Posted on 23 April 2010 by Laxman | Email|Print
From Albawaba.com: Analysts predict that now is a pivotal time for the global Islamic finance industry as sukuks are expected to grow in importance on the radar of global investors. Industry players predict that the current year will remain static but recovery is expected in 2011-12. Qatari and Saudi sukuks will lead the markets.
“The market is changing wherein the cost of capital is becoming important. In the medium to long term, markets need a lot more funds, more listings and finally, more players to develop this market,” said Nida Raza, Senior Vice President – Capital Markets, Unicorn Investment Bank……………………………………..Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Ibtimes.co.uk: Nakheel trade creditors have been offered a 10 percent return on a planned Islamic bond as part of debt restructuring plans by parent firm Dubai World , said a source familiar with the matter.
The source said that the 10 percent return — which is considered a starting point for negotiations — is a hefty offer, especially in light of Dubai World’s opening offer to its bank lenders of just one percent for two tranches of debt to mature in five and eight years………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Gulfnews.com: Egypt received $12 billion in orders for the North African country’s first overseas sale of dollar bonds in nine years, according to a banker familiar with the transaction. The bonds are expected to be priced midday New York time, said the banker, who declined to be identified because terms aren’t set.
The country may sell $1 billion of 10-year notes to yield about 5.875 per cent and $500 million of 30-year bonds to yield about 7 per cent, said another banker yesterday. It’s the country’s first 30-year bond, according to Reham Al Desoki, economist at Beltone Fin-ancial in Cairo………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Brudirect.com: The Ministry of Finance, Brunei Darussalam has announced the successful pricing of its 42′ and 43rd issuances of short-term Sukuk Al-Ijarah securities.
According to a press release from the ministry, the accumulated total of these two sukuk issuances was B$100 million,B$70millionforSeries42 and B$30million for Series43………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Gulf-daily-news.com: The important role of the Islamic finance industry in the global economy will be the focus of a major conference in Bahrain next month. More than 200 international delegates are expected to take part in the seventh Islamic Financial Services Board (IFSB) summit.
Themed Global Financial Architecture: Challenges for Islamic Finance, the event will be held at the Ritz-Carlton Bahrain Hotel and Spa from May 3 to 5 and will be hosted by the Central Bank of Bahrain. ……………………………………..Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Pakobserver.net: The Pakistan Economy Watch (PEW) on Thursday said properly developed Islamic financial system can reduce miseries of humanity by bailing out ailing economies. The fast-growing Islamic finance industry (IFI) has potential to contain unemployment and boost economies if an efficient and effective monitoring mechanism is in place.
This will also help boost confidence of masses. Integral mechanism of IFI has successfully sustained the impact of credit crunch and global financial meltdown which has made it popular across the globe, said Dr. Murtaza Mughal, President PEW………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Gulfnews.com: First Gulf Bank has managed to maintain margins higher than most peers at 3.63 per cent for the first quarter of this year, resulting in a robust 23 per cent on-year increase in net profit to Dh920 million, analysis of its financial statement shows.
“The balance sheet is still growing, margins are stable, operating costs remain under check and the capital base is extremely strong,” said Al Mal Capital Vice-President Deepak Tolani, who has an “outperform” rating on FGB………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Arabnews.com: Capitalization underpins the credit ratings on Standard & Poor’s rated banks in Saudi Arabia and will likely continue to be a rating positive this year, said Standard & Poor’s Ratings Services in a report “S&P RAC Ratio Adds Insight On Saudi Banks’ Risk Profiles - And Emphasizes Capital As A Supportive Rating Factor,” published on Tuesday.
“We consider that the capitalization of the banks we rate in Saudi Arabia ranges from adequate to solid and is a supportive rating factor,” said Standard & Poor’s credit analyst Nicolas Hardy. “Consequently, we think these banks carry sizable capital cushions to absorb unexpected losses.”……………………………………..Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Dailyexpress.com.my: 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.
“We’ll focus on prospects of the banking business and the potential for the Ar-Rahnu syariah-compliant Islamic pawnbroking concept,” he told reporters after launching the bank’s Creativity and Innovation Day Wednesday………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Lexology.com: The Monetary Authority of Singapore has issued the Banking (Amendment) Regulations 2010, which introduce a new Regulation 23E on prescribed procurement business. This regulation clarifies that Singapore banks may enter into Istisna transactions.
Isitisna is a sales transaction whereby an asset is transacted before it comes into existence. It is a flexible form of transaction which is widely applied in project finance and in the financing of manufacturing and pre-export transactions………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Btimes.com.my: Malaysia will make its third visit to promote its Islamic finance initiative in the Middle East next week as the country seeks to woo more investors from the oil-rich region.
The Malaysia International Islamic Financial Centre (MIFC) roadshow will be held in the United Arab Emirates (UAE) and Saudi Arabia from April 27 to May 2. This will be followed by a Malaysia Showcase in Bahrain on May 3………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Maktoob.com: Gulf business confidence rose in the first quarter of this year with Saudi at the top and the UAE at the bottom, but whether real signs of improvement are here to stay remains to be seen.
The HSBC Business Confidence Index rose 5.1 points to 85.3 points in the first quarter, its highest level in more than a year, the bank said on Thursday………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai Investments, the largest investment company listed on the Dubai Financial Market, has approved a cash dividend of 6 per cent for the year ended December 2009.
The company’s shareholders have also unanimously approved the appointment of Mohamed Saif Darwish Ahmed Al Ketbi as director of the company in place of Anis Abdullah Al-Jallaf, who had tendered his resignation from the board of directors………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Tradearabia.com: Oman Investment Fund has acquired a 12.6 per cent stake in Petrovietnam Insurance Co, the insurance arm of Vietnam’s state oil and gas group, for $42.4 million, a statement said on Thursday.
The deal makes the fund, run by the government of Oman, a strategic investor in the Hanoi-based insurance firm, the joint statement sent to Reuters said………………………………………Full Article: Source
Posted on 23 April 2010 by Laxman | Email|Print
From Gulfnews.com: Mubadala Development Company said it has achieved financial closure on a new $2.5 billion three-year corporate multi-currency revolving credit facility with 21 international financial institutions.
Having received more than $4 billion (Dh14.7 billion) in commitments, each lender was allocated approximately $119 million, the firm said………………………………………Full Article: Source
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