Posted on 29 January 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Bahrain’s sovereign wealth fund, which invests mostly at home, plans to diversify away from private equity projects and into stocks and bonds, its chief executive said.
Talal Alzain also said that Mumtalakat expects to receive a credit rating this year, which would allow it to tap capital markets for funding, including sukuk………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Bi-me.com: Medium-term growth prospects for the world’s sukuk market are good, said Standard & Poor’s Ratings Services in a report.
“We foresee stable growth in issuance of these securities in 2010, after a recovery last year to issuance of US$23.3 billion,” said Standard & Poor’s credit analyst Mohamed Damak in the report, “The Sukuk Market Is Likely To Show Steady Growth In 2010.”……………………………….Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Arabianbusiness.com: While the medium-term prospects for the global sukuk market remain strong, the prospects are weaker for Dubai-based issuers and potentially other countries in the Gulf.
That’s the assessment of ratings agency Standard & Poor’s (S&P), which also said that Malaysia and South East Asia were likely to lead the global sukuk market in issuance of the next couple of years………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Saudigazette.com.sa: Gulf bond issuers are likely to tap US investors for a more diverse funding base, despite the fallout from Dubai’s debt troubles, as demand for high rating emerging market debt rises, bankers in Dubai said.
There has been an increase in Gulf Arab corporate and quasi sovereign issuers opting for 144a types of issues, which are regulated under the US securities commission allowing US investors to buy into the issue………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Bernama: Sime Darby Bhd today listed its Ringgit Malaysia Sukuk Programme on Bursa Malaysia with a combined master limit of RM4.5 billion under the Exempt Regime.
The sukuk was structured based on the Islamic principle of musharakah, Bursa Malaysia said in a statement Thursday………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Telegraphindia.com: The government of India appears wary of introducing an interest-free Islamic banking system in the country at a time some Congress politicians and Muslim financiers are making a pitch for it.
The Shariah prohibits collection or payment of interest, so many Muslims now avoid opening bank accounts. Advocates of Islamic banking say that introducing Shariah-compliant banking —– where banks neither pay interest on deposits nor charge interest on loans —– would benefit 15 crore Indian Muslims and also the economy by helping unlock the huge sums uninvested by the community………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Zawya.com: It’s a myth to assume Islamic finance products are safer than conventional products and underlying risks should be studied more carefully, Qatar’s top regulator said.
Despite being billed as a safer alternative to traditional banking because assets must underpin deals, Islamic bondholders have found they may not have any more legal safeguards than conventional counterparts in the event of default. Such issues were highlighted after sukuk or Islamic bonds had the first ever defaults last year………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From IsraelNN.com: Shariah-compliant mortgage banking, in accordance with Islamic religious law, may soon become a reality in Canada, according to a report published Wednesday by the Canada Mortgage and Housing Corporation (CMHC).
The law firm Gowling, Lafleur Henderson LLP, which prepared the report, said it found no legal obstacle to the practice. It added that “given the growth of Islamic financing internationally, it can be expected that international harmonization of IF accounting and reporting… will occur in due course.”……………………………….Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Cpifinancial.net: The Al Hesn Takaful programme consists of four different plans with monthly contributions ranging from AED 30 to AED 265 to suit the various requirements of the bank’s customer base.
Plans cover natural death, as well as death by accident, permanent total or partial disablement due to an accident, death due to an accident in common carriers and a cash benefit on hospitalization in addition to a lump sum benefit on hospitalization exclusively for Emirates Islamic Bank’s customers………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Regionaltimes.com: 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 their customers’ security and customer satisfaction. Sarparast will provide customers with long term saving plans by addressing their future financial needs, and will offer financial protection to families in the unfortunate case of the breadwinner’s untimely death………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Innovations Software Technology will host the Innovations Conference for Banks Middle East 2010, which will take place on February 2 at the Novotel World Trade Centre in Dubai.
The conference, being held for the first time in the Middle East, will focus on the banking and financial industry’s growing interest in compliance as well as the industry’s increasing concern for financial crime and terrorist financing………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Saudigazette.com.sa: The economies of the six-member Gulf Cooperation Council are forecast to post growth, with their banks expected to perform better this year amid steady high oil prices, the Kuwait-based Global Investment House (GIH) said in a study.
“Starting 2010, the major question that lingers in the minds of investors is whether the worst is over? We believe that the GCC banks collectively have already seen the worst and 2010 will be a year of asset and profit consolidation before the banks embark on a steeper profitability trajectory in the years ahead,” the study said………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based Arab Banking Corp on Thursday swung back to a fourth-quarter profit, while its shareholders approved a planned capital hike.
The bank said net profit in the three months ending December 31 was $42 million, compared with a $28 million net loss in the same quarter a year earlier………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Business24-7.ae: First Gulf Bank (FGB) said its 2009 net profit rose 10 per cent to record Dh3.31 billion compared to the previous year. Its fourth quarter 2009 net profit rose 27 per cent to Dh855 million, from Dh671.4 million in the year earlier period.
The fourth-quarter result beat most analyst expectations. EFG Hermes analysts had forecast a Dh746 million effort………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Globalarabnetwork.com: The Omani government is expecting the economy to bounce back strongly in 2010, following slower growth in 2009 as a result of the global financial crisis.
The minister of national economy, Ahmed Macki, was reported on January 2 saying that he anticipated Oman’s GDP to grow by 6.1% in real terms during 2010, with inflation remaining relatively stable at 3.5%………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: World leaders and the global business community will converge to Malaysia this May for the 6th World Islamic Economic Forum (WIEF).
WIEF Secretary-General, Tan Sri Ahmad Fuzi Abdul Razak who is in Doha as part of a road-show to promote the event told a news conference yesterday that the Forum, one of the most important business events this year will focus on opportunities in the Muslim World………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Exchange-handbook.co.uk: The Chartered Institute for Securities & Investment (CISI) has accredited the Securities Industry Development Corporation, Malaysia as a training partner. A ‘train the trainer’ programme in Malaysia has helped to underpin the introduction by the CISI of its Islamic Finance Qualification (IFQ) into this key market.
The CISI has accredited the training arm of the Securities Commission Malaysia, the Securities Industry Development Corporation (SIDC), as a training partner. Last month the SIDC hosted a tailored, three-day training scheme, run by a CISI preferred external trainer, to equip 26 delegates with skills to teach the ground-breaking IFQ………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Tradearabia.com: Al Tamimi & Company, the largest law firm in the Middle East, has elected Husam Hourani, Dubai-based head of the banking and finance practice, as its managing partner.
The new role includes the leadership of the fast-growing firm with over 360 staff in 10 offices throughout the Middle East including the UAE, Iraq, Jordan, Kuwait, Qatar and Saudi Arabia………………………………..Full Article: Source
Posted on 29 January 2010 by Laxman | Email|Print
From Timesofmalta.com: The Malta Financial Services Authority is close to concluding technical studies which will put it in a position to publish guidelines on an Islamic securities market in the first half of 2010. In the case of Islamic banking, a number of legal and technical difficulties have been identified that are being studied by the competent authorities before proceeding further.
Finance Minister Tonio Fenech revealed the lie of the land when he answered a parliamentary question by Labour MP Leo Brincat………………………………..Full Article: Source
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