Posted on 20 April 2010 by Laxman | Email|Print
From Joongang Daily: Lee Yul-hee, the head of the Islamic finance team at Korea Investment & Securities, a local securities firm, has to fumble for the right words whenever Muslim investors ask when they will be able to buy Islamic bonds issued by Korean companies. Have the promised regulatory changes been made yet?
The Korean government last year promised to ease restrictions that would pave the way for the local issuance of Islamic, or sukuk, bonds that are favored by Muslim investors because they conform to Islamic laws banning interest payments……………………………………Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
From ANTARA News: The government will issue another global sukuk (sharia bonds) in October 2010 to meet part of financing target in the 2010 state budget.
The global sukuk would be issued prior to the issuance of retail sukuk in the fourth quarter of 2010, Director General of Debt Management at the Finance Ministry Rahmat Waluyanto said here on Monday……………………………………Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
From Forexpros.com: Indonesia may issue Islamic treasury bills and retail sukuk this year to diversify funding sources, develop the Islamic debt market and finance the state budget deficit, finance ministry officials said on Monday.
The ministry also said it expected to issue conventional bonds for retail investors in July or August, with maturities of up to five years……………………………………Full Article: Source
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From Zawya.com: Finance Minister Mohammad Abu Hammour on Sunday stressed the importance of Islamic sukuk describing them as strategic for the government. He said the government is interested in issuing sukuk as soon as possible indicating that at present, there is a legislative obstacle which precludes the issuance of such financial instruments.
According to the minister, the government will examine means to overcome this barrier without having to introduce any legislative amendments……………………………………Full Article: Source
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From Business24-7.ae: Malaysia’s central bank is drafting rules to regulate the use of ibrar, or rebate, in Islamic financing contracts to resolve uncertainties in the $95 billion (Dh348.65bn) market, its research body said.
Unlike conventional loans, which levy interest on the accrued portion upon default, Islamic contracts are often asset sales where banks are entitled to the entire sum based on the whole tenure of the contract, regardless of when default occurs……………………………………Full Article: Source
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From Bernama: Islamic nations must develop a prudent management of the Islamic financial system. It should be better than the present conventional system, able to withstand shocks and not manipulated by rogue players.
With industry players seeking ways for financial rejuvenation, the global financial system itself is in dire need of a proper management, says former Prime Minister Tun Dr Mahathir Mohamad……………………………………Full Article: Source
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From Globalarabnetwork.com: “The growth and inherent potential of the Islamic Finance market means that clients are increasingly looking to tap the opportunities offered by Sharia’a compliant products and services,” said Omar Fahoum, chairman and chief executive of Deloitte in the Middle East.
“In creating the Middle East Islamic Finance Group we are leveraging Deloitte’s expertise in the Islamic finance field to ensure clients have access to exceptional depth and breadth of knowledge and industry insights.”…………………………………..Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
From Dailytimes.com.pk: President Karachi Chamber of Commerce & Industry Abdul Majeed has urged Islamic banks to introduce new products for industrialists.
Speaking at a seminar on Islamic Banking and Finance jointly organised by AlHuda Centre of Islamic banking and Finance and Karachi Chamber of Commerce and Industry, he said industrialists in Pakistan welcomed Islamic banking openheartedly and they have started benefiting from Islamic banking……………………………………Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
From Tribune.com.pk: After the success of Islamic banking in Pakistan, local banks want to steer towards Afghanistan which is a rapidly emerging market for the financial industry.
Experts related to the industry informed The Express Tribune that several local banks are eyeing Afghanistan to expand themselves. They said Islamic banking and insurance have shown significant progress in recent years in Pakistan, compared to conventional banks……………………………………Full Article: Source
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From Twocircles.net: A Muslim delegation consisting of Engineer Muhammed Saleem, President, Jamaat e Islami Hind, Rajasthan and Mr. H Abdur Raqeeb, General Secretary, Indian Centre for Islamic Finance met Naro Naramain Meena, Minister of State for Finance in New Delhi to discuss the feasibility of Interest Free Islamic Banking in India.
Mr. Engineer Saleem submitted a Memorandum on behalf of Rajasthan Muslim Forum consisting of Jamaat e Islami Hind, Mansuri Panchayath, All India Majlise Mushawarat, Progressive Muslim Front, Indian Union Muslim League, Association for Protection of Civil Rights, etc……………………………………Full Article: Source
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From Menafn.com: Sharjah Islamic Bank (SIB) net profit for the first three months of the year fell by over 20 per cent, compared to the same period last year.
The bank declared a net profit of Dh67.5 million for the first quarter, compared with Dh85 million it earned during the first three months of 2009, according to the bank……………………………………Full Article: Source
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From Reuters: Doha Bank, Qatar’s fifth-largest bank by market value, posted a first-quarter net profit of 315 million riyals, a 4.5 percent drop from the year-earlier period.
The bank reported a net profit of 329.7 million riyals in the first quarter of 2009……………………………………Full Article: Source
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From Arabianbusiness.com: Abu Dhabi Islamic Bank said it may need to take further credit impairments in 2010 after posting a 9.3 percent jump in quarterly net profit, beating analyst expectations.
The second largest Islamic lender in the UAE posted a first quarter result of $79.9 million, up from $73 million the previous year and compared with an average forecast of $69.3 million from analysts polled by Reuters……………………………………Full Article: Source
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From Reuters: Commercial Bank of Qatar COMB.QA reported a 36.7 percent drop in quarterly profit following 2009 asset sales but beat analysts’ expectations after bad-loan provisions tapered off from year-ago levels.
Qatar’s third-largest bank by market value posted net profit of 410 million riyals in the first quarter, down from 647.2 million riyals in the first quarter of 2009, when results were inflated from one-off real estate sale gains……………………………………Full Article: Source
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From Thepeninsulaqatar.com: Saudi-based Arab National Bank (ANB) yesterday posted an 8.8 percent drop in first-quarter net profit, becoming the latest casualty of a decline in lending income that is plaguing other Saudi rivals.
ANB made SR634m ($169.1m) in the three months to end-March, compared with 695 million riyals in the same period a year earlier, it said in a statement……………………………………Full Article: Source
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From Bloomberg: Qatar International Islamic Bank, the country’s second-biggest bank complying with Muslim banking rules, said first-quarter profit rose 3.1 percent.
Net income advanced to 141 million riyals ($38.7 million), or 1.02 riyals a share, from 136.7 million riyals, or 0.99 riyal a share, in the year-earlier period, the bank said in a statement to the Doha bourse Web site today……………………………………Full Article: Source
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From Thepeninsulaqatar.com: Sharjah-based United Arab Bank said it aims to deliver profit growth consistent with past performance, as it posted first quarter net profit slightly below the same period last year.
UAB posted first-quarter net profit of Dh65.5m ($17.84m) on Monday, just slightly below earnings of $65.8m in the same period last year……………………………………Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
Noor Islamic Bank today reinforced its innovative Personal Banking portfolio, with the launch of the first of its kind Sharia compliant benefit driven Account Package ADDVANTAGE. Convenience, flexibility, generous rewards and real value-for-money are the main benefits offered by this package.
John Chang, Head of Consumer Banking, Noor Islamic Bank - UAE, said: ADDVANTAGE is the perfect solution for the comfortable mid-level executives and managers on the lookout for simple, convenient and personalized banking. ADDVANTAGE customers are automatically entitled to personalized service, extended banking hours, preferential pricing and rates and fast and easy transactions……………………………………Full Press Release: Source
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From Gulfnews.com: UAE lender National Bank of Ras Al Khaimah (RAK Bank) wants to raise the limit of its medium term notes (MTN) programme to $1 billion from $500 million, subject to shareholder approval, it said Monday.
The bank plans to hold a meeting with shareholders on May 11 to discuss the extension, it said in a statement on the bourse website……………………………………Full Article: Source
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Emirates NBD announced today the launch of the Emirates Global Sukuk Fund. The fund will be managed by Emirates NBD Asset Management Limited (Emirates NBD AM), a provider of a full range of investment products and services and the asset management arm of the Emirates NBD Group, the largest banking group in the Middle East in terms of assets.
The fund is a Jersey-domiciled, US dollar denominated, Sharia-compliant open ended fund that will invest in a portfolio of sukuk instruments issued by companies locally and globally. The fund seeks to achieve a high income as well as capital growth over a complete market cycle and is targeted at investors looking for higher yields available in the corporate space globally……………………………………Full Press Release: Source
Posted on 20 April 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Fitch Ratings has today assigned Saudi Electricity Company’s (SEC) upcoming Sukuk issue an expected ‘AA-’ rating. The rating is in line with SEC’s Long-term Issuer Default and senior unsecured ‘AA-’ ratings.
The structure for the Sukuk is similar to that of SEC’s 2009 SAR7bn and 2007 SAR5bn Sukuks, which are also rated ‘AA-’ by Fitch. The transaction involves the transfer by SEC of a portfolio of assets to a custodian, Sukuk Electricity Company, a wholly-owned subsidiary of SEC……………………………………Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Saudi Arabia’s insurance industry is poised for growth in the coming years if customers overcome misgivings about compliance with Islamic law and companies consolidate to gain critical mass.
The world’s top oil exporter is one of the least-insured countries and has a fast-growing population of over 25 million, of which 70 percent are under the age of 30……………………………………Full Article: Source
Posted on 20 April 2010 by Laxman | Email|Print
From Business24-7.ae: The UAE’s second telecom service provider Emirate Integrated Telecommunications Company (du) is planning to raise Dh1 billion via rights issue. The telecom major may consider the option of Islamic bonds or sukuks for raising more funds in the near future to support the ongoing expansion.
Previously, Gulf Finance House (GFH) raised about $348m via rights issue in October 2009……………………………………Full Article: Source
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