Posted on 16 February 2010 by Laxman | Email|Print
From Reuters: HSBC expects double-digit revenue growth this year in its Amanah Islamic banking division and more sukuk mandates than in 2009, Razi Fakih, deputy chief executive of Amanah said.
HSBC expects to have more than the 15 mandates it had in 2009 for sukuk, or Islamic bond issues, Fakih said at the Reuters Islamic Banking and Finance Summit………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Arabnews.com: A leading economist has urged Muslims living in non-Muslim countries to open interest-free accounts in their banks in order to encourage the regulators and policy makers to license Islamic banks. “If a large number of customers insist they want interest-free banking services, it would surely have a big impact on decision makers,” said Mohammed Obaidullah of Islamic Development Bank.
He highlighted the role of customers in strengthening Islamic banks and financial institutions by asking right questions and monitoring the bank’s activities and dealings………………………………….Full Article: Source
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From Businessweek.com: Nakheel PJSC’s struggle to repay a $4.1 billion Islamic bond in December wasn’t a reflection of any special risks attached to Islamic banking, the chief executive officer of Abu Dhabi Islamic Bank said.
“Was there an extraordinary weakness in the Islamic structure? No,” Tirad Mahmoud said in an interview late yesterday in Abu Dhabi. “Maybe people thought if it is Islamic, it is zero risk. But Islamic banks never promise guaranteed outcomes.”…………………………………Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Reuters: The Saudi-based Islamic Development Bank (IDB) is considering cutting the amount of cash it must keep on its books in a move which could reduce its need to tap the debt markets for funds, a senior official said.
Mohammad Tariq, advisor to IDB president Ahmed Mohamed Ali, said the IDB currently holds the equivalent of 40 percent of its investment commitments on its books, but will decide within four months whether to change this measure to a system more closely matching short-term inflows and outflows………………………………….Full Article: Source
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From Globalarabnetwork.com: Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah has announced that the minister of finance issued decree 7/2010 to the effect of listing Rajhi banking and investment corporation , Al-Rajhi Bank, as an Islamic bank with the Kuwait Central Bank.
The governor added in a press statement made today to the Kuwait News Agency (KUNA) that listing Rajhi branch as an Islamic bank comes in accordance with the rules of law 32 of 1968 on monetary, the Kuwait Central Bank, the regulation of the banking professions that is amended to law 28 of 2004 which allows the foreign banks to operate in Kuwait through opening branches………………………………….Full Article: Source
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From Aawsat.com: Bahrain’s Unicorn Investment Bank is studying a possible acquisition of Dubai Group’s stake in Malaysia’s Bank Islam, its head of strategic mergers and acquisitions said on Monday.
“We have received the information from the investment bank that is handling this for the seller. We have received it and we are reviewing it,” Frederick Stonehouse told the Reuters Islamic Banking and Finance Summit in Bahrain………………………………….Full Article: Source
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From Arabnews.com: The International Fund for Agricultural Development (IFAD) and the Islamic Development Bank Group (IDB) signed a $1.5 billion framework co-financing agreement that will strengthen their 30-year collaboration in supporting the world’s poorest people in member countries.
The agreement, which was signed during a meeting between IDB President Ahmad Mohamed Ali and Kanayo F. Nwanze, president of IFAD, comes at a critical moment when the international community has recognized that agricultural development is fundamental to feeding the world’s population………………………………….Full Article: Source
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From Gulfnews.com: In its first year of operation under its newly unified brand, Emirates NBD, the largest banking group in the Middle East in terms of assets, has been ranked the No 1 banking brand in the Middle East by international magazine The Banker.
In its findings, the publication attributed the branding success to a combination of factors including products and services, technology, employee buy-in as well as strength and stability………………………………….Full Article: Source
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From Btimes.com.my: 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
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From Moneycontrol.com: The fledgling Islamic finance industry is still growing thanks to new markets and an inflow of oil money, but it is struggling to leave behind the legacy of the global financial crisis in the form of a real estate crash in the Gulf Arab region.
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………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Tradearabia.com: Some of the world’s leading names in Islamic banking and finance industries, along with government officials, will discuss the outlook for the sector at the Reuters Islamic Banking and Finance Summit, to be held from February 15 to 18.
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………………………………….Full Article: Source
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From Menafn.com: Following the recent circular from the Luxembourg tax authorities describing the major principles and contracts of Islamic finance and their respective tax treatment, most financial market players have welcomed the measures.
However, one advisory firm, Dananeer for Islamic Finance Consulting and Training Services, has called for further clarification, especially relating to the qualifying conditions attached to Murabaha transactions………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Voanews.com: The Australian government plans to attract Islamic banks after publishing its first report on this booming area of finance. The government wants Australia to become a finance hub for almost one billion Muslims in the Asia-Pacific region.
Banking systems that comply with Islamic beliefs are a multibillion-dollar worldwide industry. While such banks are common in Indonesia and Malaysia, they remain on the fringe of Australia’s finance sector………………………………….Full Article: Source
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From Reuters: UK-based cash management firm Prime Rate Capital is aiming to raise $250 million for an Islamic cash fund that it says will be the first of its kind to provide sharia-compliant overnight liquidity.
The Islamic Liquidity Fund, which should be ready to launch around March 18, will give banks, insurers and corporate treasurers the ability to park their cash overnight in a sharia-compliant way, said Prime Rate’s chief executive Chris Oulton at the Reuters Islamic Banking and Finance Summit in London on Monday………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Albawaba.com: The Gulf Islamic Fund, a Shariaa Compliant investment vehicle of Gulf Investment Corporation (GIC), ranked first among Shariaa compliant funds investing in the GCC with a 24.6% return. This result was reported by the Zawya Financial Site and the Kuwait Financial Center (Markaz) on the performance of Gulf funds during 2009.
Commenting on these results, Head of GCC Equities, Talal Al-Tawari said:”This achievement by Gulf Islamic Fund is particularly important against the backdrop of the ongoing global financial crisis. In addition to the remarkable performance, the fund distributed 5% cash dividend for the first six months of 2009.”…………………………………Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Cpifinancial.net: TVM Capital MENA has received the approval of the Dubai Financial Services Authority (DFSA) to start operation of its first regional healthcare growth capital fund.
The new healthcare fund, which has $40 million of subscriptions from founding investors, Saudi Health Investment Company (SHIC), the International Finance Corporation (IFC), and GE Healthcare, is the first healthcare-dedicated fund in the MENA region to be operated by a global healthcare and life science manager with a significant track record in the sector………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Ukinvest.gov.uk: Plans for an Islamic finance school in Birmingham have been boosted by a £1.5m cash injection. Dubai-based trading firm Surgi-Tech has pledged the funding as part of a drive to improve knowledge and understanding of Islamic financial principles across the UK.
The Islamic Finance and Business Centre at Aston Business School will offer MScs and doctorates in Islamic finance to overseas students, investors and executives in a bid to provide clarity on Muslim financial arrangements which are bound by certain restrictions under Sharia law………………………………….Full Article: Source
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From Reuters: Saudi Arabia’s long-awaited mortgage law will give lenders more rights including the ability to foreclose on properties in default, according to a draft seen by Reuters, appeasing lenders nervous about jumping into the kingdom’s real estate market.
The arrival of the mortgage law is expected to drive Saudi housing demand and prices as more people access the market………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Reuters: The market for issuance of sukuk in the UK and Europe is struggling to reignite in the aftermath of the Dubai World standoff and a recovery in more traditional forms of financing, a specialist lawyer said on Monday.
Farmida Bi, a partner at the Norton Rose in London, said the pipeline for Islamic bonds in the UK, the most sophisticated Islamic financial market in Europe, was “not fantastic.”…………………………………Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Columbiaspectator.com: Given the financial doldrums the world finds itself in, I believe the Papal observation makes great sense and gives us all food for thought to consider why Islamic finance should not be taken as a niche upstart.
During his official visit to Turkey in 2006, Pope Benedict XVI was pleasantly surprised by the words “Al-Kasid Habib-Allah ,“ or, “The trader is a beloved of God” etched next to the wall of the exit door. These words were stated by the Prophet Muhammad and demonstrate the importance of Islam’s position in the smooth functioning of a society’s economic well-being and order………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Gulf-daily-news.com: The regional project finance industry has reached a crossroads and looks set for growth, according to BNP Paribas regional head of structured finance Christophe Mariot.
Speaking at the MEED Middle East Project Finance Conference 2010 at the Ritz-Carlton Bahrain Hotel and Spa yesterday, he predicted that project finance business across the GCC could be worth between $20 billion and $30bn this year………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Tradearabia.com: The cost of insuring five-year Dubai debt against default jumped to its highest level since March on Monday as concerns intensified over the debt restructuring of state-owned conglomerate Dubai World.
Nervousness over the fate of Dubai World debt grew after Dow Jones reported it is mulling a two-part deal, including one that may repay lenders 60 percent over seven years. Dubai denied the report on Sunday………………………………….Full Article: Source
Posted on 16 February 2010 by Laxman | Email|Print
From Maktoob.com: Social networking sites such as Facebook are not forbidden in Islam as long as those using the sites are doing so for the correct reasons, Dubai’s Iftaa Committee ruled in a fatwa.
“The rule regarding Facebook and other social networking sites is the same as regarding any other general thing; the rule depends on the intention behind using it and the actual use itself,” the committee, part of the Islamic Affairs and Charitable Activities Department, said in its ruling………………………………….Full Article: Source
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