Posted on 27 January 2010 by Laxman | Email|Print
From Cpifinancial.net: The global market for Islamic financial services is estimated to have risen by 25 per cent to reach $951 billion by end-2008. The Islamic Finance report from International Financial Services London (IFSL) notes that the Islamic finance sector is feeling the influence of the downturn in the global economy with asset growth likely to have paused for breath in 2009.
Parts of Islamic finance face particular challenges: some Islamic banks are exposed to the downturn due to the falling real estate market and to liquidity constraints. The Sukuk market, despite a 30 per cent recovery in issuance from a low of $15 billion in 2008 to $20 billion in 2009, is being tested by its ability to deal with several defaults……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Canadian Press: Most forms of Islamic financing, including Shariah-compliant mortgages, would pose no legal hurdles if widely offered in Canada, concludes a CMHC report expected Wednesday.
The 88-page Canada Mortgage and Housing Corp. study notes that Islamic funding instruments are widely available throughout the world, but even in Muslim countries, often comprise a minority share……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Themalaysianinsider.com: Global sukuk issuance will be weaker than expected this year, with some analysts seeing a drop of as much as a fifth from 2009, as Dubai’s debt crisis and an expected rise in borrowing costs weigh on sentiment, a Reuters poll shows.
The majority of 12 Islamic bankers and industry experts surveyed expect issuance to range between $15 billion-$17 billion in 2010, down from a similar poll in October which estimated over $20 billion in sales this year……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Tehrantimes.com: The financial manager of Bank Melli Iran (BMI) has refuted the rumors on declaring bankruptcy by the bank, saying BMI is the largest bank in Iran and across the Islamic world, considering its total assets of around $54 billion.
After a recent decision by Finance and Economic Affairs Ministry to ban the withdrawal of more than 150 million rials (roughly $15,000) per day, a rumor spread that two major Iranian banks (Melli and Mellat) were on the verge of declaring bankruptcy……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Presstv.ir: Bank Melli Iran (BMI) is the largest bank in Iran and across the Islamic world, considering its total assets of around $54bn, a BMI official says.
The total assets of BMI at the end of second quarter of 1388 (September, 2009) have increased to US $59 billion, the head of financial department at BMI, Hojatollah Ghasemi, said Monday, denying reports that the bank is bankrupt……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: A new watchdog is to be launched to investigate suspected violations of Sharia-compliance among Islamic finance products.
The committee will be launched in the first half of 2010, and is being established by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Zawya.com: An upsurge in Dubai’s bond issue sharply boosted the debt market in Gulf oil producers in the fourth quarter of 2009 and it is poised for further recovery in 2010 as banks remain tight, said a Saudi investment company.
After a downturn in previous quarters because of the global fiscal crisis, the debt markets in the six-nation Gulf Co-operation Council (GCC) began to rebound in the third quarter of 2009 and extended their recovery in the last quarter, led mainly by conventional issuance by UAE and Qatari sovereigns, said NCB Capital, an affiliate of the Saudi National Commercial Bank……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: The Dubai Multi Commodities Centre, a state owned tax free business park that is part of Dubai World’s holdings, says it will have no problem paying the final installment of a $200 million Islamic bond maturing in May.
The last outstanding payment is $20 million, the DMCC said in an emailed response to questions today……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Nation.com.pk: Pakistan is due to pay $600 million on a maturing 5-year Euro Sukuk bond, on Tuesday, an SBP official said.
“We have instructed for the payment of $600m to be made and the transaction will go through once the U.S. markets open on Tuesday,” said Syed Wasimuddin, chief spokesman for the SBP. Pakistan issued the bond in Jan 2005……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Gulfnews.com: The SIB board of directors approved the financials for 2009 proposing a cash dividend distribution of Dh231 million, equivalent to 10 per cent of paid in capital.
The bank achieved a net profit of Dh260.1 million in 2009 which includes general and specific provisions of meet any possible risks for SIB and its subsidiary companies with an increase of 12.3 per cent compared to 231.6 million Profit achieved in the same period last year and an increase of net profit before distribution to depositors by 22.7 per cent to reach Dh564.0 compared to Dh459.7 million for last year……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Gulf-times.com: International Bank of Qatar (IBQ) does not expect consolidation in the local banking sector this year but said the country’s largest lender QNB may be a potential acquirer in the Gulf region.
Bullish on the growth prospects and project spend, Qatar Islamic Bank (QIB) said it sought to make further inroads in “club deals” to enhance its direct credit to sponsors of the projects……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Dailytimes.com.pk: Dawood Islamic Bank, Pakistan’s only double AA rated bank has completed its hat trick by inaugurating three more branches in Lahore.
Now total 50 branches of Dawood Islamic banks are operational round the country. Chairman of Dawood Islamic bank, Rafeeq Dawood and CEO, Parvez Saeed said, “We have the plan that the people from small towns and villages will also get benefit from Dawood Islamic banking and very soon we will open up our branches there”……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Qatarmorningpost.com: The Islamic Corporation for the Development of the private Sector (ICD) has decided to launch a Shariah-compliant investment company in Tatarstan. The decision was made at the 16th World Islamic Banking Conference 2009 that was held in Bahrain recently.
ICD is the private sector arm of the Jeddah-based Islamic Development Bank (IDB). The Bahrain conference was co-chaired by Khaled Al-Aboodi, CEO and general manager of ICD , and Rustam Minnikhanov, prime minister of the Republic of Tatrastan………………………………Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Dailytimes.com.pk: Emirates Global Islamic Bank has launched a BancaTakaful product ‘Sarparast Family Takaful Plan’ in collaboration with Pak-Qatar Family Takaful and FWU AG a global facilitator of BancaTakaful.
Sarparast is the latest addition to EGIBL’s product portfolio, and has primarily been designed keeping in mind customer security and customer satisfaction……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Afrol.com: A new World Bank report, “Global Economic Prospects 2010: Crisis, Finance, and Growth,” notes that the crisis is having serious cumulative impacts on poverty, with 64 million more people expected to be living in extreme poverty by the end of 2010 than would have been the case without the crisis, according to updated analysis.
The report states that following the tortuous conditions of 2009, prospects for the Middle East and North Africa (MENA) should improve through 2011. Growth is projected to increase to 4.4 percent by that year, the same pace registered on average between 1995 and 2005……………………………….Full Article: Source
Posted on 27 January 2010 by Laxman | Email|Print
GCC economies are poised for gradual recovery in 2010, led by growth in the hydrocarbon sector and higher energy prices, according to Emirates NBD, the Middle East’s largest bank by asset size.
Emirates NBD is the largest banking group in the Middle East by assets. As of December 31, 2008, the bank’s total assets stood at Dhs282.4bn and its combined market share at 20.5 per cent……………………………….Full Press Release: Source
Posted on 27 January 2010 by Laxman | Email|Print
From Mondovisione.com: Based on the close of trading on January 25, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, lost -1.69% month-to-date, closing at 2085.53. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a loss of -2.67%, closing at 169.01.
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, increased 1.12%, closing at 1870.98. The Dow Jones Asian Titans 50 Index, in comparison, posted a gain of 1.67%, closing at 136.52……………………………….Full Article: Source
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