Posted on 28 April 2010 by Laxman | Email|Print
From Reuters: When Kuwait Finance House Malaysia helped develop a $1.3 billion real estate project in the country in 2005 as a partner in the deal, Islamic equity property ventures were a rarity.
Five years on, the bank is embarking on its fourth building project using a similar equity concept but few others in the industry want to follow the same path, reflecting Islamic finance’s slow and difficult shift away from debt instruments…………………………………..Full Article: Source
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From Gulf-times.com: At the micro level, the economics of using equity or debt are still the same. Companies will choose whichever tool suits them best as a means of raising funds.
What hurt the market was the excessive leveraging and speculation via debt instruments. As with most things in life, anything that is excessive in nature will usually lead to trouble…………………………………..Full Article: Source
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From Btimes.com.my: Islamic finance is uniquely positioned to expand its role and presence amid Asia’s new phase of growth, with huge opportunities for Muslim nations to boost trade with each other.
Perak regent Raja Dr Nazrin Shah said Asia is entering a new phase of growth, with increasing significance of the E7 emerging economies, of which four are in Asia…………………………………..Full Article: Source
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From Mydigitalfc.com: India needs to actively consider allowing introduction of Shariah-compliant Islamic finance products to channelise savings of the muslim community, K Reh-man Khan, deputy chairman of Rajya Sabha (Upper house of the Parliament of India), said onTuesday.
Speaking at the India Shariah Finance Summit in the capital, Khan said the mutual fund industry is the best vehicle for popularising Shariah-compliant products. He pointed out that mutual funds are largely compliant with Islamic finance principles since they do not pay interest…………………………………..Full Article: Source
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From Deccanchronicle.com: Global consultancy firm KPMG on Tuesday pitched for Islamic banking products in the country and urged the RBI to come out with norms for these interest-free saving instruments along with proposed guidelines on fresh banking licences.
“The scope for launching Islamic finance products is huge here as the savings of Muslim population is untapped. The government should come out with a regulation on the governance of Islamic banking products so that banks can launch such products soon,” KPMG executive director for corporate finance and head financial services, Mr Abizer Diwanji said…………………………………..Full Article: Source
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From Saudigazette.com.sa: Saudi businessmen expressed solidarity with the local academe for the propagation of Islamic finance in Europe, making Spain as its hub.
According to Dr. Abdullah Q. Turkistani, director of Islamic Economic Research Center, King Abdulaziz University, no less than the chairman of the Jeddah Chamber of Commerce and Industry (JCCI) showed strong support for the promotion of Islamic finance in Europe and Latin America through the Center of Islamic Economics and Finance (CIEF) which was established in Madrid last year under the collaborative efforts of the King Abdulaziz University and the Instituto de Empresa (IE) University in Madrid…………………………………..Full Article: Source
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From Bernama: Islamic finance opens up exciting prospects for further linkages between Muslim countries, especially in terms of trade with the intra-trade level between countries still relatively low.
In addressing this, Raja Muda Perak Raja Dr Nazrin Shah said against this backdrop, Islamic finance is uniquely positioned to expand its role and presence…………………………………..Full Article: Source
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From Themalaysianinsider.com: The launch of Europe’s first Christian equity index, Stoxx Europe Christian Index, will not be a threat to Islamic finance growth but will complement the rising demand for a more ethical type of investments, says the Raja Muda of Perak, Raja Dr Nazrin Shah.
As a result of the financial crisis, people are becoming aware that some of the ethical lapses of conventional banking or excesses could be avoided or mitigated, he said…………………………………..Full Article: Source
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From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on paying interest.
Global sales of so-called sukuk notes increased to $20.2 billion last year from $14.1 billion in 2008, according to data compiled by Bloomberg. Sales total almost $2.2 billion so far this year…………………………………..Full Article: Source
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From Thestar.com.my: 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 US$26bil and US$28bil or top US$28bil, up from a similar poll in January which expected only US$15bil to US$17bil in issuance…………………………………..Full Article: Source
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From Business24-7.ae: Al Ghurair, one of the key trade creditors of Dubai World, will begin to receive stalled payments from Nakheel beginning June. A top official from the company also said the 10 per cent profit on the sukuks offered to contractors is “very generous”.
Nakheel on Monday said it had started to sign deals with trade creditors. It said it would pay 40 per cent of trade creditors’ bills in cash, with the remaining 60 per cent transferred to a tradable sukuk (Islamic bond) that would pay 10 per cent annual return, if 65 per cent of contractors agree…………………………………..Full Article: Source
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From Reuters: The lack of a formal debt deal for Dubai World is not expected to hinder the redemption of subsidiary Nakheel’s 2010 Islamic sukuk, which risks leaving some bank creditors still waiting on an agreement unhappy.
Nakheel has a $980 million Islamic sukuk maturing on May 13. Full repayment was conditional on its parent Dubai World reaching an agreement with its creditors on a restructuring proposal, but that may not appear in time…………………………………..Full Article: Source
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From Reuters: Indonesia’s finance ministry sold 200 billion rupiah ($22.21 million) of sukuk on Tuesday, well below its target amount of 1 trillion rupiah, reflecting investor concerns about poor liquidity for Islamic paper.
Investor demand for Indonesia’s conventional bonds remains strong as that debt is much more liquid and more easily traded than the Islamic debt…………………………………..Full Article: Source
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From Ifre.com: Kencana Petroleum is preparing to sell Malaysia’s first Islamic bonds to be credit-wrapped by government-owned Danajamin. AmInvestment Bank clinched the mandate on the deal which will be a high-profiled deal that will be watched by the industry on how a Danajamin guarantee will benefit lower-rated issuers.
Because it is the first Danajamin-guaranteed deal, the borrower and its lead are expected to ensure that all the bases will be covered before it is launched. The earliest date is penned for the middle of May. Kencana is eyeing a sale of M$250m (US$78m) of seven-year notes…………………………………..Full Article: Source
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From Bernama: Officials from the World Bank and the International Finance Corporation (IFC) will be in Kuala Lumpur next month to discuss the establishment of an Islamic financing facility for the green technology sector, Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said.
The officials will be in Kuala Lumpur from May 10 for discussions with Bank Negara and the Ministry of Energy, Green Technology and Water to develop a suitable model in the creation of a syariah-compliant US$200 million fund…………………………………..Full Article: Source
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From Ameinfo.com: The Daman Islamic Fund, a Shari’ah principle-based, UAE-registered open-ended mutual fund closed the month at a Net Asset Value of Dhs109.20 per unit as of March 31, 2009, signifying a month-to-date rise of 1.65%.
A dividend of Dhs1 per unit has been announced for Q1 2010, bringing the ex dividend NAV as of April 1, 2010 to Dhs108.20. The current annualized dividend yield stands at 3.70% as against the NBAD Islamic Index at 1.13%…………………………………..Full Article: Source
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From Thestar.com.my: MIDF Amanah Asset Management Bhd has set its sights on converting two of its bond funds into money market funds before 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 — were not suitable to be managed as such due to the small size…………………………………..Full Article: Source
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From Arabianbusiness.com: Bahraini investment house Arcapita plans to build a fund management business to complement its private equity operations after that segment was badly hit by the financial crisis, its chief executive said.
CEO Atif Abdulmalik on Tuesday told Reuters the firm plans to manage $10 billion worth of funds within three years and expects to generate half its revenues from recurrent fees earned on managing these funds…………………………………..Full Article: Source
More stories about: Funds
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From Bernama: Total deposits of full-pledged Islamic banks and Islamic windows of conventional banks operating in Labuan International Business and Financial Centre (IBFC) rose 14.5 per cent to US$386.4 million (US$1.00=RM3.18) as at Dec 31, 2009 from US$337.3 million in 2008.
There were six full-pledged Islamic banks and six Islamic windows of conventional banks operating during the period in Labuan IBFC, Labuan Financial Services Authority (Labuan FSA) said in its 2009 Annual Report released here today…………………………………..Full Article: Source
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From Mmail.com.my: The issuance of two mega Islamic banking licences with US$1 billion (RM3.1 bln) capital to be announced in June is expected to boost the Malaysian Islamic finance industry.
Bank Negara Malaysia’s deputy governor Datuk Mohd Razif Abd Kadir in disclosing this at the Malaysia International Islamic Financial Centre (MIFC) roadshow here yesterday called it a liberalising move for the sector…………………………………..Full Article: Source
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From Tradearabia.com: National Bank of Abu Dhabi, the United Arab Emirates’ (UAE) largest bank by market value, on Tuesday posted a 34 percent rise in first-quarter net profit.
The increase in profits were due to higher revenues from loans and gains on investments…………………………………..Full Article: Source
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From Business24-7.ae: The Acting Chief Executive and Director of Operations, Rashed Al Baloushi, yesterday said that there is no current policy for the ADX to operate in compliance with Shariah, but this may happen in future.
He said no steps have been taken as yet to classify listed companies as Islamic and non-Islamic…………………………………..Full Article: Source
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