for Islamic Finance affairs in France will submit a study on Islamic contracts next February.
Head of FIIF Mohammad Nouri told KUNA that the team, formed by the advisor of Minister of Economic Affairs, Industry, and Employment Christine Lagarde, will submit their study on Murabaha (a kind of sale which is compliant with Islamic Sharia), Sokuk (Islamic bounds), and Ijara (Lease-to-Own)…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Menafn.com: The launch last week of Europe’s first dedicated Islamic Finance and business Centre at a mainstream British university, Aston Business School, which is part of Aston University in Birmingham, underlines the growing Islamic finance education industry in and out of the UK.
The El Shaarani Islamic Finance and Business Centre, named after its benefactor El Shaarani, CEO of Surgi-Tech Group in Dubai, aims to establish Birmingham as the center for Islamic finance in the UK…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Themalaysianinsider.com: The government is likely to approve an Islamic banking licence for the National Bank of Abu Dhabi. The move comes before the administration unveils its new economic model in which the services sector, and in particular Islamic finance, is given more emphasis.
The likelihood of Bank Negara Malaysia giving the banking licence to the National Bank of Abu Dhabi was mentioned during a meeting between Prime Minister Datuk Seri Najib Razak and Khaldoun al-Mubarak, the chairman of the Abu Dhabi’s Executive Affairs Authority and the managing director of Mubadala, an investment group that has varied interests in Malaysia…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Zawya.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 19 January 2010 by Laxman | Email|Print
From Dailytimes.com.pk: Meezan Bank, Pakistan’s first and largest Islamic Bank conducted a series of seminars on Islamic Banking at 20 locations in various cities across Pakistan.
These seminars are in line with its vision of making Islamic banking the banking of first choice and the main objective is to increase the awareness amongst the general public about the importance and benefits of Islamic banking…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Dailytimes.com.pk: BankIslami Pakistan Limited has decided to acquire Emirates Global Islamic Bank Limited Pakistan.
“Board of directors of the bank have decided to enter into a memorandum of understanding with Emirates Global Islamic Bank Limited Pakistan in this regard,” BankIslami Pakistan announced at the Karachi Stock Exchange (KSE) on Monday…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Gulfnews.com: The Islamic banking system has managed to “weather” the global international financial crisis due to its well-regulated foundation, Malaysian Prime Minister Mohammad Najeeb Bin Abdul Razzaq said.
The prime minister of the biggest Islamic finance centre in the world also revealed that Kuala Lumpur plans to establish an “iconic” centre to house all its Islamic financial institutions…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: Qatar Islamic Bank, the Gulf state’s second largest lender by market value, saw fourth-quarter net profit drop 23 percent on Monday, falling shy of analysts expectations.
Net profit in the quarter was QR300m ($82.42m), compared to QR390m in the prior-year period, according to Reuters calculations…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Finanznachrichten.de: National Bank of Kuwait (NBK) , the country’s biggest lender, said it planned to raise its capital by 10 percent through a rights issue by the end of the year to fund expansion.
The OPEC member’s oldest bank, which has 69 branches in Kuwait, said in 2009 it would scale back its foreign expansion. Instead, it focused on boosting its sharia-compliant business by raising its stake in Kuwaiti Islamic lender Boubyan Bank………………………………..Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Brudirect.com: Uob Asset Management (B) Sdn Bhd is bullish about Brunei’s Islamic finance market as it revealed plans to set up a syariah fund from the Sultanate.
Karnal Hj Muhammad, general manager of the asset management firm, said UOB Asset Management (B) Sdn Bhd has “medium to long-term, plans of creating syariah funds which originate from Brunei” and to be marketed overseas through the firm’s vast distribution network…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Gulf-times.com: The Qatar Faculty of Islamic Studies (QFIS), a member of Qatar Foundation, has celebrated the graduation of its sixth group from the Executive Training department after completing a workshop entitled ‘Fundamentals of Islamic Finance and its Monetary Complex Products’.
Participants at the workshop, prepared and presented by the Islamic finance professor Monzer Kahf, were Qatar Central Bank (QCB) employees. It was the second such QFIS week-long event for the bank employees that started on January 3…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Zawya.com: As a first of its kind in the region and in a major step aimed at adding value to its customers, National Bonds Corporation (NBC ) has announced a new initiative - National Bonds Individual Takaful Cover.
The Takaful coverage will be provided to all existing and new customers under a joint venture with leading Takaful operator, Dubai Islamic Insurance & Reinsurance Company (Aman) based on a Sharia-compliant takaful platform…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Albawaba.com: Legal & General Gulf Takaful B.S.C (c), a wholly owned subsidiary of Legal & General Gulf B.S.C (c), a joint venture between UK-based Legal & General Group Plc and Ahli United Bank Group (AUB), announced the launch of its retail business in Bahrain.
Legal & General Gulf Takaful will offer various life Takaful products through Ahli United Bank branches in Bahrain and ultimately the broader GCC region…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: Tawuniya, Saudi Arabia’s leading insurer, posted a 193 percent rise in fourth quarter net profit, but missed its own forecast after floods that the city of Jeddah in December.
Tawuniya made $27.1 million in the three months to end December, up from $9.22 million a year earlier, it said in a statement on the bourse website…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Zawya Dow Jones: Dubai’s $10 billion bailout from oil-rich Abu Dhabi, which helped it narrowly avoid a default in December, is half the size that the government initially said raising concerns amongst analysts over the opacity of its economic figures.
The funding, initially described as coming directly from the Government of Abu Dhabi, included $5 billion previously pumped into the debt-laden emirate a month earlier by Al Hilal Bank and National Bank of Abu Dhabi (NBAD.AD), a spokeswoman for Dubai government said…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From KUNA: A Malaysian company will launch Tuesday the Public Islamic Asia Leaders Equity Fund (PIALEF) which focuses on mid to large caps Shariah compliant companies, trading in both domestic and regional markets.
Public Mutual company said, Monday, that the fund allows investors to capitalize on the growth potential of mid to large caps Shariah compliant companies…………………………………Full Article: Source
Posted on 19 January 2010 by Laxman | Email|Print
From Bernama: Malaysian Rating Corporation Bhd (MARC) has affirmed the “AAIS” rating on special purpose vehicle Diversified Venue Sdn Bhd’s RM200 million Sukuk Al-Ijarah Master Programme.
It also maintains the rating outlook at stable…………………………………Full Article: Source
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