Posted on 08 April 2010 by Laxman | Email|Print
From Euromoney.com: Shariah banking is becoming big business in Southeast Asia, with Kuala Lumpur and Jakarta battling for the title of regional Islamic finance centre. But even the most optimistic bankers fear further expansion could be stymied by arcane regulation and lack of cross-border consensus.
If Lehman Brothers was an Islamic bank, it would not have collapsed, because “making money from money” is haram, forbidden under Islam, so its sub-prime derivatives drama would not have happened………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Thebanker.com: The long-term prospects for takaful Islamic insurance are good, given its focus on populations that are currently underinsured. But intense competition is squeezing profit margins in the short term.
Some 30 years on from the establishment of the world’s first takaful Islamic insurance company - the Sudanese Islamic Insurance Company - takaful is still a relative fledgling in the sharia-compliant universe………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Tradearabia.com: The International Islamic Financial Market (IIFM), the standard setting body for Islamic funds, has published the governing document which is seen as an essential step in the development of the market for Shari’ah compliant hedging transactions.
The much awaited ISDA/IIFM Tahawwut Master Agreement was published in collaboration with the International Swaps and Derivatives Association (ISDA)………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Cpifinancial.net: The Council of the Islamic Financial Services Board (IFSB) has admitted four new organisations into its membership as Observer Members at its 16th Meeting, held in Khartoum.
National Bank of Tajikistan, Prudential Hong Kong, Munich Retakaful from Malaysia and OCBC Al-Amin, also from Malaysia join as observers………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Bernama: Deutsche Bank (M) Berhad (DBMB), on Wednesday launched the Islamic Securities Services (SS-i), the first shar’iah-compliant product of its kind in Malaysia.
SS-i is the latest product that complements DBMB’s Islamic banking products………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Albawaba.com: Gatehouse Bank plc (Gatehouse) has begun 2010 with pleasing results including a property transaction valued at £29.2 million completed on behalf of its GCC investor clients.
Expected to deliver an average cash yield of 9.5% after all fees, costs and taxes; Gatehouse closed the purchase of a portfolio of student accommodation properties in the famous university towns of Liverpool and Loughborough, in the UK this week………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Dailytimes.com.pk: Governor State Bank of Pakistan Salim Raza has disclosed that the SBP is actively working with the industry and the federal government to develop Shariah compliant short-term securities, which will be issued on regular basis.
Speaking on the occasion of a talk on ‘Current Islamic Banking Paradigm and the Way Forward’ by Dr. Umer Chapra, a renowned international scholar on Islamic Economics and Finance on Wednesday, Raza said the State Bank’s immediate objective is to improve and diversify avenues for short-term liquidity management for the Islamic banking industry………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Zawya.com: Warba Bank is now registered with the Central Bank of KuwaitCentral Bank of Kuwait (CBK ) on the “Operating Islamic Banks” list and the listing is effective as of April 5, virtue of recommendation by the Finance Minister, the CBKC Governor said.
Governor Sheikh Salem Abdelaziz Al-Sabah said the listing was virtue of articles of law 32/68, amended by law 30/2003 on creation of an Islamic Banks list in the articles and administrative sections dealing with regulation of the banking and finance activity in the State of Kuwait………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Arabtimesonline.com: Kuwait’s largest lender, the National Bank of Kuwait (NBK) said it was considering buying a stake in Garanti Bank as Turkey was one of the emerging world’s most attractive banking sectors.
“NBK wants to expand in Turkey, a country that has a lot of potential,” said NBK’s Chief Executive, Ibrahim Dabdoub, in an e-mailed statement. “We need to have a stronger presence there,” he said. “One of the options is a share in Garanti Bank.”……………………………………….Full Article: Source
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From Albawaba.com: Al Yah Satellite Communications Company PrJsc (Yahsat) has successfully secured the first ever Shariah compliant space insurance policy.
The insurance solution, which was specifically developed to meet Yahsat’s needs, covers the launch and in-orbit operations of Y1A and Y1B, the Yahsat satellites scheduled to be launched in 2011………………………………………..Full Article: Source
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From Bloomberg: Kuwait Finance House, the country’s biggest Islamic bank, said it formed a joint venture valued at C$450 million ($450 million) with Killam Properties Inc.
The venture will acquire residential properties in Canada, Kuwait Finance said in an e-mailed statement today………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Gulf-daily-news.com: The Waqf Fund jointly hosted the first training session yesterday, with the Islamic Finance Council UK (IFC) under its Scholar Development Programme with a group of approximately 30 Sharia scholars, auditors and reviewers.
The programme, developed by the IFC, a UK-based not-for-profit organisation, and assisted by the Chartered Institute for Securities & Investment (CISI), provides a Continuous Professional Development (CPD) approach comprising of relevant and structured learning activities on conventional markets………………………………………..Full Article: Source
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From Thepeninsulaqatar.com: Standard Chartered Bank sees opportunities in Islamic derivative products but is steering clear of hedge funds, another grey area of Shariah-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 08 April 2010 by Laxman | Email|Print
From Dailytimes.com.pk: Dr Umer Chapra, a renowned international scholar on Islamic economics and finance, has said that there is a greater acceptability of Islamic finance in the world after the recent global financial crisis.
He said that Islamic Finance is now more respected all over the world because of several economic crises created by the global financial system in the last four decades. He said the recent financial turmoil was the most severe of all involving approximately $3 trillion to $4 trillion in bailout funds………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Saudigazette.com.sa: The Islamic finance industry has gained new momentum over the past decade. A combined use of securitization 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 said 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 Shariah-compliant approach, Moody’s report noted………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From News.com.au: Islamic financial bodies, which adhere to religious proscriptions against interest, have a market potential of at least US$5 trillion ($5.43 trillion), Moody’s Investors Service said.
But Moody’s added that such institutions needed to develop their own derivative instruments, avoiding conventional derivative practices, if they wanted to retain their popularity among Moslem investors………………………………………..Full Article: Source
Posted on 08 April 2010 by Laxman | Email|Print
From Thehindu.com: The religious edict against fixed-income securities limits the use of conventional treasury instruments in Islamic economies, notes ‘New Issues in Islamic Finance & Economics: Progress & Challenges’.
Equity-based, floating-rate securities, which pay a rate equivalent to the observed rate of return obtained in the private sector and adjusted for risk premiums, are much needed policy instruments in these countries, advise the authors, Hossein Askari, Zamir Iqbal and Abbas Mirakhor………………………………………..Full Article: Source
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