Posted on 07 April 2010 by Laxman | Email|Print
From Business24-7.ae: Islamic finance industry saw its total assets grow to $950 billion (Dh3.48 trillion) in 2009 in spite of the global economic crisis. The market’s potential is worth at least $5trn, Moody’s said in its latest report.
Rapid growth in Islamic finance continues globally but the industry needs to be more innovative instead of being influenced by conventional derivative instruments, it said……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Businessweek.com: Assets held by Islamic financial institutions may rise five-fold to more than $5 trillion as demand increases for products that comply with Muslim principles, according to Moody’s Investors Service.
The Islamic finance industry’s assets under management reached $950 billion last year, Moody’s said in a report today, without providing a timeframe for the projected growth. The global market for Islamic bonds, or sukuk, is worth $110 billion, the rating agency said……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Cpifinancial.net: A combined use of securitisation and derivatives offers considerable scope for reducing the risk exposures of Islamic financial institutions (IFIs) and thus improving their overall creditworthiness, Moody’s Investors Service says in a new Special Comment.
However, the Islamic finance industry needs to develop its own innovation phase and not imitate conventional derivative instruments in order for IFIs to maintain their special status and Shari’ah-compliant approach, the Moody’s report explains……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Knowledge@Wharton: When Dubai’s biggest investment conglomerate, Dubai World, stunned markets last November with a request to freeze repayments on $26 billion in debt, the upstart Gulf emirate was met with harsh criticism about its financial transparency. Yet investor ire didn’t halt there.
The announcement led to fears that Dubai World’s real estate subsidiary Nakheel would default on repayment of $4.1 billion in Islamic bonds, known as sukuk. As the news came after a series of high-profile sukuk defaults in the region, some bankers and analysts questioned the sustainability of the trillion-dollar Islamic finance market as well……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
A combined use of securitisation and derivatives offers considerable scope for reducing the risk exposures of Islamic financial institutions (IFIs) and thus improving their overall creditworthiness, Moody’s Investors Service says in a new Special Comment.
However, the Islamic finance industry needs to develop its own innovation phase and not imitate conventional derivative instruments in order for IFIs to maintain their special status and Shari’ah-compliant approach, Moody’s report explains……………………………………….Full Press Release: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Themalaysianinsider.com: Standard Chartered Bank sees opportunities in Islamic derivatives products but is steering clear of hedge funds, another grey area of sharia-compliant finance, the head of its Saadiq unit said.
Afaq Khan, chief executive officer of Standard Chartered Saadiq, said Islamic hedge funds were at the edge of development of the industry and many Islamic finance experts were hesitant to approve them……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Straitstimes.com: Malaysian Prime Minister Najib Razak said on Tuesday that Malaysia will likely tap global bond markets by offering a US dollar Islamic bond to test investor appetite for its assets.
‘Most probably it will be in US dollars. There will be sukuk issues. An amount, we’ll announce that later,’ Mr Najib said at a dinner hosted by the Singapore Foreign Correspondents Association……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Dubai’s state-owned utility began a roadshow yesterday to raise up to $3bn in a litmus test of how Dubai entities will fare in debt markets after the Gulf Arab emirate s refinancing crisis.
Dubai Electricity and Water Authority (DEWA) postponed plans to issue a bond last November when conglomerate Dubai World said it would delay repaying $26bn in debt……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Msn.com: Bosnia, still recovering from the 1992-1995 war, hosted a conference on Tuesday in a bid to attract Islamic investors for projects estimated to total about 11 billion euros (14.7 billion dollars).
Bosnia is highlighting its possible role as a link between Europe and Islamic states……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Onlinenews.com.pk: Senator Professor Khurshid Ahmed has said that despite best efforts riba-free banking is yet to make any substantial contribution to the economy and to the evolution of a new Islamic financial system in Pakistan.
Renowned research scholar, educationist and economist Prof. Khurshid Ahmed said that Islamic banks (IBs) need to introduce more transparency and stop misusing Kibor……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Themalaysianinsider.com: OSK Investment Bank in Malaysia plans to set up an Islamic stock-broking business and offer sharia equity-linked investments as it explores a greater use of equity products, its Islamic banking chief said.
Islamic banks worldwide are considering the use of more equity or risk-sharing structures, estimated to make up only a tenth of Islamic financing globally, prodded by criticism that their industry mirrors conventional banking……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Thejakartapost.com: PT Bank Central Asia (BCA), one of Indonesia major banks, launched on Monday a sharia-based banking unit to reach out to the country’s large Muslim population, with an ambitious target of 35 percent growth a year.
“BCA Syariah is targeting to have 35 percent growth, in assets, financing and third-party funds,” BCA Syariah president director Yana Rosiana told reporters during the launch of the new sharia bank……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Ahli United Bank (AUB), Bahrain’s largest bank, said a Gulf entity, which it would not name, had agreed to buy 25 per cent in the lender, in a deal estimated at about $1.32 billion.
AUB said yesterday Kuwaiti real estate and investment firm Tamdeen and other shareholders had agreed to sell the stake but the bank did not name the buyer, who would likely become the single largest shareholder in the bank if the deal is approved……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Kuwaittimes.net: Ahli United Bank (AUB surged yesterday ahead of an after market-hours announcement that a Gulf entity had bought a stake in the bank.
The Qatar and Kuwait benchmarks edged up to 2010 closing highs and Dubai and Abu Dhabi also rose, but Saudi Arabia made its biggest fall in two months amid subdued regional trading as cautious investors awaited first-quarter results……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Reuters: Qatar National Bank (QNB) posted a 25 percent jump in first quarter profit as lending surged and returns from its push into Islamic banking more than doubled, the bank said on Tuesday.
Net profit in the three months to March 31 rose to 1.27 billion riyals, compared to 1 billion riyals in first quarter in 2009, the bank said in a statement……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Gulfnews.com: The UAE’s central bank should relax rules that govern how much banks may lend to help bring down the cost of borrowing, the chief executive of the country’s second-biggest bank by assets said.
The regulator should ease the so-called loans-to-stable resources ratio, Michael Tomalin, CEO of the National Bank of Abu Dhabi said in an interview on Monday……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Gulfnews.com: Dubai Bank announced the appointment of Giel-Jan M. Van Der Tol as chief executive officer. Van Der Tol brings more than 23 years of varied banking experience.
His most recent assignment was with Tier One Capital of the Netherlands as managing director. Prior to that he worked with ABN Amro for over 22 years in positions of increasing responsibility……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Kuwaittimes.net: At its 2010 General Assembly and Shafafiyah Investors Forum on Monday, Burgan Bank appointed a new chairman and presented the nominations for the new board.
Majed Essa Al-Ajeel has been appointed as the new chairman of Burgan Bank, Mohamad Abdul Rahman Al-Bisher as the Vice Chairman, and the new Board of Directors are; Abdul Karim Kabariti, Pinak Maitra, Sadoun Ali, Faisal Al-Radhwan, Ahmed Al-Sumait, Dr Amani Burisly, Abdul Salam Al-Bahar and one reserve as Samer Khanachet……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Gulfnews.com: A lawyer stunned a court on Monday when he accused Dubai Islamic Bank’s (DIB) ex-chairman [2001-2008], and three DIB executives for collaboratively concealing fraud operations leading to a Dh1.8 billion loss.
In an unexpected turn of events — which startled the Dubai Court of First Instance’s packed courtroom — Dr Habib Al Mulla on Monday claimed that between 2001 and 2008, the bank’s former chairman, the head of the financing commercial operations’ team, the operations’ manager and risk management’s chairman, and the Financial Control Department (FCD) conspired to cover up fraud operations, which seven suspects have been charged with committing……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
From Business24-7.ae: The Islamic Financial Services Board (IFSB), a group of financial institutions and central banks that sets banking standards complying with Muslim principles, added four lenders and insurance companies to its ranks.
The IFSB said the National Bank of Tajikistan, Prudential Hong Kong, along with Malaysia-based OCBC Al Amin Bank and the Islamic reinsurance unit of Germany’s Munich Re will join as “observer” members, according to a statement……………………………………….Full Article: Source
Posted on 07 April 2010 by Laxman | Email|Print
Recognising the growing importance of the Middle East, North Africa and South Asia (MENASA) region to the global economy, the Dubai International Financial Centre (DIFC) announced the MENASA Forum, a high-level finance and business conference focused on this vast and unique region that will be taking place under the patronage of His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the DIFC.
Under the theme of ‘Finance for the Next Decade of Growth’, the Forum, to be held May 23-24, 2010, in association with Abraaj Capital and Deutsche Bank, will look at issues such as regional capital market development, infrastructure finance opportunities, Islamic finance challenges, regional energy needs and the changing role of oil in an increasingly diversified global energy mix - all from an emerging markets perspective……………………………………….Full Press Release: Source
RSS
