Posted on 27 April 2010 by Laxman | Email|Print
From Gulf-times.com: Australia’s Board of Taxation will be undertaking a comprehensive review of laws that need to be changed to encourage the expansion of Islamic finance, banking and insurance products in Australia, Australian Assistant Treasurer Senator Nick Sherry has said.
He is set to meet Qatar government officials today to discuss these changes and the resultant opportunities for Qatar investment in Australia…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Alrroya.com: The Islamic asset management industry is expected to be worth about $125 billion (Dh458bn) in the next 10 years – a growth of more than 46 per cent from its current value of $67bn – as demand for shariah-compliant financial products continue to move upwards.
Datuk Noripah Kamso, Chief Executive of the Malaysian-based global shariah investment manager CIMB-Principal Islamic Asset Management, estimates a double-digit annual average growth rate for the industry in the next decade…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Bernama: The issuance of two more mega Islamic banking licences with US$1 billion capital, which is expected to be announced by June this year, will mark a significant development in the Malaysian Islamic finance industry.
Bank Negara Malaysia’s deputy governor Datuk Mohd Razif Abd Kadir said the move would be a major step in liberalising the Islamic financial sector…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Bernama: Malaysia, which is currently in the midst of negotiating a free trade agreement (FTA) with the Gulf Cooperation Council (GCC), will look at several sectors including Islamic banking to be included in the FTA.
Malaysian Ambassador to United Arab Emirates (UAE), Datuk Yahaya Abdul Jabar, said the country was looking at all sectors but priority will be in Islamic banking, construction, information communication technology, renewable energy and tourism…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Gulfnews.com: Emirates NBD, the largest bank in the Gulf region in terms of assets, reported a net profit of Dh1.11 billion in the first quarter of 2010, 12 per cent down from Dh1.259 billion reported in the same period last year.
The bank’s first-quarter results were above the average net profit forecast given by analysts of Dh617 million…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Thisdayonline.com: The monetary authority in Sudan has expressed its readiness to supportthe Central Bank of Nigeria (CBN) in implementing non- interest banking in the country.A statement by the CBN and signed by its Head of Corporate Communications, Mr Mohammed Abdulahi, stated that the support, which isfrom the Central Bank of Sudan (CBOS) would be through experience sharing and capacity building.
According to the statement, a CBN delegation led by the CBN Governor, Sanusi Lamido Sanusi , had visited the CBOS where the CBN Governor intimated officials of the CBOS on the on-going efforts to develop a regulatory and supervisory framework for non-interest banking inNigeria…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Financialstandardnews.com: The Council of Islamic Financial Services Board (IFSB) has agreed to set up global pool of sovereign assets as part of efforts to promote Islamic banking in the global market. The plan to set up the sovereign assets was reached at the 16th meeting of the Council of Islamic Financial Services Board (IFSB) in Khartoum, Sudan last week.
Mohammed Abdullahi, head, Corporate Communications, Central Bank of Nigeria (CBN) said Mallam Sanusi Lamido, CBN governor was at the meeting to educate international community on what the CBN is doing on Islamic banking…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Kuwaittimes.net: United Arab Emirates banks are likely to face the brunt of the Dubai World restructuring impact in the second quarter after the central bank told lenders they are not required to book provisions until there is more clarity.
In a circular dated April 22, the central bank told local banks they “are not required to provision their related exposure to Dubai World”. It said it would “provide further guidance to banks concerning the treatment of Dubai World debt in their books”…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Cpifinancial.net: Noor Islamic Bank, as joint Mandated Lead Arranger and Bookrunner with ABC Islamic Bank and Standard Chartered Bank, announces the successful closing of the $255 million equivalent ($121.5 million and EUR 99.15 million) dual currency Islamic Structured Murabaha Syndicated Facility for the Bank Asya, one of Turkey’s leading banks in foreign trade.
With the participation of 26 international banks from across 16 different countries, Noor Islamic Bank was one of the top three banks appointed to run the transaction…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Reuters: More banks in the Gulf Arab region may convert to Islamic finance in a bid to tap rising demand for sharia-compliant products and to avoid the heavy investment required to launch new banks.
A source told Reuters this month that Qatari investors are planning to buy a 25 percent stake in Ahli United Bank from Kuwaiti investors and have plans to convert Bahrain’s largest retail bank, which itself plans to take its Kuwaiti unit Islamic…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Reuters: Confidence in global markets for issuance of Islamic bonds, or sukuk, is rebounding as the Dubai debt crisis no longer burdens sentiment, a Reuters poll showed.
The majority of 10 Islamic bankers and industry experts surveyed expect issuance in 2010 to range between $26 billion-$28 billion or top $28 billion, up from a similar poll in January which expected only between $15 billion-$17 billion in issuance. Experts said that market confidence is recovering as the impact of the debt crisis of Dubai, the Gulf Arab business and tourism hub, becomes more visible………………………………….Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Businessweek.com: National Central Cooling Co., the Abu Dhabi-based refrigeration company, said first-quarter profit almost quadrupled on gains from its Islamic convertible bonds.
Net income surged to 40.4 million dirhams ($11 million) from 10.7 million dirhams in the year-earlier, the company, known as Tabreed, said in a statement to the Dubai bourse today. Revenue declined to 184.6 million dirhams from 189.7 million dirhams…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities has been oversubscribed by 308%.
Subscriptions worth BD37m were received for the BD12m issue, which carries a maturity of 91 days…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Bernama: MIDF Amanah Asset Management Bhd has set its sights on converting two of its bond funds into money market funds before the year-end, says Chief Executive Officer and Chief Investment Officer, Scott Lim.
He said the bond funds, MIDF Amanah Bond Fund and MIDF Amanah Islamic Bond Fund, are not suitable to be managed as such due to the small size…………………………………..Full Article: Source
Posted on 27 April 2010 by Laxman | Email|Print
From Theborneopost.com: Syarikat Takaful Malaysia Bhd’s (Takaful Malaysia) participation in the Minggu Saham Amanah Malaysia (MSAM) 2010 is aimed at creating awareness on the part of the Sarawakian general public with regards to its products and services.
Takaful Malaysia business development manager Muhd Haikal Idris said that the company was now using a three-tiered agency structure to push its offerings compared with the previous system of using salaried staff at its branches nationwide…………………………………..Full Article: Source
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