Posted on 20 January 2010 by Laxman | Email|Print
Thomson Reuters announced the launch of a risk management system specifically tailored for Islamic banking.
Kondor+ Suite for Islamic Banking is a real time trade and risk management solution, which will provide full front-to-back and cross-asset coverage for Islamic banks as well as Islamic windows in conventional banks…………………………………Full Press Release: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Thenational.ae: The market for sukuk, Islamic bonds, experienced phenomenal growth during its first years in existence. At its inception in 2001 the market was worth less than $500 million (Dh1.83 billion) yet by 2007 the value of sukuk issued around the world was greater than $60bn.
Despite this, in 2008, the number of sukuk issued globally declined for the first time. Market commentators attribute this to a number of factors, including the global financial turbulence and resulting market conditions…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Btimes.com.my: Indonesia sold less sukuk than targeted yesterday as investors, mindful of the still shallow secondary market, wanted to buy the Islamic bonds below the government’s target prices.
The Finance Ministry sold 950 billion rupiah (100 rupiah = RM0.03) worth of sukuk via a tender, compared with the targeted 1 trillion rupiah, it said in a statement without elaborating on why it was less…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Thejakartaglobe.com: Indonesia raised Rp 950 billion ($102.6 million) from sales of sukuk, or Islamic bonds, on Tuesday, the Finance Ministry said. That was less than the Rp 1 trillion the government originally sought.
The government sold Rp 55 billion of the notes, known as sukuk, due September 2015 to yield 8.69 percent, Rp 105 billion due in January 2017 to yield 9.19 percent and Rp 790 billion due in January 2025 at a yield of 10.51 percent…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Kippreport.com: Dubai-based property developer Nakheel has made a $10.3 million coupon payment (annual interest on a bond) on a $750 million bond maturing in 2011.
Nakheel was saved from defaulting on a $4.1 billion Islamic bond on December 14, after Abu Dhabi lent Dubai $10 billion the same day…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Thelocal.de: Germany’s first Muslim bank is opening in Mannheim, with plans to set up ten branches across the country offering banking services according to the ethical rules of the Koran.
The Kuveyt Türk Beteiligungsbank, based in Istanbul and Kuwait, is renovating its offices in the south-western city ahead of a planned opening in March, when the plan is to offer day-to-day banking services to the large Muslim community in the region…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Thejakartapost.com: It was with good reason that the Indonesian Ulema Council and the government established PT Bank Muamalat Indonesia on Nov. 1, 1991. Such a move was welcomed by the public, which invested Rp 84 billion in shares when the bank was established.
The people of West Java also showed their support by injecting Rp 106 billion into the bank. Although its business was not too bright in its early days, the bank recorded a profit of Rp 372.5 billion in the second quarter of 2009. The achievement of Bank Muamalat is proof of the great potential of sharia banking in Indonesia. Sharia banking is based on Islamic law…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Theedgemalaysia.com: HSBC Amanah Malaysia Bhd today launched HSBC Amanah Premier, a cross-border Islamic banking service that provides the world’s first globally linked-up Islamic banking service.
HSBC Amanah Malaysia said the service was aimed at internationally mobile and affluent consumers in Malaysia, who would have access to syariah-compliant banking and wealth management products…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Gulf-times.com: International Bank of Qatar’s Islamic banking arm has launched the ‘Al Yusr ijara mortgage solutions’, which is available to all nationals seeking to buy property throughout Qatar.
Developed under the ijara ‘Muntahia Bittamleek’ structure, the home finance scheme comes with several features including competitive profit rates, simple and easy approval process, and a high level of personalised service from the bank’s specialised team of professionals…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Cpifinancial.net: Qatar Islamic Bank, the Gulf state’s second largest lender by market value, saw fourth-quarter net profit drop 23 per cent yesterday, falling shy of analysts expectations.
Net profit in the quarter was QAR 300 million ($82.42 million), compared to QAR 390 million ($107 million) in the prior-year period, according to Reuters calculations…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: Commercial Bank of Qatar reported a 33 percent rise in fourth quarter net profit, despite taking a QR170m hit related to a corporate default, which the lender intends to recover.
Qatar’s third-largest bank by market value posted a net profit of QR186m in the fourth quarter from QR140m in the same period in 2008…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Thestar.com.my: The unidentified buyer of Dubai Group LLC’s 30.5% stake in Bank Islam Malaysia Bhd, a unit of BIMB Holdings Bhd, is likely a foreigner as the bank needs a shareholder that can enhance the value of its businesses.
Dubai Group LLC is the financial arm of Dubai Holding, an investment company of the emirate of Dubai. According to a press report, the unidentified buyer was completing due diligence on the unlisted bank in which BIMB holds a 51% stake…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Gulfnews.com: Leading professionals from the government and financial services industry on Tuesday hailed the successful conclusion of the merger between Emirates Bank and National Bank of Dubai.
These leaders expressed their views about Emirates NBD, the Middle East’s largest bank by asset size as the new entity began the UAE-wide brand integration of all 110 bank branches and 650 ATMs, the largest network in the country…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Cpifinancial.net: Egypt’s EFG-Hermes has sold its stake in Lebanon’s Bank Audi for $913.4 million, as the 28 per cent investment was tying up too much of its funds and afforded no prospect of control.
Audi Saradar Group announced that a group of its existing shareholders, as well as a number of other high net worth individuals and entities investing directly or through investment vehicles, purchased the 7,554,148 common shares and 2,483,034 GDRs of Bank Audi, previously owned by EFG-Hermes and its subsidiaries at a price of $91 per share and GDR, for a total purchase price of US $914…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Intoday.in: The Centre government has offered a helping hand to Kerala state in revoking a stay order by the state high court against setting up of an Islamic bank.
Noting that the court order could hamper investment opportunities in the country, Union minority affairs minister Salman Khurshid said the Centre would coordinate with the state government in dealing with the issue legally…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 550%.
Subscriptions worth BD55m were received for the BD10m issue, which carries a maturity of 182 days…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Ameinfo.com: Sharjah Islamic Bank (SIB) has signed an agreement with Noor Takaful according to which the Bank will offer Noor Takaful Motor Takaful Insurance to all SIB customers through its network of 23 branches.
This strategic partnership will enable SIB customers to access Noor Takaful’s motor insurance plans for their currently owned or newly purchased sedans and 4×4s at preferential rates and with minimum documentation…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Zawya.com: Al Rajhi Capital recently announced the opening of its new Ladies Wealth Management Division in Riyadh. This was announced at a seminar organised by Al Rajhi Capital . The event was attended by a variety of affluent clients.
The establishment of this unit aims to meet the growing demand for financial services by Saudi Arabian ladies, and to expand the company’s offerings. The Unit also keeps up to date with developments of the Saudi Arabian financial sector…………………………………Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Khaleejtimes.com: Borse Dubai Limited said that it would exercise an option to extend for one year a $2.5 billion syndicated loan, which is due for repayment next month. The facility has a conventional and Islamic tranche, and pays 325 basis points a year over the London interbank offered rate.
Borse Dubai, the holding company of Nasdaq Dubai and the Dubai Financial Market, said in an emailed statement that it had informed the participating banks of its “decision to exercise the one-year extension options of the multi-currency syndicated facility.”………………………………..Full Article: Source
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Posted on 20 January 2010 by Laxman | Email|Print
From Birminghampost.net: Birmingham’s hopes to position itself as a centre for Islamic finance have moved up a notch after Aston Business School launched a ground-breaking Islamic Finance and Business Centre – the first of its kind in Europe.
The centre has been developed as a result of a £1.5 million grant from Dubai-based business Surgi-Tech, the largest gift on record for the university…………………………………Full Article: Source
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