Posted on 01 April 2010 by Laxman | Email|Print
From Reuters: A group of British Islamic banks and government bodies launched on Wednesday a lobby group to further the industry’s development and push for the issuance of the first UK sovereign Islamic bond.
The UK Islamic Finance Secretariat will incorporate Islamic finance experts currently operating within committees of government organisations such as the UKTI, the government’s international business development organisation, the Treasury and the Financial Services Authority (FSA), to strengthen the UK’s position as an Islamic finance hub……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Business24-7.ae: A new report from Citi Private Bank (CPB) exposes the need for many Western real estate players to become more adept at dealing with Islamic finance procedures.
The bank says its assets under management across all property classes expanded from $423 billion (Dh1.55 trillion) in 400 funds in 2003-2004 to $41 in 700 funds in 2007-2008 – the figure which has remained more orless constant since then, thanks to the downturn in global markets……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Gulfnews.com: The Dubai Financial Market (DFM) is planning to launch an Islamic index in the near future, Dr. Mabid Ali Al Jarhi, Secretary General of Fatwa and Sharia supervision board at the DFM, said.
Speaking on the sidelines of a sukuk workshop organised by the Dubai Economic Council, Al Jarhi said: “In the coming three months, DFM will unveil a new index for share trading that complies with Islamic legislations.”………………………………Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Aawsat.com: There are approximately 434 Islamic financial institutions around the world, including 180 Islamic Banks and 320 Islamic windows at conventional banks. At the same time from 1996 to September 2009, the number of sukuk bond issuers has increased to 747, and the sukuk industry is worth in the region of 106.6 billion dollars.
The Islamic banking industry today has assets reaching trillions of dollars, and an estimated 20 percent annual growth rate……………………………….Full Article: Source
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From Bloomberg: Gulf Investment House, a Kuwait- based Islamic investment firm, posted a full-year loss compared with a profit a year earlier.
Net loss was 20.5 million dinars ($71 million), or 48.69 fils a share, Gulf Investment said today in a statement to the Kuwait bourse. The company posted a profit of 1.8 million dinars, or 4.32 fils, a year earlier……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From KUNA: The Bank formerly known as Bank of Kuwait and the Middle East (BKME) was crossed out from the local conventional banks list and is to start its Sharia-compliant operations as of Thursday listed as “Ahli United Bank,” said the Central Bank of Kuwait (CBK).
CBK Governor Sheikh Salem Abdelaziz Al-Sabah told KUNA this step follows the bank’s full implementation of measures required for the conversion. It comes in compliance with the fourth article of law 30/2003 on CBK and banking regulation in the State of Kuwait……………………………….Full Article: Source
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From Albawaba.com: Following the conclusion of its Annual General Meeting (AGM) today, Dubai Islamic Bank (DIB) announced that the assembly has approved the distribution of a 20 per cent dividend for the year 2009 including 15 per cent cash dividend and 5 per cent bonus shares.
During the AGM, the bank’s 2009 financial results were also approved. DIB’s net profit was AED1.2 billion for the 12 months ending December 31, 2009……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Zawya.com: Al Baraka Bank of Egypt E.S.C launched its new identity in concurrence with the change of its name from the Egyptian Saudi Finance Bank to Al Baraka Bank Egypt.
The launch ceremony was attended by senior Egyptian officials, businessmen, banking officials, chairman and members of the Board of Directors of Al Baraka Bank Egypt, senior members of the executive management and a host of guests as well as the press and the media……………………………….Full Article: Source
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From Reuters: Saudi banks’ profit fell 14.8 percent in the January-February period, central bank data showed on Wednesday, ahead of first-quarter earnings announcements, adding to concerns over their profit outlook for 2010.
Separately, Cairo-based Beltone Financial said Saudi banks’ non-performing loans would peak in 2010 leading to a decline in profitability compared with 2009, a bad year for many Saudi lenders due to a rise in provisions for these loans……………………………….Full Article: Source
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From Arabianbusiness.com: Dubai International Capital, the fund owned by Dubai’s ruler, plans to sell bonds for the cash it needs to prevent Oaktree Capital Management from seizing its Almatis unit.
Dubai is planning to repay senior lenders to the German alumina products maker through a sale of high yield bonds, two people familiar with the situation said……………………………….Full Article: Source
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From Reuters: Franklin Templeton has received an Islamic fund managment licence from Malaysia’s capital market regulator, the central bank’s Islamic finance promotional arm said.
Sandeep Singh is the executive director of Franklin Templeton Asset Management, Malaysia International Islamic Financial Centre said in its newsletter……………………………….Full Article: Source
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From Muslims.net: Islamic investment bank Gulf Finance House (GFH) plans to raise $345 million this month through a rights issue that will offer shareholders a 36 per cent discount over its current share price.
GFH, which specialises in financing for large real estate and infrastructure projects and announced plans for the rights issue last August, said in a statement it would offer around 908 million shares at $0.38 per share……………………………….Full Article: Source
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From Brunei.fm: Japanese financial services provider SBI Holdings, Inc (SBIH) said it will form an alliance with Brunei’s Ministry of Finance to establish a fund management company expected to handle private equity funds, including Syariah-compliant vehicles.
SBIH of Japan and the ministry through its investment vehicle Brunei Global Islamic Investments Sendirian Berhad have agreed to jointly establish a fund management company, SBI Holdings said in a statement……………………………….Full Article: Source
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From sfgate.com: Get this: Middle East emirate’s first fund of funds, which was launched at the beginning of 2009, beat comparable indexes by posting a 41% return last year without taking on any debt.
Is that even possible? According to the Wall Street Journal, yes. A new fund of funds, Dubai Shariah Asset Management (DSAM), invests only in shariah-compliant strategies……………………………….Full Article: Source
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From sfgate.com: Shariah Capital Chief Executive Eric Meyer, a practicing Catholic and former hedge fund manager, has worked closely with Islamic scholars to develop “sophisticated Web-based software for determining whether specific securities are Shariah compliant.”
Sophisticated is basically code for: he found a loophole. The new fund of funds has to comply with a set of rules to make sure its shariah-compliant:………………………………Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: Japan’s Tokio Marine Holding has teamed up with Saudi Arabia’s Alinma bank and Saudi Basic Industries Corp to set up an insurance firm in the kingdom’s crowded but under tapped market.
Alinma Bank said it and Tokio Marine would equally share 57.5 percent of the new cooperative insurance firm’s $53.3 million capital under a memorandum of understanding signed on Wednesday……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Thehindu.com: Conventional insurance, which is based on an exchange of premium payments now for future indemnities in case of specified events, is not valid under Shari’ah law due to the uncertainty (gharar) of the value of the future indemnities, informs ‘Takaful Islamic Insurance’.
Part of the solution to the juristic problem lies in the adoption of a mutual structure for underwriting insured risks, with the insureds (participants) mutually insuring one another on a non-profit basis according to the principle of takaful (the Arabic word for ‘solidarity’)……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Businessandeconomy.org: As of now it doesn’t seem that the Indian government is every enthusiastic about bring home investments from such funds. One of the reasons is that the current systems in India does not fully support Islamic Banking, which are a major part of Islamic Fundings.
Besides to attract Islamic Funds, India needs to substantially change its tax structure in order to be able to benefit from the funds. Then there are the religious issues as well, which can turn out to be a major roadblock. Since these funds are branded as Islamic Funds, people related to other religions may not like to use such loans from Islamic Banks……………………………….Full Article: Source
Posted on 01 April 2010 by Laxman | Email|Print
From Dawn.com: The finance ministry has finalised plans to issue Rs100 billion Sukuk bonds before the end of current fiscal year to retire the circular debt that has been a major concern for the power generation companies, oil suppliers, refineries and exploration companies.
“The Rs100 billion denominated Sukuk bounds will be floated in May this year and the target investors are religious-minded people with cash in hand,” said a senior official of the finance ministry……………………………….Full Article: Source
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From Kippreport.com: More and more ‘Islamic’ television stations are being launched. And despite strict rules on content, they are proving increasingly popular with advertisers.
Up until the 1990s, most TV channels in Muslim-majority countries were broadcast by state-owned monopolies with limited reach outside their native country. Since then the liberalization of broadcasting rules and the proliferation of media zones has led to the explosive growth of free-to-air (FTA) and subscription-based TV channels……………………………….Full Article: Source
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