Posted on 09 February 2010 by Laxman | Email|Print
From Forexpros.com: The global financial crisis has intensified a push for Islamic finance to “return to its roots” and move further away from conventional banking, but some warn that more originality could alienate investors.
Many bankers fear radical reforms to the industry could make products less attractive to investors who have become reluctant to take on fresh risk and uncertainty in the wake of the crisis………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Gulfnews.com: Sales of Islamic bonds may increase 24 per cent this year, led by Southeast Asia, as the region’s expansion helps drag the world out of recession, said CIMB Group Holdings Bhd., the leading arranger of such issuance.
Global sales of bonds that comply with the religion’s shariah principles, known as sukuk, will probably reach $25 billion this year, Badlisyah Abdul Ghani, chief executive officer of CIMB Islamic Bank Bhd., a unit of CIMB Holdings, said in an interview last week………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Dawn.com: Indonesia has sold more than 850 million dollars worth of Islamic bonds to domestic retail investors, exceeding its target by more than two and half times, officials said Monday.
The bonds, or sukuk, will mature in three years and pay 8.7 per cent, finance ministry director for debt Rahmat Waluyanto told reporters. “The government earlier targeted to sell three trillion rupiah (318 million dollars) worth, as we’re conservative. But we managed to sell 8.033 trillion rupiah,” he added………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Alibaba.com: Indonesia raised 8.033 trillion rupiah ($856.3 million) from the sale of a three-year retail sukuk, a finance ministry official said on Monday, more than double the indicative target of 3 trillion rupiah.
Indonesia, which has the world’s largest Muslim population, has pledged to develop its domestic Islamic finance market to diversify its funding sources………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Tradearabia.com: Saudi Arabia’s Dar Al-Arkan Real Estate will likely issue a five-year fixed rate Islamic bond worth between $500-750 million by the end of the week, two bankers with knowledge of the deal said on Monday.
The Islamic bond, or sukuk, could be priced to yield between 10.5-11 percent, they said………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Theedgemalaysia.com: With the normalisation of external conditions, a steadily recovering domestic economy and expectations that Bank Negara Malaysia (BNM) will keep its benchmark rates intact until the second half of 2010, RAM Ratings Bhd believes that it is an opportune time for corporates to raise funds, whether for new funding, refinancing or building up their war chests.
“Conducive fund-raising conditions and a brighter economic outlook will also encourage corporates to seek additional funding to fuel their growth,” its CEO Liza Mohd Noor said in a statement today………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: Consulting giant Deloitte has opted to site its new Islamic Finance Knowledge Centre (IFKC) in Bahrain to take advantage of a sector that has averaged a 15-20 percent annual growth rate over the last five years.
“Global Islamic Finance assets are estimated by the IMF (International Monetary Fund) to exceed $260bn and expected to grow to $1 trillion by 2016,” said Omar Fahoum, chairman and chief executive of Deloitte in the Middle East………………………………….Full Article: Source
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From Arabnews.com: A US dollar-denominated, open-ended, Shariah-compliant fund was launched Monday in Riyadh by NCB Capital, the investment banking arm of National Commercial Bank (NCB), the largest commercial bank in the Kingdom.
Under the new ‘Sukuk and Murabaha Fund’, NCB Capital will invest in sukuk and Murabaha issued by highly rated companies and governments………………………………….Full Article: Source
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From Zawya Dow Jones: Dubai-based Tamweel PJSC reported a net profit of 11 million U.A.E dirhams ($3 million) in the fourth quarter, compared with a net loss of AED112.4 million in the year-earlier period, on lower costs of funding.
The company posted a full-year net loss for 2009 of AED54 million versus a profit of AED460.7 million in 2008, Tamweel said in a statement………………………………….Full Article: Source
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From Reuters: Islamic banks are expected to move more deeply into riskier, equity-based financing as they seek alternatives to controversial debt mechanisms like the tawarruq, a prominent sharia scholar said on Monday.
Sharia banks have been reluctant to adopt equity models like the mudaraba to avoid taking on more risk, but there is growing pressure for the industry to reduce its reliance on debt instruments………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Cpifinancial.net: QNB Al Islami and Qatar’s Ministry of Awqaf & Islamic Affairs have signed an agreement to launch “Thimaar”, a new e-payment system that will be distributed in the form of prepaid cards to beneficiaries of the Ministry’s Sandoq Al-Zakat programme.
The agreement was signed by QNB Group Chief Executive Officer Ali Shareef Al-Emadi and HE Ahmad bin Abdulla Almari, Minister of Awqaf & Islamic Affairs. The prepaid cards will be inclusive of a fixed usage value, with balances being updated automatically each month. “Thimaar” is not a debit card and therefore does not provide cash at ATMs………………………………….Full Article: Source
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From Thestar.com.my: The National Bank of Abu Dhabi (NBAD), one of the United Arab Emirates’ (UAE) biggest banks, plans to start commercial banking operations in Malaysia following the Government’s move to liberalise the financial services sector.
The bank, according to sources, is one of the foreign banks vying for a licence to operate in Malaysia under the liberalisation plan………………………………….Full Article: Source
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From Ameinfo.com: Qatar Islamic Bank announced a QR1.32bn net profit for the 2009 fiscal year. The profit stemmed mainly from operating revenues and represents a 23% growth rate from 2008.
Total Equity increased to QR9bn as of December 31st, 2009, a 26% growth compared to the previous year. ROE rated at 20.4% and Earnings per Share amounted to QR6.44 per share………………………………….Full Article: Source
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From Reuters: Saudi-based Islamic Development Bank had lent Tunisian $46 million to finance a gas supply project, officials said on Monday.
The loan, with 20-year-long maturity, bears 5.1 percent interest rate and three-year grace period, they added………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Pattayadailynews.com: We held an exclusive interview with the Vice President, Mr. Zati Sankhavanija, who has been involved in of banking for the last seven years here in Thailand, concentrating heavily on the retail side and automatic banking systems.
There are seven branches around Bangkok and one in South Pattaya which has been open for the last five years, with a total of 28 branches throughout Thailand………………………………….Full Article: Source
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From Arabnews.com: The Central Bank of Kuwait (CBK) on Monday cut its one-week and one-month repurchase rates by 25 basis points each in a bid to expand money supply, a day after reducing the benchmark discount rate.
The bank cut the one-week repo rate to 1.5 percent and its one-month rate to two percent, according to the bank’s official website………………………………….Full Article: Source
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From Arabianbusiness.com: UAE’s Shuaa Capital aims to triple its fee income in the next three years, as the investment bank focuses on its domestic market and Saudi Arabia, which it hopes will make the bank profitable again in 2010.
The Dubai based group suffered heavy losses in 2009 as a result of the financial crisis. Its fourth quarter net loss narrowed to $42 million from a $157.20 million loss a year earlier………………………………….Full Article: Source
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From Gazeta.kz: The conference, organized by Cbonds Information agency, will be a pioneering event featuring discussions on how to strengthen Islamic financing in the region.
Roughly 200 representatives of Kazakh financial institutions, corporations, and state agencies are expected to attend, as are representatives from Russia and other CIS countries. The conference will be held with the support of the RFCA and the Association of Financiers of Kazakhstan………………………………….Full Article: Source
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ACCA Ireland (Association of Chartered Certified Accountants) is welcoming the facilitation of Islamic Financing included in the Finance Bill.
Aidan Clifford, ACCA’s Advisory Services Manager, said: “ACCA believes that Islamic finance is an increasingly viable route for access to finance, although it is still unclear yet how mainstream it will become in core financial services. It is one of the fastest growing segments of today’s banking sector, but the absolute size is still a fraction of conventional banking………………………………….Full Press Release: Source
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From Thejakartaglobe.com: Islamic banks are expected to move more deeply into riskier, equity-based financing as they seek alternatives to controversial debt mechanisms like the tawarruq , a well known Shariah scholar says.
Shariah banks have been reluctant to adopt equity models like the mudaraba to avoid taking on more risk, but there is growing pressure for the industry to reduce its reliance on debt instruments, he said on Monday………………………………….Full Article: Source
Posted on 09 February 2010 by Laxman | Email|Print
From Thefinancialdaily.com: Muslims cannot ignore the fact that they live, trade and communicate with open global systems, and they cannot ignore the need for banking and insurance. Takaful is an Islamic Insurance concept governed by Islamic rules and regulations (Shariah).
Islamic scholars feel that Muslims need a system which is governed by Islamic Laws so that they can compete with this fast moving world. This concept has been practised in various forms for over 1400 years………………………………….Full Article: Source
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The rapid growth of the global Islamic banking market over the last five years has boosted the demand for specialised Islamic banking and finance software solutions, reports Misys plc, the global application software and services company. With the influx of mainstream banking institutions, particularly leading Western brands, into Islamic banking throughout the world, the support from specialist solution vendors has become a necessity to ensure a smooth transition to Shariah-based banking.
“Banks embarking on Islamic banking operations in key markets around the world are searching for partners with a thorough understanding of the sector and a proven track record in delivery,” states Samir Safa, Business Development Manager, Islamic Banking at Misys. “Islamic banking has opened new and exciting growth possibilities, but it remains a challenge for banking institutions to work within the Shariah-based banking system and adopt its distinct practices. The core banking technology used by financial institutions that operate in this market is essential for meeting local customers’ needs, regulatory reporting, operational requirements and Shariah boards’ approvals.”…………………………………Full Press Release: Source
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