Posted on 03 February 2010 by Laxman | Email|Print
From Capitalfm.co.ke: As evidence that Islamic banking is gaining firm root in Kenya, Barclays Bank of Kenya has introduced two more Sharia law compliant financing products.
The introduction of La Riba Personal Finance and La Riba Vehicle Finance products will see customers get financing of up to Sh1 million with no interest charges……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Lexology.com: This week the Canada Mortgage and Housing Corporation released a research report entitled “Islamic Housing Finance in Canada”. The report analyses Islamic housing finance in a sampling of countries throughout the world, including common law and civil law jurisdictions, in order to draw parallels with the Canadian legal system.
The report then examines the development of Islamic finance in Canada and the potential legal and regulatory obstacles that arise. The report first surveys the principles of Islamic finance and compares how Islamic finance compares with conventional finance……………………………………Full Article (Subscription Required): Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Forexyard.com: The Saudi-based Islamic Development Bank plans to issue Islamic bonds, or sukuk, worth a total of $5 billion over this year and the four following years, its president said on Tuesday.
“We hope that we can mobilise $1 billion every year beginning in 2010 and for a period of five years,” IDB President Ahmed Mohamed Ali said……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Business24-7.ae: Dubai’s Multi Commodity Centre (DMCC), a unit of state-owned conglomerate Dubai World, will not be involved in the repayment of the firm’s $22 billion (Dh80.7bn) debt, its chief executive said yesterday.
Malcolm Wall Morris said the company, created in 2002 to make a commodity marketplace, was “incubated” from its parent company’s debt troubles……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Business24-7.ae: Sharjah Islamic Bank (SIB) has moved into international markets through partnerships and acquisition of companies in Turkey, Europe, Malaysia, the Gulf and other Arab countries.
CEO Mohammed Abdullah said the bank has enough liquidity and it will expand further in the Gulf and examine opportunities that have not been impacted by the financial crisis……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Maktoob.com: Bank of Bahrain and Kuwait, or BBK, has transferred the ownership of its 50%-stake in Sakana Holistic Housing Solutions to its Islamic investment banking arm Capinnova Investment Bank, Capinnova said.
“BBK took the decision to transfer the ownership of Sakana to Capinnova to strengthen and diversify the bank’s investments in the Islamic financial sector,” it added……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Busrep.co.za: Kuwait Finance House, the emirate’s leading Islamic bank, said on Tuesday its 2009 profits dropped by 24 percent from the previous year due to the continued impact of the global financial crisis.
KFH posted a profit of 118.7 million dinars (R3 083) last year compared to 157 million dinars ($545) in 2008, the bank said in a statement. In 2008, KFH profit fell by 43 percent……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: The chief executive of Dubai-based Noor Islamic Bank has said the banking system could need as much as AED25bn ($6.8bn) on top of AED120bn already spent on shoring up bank finances since 2008.
“The banking sector in the UAE needs continued capital injection,” Hussein al Qemzi told UAE daily The National. “I can say we need another AED20bn to AED25bn.”…………………………………..Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Gulfnews.com: Noor Islamic Bank expects higher operating profit for 2009 and plans to open two more branches this year, the bank’s top executive said.
“We expect operating profit to be better than 2008,” Hussain Al Qemzi, group chief executive officer of Noor Investment Group and Noor Islamic Bank, told reporters……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Albawaba.com: Dubai Islamic Bank (DIB) announced today that its Jordanian subsidiary, Jordan Dubai Islamic Bank (JDIB), has officially launched its operations through it’s first and main branch located in Amman, the Jordanian capital.
The branch has opened its doors to its first clients, following a high-profile launch ceremony held under the patronage of Samir Al-Rifa’i, Prime Minister of the Hashemite Kingdom of Jordan, and Dr. Umayya Toukan, the Governor of the Central Bank of Jordan, as well as government ministers and senior public and private-sector officials……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From App.com.pk: A UK-based Pakistani bank has launched its Islamic deposit products to cater to the needs of both the business community as well as individuals interested in conducting their economic activities in accordance with the tenets of Islamic Shariah.
United National Bank which was created in 2002 and is now a joint venture of United Bank Limited, a major share holder with 55 per cent, and National Bank of Pakistan which has 45 per cent stake……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Albawaba.com: Efforts to make Bahrain and its economy more business friendly has attracted growing interest from the Gulf and beyond, Rasheed Al-Maraj, the Governor of the Central Bank of Bahrain (CBB), told CNBC Europe’s “Closing Bell” programme in an interview from the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland.
“We try to make our economy and our country more business friendly by putting in the right legal and regulatory (measures) to ensure that there is an environment conducive for doing business. Over the years, we have seen growing interest not only from the region itself but also from outside looking into Bahrain, because we have been doing this for the last four decades.”…………………………………..Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Business24-7.ae: Abu Dhabi Commercial Bank (ADCB), one of the largest Gulf banks, said yesterday it would avoid investment in global markets after reporting losses in 2009 because of massive bad-debt provisioning.
Alaa Eraiqat, CEO of ADCB, described 2009 as a year of provisioning for the government-controlled bank, but sounded cautiously optimistic about 2010……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Bernama: The takaful industry will continue its steady growth momentum this year in line with the expansion of the industry globally which has seen an annual growth rate of 25 per cent the past few years.
The industry is in a strong position to increase further in an environment of stronger economic performance projected for 2010, said Malaysia Takaful Association chairman Datuk Syed Moheeb Syed Kamarulzaman……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Business24-7.ae: An Islamic banking and finance centre will be launched at the American University of Sharjah (AUS) by the end of the year. The facility will be established with a Dh30 million endowment given by Sharjah Islamic Bank (SIB) and will be run and managed by he AUS, according to a memorandum of understanding.
SIB CEO Mohammed Abdullah said that there was a severe shortage of specialists in Islamic banking and finance and Shariah-compliant company governance……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Reuters: The Bahraini Stock Exchange suspended trading in shares of Manama-based Gulf Finance House GFHB.BH on Tuesday as it waited for the bank to confirm or deny a media report, without providing further details.
GFH is trying to refinance debt due in the next few weeks and is looking to raise cash in case negotiations fail, sources familiar with the Islamic investment house said……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Tradearabia.com: Gulf Finance House (GFH) scrambled on Tuesday to renegotiate a $300 million loan due next week as credit rating agency Standard & Poor’s slapped it with its third downgrade in 10 weeks.
GFH said on Tuesday that it had met German bank WestLB, a lead arranger for the loan maturing Feb 10, to discuss terms. But sources familiar with the bank said it had also approached private investors in recent days to raise loans, pledging real estate and other assets as collateral, in case negotiations fail……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Ameinfo.com: Fitch Ratings has today affirmed Bahrain-based Arab Banking Corporation’s (ABC) Long-term foreign currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook.
Fitch has simultaneously affirmed ABC’s Short-term foreign currency IDR at ‘F2′, Individual Rating at ‘D’, Support Rating at ‘2′ and Support Rating Floor at ‘BBB+’, senior unsecured debt at ‘BBB+’ and subordinated debt at ‘BBB’……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Theedgemalaysia.com: Malaysian Rating Corp (MARC) has issued a rating update in connection with Ingress Sukuk Bhd’s RM160 million sukuk Al Ijarah.
Ingress had received confirmation from its facility agent that the sukukholders had approved a further six-month extension of the redemption date of the first tranche of the sukuk programme to July 9, 2010 from Jan 9, 2010……………………………………Full Article: Source
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Posted on 03 February 2010 by Laxman | Email|Print
From Financialexpress.com: Just when many of the world’s financial systems have been fighting to weather the capital market turmoil, Islamic finance growth has stayed strong and will likely be brisk during the next year, said Standard & Poor’s Ratings Services in a report ‘Islamic finance is likely to advance In 2010 on firm growth and widening geographic reach’.
“We believe Islamic finance has become a recognized and a specific segment of finance on its own with still-bright growth prospects,” said Standard & Poor’s credit analyst Mohamed Damak. “We think Islamic finance is set to make further inroads in developed Western markets while Southeast Asian countries will likely fuel Islamic finance advance in Asia in 2010.”…………………………………..Full Article: Source
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