Posted on 10 February 2010 by Laxman | Email|Print
From Business24-7.ae: The Takaful, Islamic insurance, sector will continue to experience steady growth momentum this year, said financial analysts. This will be driven by a growing number of individuals and corporates opting for Takaful insurance cover, improving regulatory mechanism and increasing government support, they said.
“Across the board in the GCC there is growing appetite for Takaful and the industry is very much in growth mode. Appetite continues to grow from both individuals and corporate institutions, who are looking to purchase policies on behalf of their employees,” David Hunt, Head of Insurance, HSBC Middle East, said………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Gulfnews.com: London is promoting Islamic banking which receives wide acceptance in the City and also acts as a bridge with the Islamic world, according to Lord Mayor of the City of London Alderman Nick Anstee.
“It does make a bridge with the Islamic world, at the end ..it is also money,” Anstee told Gulf News on Tuesday in Abu Dhabi in response to a question. He said an Islamic bank set up seven years ago has 50,000 customers. “It shows the wide acceptance of Islamic banking,” he said after addressing students of Zayed University (ZU) in the capital………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Btimes.com.my: 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 syariah scholar said.
Syariah 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 10 February 2010 by Laxman | Email|Print
From Bloomberg: Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest bank complying with Muslim banking rules, said its board will consider a proposal to allow foreigners to own up to 25 percent of the bank’s shares.
The board at its meeting on Feb. 14 will also consider a plan to buy back its shares, the bank said in a statement to the Abu Dhabi bourse today………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Gulf-daily-news.com: GCC central bank governors will hold the first meeting of their joint monetary council on March 30, the next step towards monetary union, the head of the GCC was quoted as saying yesterday.
The governors of the four Gulf states planning monetary union - Saudi Arabia, Bahrain, Qatar and Kuwait - will discuss legal and administrative issues in order “to speed up the single currency,” Abdulrahman Al Attiyah, the bloc’s secretary-general, was quoted as saying by Qatar’s state news agency QNA………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Nation.co.ke: Gulf African Bank, one of Kenya’s two Islamic banks, turned profitable in the last quarter of 2009 after only about a year and a half of operations, its chief executive told Reuters.
Najmul Hassan said the bank’s loan portfolio has grown to about Sh5 billion while deposits are at Sh6.4 billion since its launch in 2008………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Thejakartapost.com: Retail Islamic bonds sold like hot cakes, with bids reaching Rp 8.03 trillion (US$851 million), almost tripling initial targets of Rp 3 trillion, when the high-yield bonds were introduced onto the market on Monday.
The Finance Ministry’s director general of debt management, Rahmat Waluyanto, said the ministry would introduce a maximum limit on the purchase of retail sukuk after an investor placed an order worth Rp 25 billion in the bond coded SR-002, which is designated to individual investors………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Zawya.com: Saudi Arabia’s Dar Al Arkan Real Estate will likely issue a five-year fixed rate Islamic bond worth between $500 to 750 million by the end of the week, two bankers with knowledge of the deal told Reuters yesterday.
The Islamic bond, or sukuk, could be priced to yield between 10.5 and 11 per cent, they said………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Moneycontrol.com: CIMB Islamic, the world’s top sukuk arranger, will offer new sharia products this year to expand its business in Indonesia and Singapore, as the Islamic finance market struggles to recover from the financial crisis.
The Malaysian bank plans to launch products such as Islamic auto financing, structured instruments, derivatives and unit trusts to tap demand in Indonesia, the world’s most populous Muslim nation, Chief Executive Officer Badlisyah Abdul Ghani said………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Tradearabia.com: Iran plans to issue foreign currency bonds of $1.5 billion to help finance hydro-electric projects in the 2010-11 year, a senior official was quoted on Tuesday as saying.
In addition, it would issue domestic currency bonds worth IR20 trillion ($2 billion), said Deputy Energy Minister Mohammade-Reza Attarzadeh, the semi-official Mehr News Agency reported………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Zawya.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
Posted on 10 February 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai developer Deyaar has postponed a 500 million dirham ($136.1 million) distressed property fund after international investors withdrew 200 million dirhams previously committed, a local daily reported.
The emirate’s second-largest developer by market value launched the fund last summer to buy distressed properties from its own portfolio as well as other properties, as it looked to boost returns for shareholders………………………………….Full Article: Source
More stories about: Funds
Posted on 10 February 2010 by Laxman | Email|Print
From Timesonline.co.uk: The announcement by Thomson Reuters that it plans to launch an Islamic Finance internet portal in 2010 is a clear affirmation of the commercial significance to the global economy of the growing interest in Islamic finance and banking.
It confirms the attraction of a market estimated at between 1.5 billion and 1.8 billion Muslims globally. Financially, the market is valued at £800 billion, while forecasts of annual growth are between 15 per cent and 20 per cent………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Opalesque: Religions in general promotes self discipline and restraint, a recent conversation lead me to believe that most people - even the self-acclaimed righteous ones - do not realize that religion is a conviction not convenience. The argument was initiated as follows: one person suggests to another “go find the car you like, I will buy it for you with a substantial discount on one condition, give me the cash and I will carry the finance note”. When I interjected stating that this type of transaction was forbidden in Islam (as a sale of Ina’ where the intent was Twarruq only) to my surprise my integrity was attacked, as who am I to issue fatwa?
My response was, it never was meant to be a Fatwa , it was the right response for the conversation at hand and suggested that they consult an Islamic Jurist to settle the issue………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Albawaba.com: The UAE is strengthening the exports of Islamic financial products and services to Australia through the second Islamic Financial Services Trade Mission hosted by Dubai Export Development Corporation (EDC), an agency of the Dubai Department of Economic Development (DED), Government of Dubai.
The Islamic Financial Services Trade Mission, which was first introduced last June 2009, was supported by the Australian government particularly by state governments of New South Wales and Victoria. Organised in partnership with the Australian Trade Commission (Austrade), the mission will be held from 8-12 February in Sydney and Melbourne………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Arabfinance.com: Islamic Arab Insurance Company swung to a net profit in 2009, boosted by a 19 percent rise in revenue, the company said, lifting shares.
The company, also known as Salama, reported that net profit jumped to 116.23 million United Arab Emirates dirhams (31.6 million US dollars) from a loss of 8.18 million dirhams in 2008, according to a statement………………………………….Full Article: Source
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From Brunei.fm: A Brunien company wants to offer the first Master in Islamic Banking and Finance online programme, to take advantage of the untapped market for Islamic finance studies in countries such as China, Japan, South Korea and Australia.
Crescent Sdn Bhd’s education product was one of the winners of iCentre’s recent ThinkBig Business Plan Competition………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Independent.ie: In July 2009, the Dail passed the amended Blasphemy Act, which curtailed the freedom of speech. It came into operation on January 1, 2010. This law appalled many people, including religious people.
The arch non-believer, Professor Richard Dawkins, described it as a “wretched, backward, uncivilised regression to the middle ages”. He asked: “Who was the bright spark who thought to besmirch the revered name of Ireland by proposing anything so stupid?”…………………………………Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Opalesque: Private Equity in the MENA region is still facing challenges as the financial crisis unfolds both globally and regionally. Figures from GVCA, KPMG 2008 annual report shows (Figure 1) an increase in size of funds raised in 2008 compared to those in 2007. However, as 2010 is emerging, de-leveraging continues and cash available for the finance of this industry is scarce. Fund managers are having a hard time closing announced funds and it is more difficult for new funds to raise capital.
It is further illustrated (Figure 2) that the VC industry is still facing more critical challenges. Although public and selected private organizations are trying to adopt and encourage establishment of western model of VC in the region, this industry is not bouncing back………………………………….Full Article: Source
Posted on 10 February 2010 by Laxman | Email|Print
From Reuters: The UK could start issuing Sukuk Islamic bonds in the next 12 months but Malaysia’s grip on the market is growing as the UAE falters, says S&P’s Islamic Finance credit analyst Mohamed Damak.…………………………………Full Article: Source
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