Posted on 21 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance, has clarified the industry’s regulations in two new reports.
The Shari’a Standards 2010 publication contains a total of 41 Shari’a standards including stipulations for gharar (uncertainty) in financial transactions, arbitration, waqf (endowment), ijarah (leasing) on Labour, zakah (alms), contingent obligations, credit facilities, online financial transactions, rahn (pledge), investment accounts and profit distribution, and Islamic reinsurance……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Reuters: An influential Middle-Eastern accounting body published on Wednesday new standards aimed at establishing best practice on key aspects of Islamic finance, such as the widely used leasing concept, ijara.
The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) launched 11 standards including guidelines on the risky transactions forbidden under sharia law, on arbitration, and on the concept of ijara, often used to structure Islamic bonds, or sukuk……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Forbes: Nicholas Kaiser isn’t the sort of guy you’d expect to sit atop the world’s largest group of mutual funds run in accordance with Islamic investing principles. Raised in an Anglican household, the 63-year-old Bellingham, Wash. native earned an M.B.A. from the University of Chicago and spent more than a decade running money for an Indianapolis firm before taking even a glance at sharia finance.
Then, in 1984, an Islamic group asked Kaiser to create a fund that met the needs of Muslim investors–meaning one that shunned shares in firms involved with alcohol, tobacco, gambling, pork or pornography……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Arabnews.com: Fitch Ratings says that 2009 proved to be, as anticipated by it, a challenging year for banks in Saudi Arabia as the full impact of the global economic crisis caught up with the region, reflected in rising loan impairments and a rapid slowdown in lending.
The preliminary 2009 results released by the 10 main Saudi commercial banks rated by Fitch showed different trends in net income in 2009, with Q4 2009 being the “worst quarter of the year.”………………………………Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Gulf-times.com: Doha Bank’s 2009 net profit rose 3% to QR973.6mn mainly on a three-fold jump in dividend income and higher growth in interest earnings and insurance business.
The bank, whose impairment on loan and investment more than doubled, has suggested 50% cash dividend to shareholders, to be approved by the general assembly expected to be convened on March 24……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Qatar National Bank (QNB) shows strong earnings resilience, posting positive results consecutively, according to the bank report by HC Securities and Investments.
The report titled 4Q09 Review-Strong Credit Expansion said Due to its size, government connections and diversified business model (product and geography), the bank is well placed to benefit from the economic growth and increased government spending expected in Qatar……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Btimes.com.my: Bank Islam Malaysia Bhd, the country’s oldest Islamic bank, plans to maintain its above-average profit levels this year and is keen on expanding abroad, particularly in Southeast Asia.
Managing director Datuk Seri Zukri Samat said countries like Indonesia would be attractive due to its huge population but he declined to say what sort of progress the lender has made……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Menafn.com: Al Yusr Islamic Banking Service of International Bank of Qatar (IBQ) yesterday announced the launch of its Al Yusr Ijara home finance solutions.
Al Yusr Ijara home finance which is available to all nationals looking to purchase property throughout Qatar marks the first of a wide range of innovative Islamic finance solutions planned for launch in 2010, Al Yusr said in a news release yesterday……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Menafn.com: Kuwait Finance House (KFH) goes once again a step ahead and proves its leadership in Technology and Service with the introduction of the first 3D Secure Service in Kuwait.
The new product adds an extra level of security to all online shoppers using any of KFH Credit Cards; Visa or MasterCard. All KFH products are compliant with the Islamic Sharia principles and aimed to cater to the emerging needs of KFH customers wherever they may be……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Zawya.com: Al Faiz Fund 1 Limited (Al Faiz Fund 1), a Shariah-compliant private fund established in Labuan and jointly managed by the licensed fund management subsidiaries of the Kuwait Finance House (Malaysia) Berhad Group (KFH-Malaysia) and Kuwait listed Al-Aman KSCC, has entered into agreements to acquire a 60 percent stake in KS Aquaculture Sdn Bhd and Ikmaju Sdn Bhd.
This development marks the Fund’s first investment in the local aquaculture industry and third investment in Malaysia……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Reuters: German lender Deutsche Bank AG has converted part of a $100 million convertible murabaha into shares in Bahrain’s Gulf Finance House, the Bahrain-based Islamic investment house said.
Deutsche Bank has converted $10 million into the equivalent of 26,315,789 shares, GFH said in a statement posted on the Bahrain stock exchange……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Maktoob.com: Istithmar World CEO David Jackson has resigned, its parent Dubai World said on Wednesday, bringing to an end months of speculation over the future of the under-fire chief executive.
Dubai World, the struggling state-owned conglomerate at the centre of Dubai’s debt woes, said in a statement Jackson has left to pursue other opportunities……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Kippreport.com: Dubai’s total debt obligation could be as high as $170 billion, according to a report by EFG-Hermes regional investment bank.
A copy of the bank’s 2010 UAE Yearbook, seen by news agency AFP, says that Dubai’s government-related entities could have racked up debts “in the range of 130-170 billion dollars”……………………………….Full Article: Source
Posted on 21 January 2010 by Laxman | Email|Print
From Ameinfo.com: Moody’s Investors Service today assigned a (P)Ba2 Corporate Family Rating (CFR) to Dar Al-Arkan Real Estate Development Company, Saudi Joint Stock Company (DAAR) and a (P)Ba2 Probability of Default Rating (PDR).
A (P)Ba2 was also assigned to the Dar Al-Arkan International Sukuk Company II (DAAR ISC II) and the proposed $ Certificates (”sukuk”). The outlook is stable. This is the first time Moody’s rates DAAR and DAAR ISC II……………………………….Full Article: Source
RSS
