Posted on 14 April 2010 by Laxman | Email|Print
From AFP: A Canadian Islamic financial institution is launching Canada’s first “halal-approved” credit card this month and will also offer it to US Muslims by year end, its president told AFP on Tuesday.
The iFreedom Plus MasterCard meets the requirements of Sharia law, which prohibits usury, by being prepaid and therefore interest-free, said Omar Kalair, president of Toronto-based UM Financial…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From WSJ: Dubai’s Department of Finance has repaid a $229 million Islamic bond installment for Dubai Civil Aviation, according to a statement from the government Tuesday.
The payment is the first of three equal installments of a $635 million multi-currency Ijara facility maturing in April 2011 for Dubai Civil Aviation, the statement said…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Business24-7.ae: The Islamic bond (sukuk) market is expected to continue recovery this year following the post-Dubai World recovery and a resolution of the conglomerate’s debt standstill with its creditors, Moody’s Investors Service said yesterday in a study.
“We believe a potential transparent and mutually satisfactory settlement to Dubai World’s multi-billion dollar debt may calm investor fears and help other issuers to tap the market regionally…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Global issuance of sukuk is set to benefit from a number of legislative and regulatory developments over the next few years, according to a new report by Moody’s Investors Service.
Issuance this year looks likely to be in line with volumes last year, with most issuance expected to take place in the second half of the year…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: Islamic bond deals in 2010 could top last year’s roughly $24 billion as global regulatory and legislative initiatives and a possible Dubai World restructuring settlement boost sukuk activity, ratings agency Moody’s said on Tuesday.
Most issuance in 2010 will take place in the second half of the year when Moody’s believes clearer signs of a global economic recovery, investor risk appetite and corporate performance will be available…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Islamicfinanceasia.com: Amid a generally cautious market mood in 2009, sovereign Sukuk enjoyed considerable popularity. What exactly constitutes a sovereign Sukuk? The answer may seem pretty straightforward, but tell that to holders of the Nakheel Sukuk which came dangerously close to a default at the end of 2009 before the Abu Dhabi government stepped in with financing aid.
Holders of the Nakheel Sukuk, the largest to date at US$3.52 billion, had bought the Sukuk on the assumption that, as a government-related company, its obligations would be honored by the government. But as it turned out, the Dubai government has no legal obligation to repay the debts of government-related entities, including Nakheel and its parent Dubai World…………………………………Full Article: Source
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From Businessweek.com: International Investments Group KSCC, the Kuwaiti finance company which defaulted on a $200 million Islamic bond yesterday, said a “dissolution event” will occur should a default continue for at least three working days.
Further notices will be issued in accordance with the bond agreement, the company said in a notice posted on the Nasdaq Dubai Web site today. It said April 12 was the first business day of default…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Tradearabia.com: The Islamic finance industry in the region will grow further in 2010, said Capinnova Investment Bank - the Shari’a compliant investment banking arm of BBK.
“The key fact that the Islamic finance industry is asset-based and not debt-financed, has protected and prevented this sector from the crises that has brought the downfall of conventional financial giants worldwide. We are confident about the Islamic finance industry’s future and we believe that it will grow stronger in 2010,” stated Jamal Hijres, chief executive officer, Capinnova Investment Bank…………………………………Full Article: Source
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From Mortgagebrokernews.ca: It looks as if the Canadian market is making way for Islamic Finance, an issue being explored since earlier this year. Global bankers, politicians and lawyers recently gathered at the Usury Free Association of North America (UFANA) to discuss the issue.
The two-day conference, held in downtown Toronto last week, saw big-name attendees as senior representatives from four of the big five Canadian banks were present, as well as representatives from the Ontario Ministry of Finance and the Federal Ministry of Finance, all of whom are busy preparing internal reports focusing on the potential of this alternative financing…………………………………Full Article: Source
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From Us-sabc.org: The fifth annual Failaka Islamic Fund awards ceremony was recently held in Dubai to recognize the best performers in 2009 among the 555 worldwide shariah-compliant funds. The ceremony was held at the close of the Amanie-Failaka Symposium, which focused on the topical issues confronting the Islamic finance industry.
Companies from the two largest markets for shariah-compliant funds, Saudi Arabia and Malaysia, received more than half of the 30 awards distributed…………………………………Full Article: Source
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From Arabianbusiness.com: Private equity fund Dubai International Capital (DIC) said it would continue to seek a refinancing of the debt of German aluminium firm Almatis despite an adverse Dutch court decision.
In a statement, DIC said: “The decision by the Enterprise Chamber of the Amsterdam Court of Appeal not to grant an injunction does not affect DIC’s ability or intention to pursue a refinancing of Almatis.”………………………………..Full Article: Source
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From Thenational.ae: Abu Dhabi investors will soon get the chance of doing good and doing well with a fund that will raise money for the fight against Aids and other diseases.
National Bank of Abu Dhabi announced plans yesterday to launch an exchange-traded fund (ETF) with the Global Fund to Fight AIDS, tuberculosis and malaria, a public-private partnership that collects and disburses resources to prevent and treat the diseases…………………………………Full Article: Source
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From News.az: Introduction of banking by Shariah principles is currently discussed in Azerbaijan, chairman of the Central Bank of Azerbaijan Elman Rustamov said.
He said the “introduction of Islamic banking in the country is being considered”…………………………………Full Article: Source
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From Ngrguardiannews.com: Groups of concerned Islamic professional have appealed to the Central Bank of Nigeria (CBN) to expedite action on the proposed Islamic banking operations in the country.
The groups, which also expressed dismay over the proposed regionalisation of the system, submitted that this might restrict the jurisdiction of the Islamic banks to millions of Nigerian Moslems, who have been eager to put their money in halal (acceptable by Islamic standard) in such accounts…………………………………Full Article: Source
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From Gulf-times.com: International Islamic (QIIB) recently hosted students from the Khadija Elementary School for girls.
International Islamic chief executive officer, Abdulbasit A al-Shaibei, briefed students on Islamic banking in general and also about QIIB’s activities. He also spoke about the bank’s achievements since inception in 1991…………………………………Full Article: Source
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From Ameinfo.com: HSBC has become the first international bank to enter the Kuwaiti retail banking market with the launch of HSBC Premier - its global personal banking service.
Kuwait joins over 39 other countries in offering HSBC Premier…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Thestar.com.my: Bank Simpanan Nasional aims to attract RM250mil worth of investment from its latest product, BSN Ahsan Warga Emas, 10 months after its launch on Sunday, says senior vice president/head Islamic banking department Azaddin Ngah Tasir.
“With the product specially catered to senior citizens, we expect to collect about RM25mil a month,” he told reporters yesterday…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Bahrain Islamic Bank (BisB) has quickly returned back into the black with a net profit of BD1.2 million ($3.2m) in the first quarter.
Chairman Khalid Abdulla Al Bassam said that compared to BD6m in the same period the previous year…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Btimes.com.my: Malaysia has great potential to emerge as the global hub for halal cosmetics and toiletries, said International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir.
He said the products can be manufactured for the export market as the country is very rich in unique herbs…………………………………Full Article: Source
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From Arabianbusiness.com: Mid sized companies in the Gulf region need to look at alternative forms of financing, including more sophisticated instruments, to counter tighter bank lending, the head of an independent corporate financing firm said.
Arno Fuchs, chief executive of German based FCF, said the Middle East market is about 20 to 30 years behind the more mature economies of North America and Western Europe in terms of the number and type of financing instruments available…………………………………Full Article: Source
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From Globalarabnetwork.com: Initially, it seemed that the Gulf Capital markets would avoid the global economic crisis, but it hit them in December 2009. It has been an extraordinary year in Gulf Capital markets.
For much of 2009, most observers believed that the Gulf region, underpinned by liquid markets, strong banks, record oil prices and with relatively closed capital markets, would miss the worst of the global economic crisis…………………………………Full Article: Source
Posted on 14 April 2010 by Laxman | Email|Print
From Reuters: The Bahrain Financial Exchange (BFX), owned by Indian exchange operator Financial Technologies Ltd, will delay its launch date until October due to sluggish market sentiment, it said on Tuesday.
BFX, which will offer trading in both conventional and Islamic products in equities, derivatives, commodities and currencies, had earlier said it planned to start operations during the first quarter of this year…………………………………Full Article: Source
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