Posted on 26 February 2010 by Laxman | Email|Print
From Bloomberg: London can expand as a global financial center by offering more Islamic banking services, HSBC Holdings Plc Chairman Stephen Green said.
Europe’s largest financial center is already “the leading hub in the Western world” for Islamic finance, with 12 Islamic banks and 10 global banks offering Islamic financial services, Green said yesterday in a speech at the London School of Economics……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Financeasia.com: HSBC has appointed William Ross as its first global markets co-head of Islamic finance, part of a larger plan to extend its global markets capabilities into shar’iah compliant structures.
In what is to be a two-person role, Hong Kong-based Ross will focus on Islamic liabilities, including liquidity and risk management. HSBC has yet to appoint the other co-head but said that the person would focus on Islamic assets. The new positions are the first related to Islamic finance in the bank’s Hong Kong global markets team……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Businessweek.com: Standard Chartered Plc will offer hedging contracts using commodity derivatives that comply with Islamic law to help companies and investors in the Middle East to better control risk.
The U.K. bank, which generates most of its profit in emerging markets, is in “advanced discussions” with its customers in the Middle East and plans to offer Shariah- compliant derivatives by the end of March, Afaq Khan, chief executive office of the lender’s Islamic banking unit in Dubai, said in an interview today……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
PricewaterhouseCoopers LLP (PwC) has appointed Mohammad Khan as its new UK Islamic finance leader. Mohammad, will take up the role with immediate effect. Mohammad takes over from Mohammed Amin who recently retired as a partner from the firm.
Mohammad will be responsible for leading and coordinating PwC’s Islamic finance practice in the UK, bringing together the firm’s efforts across the financial services industry……………………………………Full Press Release: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Reuters: A London-based private healthcare organisation is set to issue the first-ever Islamic bond in Britain next month, a transaction that would strengthen the UK’s credentials as a centre for Islamic finance.
The firm is looking to raise around 50 million pounds through an Ijarah sukuk as part of a wider project to raise up to 85 million pounds, the lead arranger, Liquidity Management House, told Reuters……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Menareport.com: Unicorn Investment Bank (Unicorn), the Bahrain-based financial services group, announces the successful close of a US$450 million 5-year Sukuk on behalf of Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan), a leading residential real estate developer in the Kingdom of Saudi Arabia.
The Sukuk, which offers a yield of 11%, will be used to finance the company’s current and future development projects……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Btimes.com.my: National savings bank Bank Simpanan Nasional (BSN) plans to launch 22 Islamic banks across the country by November this year.
Deputy chief executive of consumer banking and business development Norazian Ahmad Tajuddin said of the 380 branches located nationwide, a number have been earmarked to be transformed into full-fledged Islamic banks and some will be new banks……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based ABC Islamic Bank has posted a net profit of $10.1 million for 2009 compared to $25.6 million for 2008.
Net profit for the fourth quarter was $3.7 million, compared to a nominal third quarter loss of $175,000 as there were no impairment provisions required for the fourth quarter compared to $3 million taken in the third quarter……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Business24-7.ae: The UAE bank branches grew by more than 11 per cent while the electronic banking service units of foreign banks increased by almost 22 per cent, official Central Bank data shows.
The number of ATMs in the country, on the other hand, went up by more than 48 per cent, from 2,420 at the end of 2008 to 3,599 by the end of last year……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Thefinancialexpress-bd.com: Pubali Bank Limited Thursday began Islamic banking in a bid to facilitate and streamline the country’s growing Islamic banking business.
Chairman, Board of Directors of Pubali Bank Hafiz Ahmed Mazumder, MP inaugurated its Islamic Banking Window at the Principal Branch in the city……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Aawsat.com: An Islamic Bank’s commitment to the provision of Islamic Sharia law and the accuracy with which it implements these laws are considered critical factors when Islamic finance clients are choosing between one Islamic institution and another.
Therefore we find that Islamic financial institutions try to exploit this factor and focus on this aspect of their operations and market themselves as an Islamic financial institution, utilizing a variety of methods such as the design of the institution’s logo in order to express its Islamic identity, as well as selecting language that evoke the institute’s Islamic identity and vision……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Iii.co.uk: Egypt’s National Bank for Development (NBD) has added two new Islamic offerings to its product line-up, its latest steps toward its goal of becoming fully Islamic by the end of 2010.
NBD began converting to Islamic finance after Abu Dhabi Islamic Bank (ADIB) bought a 49 percent stake in the bank in the last quarter of 2007……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd, a subsidiary of MNRB Holdings Bhd, aims to increase its non-motor general takaful segment to 52 per cent this year.
The non-motor segment currently forms 30 per cent of the company’s general takaful portfolio while the motor segment accounted for the balance of 70 per cent……………………………………Full Article: Source
Posted on 26 February 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Takaful International yesterday announced that the profits achieved from its takaful operations were BD2.9 million ($7.7m) compared to BD2.1m last year, registering a growth of 39 per cent.
Growth in total written takaful insurance contributions were estimated at 7pc compared to the same period in 2008 with the contributions crossing BD15m compared to BD14m in the previous year. …………………………………..Full Article: Source
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