Posted on 15 February 2010 by Laxman | Email|Print
From KUNA: The Islamic finance market seems to be recovering from the global economic crisis that hit it last year, despite continuing challenges that face the financial sector around the world, said Sabaek Leasing and Investment Company on Sunday.
In a report, Sabaek said that total assets of the top 500 Islamic banks rose to USD 822 billion in 2009, compared to USD 639 billion in 2006, at a growth rate of 28.6 percent…………………………………Full Article: Source
Posted on 15 February 2010 by Laxman | Email|Print
From Reuters: Islamic banking is one of the world’s fastest growing financial sectors, according to industry estimates. It has attracted more attention in the aftermath of the global financial crisis as investors are increasingly looking for alternative, ethical ways of investing.
This has also intensified a debate within the industry on whether it should move further away from conventional banking, designing products based more directly on Islamic principles. Global issuance of Islamic bonds, or sukuk, is expected to fall this year from 2009 levels, a recent Reuters poll showed, as the Dubai debt crisis and an expected rise in borrowing costs weigh on market sentiment…………………………………Full Article: Source
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From Financialstandard.com.au: The $1 trillion Islamic finance market is a crucial part of the Australian Government’s strategy to make Australia a financial hub in Asia Pacific, according to Simon Crean, minister for trade. “Islamic financing is a booming sector and Australia should be part of the action,” said Crean.
At the launch of the Government’s booklet, Islamic Finance, Crean said Australia is well positioned to cater for the Islamic financing market, which has grown at 10 per cent per annum for a decade…………………………………Full Article: Source
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From Tradearabia.com: Saudi home builder Dar al-Arkan has enough cash to repay 2.2 billion riyals ($586.7 million) worth of an Islamic bond that matures next month, its chief financial officer said on Saturday.
Benoit Bellerose was speaking after Saudi Arabia’s biggest property developer by market value raised a lower-than-expected $450 million from a new five-year sukuk, or Islamic bond, priced at 10.75 per cent…………………………………Full Article: Source
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From Arabianbusiness.com: Saudi real estate developer Dar Al Arkan has issued a $450m sukuk, or Islamic bond, priced at 11 percent, a banking source said on Thursday, making it the first issue from the region this year.
“The magic number is $450 million,” the source said…………………………………Full Article: Source
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From Arabianbusiness.com: Saudi home builder Dar al Arkan has enough cash to repay $586.7 million worth of an Islamic bond that matures next month, its chief financial officer said on Saturday.
Benoit Bellerose was speaking after Saudi Arabia’s biggest property developer by market value raised a lower than expected $450 million from a new five year sukuk, or Islamic bond, priced at 10.75 percent…………………………………Full Article: Source
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From Reuters: The Dubai Department of Finance’s 2014 Islamic bond, issued last November, fell sharply on Friday, along with other assets from the emirate as uncertainty grew about the fate of debt-laden state-owned firm Dubai World.
The five-year bond fell 2 points in price to a record low of 86.5 with the yield rising half a percent to about 10 percent, according to Reuters data. “Dubai cash bonds are selling off massively. The 2014s have fallen to the 80s because of all kinds of rumours, none of them substantiated,” a bond trader in London said…………………………………Full Article: Source
Posted on 15 February 2010 by Laxman | Email|Print
From Maktoob.com: Mashreq, Dubai’s largest bank by market value, plans to raise the size of a euro medium term note programme to $5 billion from $2 billion, it said late on Thursday.
The lender, owned by billionaire Abdul Aziz al-Ghurair, said in a regulatory filing it would seek approval from shareholders for the bond plan at an extraordinary general assembly meeting on March 7. It did not give further details…………………………………Full Article: Source
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From Arabianbusiness.com: Abu Dhabi Islamic Bank expects double digit growth this year as it expands locally and into Iraq and Egypt to be among the top three sharia compliant lenders in the Middle East, its CEO said.
In an interview with Reuters, Tirad Mahmoud said: “We are definitely looking at double digit growth in 2010. The Abu Dhabi government has injected money into the economy and this will bring life into the banking system.”………………………………..Full Article: Source
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From Thenational.ae: Abu Dhabi Islamic Bank (ADIB) set aside more than Dh1 billion (US$272.2 million) in provisions in the final quarter of last year as the country’s second-largest Sharia-compliant lender said it was starting the year with a “clean slate”.
Overall provisions reached almost Dh1.5bn last year, cutting the bank’s full-year profit to Dh78m. ADIB had also set aside “voluntary” or general provisions, which are usually taken against still-performing loans…………………………………Full Article: Source
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From Gulfnews.com: Dubai Islamic Bank (DIB) saw a 31 per cent drop in full-year net profits on doubled provisions for bad loans.During the fourth quarter, the bank made a net profit of Dh80 million, adding to year-end profits of Dh1.2 million.
Revenues saw slight change, reported at Dh5.1 billion in 2009 from Dh5.2 billion in 2008. At year-end, customer deposits stood at Dh64.2 billion compared to Dh62.6 billion at the end of 2008. Provisions rose from Dh520 in 2008 to Dh818 in 2009, while its total assets were Dh84.3 billion…………………………………Full Article: Source
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From Ameinfo.com: HSBC Amanah has been named Best International Islamic Bank by Euromoney magazine, in its Islamic Finance Awards 2010.
The Euromoney awards are widely considered to be the most high profile accolades in the Islamic Finance calendar and annually recognise outstanding performance, quality, service, and innovation in the sector…………………………………Full Article: Source
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From Reuters: Bahrain’s Gulf Finance House posted on Sunday a $607 million fourth-quarter loss as the bank cleaned the legacy of a regional real estate crash from its books as expected.
The Islamic investment house posted a full-year net loss of $728 million, compared to a $292 million net profit during the previous year. It had posted an $11 million loss during the fourth quarter of 2008…………………………………Full Article: Source
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From Maktoob.com: Bank of Jordan’s 2009 net profit fell 23% to 25.4 million Jordanian dinars ($36 million) compared with JOD32.9 million in 2008, the Arabic daily newspaper al-Ghad reported Sunday.
The bank’s assets in 2009 grew by 13% at JOD1.907 billion, an increase of JOD222 million over figures of the previous year, the paper said quoting a statement issued by the bank. Customer deposits increased by 11% to reach JOD1.418 billion, it added…………………………………Full Article: Source
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From Cpifinancial.net: Qatar Islamic Bank has signed an agreement with New Horizons Computer Learning Center to finance educational courses designed to meet the needs of QIB’s clients, both local and expatriate.
The signing of this agreement is supposedly meant to help with QIB’s new range of Ijarah products that it is providing for clients. The Ijarah products are the latest to be added to QIB’s suite of Shari’ah-compliant products, and provide finance for such fundamental client needs as health, marriage, education and holidays…………………………………Full Article: Source
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From Cibafi.org: 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.
“It is demonstrating that this is a viable business venture,” he said late 8th, February, 2010. “We have grown, so obviously we are taking share from some other banks or we are creating a new market. Both of these things are good.”………………………………..Full Article: Source
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From Alwatan.com.kw: The United Arab Emirates (UAE) central bank is mulling requiring banks to take provisions against loans to government and governmentـlinked companies not directly guaranteed by the state, an Emirati newspaper said on Thursday.
Banks would have to take provisions at a certain percentage of these loans, a banking source told the Emirati newspaper, without specifying the percentage…………………………………Full Article: Source
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From Thefinancialexpress-bd.com: An individual who possesses financial resources is often confronted with the question of how to safeguard his/her money while remaining faithful to the principles of Islamic tenets. Islam forbids accumulation of money because it prevents progress.
According to holy Qur’an, “Those who hoard up gold and silver and do not spend it on the way of Allah, tell them the tidings of a painful punishment”. The logical alternative to hoarding is investment in the areas of choice…………………………………Full Article: Source
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From Tradearabia.com: Sakana Holistic Housing Solutions, a leading Bahrain-based Islamic financial institution, has posted a net profit of BD0.71 million ($1.88 million) for 2009, an increase of 22 per cent over 2008.
The 2009 full year results showed an increase of approximately 47 per cent in net mortgage finance income from BD 2.04 million in 2008 to BD 2.99 million in 2009…………………………………Full Article: Source
Posted on 15 February 2010 by Laxman | Email|Print
From Stuff.co.nz: Westpac is poised to bolster its exposure to the fast-growing Islamic finance market by offering a commodity-trading facility aimed at overseas investors that operates under the principles of Islamic law.
Islamic finance prohibits the earning of interest. Instead, there is a focus on profit-sharing based on buying and selling tangible assets such as property…………………………………Full Article: Source
Posted on 15 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: Real estate development firm Mazaya Qatar said on Saturday its $137.4 million initial public offering was 100 percent covered.
In a statement, Mazaya said: “The company will use its current and subscribed capital to fund its operations and future plans.”………………………………..Full Article: Source
Posted on 15 February 2010 by Laxman | Email|Print
From Thenational.ae: Germany plans to set up institutes for Islamic studies to train new generations of imams and religious teachers more attuned to western society, and to exert subtle control over how the country’s growing Muslim population is taught about its faith.
The government has welcomed a proposal by its academic advisory council to set up centres of Islamic theology at two or three state-run universities. “The number of children and young people of Islamic faith in Germany is high and increasing,” said Annette Schavan, the education minister…………………………………Full Article: Source
Posted on 15 February 2010 by Laxman | Email|Print
Khalijia Invest, a leading global Shari’ah compliant investment firm chaired by HH Prince Sultan Bin Mohammad bin Saud Al Kabeer and regulated by the Capital Markets Authority (CMA) today announced that it has selected IdealRatings Inc., a global Shari’ah compliant fund management service provider to take full advantage of IdealRatings’ universe screening and Shari’ah compliant fund management service.
Khalijia Invest needed a robust, fully integrated Shari’ah compliant fund management service to streamline it Shari’ah funds investment process and analysis, and turned to IdealRatings for its integrated Shari’ah funds service capabilities………………………………….Full Press Release: Source
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