Posted on 22 January 2010 by Laxman | Email|Print
From Hm-treasury.gov.uk: The Treasury has introduced measures in Parliament to support Islamic finance and the issuance of corporate sukuk within the UK. The Financial Services and Markets Act 2000 Order 2010, will help to provide a level playing field for corporate sukuk within the UK.
The Order provides clarity on the regulatory treatment of corporate sukuk, reducing the legal costs for these types of investments and removing unnecessary obstacles to their issuance……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Risk.net: The UK Treasury is moving to open the way for Islamic sukuk bonds to be issued in the UK this year. Under legislation submitted to Parliament today, sukuk would effectively be treated similarly to conventional bonds.
Under current UK law, sukuk are treated as collective investment schemes, a category that also includes unit trusts……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Reuters: Given that a general election looms and parties are out to get as many votes as they can, I half- expect grand promises to expand the Islamic financial sector, which is still growing despite the crisis.
At an event hosted by law firm Norton Rose, both major British political parties went out of their way yesterday to stress London’s superiority in matters of Islamic finance — but neither was willing to expand on what it lacks most: a sovereign sukuk……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Dailyexpress.com.my: Malaysia is still well-positioned to continue playing the role of a world leader in Islamic finance, Prime Minister Datuk Seri Najib Tun Razak told the Gulf News in Abu Dhabi.
Among the country’s plans for financial liberalisation, he said, was the issuance of two licences for two mega-Islamic banks in Malaysia with a capital of more than US$1 billion each……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Africanews.com: Moroccan banks may introduce the concepts and practices of sharia (Islamic law) finance and banking to the public, thanks to recent tax rate changes.
The new tax rates means that sharia-approved alternative banking products will be charged the same taxes as traditional banking products and loans……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Ifinanceexpert: With regard to China’s development “Islamic finance” proposal The Central Committee of Chinese Kuomintang Revolutionary Committee “Islamic finance” is based on financial activities carried out by Islamic law.
According to Islam, “Islamic finance” of transaction is that all products and services are based on asset-based, meaning that all transactions must have a real purpose, such as trade financing, or railways, Or is to buy machines are based on real asset-based, rather than purely for the purpose of making money, such as “futures” of such financial derivatives, is absolutely prohibited.”………………………………Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Bloomberg: Dar Al Arkan Real Estate Development Co., Saudi Arabia’s biggest property company by market value, plans to sell Islamic bonds to refinance its $600 million debt, said two bankers with the knowledge of the sale.
Goldman Sachs Group Inc., Deutsche Bank AG and Unicorn Investment Bank BSC are managing the transaction, said the bankers, who declined to be identified before the deal is complete……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Themalaysianinsider.com: The country’s No. 2 telecoms firm Axiata may sell Islamic bonds to refinance about RM4 billion of borrowings, its chief financial officer said today.
Yusof Annuar Yaacob said the company was looking to secure better rates and longer tenure through refinancing……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Ibtimes.co.uk: The Family Shari’ah Fund made a net profit of $186,202 in its thrid quarter to the end of September. The board noted the results were due to be announced by 30 October and that the announcement was delayed.
The board confirmed that the results were prepared and available to them on time and that this delay had no impact on the availability of quarterly information to the board on a timely basis for this or any subsequent period……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Aawsat.com: Islamic finance is a moral financial model based on divine principles, the most important of which is justice.
There are many Quranic verses and Hadiths that deal with this, such as: “We sent aforetime our messengers with Clear Signs and sent down with them the Book and the Balance (of Right and Wrong), that men may stand forth in justice,” [Surat al Hadid; Verse 25]……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Tradearabia.com: The National Bank of Bahrain (NBB), a leading provider of commercial and retail banking services, has achieved a net profit of BD42.82 million ($113.89 million) in 2009, an increase of 23.3 per cent compared to the figures of 2008.
NBB recorded a net profit of BD34.74 million ($92.39 million) in 2008……………………………….Full Article: Source
Posted on 22 January 2010 by Laxman | Email|Print
From Albawaba.com: Al Yusr Islamic Banking Service of IBQ, announced the launch of its Al Yusr Ijara home finance solutions.
Developed under the Ijara “Muntahia Bittamleek” structure, Al Yusr Ijara home finance provides customers with highly rewarding benefits and 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
Posted on 22 January 2010 by Laxman | Email|Print
From Insurancenewsnet.com: Qatar’s Al Khaleej Insurance & Reinsurance Co.has converted from conventional insurance and reinsurance business to takaful operations, in compliance to Shariah (Islamic) insurance practice.
This development is an evitable trend in the Middle East region as nearly all businesses are Islamic-based companies, Jassim Al Moftah, general manager of Al Khaleej Takaful Insurance & Reinsurance……………………………….Full Article: Source
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