Posted on 08 February 2010 by Laxman | Email|Print
From Euromoney.com: If Islamic finance is to be more than just a marketing fad, radically new products must be developed. Sheikh Muhammad Taqi Usmani, a prominent Shariah scholar, said in 2007 that the majority of so-called sukuk instruments violated Islamic principles.
Over the past two to three years this has made a lot of people’s jobs much more difficult. It has compromised the growth of the market for these nominally Islamic bonds…………………………………Full Article: Source
Posted on 08 February 2010 by Laxman | Email|Print
From Thepost.ie: New rules designed to make Ireland a more attractive location for investment funds operated on Islamic principles could result in significant inflows of capital to Ireland from Gulf states and beyond.
Islamic finance is governed by strict rules - derived from Shari’a law - which forbid the making or receiving of interest payments. Last Thursday’s Finance Bill introduced new rules to support the development of Islamic finance in Ireland, by extending the tax treatment applicable to conventional financial products to Shari’a-compliant products…………………………………Full Article: Source
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From Arabnews.com: Following the introduction of tax neutrality laws to facilitate the issuance of sukuk by the UK, France and Luxembourg in recent weeks, Ireland is the latest European Union (EU) country to join the club.
Under the Finance Bill 2010, which came into effect in January 2010, the Irish Ministry of Finance has introduced significant amendments to facilitate Islamic finance transactions in Ireland, especially the origination and issuance of sukuk…………………………………Full Article: Source
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From Arabnews.com: Kenya is fast developing as the Islamic finance hub of East Africa. The Central Bank of Kenya (CBK) has already licensed two Islamic banks - Gulf African Bank (GAB) and First Community Bank (FCB) - under CAP 488 of the Banking Act of Kenya.
In terms of capital and deposits, FCB, whose CEO is the experienced Islamic banker, Nathif Adam, formerly with Qatar Islamic Bank and Sharjah Islamic Bank, is the largest Islamic bank in Kenya…………………………………Full Article: Source
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From Euromoney.com: There is a natural controversy in Islamic finance about how strictly banks should adhere to Shariah rules. Some think certain structures that have proliferated and helped grow the industry should be banned – others say these are fine.
Whoever is right, the debate is certainly providing some amusing quandaries and contradictions among bankers eager to please their bosses as well as their customers…………………………………Full Article: Source
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From Arabnews.com: Corporate social responsibility (CSR) and Islamic financial institutions should have an obvious fit given the faith-based ethos of Islamic finance, which also gives prominence not only to wealth creation and economic development but also to the promotion of social justice and concepts based on hard work, thrift and low or no indebtedness.
While the contemporary Islamic banking movement is now in its fourth decade, CSR and corporate governance has been slow to take off in the industry and has started to come to the fore only in the last few years…………………………………Full Article: Source
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From Hurriyetdailynews.com: Italy’s biggest bank, UniCredit, has called Islamic banks “the fastest growing segment in Turkish banking,” according to Bloomberg. In Turkey, such banks are known as “participation banks.”
Participation bank Albaraka Türk’s shares were rated “buy” and Asya Katılım Bankası’s “hold” in new coverage at UniCredit…………………………………Full Article: Source
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From Tradearabia.com: Dubai Islamic Bank has signed an agreement with the UAE’s ministry of finance, which grants the lender capital to provide sharia-compliant products.
The finance ministry has granted to Dubai Islamic Bank “the wakala capital for the purpose of providing sharia-compliant financing or products and to stimulate the economic activity in the UAE,” a statement on the Dubai Nasdaq website said. It did not give the value of the deal…………………………………Full Article: Source
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From Businessweek.com: Qatar Islamic Bank SAQ, the Gulf state’s biggest lender complying with Muslim banking rules, hired HSBC Holdings Plc and Credit Suisse Group AG to sell Islamic bonds, two bankers familiar with the transaction said.
As Qatari banks suffered from losses related to the global economic slowdown, the country’s government bolstered them by taking equity stakes and agreeing to buy the banks’ real-estate portfolios of about $4.12 billion…………………………………Full Article: Source
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From Btimes.com.my: Qatar Islamic Bank SAQ, complying with Islamic banking rules, hired HSBC Holdings plc and Credit Suisse Group AG to sell Islamic bonds, two bankers familiar with the transaction said.
The Islamic bond, or sukuk, offer is in its early stages, said one of the bankers, who declined to be identified as the terms aren’t set…………………………………Full Article: Source
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From Aawsat.com: The Islamic Development Bank was founded in 1975 as part of the vision and as a result of the aid of King Faisal Bin Abdulaziz, may God rest his soul. The goal of this bank was to support the economic and social development of the Organization of the Islamic Conference [OIC] member states, as well as the development of Muslim communities present in non-OIC member states, in accordance with the provisions of Islamic Shariah Law.
When the Islamic Development Bank was first established many Muslim countries were newly established, having been founded following independence from colonialism…………………………………Full Article: Source
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From Gulfnews.com: QNB, the country’s largest lender, will see its Islamic banking division grow internationally this year.
“2010 will witness an expansion in QNB Al Islami international activities with the establishment of new overseas branches alongwith offering of new services,” said QNB chairman and Finance Minister HE Yousef Hussein Kamal while addressing the annual general assembly, which approved the 70% total dividend…………………………………Full Article: Source
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From Zawya.com: An agreement on guarantee and another loan agreement granted by the Islamic Development Bank (IDB) to Tunisia’s power and gas utility (STEG) to finance a natural gas project in Gafsa were signed on Friday in Tunis.
The agreements were signed by Minister of Development and International Cooperation Mohamed Nouri Jouini, the Chairman and Managing Director of STEG, Othman Ben Arfa, and IDB Vice pesident Birama Boubaker Sidebé…………………………………Full Article: Source
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From Tradearabia.com: Top regional executives have predicted another tough year for regional capital markets as they gathered in Dubai today to discuss the financial climate at a Thomson Reuters Middle East Investment Banking Leaders Roundtable.
Thomson Reuters recently released a review of the Middle East investment banking industry, covering the region’s debt and equity capital markets…………………………………Full Article: Source
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From Gulfnews.com: The National Bank of Ras Al Khaimah (RAKbank) Sunday announced that fourth quarter net profit climbed 26 per cent to Dh195 million compared with the same period last year.
For the year, net profit was up 14 per cent to Dh726 million on the back of a 38 per cent increase in operating profit. RAKbank, one of the smaller players in the UAE market, relies heavily on retail banking to generate revenues…………………………………Full Article: Source
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From Albawaba.com: Emirates NBD, the Middle East’s largest bank by asset size, announced today that it will host a nine-day campaign in Al Bawadi Mall, Al Ain, to showcase its line of personal banking products & services to the residents of Al Ain and Abu Dhabi.
Products being showcased include Super Saver Plan, specially developed to enable customers to plan for future needs such as children’s education, retirement or a wedding; as well as Sharia-compliant products, such as Takaful and Tawfeeq…………………………………Full Article: Source
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From Albawaba.com: Under the patronage of HE Sheikh Abdullah Saud Al-Thani, Governor of Qatar Central Bank (QCB) and in line with its ongoing commitment to expand its network, Al Yusr Islamic banking service of IBQ, announced the opening of a new dedicated retail branch in the Al Rayyan area of Doha. The new branch officially opens on February 4.
The opening ceremony will also see attendance from other dignitaries, including Sheikh Waleed Bin Hadi, Head of the Sharia Board, Ibrahim Dabdoub, Vice Chairman of the Board of IBQ and Group CEO of NBK, and other members of the Board…………………………………Full Article: Source
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From Business24-7.ae: Saudi banks are expected to reverse several months of tight credit policy and open up their massive lending coffers when the long-awaited mortgage law is issued this year, the Gulf kingdom’s largest bank said yesterday.
National Commercial Bank (NCB), the largest Saudi bank by assets, said the mortgage law offers huge investment potential to the 12 commercial banks in the world’s largest oil exporter and this could allow them to end their strict credit approach and entice them to invest more at home…………………………………Full Article: Source
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From Gulf-times.com: Qatar Islamic Bank (QIB), Qatar’s second-largest lender by value, is preparing to tap the global debt markets with a bond issue worth at least $500mn, according to sources.
“They’ve mandated three banks and are pretty much ready to go,” one person with knowledge of the Islamic bank’s plans told the Zawya Dow Jones news agency yesterday………………………………..Full Article: Source
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From Thenational.ae: The flagship property project of National Bonds, the Sharia-compliant investment scheme, will be delivered a year late while a second creekside development has been put on hold indefinitely and will not generate any returns in the near future, it has emerged.
The delays come as consumers who have invested in the savings scheme await news on whether they will receive any dividends for last year…………………………………Full Article: Source
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From Khaleejtimes.com: Dubai Islamic Bank (DIB) announced that it has been named the “Best Takaful Distributor in the UAE” for the full year 2009, as well as for the fourth quarter of last year. These awards were recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development.
DIB has received the recognition for the sustained performance of its Al Islami Takaful Savings Programme, a Press statement issued by the bank said…………………………………Full Article: Source
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From Gulf-daily-news.com: Back to Basics is a recognition that the insurance industry has to refocus its strategies and examine the underlying fundamentals of operating a successful insurance company.
That was the message from CBB executive director Abdul Rahman Al Baker at the opening session of the MEIF 2010 at the Gulf Hotel…………………………………Full Article: Source
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From Ameinfo.com: The Abu Dhabi Financial Services (ADFS), the financial brokerage arm of the National Bank of Abu Dhabi (NBAD) and one of the leading brokerage companies in the UAE, today announced the appointment of Mr. Aymen Samawi as the Managing Director of ADFS.
Mr. Samawi holds a BA in International Business from Texas Wesleyan University. He joins ADFS with than more two decades of experience working in the financial services industry in the United States and the UAE…………………………………Full Article: Source
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From Bi-me.com: Mashreq, one of the UAE’s leading financial institutions, reported net profits of AED 1 billion for the year ended 31 December on operating income of AED4.9 billion.
Prudent financial management has seen Mashreq increase its provisioning and strengthen its liquidity position…………………………………Full Article: Source
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From Arabnews.com: Certain tax inefficiencies facing foreign investors were discussed at a workshop held in Jeddah on Sunday. “These include a lack of tax exemption rules to cater for corporate restructures and potential double taxation of certain investment holding structures,” Muhammad Saloojee, head of tax and Zakah at KPMG said.
While great strides have been made recently in attracting foreign investors to the kingdom, certain provisions of the Saudi tax law such as double taxation of holding structures and taxation of capital gains on initial public offerings (IPO) are areas that concern foreign investors, he added…………………………………Full Article: Source
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From Meattradenewsdaily.co.uk: Halal trade is expected to cross $ 1 trillion very soon and has not been seriously impacted by the global financial crisis, according to the organizers of the World Islamic Economic Forum or WIEF to be held in Kuala Lumpur from May 18 to 20.
“Those who follow the norms of Islamic finance have been adopting a conservative approach. Our lending has been more asset based and were not aggressive in launching any innovative finance products………………………………….Full Article: Source
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