Posted on 04 February 2010 by Laxman | Email|Print
From Kippreport.com: Just how immune are we? Islamic finance conjures up an image of safe methods of investing, saving, and purchasing without having to worry about interest or excessive leverage.
But it’s becoming clear that Islamic finance’s conservatism did not fully shield it from the ills of the economic crisis. “The word immune is inappropriate here,” the president of Jeddah-based Islamic Development Bank, Ahmed Muhammed Ali, says…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Gulfconstructionworldwide.com: The Dubai International Financial Centre (DIFC) authority has underlined the tremendous potential for Shari’ah-compliant financing of infrastructure projects across the GCC and world over, in its latest series of white papers.
Entitled ‘Islamic Financing for Infrastructure Projects’, the paper notes that the increasing share of Shari’ah-compliant financing in such projects would help meet a funding demand that ranges from $535 billion to as much as $2 trillion by 2020…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Tradearabia.com: Al Baraka Islamic Bank has signed a MoU with Blue Water Investment Company to finance customers seeking to buy properties from the company.
‘Since its launch of our Taqseet product, which was designed to finance the different consumer, housing and investment needs of our customers, it has been met with high demand and widespread acceptance in the local market,’ said Al Baraka Islamic Bank director and chief executive officer Mohamed Isa Al Mutaweh…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Ameinfo.com: Capinnova Investment Bank, the Shari’a compliant investment banking arm and fully owned subsidiary of BBK, has acquired 50% stake in Sakana Holistic Housing Solutions. Bahrain based Sakana was earlier a 50:50 joint venture between BBK and Shamil Bank.
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 while complying with the principles of Islamic law…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Zawya.com: Fuelled by the economic boom and the rally in oil prices which resulted in the accumulation of huge reserves by the GCC countries, the banking sector had witnessed double digit growth in its loan portfolio and deposit base over the period 2004-2008; loans grew at a 5-year CAGR of 32% to reach USD 609 billion at the end of 2008, while total deposits grew at a slower pace with a 5-year CAGR of 27% to reach USD 725 billion at the end of 2008.
However, growth in loan portfolio and deposits lost momentum during the first 9 months of 2009 with a marginal increase for each of 2%…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Maktoob.com: Loans and advances extended by the banking sector in the Gulf Cooperation Council states slowed last year, growing by only 2.1% to $622 billion from $609 billion at the end of 2008, Kipco Asset Management Co or Kamco, said Wednesday.
This compares to a 32% loan growth rate for the 2004 to 2008 period, according to the report by Kamco, a unit of Kuwait Projects Co…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Maktoob.com: Qatar’s Al Khalij Commercial Bank reported Wednesday a 61% rise in 2009 full year net profit of 167 million Qatari riyals ($45.9 million) compared with QAR103.6 million the year before.
In a statement posted on the Doha Bourse the Sharia-compliant lender, which offers conventional and Islamic banking services, said earnings per share increased to QAR0.46 in 2009 compared to QAR0.33 a year earlier…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Gulf-times.com: International Islamic bank (QIIB) has posted a full-year net profit of QR511.3mn in 2009 and recommended a cash dividend of 40% to shareholders. The bank’s total assets stood at QR16.6bn in 2009 compared with QR12.8bn in 2008.
Announcing the results here yesterday QIIB chairman and managing director HE Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said the bank would continue to consolidate its position in the local and regional banking sectors despite the present circumstances and challenges arising from the global financial crisis…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Bloomberg: Dar Al Arkan Real Estate Development Co., Saudi Arabia’s biggest property company by market value, may issue a five-year fixed-rate Islamic bond, said a banker with knowledge of the sale.
The so-called benchmark-size sukuk may be priced to yield in the 10 percent area, said the banker, who declined to be identified before the transaction is complete. A benchmark offering is usually $500 million or more…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Reuters: Gulf Finance House, one of the leading investment firms in Bahrain, has been hit hard by a property market crash across large parts of the region.
Experts say the firm needs to restructure its debt, raise cash through asset sales or receive some outside assistance if it is to avoid funding difficulties in the second quarter…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: State-owned conglomerate Dubai World, which is restructuring some $22bn in debt repayments, has yet to arrive at a formal standstill agreement with its creditors.
The company rocked global markets on November 25 with plans to request a delay on repaying $26bn in debt linked to its main propery units Nakheel and Limitless World…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Brunei.fm: The takaful (Islamic insurance) industry in Malaysia will continue its steady growth momentum this year in line with the global expansion of the industry which has seen an annual growth rate of 25 per cent the past few years.
The industry is in a strong position to grow further in an environment of stronger economic performance projected for 2010, says Malaysia Takaful Association chairman Syed Moheeb Syed Kamarulzaman…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Tradearabia.com: The founders of Al Jasr Takaful Insurance Company (under formation) have decided to postpone the company’s establishment.
The decision, taken at a meeting held in Doha, is due to the changing business and investment environment caused by the global financial crisis, chairman of the founders committee Shaikh Nawaf Bin Mohammed Bin Jabr Al Thani said in a statement…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Albawaba.com: T’azur Company b.s.c. (c) (t’azur), a Takaful (Islamic Insurance) company founded by Unicorn Investment Bank and headquartered in the Kingdom of Bahrain, has been named “Best Islamic Insurance Company” as part of the prestigious Maqasid Al-Sharia CSR Awards which recognizes outstanding achievements in the field of Corporate Social Responsibility (CSR).
The award was presented to t’azur in recognition of the company’s ongoing commitment to its employees, customers, the environment and the communities in which it operates, as well as several innovative CSR initiatives recently launched by the company…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: Uncertainty about state owned Dubai World’s $22 billion debt restructuring is starting to weigh on the credit again, pushing up bond yields and Dubai’s debt insurance costs, just six weeks after a multi billion dollar bailout by neighbouring Abu Dhabi.
Dubai World stunned markets when it announced a debt payment standstill at the end of November. A $10 billion bail out by Abu Dhabi has allowed the company to continue to make debt payments, but it has yet to reach a formal standstill agreement with creditors…………………………………….Full Article: Source
Posted on 04 February 2010 by Laxman | Email|Print
From Ummid.com: “People should know that the name Islamic Banking is used just to give an impression that it works on the Islamic principles. Otherwise, it is an open option and everyone whether Muslim or not can take the benefit”, says Maulana Abdul Hadi Madani, Editor Sirat-e-Mustaqeem, Birmingham and Member Islamic Shariah Council, Britain.
Maulana Abdul Hadi Madani described in details about Islamic Banking, potential the system has today and its possibilities in India and other parts of the world…………………………………….Full Article: Source
RSS
