Posted on 22 April 2010 by Laxman | Email|Print
From Bloomberg: Nakheel PJSC, the unit of Dubai World that is restructuring $10.5 billion of debt, plans to pay an annual return of 10 percent on Islamic bonds it seeks to issue to trade creditors, said two people familiar with the proposal.
The deal is conditional on trade creditors representing at least 95 percent of the value of all claims agreeing to the proposal, according to the people who declined to be identified because the plan hasn’t been made public. Nakheel plans to issue the five-year bonds in July and list the securities on Nasdaq Dubai. The return will be paid twice a year……………………………………..Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Zawya Dow Jones: Investors are betting Dubai World will pay off $980 million sukuk issued by its property arm Nakheel to avoid a default as it negotiates a debt restructuring proposal with creditors worth about $24 billion.
The sukuk, or Islamic bond, matures May 13 but creditors are doubtful that a debt restructuring proposal with Dubai World will be agreed on in time. Sukuk holders are buying up the paper, betting that Dubai World will pay it off……………………………………..Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From : National Central Cooling Company (Tabreed), the Middle East’s largest cooling firm, will complete its recapitalisation plan by the end of the year and considering alternatives to the annual payments on Dh1.7 billion of sukuk due in 2011, a senior company official said.
Chief Finance Officer Steve Ridlington said: “The firm has launched a recapitalisation process to achieve a stable long-term capital structure and anticipates addressing its debt maturities and raising new capital to support the execution of its business plan. The recapitalisation programme is expected to be completed this year.”……………………………………..Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: District cooling firm Tabreed, assisted by Abu Dhabi last month, said on Wednesday it is considering alternatives to annual payments on $463 million of Islamic bonds due in 2011.
The move could signal more state support for the firm, a Standard & Poor’s analyst said………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based Gulf International Bank (GIB) has raised SR3.5 billion ($933 million) in a bond sale that it priced at 110 basis points over the Saudi interbank offered rate, it said on Wednesday.
Saudi-backed GIB said the five-year issue was placed with private investors………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Freshbusinessthinking.com: At a time when the global economy has suffered its worse crash since the thirties, more and more businesses and entrepreneurs have been hard-pressed to find viable financing solutions.
Now, more than ever, Islamic Banking and Financing offers sources of funding to companies in dire need of capital. While the financial crisis has wreaked havoc around the world, Islamic banks have increased their reserves as well as attracting new client bases………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Ngrguardiannews.com: Islamic banking concept hit Nigeria’s financial landscape few years ago, with its unique interest-free operational profile attracting not quite a few enquiries from prospective investors and subscribers.
Several fora had also tried to eliminate the seemingly hidden features of the concept in the country, even though it had already become a well-subscribed banking reality in several countries, especially in the Middle East………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Ngrguardiannews.com: Many may not be conversant with the practice of a banking system that prohibits the charging of interest, focuses on investment made in the private sector through interest-free financing, is built on Sharia principles, and not the least, the details of how securitisation and conventional insurance issues are handled using the Islamic banking model.
Recently, major initiatives have gone out to aid Nigeria’s participation in the financial world without violating Islamic principles and without bearing the economic penalty………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Reuters: First Gulf Bank (FGB), the United Arab Emirates’s (UAE) second largest bank by market value, reported a 23-percent rise in first quarter profits on Wednesday, beating analysts expectations.
The bank said it had net profit of 920 million UAE dirhams ($250.5 million), up from 750 million dirhams in the year earlier period………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: Bahrain is looking to consolidate its position as one of the key players in the Islamic finance sector, working to build on its current position of strength and ensure it has the skills base to launch further expansion in the future.
At the end of 2009, 27 of the 140 banks operating in Bahrain were sharia-compliant lenders, with combined assets of $25.5bn, more than 10 percent of the sector’s total………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Reuters: Bahrain’s Ithmaar Bank said its chief executive and the head of a unit it is merging with will leave the bank, three weeks after a rights issue by the lender raised only half the targeted amount.
In a statement on Wednesday, the bank said its Chief Executive Mohamed Hussain and Faisal Al Alwan, chief executive of Ithmaar’s fully-owned Shamil Bank would join Dar Al-Maal Al-Islami Trust , the bank’s largest shareholder………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: In keeping with its ongoing training and development programme for employees, Ahli Bank recently conducted training seminar for the benefit of 29 employees.
The training was conducted by Dr Ali Mohieeldin Al Qurradaghi, Professor of Islamic Studies at Qatar University and Head of Shariah Advisory and Supervisory Board………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Ameinfo.com: Continuing to place customers first, Standard Chartered Bank in partnership with MasterCard Worldwide has launched its Shariah compliant Saadiq Platinum MasterCard Credit Card.
The addition to the Bank’s existing Islamic banking offering highlights its commitment to build a comprehensive suite of products which are in line with the beliefs and values of its customers………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Finextra.com: Noor Islamic Bank PJSC (NIB), a leading Islamic bank in the United Arab Emirates, has deployed SunGard’s Ambit Reconciliation & Exception Management solution to support its volume growth.
Ambit Reconciliation and Exception Management will help Noor Islamic Bank to meet its growing volume requirements by automating the matching and reconciliation process across its cash nostro and cards business………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Bernama: Bank Rakyat will conduct a study on the banking business potential in Brunei, says its Managing Director Datuk Kamaruzaman Che Mat.
He said bank officials would be sent to the oil-rich sultanate next month to speak to the relevant authorities………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Gulfnews.com: The recent $1 billion (Dh3.67 billion) bond issue by the Dubai Electricity and Water Authority (Dewa), priced at 8.5 per cent, has prompted many banks in the group of Dubai World lenders to demand higher interest on the restructured debt.
“If a prominent government-related entity (GRE) is willing to pay 8.5 per cent on its newly issued debt, there should be some parity in the interest payouts on similar debt obligations,” a senior banker from the group of 90-plus lenders told Gulf News yesterday………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Cpifinancial.net: Methaq Takaful Insurance Company offers UAE customers an SME Takaful Package, catered specifically to the growing demand for SME business options. The insurance package is already Shariah approved and authorised by the relevant industry regulators to be offered to commercial businesses.
The package—which covers a variety of areas including property, business interruption, fidelity guarantee, legal liability and personal accident—is part of a series of products recently rolled out by Methaq including marine cargo, motor fleet and satellite insurance………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Khaleejtimes.com: Takaful Emarat, a Shariah-compliant life and health insurance company, said on Tuesday the company would continue to build its infrastructure and introduce new products during the year.
Headquartered in Dubai, the insurance company was established in the emirate through a joint venture between Al Buhaira National Insurance Company & UNIQA Group, Austria. The paid-up capital of the company is Dh150 million………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Albawaba.com: In recognition of its outstanding performance, Dubai Shariah Asset Management (DSAM) Kauthar Commodity Fund was named ‘Best Fund-of-Funds’ at the annual Falaika Islamic Fund Awards.
This announcement was made today by Dubai Multi Commodities Centre (DMCC). The annual Falaika Islamic Fund Awards recognises top performers in the global Shariah-compliant investment marketplace………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Arabianbusiness.com: Loss making mobile operator Zain Saudi Arabia does not face any financing pressure despite huge investments it has made. The company, which is 25 percent owned by Kuwait’s Zain, said in January it was in talks with creditors after missing some commitments last year on a $2.5 billion Islamic loan.
It started operations late in 2008 after paying with other investors $6 billion to win the third Saudi mobile license. It competes with larger rivals Saudi Telecom and Mobily………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Globalarabnetwork.com: London has a major advantage in the area of Islamic finance, given the cluster of both retail and corporate Islamic institutions located there. Despite the financial crisis, he and others remain optimistic that the UK government will go ahead with its plans to launch a sovereign Islamic bond, or sukuk.
Dubai’s near default proved a game changer for not just Dubai and the United Arab Emirates, but for the Gulf as a whole as international confidence in sovereign-owned companies plummeted and several UAE government related enterprises (GRE), including some of its major banks with exposure to Dubai GREs, found their credit ratings downgraded by Moody’s and other agencies………………………………………Full Article: Source
Posted on 22 April 2010 by Laxman | Email|Print
From Tradearabia.com: Middle East and North African economies are recovering at a good speed with projected growth of 4.5 percent in 2010 and fiscal stimulus should stay in place to cement the rebound, the International Monetary Fund said on Wednesday.
However, the pace of recovery in advanced economies and the impact from Dubai’s debt crisis were key downside risks and the outlook substantially uncertaint, the IMF said in its World Economic Outlook………………………………………Full Article: Source
RSS
