Posted on 02 February 2010 by Laxman | Email|Print
From Theedgemalaysia.com: Just when many of the world’s financial systems have been working to weather the capital market turmoil and its spread to economies around the globe, Islamic finance growth has stayed strong and will likely be brisk during the next year.
“We believe Islamic finance has become a recognized and a specific segment of finance on its own with still-bright growth prospects,” Standard & Poor’s credit analyst Mohamed Damak said on Monday, Feb 1…………………………………..Full Article: Source
Posted on 02 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: The growth of Islamic finance as an alternative to conventional banking has prompted a 78 percent growth in the brand value of the Middle East banking sector, according to a new report.
The Middle East contributed 2 percent to total global brand value, according to the fourth edition of the BrandFinance Global Banking 500, an annual review of the top banking brands in the world…………………………………..Full Article: Source
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From Bangkokpost.com: The Islamic Bank of Thailand plans to float 55 billion baht worth of Islamic bonds in the local and overseas markets this year, says bank president Dheerasak Suwannayos.
He said the bank hoped to raise 5 billion baht from a local Islamic bond issue in the second quarter, the first issued in the Thai market…………………………………..Full Article: Source
Posted on 02 February 2010 by Laxman | Email|Print
From Bworldonline.com: An official of the lone Islamic bank in the country said the Philippines would not be participating in the Islamic finance boom development, since the focus of the Al-Amanah Islamic Investment Bank of the Philippines remains informing the public about Islamic banking and crafting rules that are consistent with its unique characteristics.
Maharlika J. Alonto, head for accounting and finance at Al-Amanah said: “This type of banking is an alien notion to the public. [They don’t know the difference] between Islamic banking and the conventional one.”………………………………….Full Article: Source
Posted on 02 February 2010 by Laxman | Email|Print
From Tradearabia.com: Citi has won in three categories at the recently announced Islamic Finance News Deals of the Year 2009. Citi won the Sukuk Deal of the Year; Corporate Finance Deal of the Year and Turkish Deal of the Year awards.
Islamic Finance News, the global Islamic finance news provider, has supported the Islamic Finance Deals of the Year since its inception five years ago…………………………………..Full Article: Source
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From Bernama: After 36 years in operations since Dec 1, 1974, Bank Simpanan Nasional (BSN) is set to be the lead bank in implementing syariah-compliant Islamic banking system in the country.
Taking on a new yet dynamic role this year to introduce the system nationwide in stages, the community bank wants to complement government’s plan to make Malaysia a pioneer nation in Islamic banking system…………………………………..Full Article: Source
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From Arabianbusiness.com: National Bank of Kuwait posted a four percent increase in full-year profit as the country’s biggest lender by market value expanded operations.
Net income rose to 265.2 million dinars ($925m) from 255.3 million dinars a year earlier, the bank said in an emailed statement. Fourth-quarter profit surged more than fivefold to 63.7 million dinars ($221.5m) from 11.7 million dinars a year earlier, according to Bloomberg calculations based on the full-year data…………………………………..Full Article: Source
Posted on 02 February 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Higher than expected provisions for bad loans weighed on National Bank of Abu Dhabi’s (NBAD) fourth-quarter earnings, as the bank planned for a further decline in credit quality in 2010.
The bank, Abu Dhabi’s largest by market value, said yesterday net profit dropped 13 percent to Dh429m ($116.8) in the three months ended December 31, due to higher impairment charges…………………………………..Full Article: Source
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From Globalarabnetwork.com: Fitch Ratings has today affirmed National Bank of Bahrain’s (NBB) Long-term foreign currency Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. Fitch has simultaneously affirmed NBB’s Short-term foreign currency IDR at ‘F1′, Individual Rating at ‘B/C’, Support Rating at ‘1′ and Support Rating Floor at ‘A’.
NBB’s IDRs and Support Rating reflect Fitch’s view that there would be an extremely high probability of support from the Bahraini authorities if needed…………………………………..Full Article: Source
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From KUNA: The 256th session of the Islamic Development Bank (IDB) executive board kick-started here Sunday, focusing on the finance of development projects in Muslim countries.
During the meeting, the IDB board is expected to approve fresh financial contributions to several development projects in IDB member states…………………………………..Full Article: Source
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From Voanews.com: Indonesia’s central bank has recently embraced new regulations for Islamic banking, which it sees as key to building on last year’s strong economic growth. In a country that is home to more than 200 million Muslims, the potential for expansion is enormous, although Islamic finance still accounts for a small part of the country’s financial market.
Over the past six years Islamic banking has averaged 36 percent annual growth in Indonesia. But its $7 billion in assets makes up only 2.5 percent of the country’s total banking sector…………………………………..Full Article: Source
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From Maktoob.com: The United Arab Emirates has no plans to inject more liquidity into banks, the central bank governor said Monday, after announcing that banks carried on lending during the financial crisis and saw their loans and advances grow 2.5% in 2009.
“It isn’t a very high growth but it indicates the resilience of the U.A.E.’s banking system,” Sultan Bin Nasser Al Suwaidi said at the opening of a Deutsche Bank AG (DB) branch in the U.A.E. capital, Abu Dhabi…………………………………..Full Article: Source
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From Hindu.com: The Kerala State Muslim Jama-ath Council of India has urged the State government to move the Supreme Court in order to get the High Court stay lifted on the government move to set up a development bank based on Islamic financial principles.
A. Pookunj, general secretary of the council, contended that the huge sums of money deposited by Muslims in commercial banks without accepting any interest could be used for the State’s development if rerouted to an Islamic banking institution…………………………………..Full Article: Source
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From Maktoob.com: Dubai-based Tamweel is studying options if its merger with Amlak Finance fails, the mortgage lender’s chairman told Al Arabiya Television Monday.
But Tamweel prefers a government involvement in the new entity either by buying shares or giving loans, Sheikh Khaled Bin Zayed Al Nahyan told the Dubai-based Al Arabiya…………………………………..Full Article: Source
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From Gulf-daily-news.com: Bahrain National Insurance (bni) will play a major role in the Bahrain’s insurance industry.Bahrain National Holding Company (BNH) celebrated the 40th anniversary of its wholly owned subsidiary bni at the Gulf Hotel.
The celebratory dinner reception embodied BNH’s passion for the kingdom’s culture and heritage and it portrayed its pride in being a Bahraini company, by adopting an Old Bahrain theme…………………………………..Full Article: Source
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From Kippreport.com: Investor confidence in the Gulf region fell for the third consecutive month in January, according to a report by financial services company Shuaa Capital. The company’s GCC Investor Confidence Index for January dropped by 2.4 points to 114.5, led by the negative sentiment towards the UAE, it said.
“December’s special investor sentiment report reflected the impact of the decision to repay the Nakheel Sukuk on time, resulting in a jump in the Index,” Oliver Schutzmann, chief communications officer of Shuaa Capital and author of the report wrote in the release…………………………………..Full Article: Source
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From Gulf-times.com: Investor confidence in Qatar remains healthy and in a positive territory at 130.8 points despite a 5.9 point loss in January, Shuaa Capital has said in a report.
Qatar’s six-month economic outlook remains ‘very positive’ with many respondents expecting the economy to improve in a Shuaa survey…………………………………..Full Article: Source
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From Maktoob.com: An economic recovery in the UAE is not expected to take shape this year as the impact of the Dubai debt crisis lingers, hindering an already weak credit market and further bruising already shaky investor confidence in the region’s leading financial city, experts say.
The International Monetary Fund on Tuesday said the UAE will grow zero to 1 percent this year, a significant downward revision to its 3 percent growth forecast given before the Dubai debt crisis hit in late November…………………………………..Full Article: Source
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From Ameinfo.com: Jordan will hold the First Islamic Finance and Investment Forum for the Middle East IFIF in March 2010. The forum will be coupled with an exhibition that will be the premier event of its kind in Jordan, and may only be accessed by trade participants and conference attendees.
The exhibition will feature products and services related to Islamic finance…………………………………..Full Article: Source
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From Cnbc.com: Islamic banks have received a favorable reception globally since the economic crisis struck, according to a new report Monday. Duncan McKenzie from International Financial Services London discusses Islamic banking.………………………………….Full Article: Source
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