Posted on 15 April 2010 by Laxman | Email|Print
From Tradearabia.com: Swedish based investment manager Informed Portfolio Management (IPM) said it has developed the first Sharia compliant portfolio based on fundamental index methodology for the Sedco Group based in Saudi Arabia.
The mandate is based on a Global Sharia screened portfolio using FTSE Research Affiliates Fundamental Index (Rafi) Global Index weightings. Structured as a managed account, it joins the suite of IPM Rafi Funds in which many leading European institutional investors are invested, the company said in a statement…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Channelnewsasia.com: The Monetary Authority of Singapore (MAS) has issued new banking regulations to clarify its policy on Islamic banking by explaining the regulatory treatment of specific Islamic structures.
Specifically, the regulations refer to Singapore-based banks who want to enter into Istisna or project finance transactions…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Sarasin.ch: The Sarasin report provides an overview of various asset classes in Islamic wealth management along with a synopsis of the market scenario during the past 18 months. The report also explores the concept of estate and succession planning.
The key issues and challenges addressed in the report are: how Sharia screening reduced the downside in volatile markets and how it affects the finance industry and investors………………………………..Full Report: Source
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From Thepeninsulaqatar.com: Another month, another blow to the Islamic bond market. This week, Kuwait’s International Investment Group admitted it missed a periodic payment on a $200m sukuk, which was promptly suspended from trading on the Nasdaq Dubai exchange.
IIG, an Islamic investment company, has announced it is seeking to restructure, and if the payment on the sukuk is not made by today it would constitute a “dissolution event”…………………………………Full Article: Source
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From Reuters: State-controlled Saudi Electricity Co has appointed HSBC and Samba Capital as lead arrangers for its Islamic bond, or sukuk, to raise up to $1.9 billion, said two bankers familiar with the matter on Wednesday.
Samba Capital is the investment banking arm of Saudi based Samba Financial Group, the second largest Saudi lender by market value…………………………………Full Article: Source
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From Reuters: Egypt plans to issue its first regulations governing sukuk, or Islamic bonds, in the second half of this year, the financial regulator told Reuters on Wednesday.
“There are currently no rules for sukuk, and this is part of a comprehensive programme to expand and deepen the fixed income market,” Ziad Bahaa Eldin, head of the Egyptian Financial Supervisory Authority (EFSA), said in an emailed statement…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Btimes.com.my: Sukuk from Malaysian planters, toll roads and utility firms are likely to benefit from the economic recovery while banks will probably issue more paper to boost their capital, AmInvestment Bank said today.
AmInvestment, part of Malaysia’s No. 5 lender AMMB Holdings, favours sukuk from palm oil producer Kuala Lumpur Kepong and power firms Jimah and Tanjung Bin because of the issuers’ strong cash flow…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Bloomberg: Dubai Electricity & Water Authority, a state-owned utility, plans to sell five-year dollar-denominated bonds this week that may yield 8.5 percent to 8.625 percent, according to a banker involved in the transaction.
The benchmark sale may be completed as early as tomorrow, said the banker, who asked not to be identified because details are private…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: Qatar First Investment Bank, founded in 2008 with $1 billion of capital, plans to open an office in Saudi Arabia by the end of this year as it seeks to tap opportunities in the Arab world’s largest economy.
In an interview in Riyadh, Emad Mansour, deputy chief executive officer of the Doha based bank said: “We think there are a lot of good deals to be had in the Saudi market.”………………………………..Full Article: Source
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From Reuters: Qatar Islamic Bank (QIB), the Gulf state’s second biggest lender by market value, reported a 14.3 percent drop in first-quarter earnings, missing analysts’ expectations.
The bank made a net profit of 300 million riyals ($82.46 million) in the quarter, down from 350 million riyals a year earlier, it said in a statement on the bourse website…………………………………Full Article: Source
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From Apa.az: The assets of financial institutions on Islamic principles is expected to rise 30%, 50% till 2012, 75% till 2015, 80% till 2020 compared with 2008, Mabid Ali Al-Jarhi, President, International Association for Islamic Economics said.
Total Assets of Islamic banks are $1.3 bln…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Ibsintelligence.com: BCA Syariah, an Indonesian Islamic bank, launched in early April on the Islamic banking version of local vendor Sigma’s core system.
There are about ten Islamic banks in Indonesia, of which three use the Sigma offering, according to Kiran Desai, the vendor’s sales director…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
The National Bank of Abu Dhabi (NBAD)’s electronic banking services experienced a huge increase in number of users in 2009 and its net profits more than doubled within one year.
By the end of 2009, NBAD’s Internet Banking Unit (IBU) net profits rose 120%, the number of nbadOnline users jumped by 56%, transactional volume increased by 24%…………………………………Full Press Release: Source
Posted on 15 April 2010 by Laxman | Email|Print
As part of its efforts to encourage young UAE Nationals to venture into the entrepreneurial world, Al Tomooh Finance Scheme which is an Emirates NBD initiative has made a presentation at the Dubai Women’s College to raise awareness of the students about the facilities that Al Tomooh Finance Scheme presents to motivate ambitious UAE Nationals to compete in the world of private business.
Sulaiman Al Mazroui, Executive Member of Al Tomooh Supreme Committee made a presentation about Al Tomooh Finance Scheme and presented a case study about the success of projects financed by Al Tomooh………………………………..Full Press Release: Source
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From Arabianbusiness.com: Newly launched Saudi bank Alinma made a $20 million net loss due to increased operational costs and a decline in revenues, according to figures issued on Wednesday.
The bank, which opened its first retail banking branches in July, made a net profit of $29 million in the first quarter of 2009…………………………………Full Article: Source
Posted on 15 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: Saudi Hollandi Bank, partly owned by ABN Amro Holding, said its first quarter profit declined 19 percent on lower commission and operational income.
Net income dropped to $61.3 million, or $0.18 a share, from $75.8 million, or $0.22 a share, in the year earlier period, the Riyadh based bank said today in a statement on the Saudi bourse Web site…………………………………Full Article: Source
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From Maktoob.com: Sheikh Hamed bin Zayed al-Nahyan has succeeded his late brother as managing director of the Abu Dhabi Investment Authority (ADIA), the world’s largest sovereign wealth fund, state news agency WAM reported on Wednesday.
UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed al-Nahyan appointed Sheikh Hamed in a decree reshuffling the board of ADIA, WAM said…………………………………Full Article: Source
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From Arabnews.com: Saudi Industrial Projects Co. (Pepsi Cola Bugshan) is negotiating for $100 million financing with leading Islamic financial institutions in the Gulf region for an upcoming mega project.
Mohamed H. Zakaria, senior vice president of Ahmed Salem Bugshan Group, said the group wanted to meet all its future financial requirements from Shariah-compliant institutions. This was part of a policy decision to transform its borrowings from conventional banks to Islamic banks and institutions…………………………………Full Article: Source
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From Business24-7.ae: The UAE insurance companies – including conventional as well as takaful – are set for consolidation in 2010-11 as they struggle to remain profitable amid a changing regulatory environment, according to market insiders.
Dr Ahmed Al Janahi, Managing Director of Noor Takaful and Deputy Chief Executive Officer of Noor Investment Group, is of the opinion that it is just a matter of time before the UAE Islamic insurance (takaful) market consolidates…………………………………Full Article: Source
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