Posted on 25 January 2010 by Laxman | Email|Print
From Tradearabia.com: The Bahrain Financial Exchange (BFX) and Bursa Malaysia said on Sunday they signed an agreement to study a common platform on which Islamic finance products such as commodity murabahas can be traded.
Malaysia’s stock exchange launched a platform last year on which murabaha, an Islamic money market instrument, can be traded using palm oil as the underlying commodity…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Businessweek.com: Indian billionaire Anil Ambani’s Reliance Capital Ltd., owner of the nation’s largest mutual fund manager by assets, set up a Malaysian unit to serve as a global hub for Shariah-compliant financial products.
Reliance Asset Management (Malaysia) Sdn. aims to tap the retail market for products that comply with Islamic law, and has started hiring people, an e-mailed statement from the Mumbai- based company said, citing Vikrant Gugnani, chief executive officer of Reliance Capital’s international businesses…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From AFP: Kuwaiti Islamic lender Boubyan Bank on Sunday started a major rights issue aimed at raising its capital by 50 percent, the bank said.
In a statement on the Kuwait Stock Exchange website, the bank said the share price in the rights issue will be at a nominal value of 100 fils (0.35 dollars) in addition to a premium of 155 fils (0.54 dollars)…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Bernama: Bank Simpanan Nasional (BSN) will soon establish more branches in the country based on the Islamic banking system, said its General Manager/Chief Executive Officer, Datuk Adinan Maning.
He said the move was to make available more BSN products besides meeting the desire of the government to remind people of the ability of the government to provide Islamic banking services to everyone…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Bernama: Deputy Finance Minister, Senator Datuk Dr Awang Adek Hussin, said up to 60-70 per cent of Islamic banking conducted in the country received investments from international parties.
He said that the high participation proved confidence in the Islamic banking system practised in the country and it had global recognition…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Ethiopianreview.com: Ajman Bank, the emirate’s first Islamic commercial bank, has been named Best New Islamic Bank for 2009 by readers of Islamic Finance News (IFN).
Ajman Bank beat the competition in the fifth annual Islamic Finance News Awards which collated votes from over 2,500 readers during a month-long poll. This achievement comes as the new bank nears the end of a successful first year in operation…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Bangkokpost.com: Now operating in the black, Islamic Bank is well-positioned in retail finance and also ready to take on larger foreign players.
On the whole, 2009 stood out as a good year for the Islamic Bank of Thailand, as it earned a modest annual profit of 300 million baht, its first since its founding in 2003…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Gulf-times.com: Commercialbank has been able to deliver a resilient set of full year results in 2009 despite the effects of the financial downturn, chairman Abdullah bin Khalifa al-Attiyah has said.
The bank posted a net profit of QR1.52bn and increased fourth quarter profits of 33% to QR186mn compared with the same period in 2008 despite the challenges emanating from the global financial downturn…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Btimes.com.my: It is believed that Mizuho Financial Group may be pursuing one of several new banking licences that Malaysia plans to offer by 2012.
Mizuho Financial Group Inc, Japan’s third largest bank, says it is keen on obtaining a banking licence in Malaysia amid growing business opportunities between both countries…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Arabnews.com: Luxembourg took an important first step toward developing the Duchy into the latest European hub for Islamic finance, especially Islamic capital markets, when it published last week a new tax circular on the treatment of a whole range of Islamic finance products including murabaha, musharaka, mudarabah, istisna, ijarah, ijarah wa Iktina and sukuk (Islamic bonds).
A circular from the Director of Contributions, the Luxembourg tax authority, describes the major principles and contracts of Islamic finance and their respective tax treatment…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Zawya.com: Secretary General of the Franco Arabe Chamber of Commerce Dr. Saleh Al-Tayyar said here Friday that the French economy would be a major pillar of the Islamic finance system.
Al-Tayyar said senior French officials were convinced that Islamic finance was a successful way to finance and attract foreign investments…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Business24-7.ae: The British government will seek to remove one of the final technical obstacles to the issuance of Islamic bonds, the Treasury said.
Islamic finance professionals in the UK, which hosts five stand-alone Islamic banks, were optimistic that if the Parliament voted in favour next month to regulate sukuk as bonds rather than investment vehicles, it would encourage the growth of a market that has struggled for traction…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Findlaw.com: The UK Government has proposed new regulations to support Islamic finance and the issuance of corporate sukuk within this country.
NDSThe regulations have four main aims: (1) to level the playing field for corporate sukuk within the UK; (2) provide clarity on the regulatory treatment of corporate sukuk; (3) reduce the legal costs for these types of investments; & (4) remove unnecessary obstacles to their issuance…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: Bahrain plans to issue a $1 billion sovereign bond with a 10-year maturity, the central bank said on Sunday, with a banking source saying the issue will mostly target US investors.
“The Bahrain government is issuing around $1 billion in conventional bonds, the yield is market driven and the maturity is 10 years,” a spokeswoman for the Central Bank of Bahrain (CBB) said…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Tradearabia.com: Iran plans to issue bonds worth up to 5 billion euros ($7 billion) from March 2010 to help finance development of its key energy industry, the semi-official Mehr news agency reported on Sunday.
“Based on next year’s budget bill, which has been presented by President Mahmoud Ahmadinejad early on Sunday, the government permits the oil ministry to issue up to 5 billion euro bonds to help finance development of the country’s oil, gas and petrochemical sectors,” the agency reported…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: Saudi Arabian central bank governor Muhammad al-Jasser said on Sunday the kingdom will issue its first mortgage law in the next few months, boosting the real-estate industry and allowing banks to diversify their balance sheets.
“I’m optimistic that in the next few months, the law will be issued,” al-Jasser said in an interview in Riyadh…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Cpifinancial.net: King & Spalding announced today that it represented a Luxembourg-based Shari’ah-compliant real estate fund advised by Pramerica Real Estate Investors in connection with a €16.3 million Shari’ah-compliant refinancing of an Hungarian shopping and entertainment centre.
King & Spalding was responsible for structuring the Shari’ah-compliant refinancing, which was structured on an Ijara-wa-iqtina (lease-to-own) basis with a complex split structure due to the anchor tenant having already entered into a long-term lease…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Thenational.ae: The increasing popularity of Islamic finance should help takaful firms outperform their counterparts in conventional insurance, Alpen Capital says.
The investment firm based at the Dubai International Financial Centre says in a report that takaful firms will benefit from favourable demographics and the growing availability of Islamic financial products. Takaful is similar to conventional insurance but investments are held to Sharia-compliant assets…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Khaleejtimes.com: Takafulhous subsidiary of Mawarid Finance, the leading Islamic insurance company in Dubai, announced appointment of the new Chief Executive Officer Ayman Yousif Al Ajmi.
The decision of the appointment of Al Ajmi was issued at the latest meeting of the Board of Directors…………………Full Article: Source
Posted on 25 January 2010 by Laxman | Email|Print
From Khaleejtimes.com: Halal trade is expected to cross $ 1 trillion very soon and has not been seriously impacted by the global financial crisis, according to the organizers of the World Islamic Economic Forum or WIEF to be held in Kuala Lumpur from May 18 to 20.
“Those who follow the norms of Islamic finance have been adopting a conservative approach. Our lending has been more asset based and were not aggressive in launching any innovative finance products…………………Full Article: Source
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