Posted on 24 February 2010 by Laxman | Email|Print
From Businessweek.com: Sales of bonds that comply with Islamic laws will remain “weaker” this year as investors shun riskier, higher-yielding assets on concern governments will struggle to repay debt.
Sales of the bonds known as sukuk have totalled $564 million so far this year, compared with $2.5 billion for the first quarter last year, according to data compiled by Bloomberg……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: A leading Islamic finance expert has denied that the troubles afflicting Gulf Finance House (GFH) are indicative of a wider systemic risk within the Sharia-compliant industry.
Dr Hitam Tahir, the head of consulting giant Deloitte’s new Islamic Finance Knowledge Centre (IFKC) in Bahrain, told Arabian Business on Monday that there was no sign of underlying weakness……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Businessweek.com: Islamic banking executives have a proposal for their bonus-addled Western counterparts: Take a look at our model. Beyond interest-free banking — a prospect that would likely win few proponents in London or New York — executives from the world of Islamic finance argued at a conference Tuesday that world markets weary of excessive risk and wealth imbalances should welcome ethical standards of investment based on religious tenents of fairness and transparency.
But they warned that the industry also needed to get its own house in order, by streamlining existing fragmented regulation and coming up with new products……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Godubai.com: A cross section of African business entrepreneurs informed the Islamic Finance System experts that they ought to have been already established in the continent to get the system rid of financial malaise.
In this regard, one-day conference on Islamic Banking in Africa under the theme: ‘Islamic Banking as an Alternative Option for Africa’ was organised at a local hotel on Monday by a Dubai-based group Titlas that has special interest and experience in handling African financial issues……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Brunei.fm: The aftermath of the global economic crisis has left its mark on financial institutions all over the world. Dr Mohamed Sharif Bashir, Sultan Sharif Ali Islamic University’s dean of Faculty Business and Management Science, however, said that Islamic banks, had been able to minimise the damages due to their strong fundamentals.
Dr Mohamed shares his views on Islamic banking and what it takes to further develop Brunei’s Islamic finance industry……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: Abu Dhabi’s Waha Capital will use proceeds from a planned $272.3 million convertible bond or sukuk to fund its expansion, its chairman said in a statement on Tuesday.
Waha got board approval to issue mandatory convertible bonds or sukuk on Monday……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Theedgemalaysia.com: BPA Malaysia Sdn Bhd has inked an agreement to provide ringgit-denominated sukuk data to Thomson Reuters’ newly launched Islamic Finance Gateway.
In a statement today, BPA Malaysia said its market standard data could now be accessed through the Islamic Finance Gateway by a global audience……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Bi-me.com: Standard & Poor’s Ratings Services said today that its long-term corporate credit rating on Saudi homebuilder Dar Al Arkan (DAAR; BB-/Stable/–) remained unchanged following the company’s issue of its US$450 million sukuk notes.
We believe this issue removes short-term refinancing risks, which is positive, but we note that the rating already incorporated successful refinancing of DAAR’s March 2010 debt maturity……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Reuters: Iran will issue bonds worth $1 billion in local and hard currency in the coming days to help finance the development of its energy sector, student news agency ISNA quoted a senior oil official as saying on Tuesday.
“We hope in the course of the coming days to issue bonds … to finance development of the country’s South Pars Gas field’s various phases,” ISNA quoted Seifollah Jashnsaz, managing director of National Iranian Oil Co., as saying……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Gulf-times.com: Qatar Islamic Bank (QIB) is planning to enhance funding to local small and medium enterprises (SMEs) and to reposition itself to become a leading bank offering Shariah-principled services at the global level.
These initiatives were disclosed to the bank’s shareholders yesterday at its annual general assembly, which approved a 60% cash dividend……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Albawaba.com: In line with increasing demand for its bespoke wealth management solutions, Emirates NBD, the largest banking group in the Middle East in terms of assets, announced today the official inauguration of its first Private Banking Centre in Abu Dhabi.
Emirates NBD’s fourth Private Banking Center now in operation in the country, complements the bank’s existing presence with three offices in Dubai, an office in London, in addition to the international expansion plan to other regions……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Kuwait’s Gulf Bank expects to make an operating profit in 2010 which will help absorb additional provisions, after it narrowed its losses in 2009.
Gulf Bank said yesterday it made a net loss of 28.07m dinars ($97.36m) in 2009, after booking 111m dinars against its credit portfolio……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Arabianbusiness.com: Abu Dhabi government owned Al Hilal Bank plans to expand its credit and retail business in the UAE as high oil prices fuel growth in the Arab world’s second largest economy, the bank’s CEO said.
Speaking in an interview with Reuters on Tuesday, Mohamed Berro said the Islamic lender is also keen to expand in former Soviet markets after it opens the region’s first Islamic bank in Kazakhstan this April……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Backed by strong government support and operating in an economy that recorded some of the fastest growth in the world last year and is expected to expand by up to 18% in 2010, Qatar’s banking sector is poised to begin another period of accelerated growth.
That is not to say local banks spent the past year idle. Overall, the country’s banking sector appears to have weathered the global financial crisis far better than most, posting combined profits of $2.7bn in 2009, just 0.1% down on the previous year’s result……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Gulf-times.com: Doha Bank is focusing on strengthening its financial position through doubling and diversifying the assets while maintaining operating results and achieving sustainable growth in its core income.
Addressing the bank’s general assembly meeting yesterday, chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said the initiative is part of the bank’s ‘three-year strategic plan’ up to 2012, approved in December 2009……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Tradearabia.com: Banks in the UAE have about $15 billion of exposure to Dubai World, according to a Moody’s Investor Service report.
The report, quoted by Financial Times, said 12 rated UAE banks and the regional entity of HSBC could probably absorb losses of 40 per cent……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Business24-7.ae: Banks in the Middle East and North Africa (Mena) score fairly well in terms of profit efficiency relative to all banks worldwide but should focus more on enhancing revenue generation rather than controlling costs, according to an expert.
“Mena banks are slightly less cost-efficient than European banks and in line with banks in developing economies,” said Dr Dennis Olson, Professor of Finance at the American University of Sharjah (AUS), during a one-day research symposium on business and economics organised by the university……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From WAM: The meeting of Unified law “system” for the supervision and control of insurance business in GCC countries started today at the headquarters of GCC General Secretariat.
The meeting is discussing a number of issues concerning supervision and control over the insurance business in GCC countries, which include a proposal submitted by the United Arab Emirates on the definition of Takaful insurance “Islamic Insurance”……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Insurancenewsnet.com: The takaful - or sharia compliant - insurance industry has grown at double or three digit growth rates so far as the Gulf Arab region is underpenetrated with insurance products in general, and has also attracted business from conventional peers.
But issues like the absence of long term sukuk, or Islamic bonds, to compliment some of the products are hampering the process of asset deployment……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd was named the “Best Takaful Provider” at the recent Euromoney Islamic Finance Awards 2010.
Organised by financial magazine, Euromoney, the awards ceremony was held at the Landmark Hotel in London……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Reuters: Bahrain-based Islamic investment house Arcapita posted a $159 million second-quarter loss due to a slump in income from placement fees and lower asset valuations after property markets plunged.
The company said on its website its income in the quarter ended Dec. 31 fell to $12.6 million from $101.8 million a year earlier, when it posted a quarterly profit of $30.6 million……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Gulf-times.com: The Qatar Financial Centre (QFC) is establishing a research centre of global repute, “Quantum”, in association with leading international data-mining entities.
“We are incubating a research centre, in partnership with leading research firms,” QFC Authority acting CEO Shashank Srivastava told the concluding day of the Beltone Financial conference on ‘Investments in the Middle East and North Africa region’……………………………………Full Article: Source
Posted on 24 February 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based Securities & Investment Company (Sico) said its four regional equity funds had delivered a strong perfomance in 2009 despite the crisis. The funds which netted solid returns also received high ratings (AA and A) from Standard & Poor’s.
Sico’s flagship Khaleej Equity Fund, rated ‘AA” by S&P, and which invests in equities listed on the six GCC stock markets, achieved a return of 16.9 per cent for the year……………………………………Full Article: Source
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