Posted on 14 May 2010 by Laxman | Email|Print
From Bloomberg: Malaysia may raise $1 billion to $1.5 billion from the sale of dollar-denominated Islamic bonds, its first global offering in almost eight years, according to a finance ministry official with direct knowledge of the plan.
The Southeast Asian nation is raising less than originally planned as it needs fewer funds to plug its budget deficit given the country’s economy is recovering, said the official who declined to be identified because the deal has yet to be completed. The government is still aiming to start the debt sale in June, the official said………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Zawya.com: When Dubai World, the state-owned conglomerate, asked creditors for a debt standstill last November, it shook global markets. The announcement froze debt markets across the region. As negotiations between the debt-laden conglomerate and its international and local creditors have unfolded, confidence has started to rebuild.
It has, however, taken until recent weeks for the debt markets to reopen to Dubai-based issuers………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Gulfnews.com: Nakheel’s on-time payment yesterday of its Dh3.6 billion ($980 million) sukuk (Islamic bond) is seen as a positive step within the overall restructuring programme of Dubai’s largest developer.
Nakheel announced on Nasdaq Dubai that the Dubai Financial Support Fund (DFSF) had made available sufficient funds to allow for the repayment in full of the sukuk issued by Nakheel Development 3 Limited, which matured yesterday………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Arabianbusiness.com: Indebted Dubai World’s $24.8 billion restructuring plan is expected to hit its first key stage on Thursday with the repayment of its property developer Nakheel’s $980 million Islamic bond.
The Islamic bond, or sukuk, has been widely expected to be repaid even without a formal agreement between state-owned conglomerate Dubai World and its creditors………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Reuters: Property developer Nakheel has transferred $980 million to paying agent Deutsche Bank for the repayment of its Islamic bond due on Thursday, a source familiar with the matter said.
Nakheel, which is a subsidiary of indebted state-owned conglomerate Dubai World, is expected to meet its May 13 maturity even without formal agreement between creditors and Dubai World regarding its $24.8 billion restructuring plan………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Maktoob.com: Property developer Nakheel has received 50 percent approval from its trade creditors as part of Dubai World’s $24.8 billion restructuring proposal, the company said in a statement on Thursday.
Nakheel trade creditors have been offered full repayment through a mix of 40 percent cash and 60 percent in a sukuk, with a 10 percent annual return. In order to release the cash to creditors, which include contractors and suppliers, Nakheel would have to secure 65 percent approval………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Legalbusinessonline.com: Bermuda has taken a big step towards positioning itself as the offshore jurisdiction of choice for Islamic finance after entering into an avoidance of double taxation agreement (DTA) with Bahrain.
The DTA represents a reciprocal arrangement between Bahrain and Bermuda not to tax the repatriated income that an individual or corporate resident of one country has earned in the other country, and which has already been taxed………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From AFP: Mainly Muslim Malaysia has legalised sports betting, a move supporters claim will curb illegal gambling and boost government coffers. Ascot Sports, a company controlled by influential tycoon Vincent Tan, has been granted a licence that will allow it to offer odds in time for the hugely popular English Premier League season.
“Ascot Sports has been re-issued the sports betting licence by the Ministry of Finance which was first issued in 1987,” gaming group Berjaya — of which Tan is a major shareholder — said in a statement late Wednesday………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Ifaonline.co.uk: In his Pre-Budget Report statement today, the Chancellor, Alistair Darling, says he will also provide relief from tax on capital gains for alternative property refinance transactions to maintain the UK’s position as a centre for Islamic finance. In addition, guidance will be issued on VAT treatment of alternative finance investment bonds.
Mohammed Amin, head of Islamic finance PricewaterhouseCoopers, says it is a small but important step in keeping the UK ahead of other Western countries. “I’m pleased they have taken this measure as other countries are competing to attract Islamic financing. It should lead to a little bit more activity in this area,” he says………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Tradearabia.com: Ithmaar Bank, a premier Islamic retail bank, reported profit of $3.6 million for the first quarter, compared to $3.8 million in Q1 last year, after recognising prudent impairment provisions of $8 million.
The operating income for the quarter was $42.9 million………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Bernama: IDOTTV Sdn Bhd, one of the winners of the 2010 Frost & Sullivan Malaysia Telecoms Awards, aims to increase its market presence in Malaysia’s Islamic banking market for its Islamic Banking Tawarruq Trading System (IBTTS).
IDOTTV won the ‘Most Innovative Application or Product of the Year’ award for its IBTTS………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Zawya.com: ABC Islamic Bank has announced a net profit of $1.8 million for the first quarter of 2010 compared to $5.6 million for the first quarter of last year.
Total income for the first quarter was $3.9 million, compared to $6.9 million generated in the first quarter of last year. The lower income was mainly due to three factors: de-risking of the balance sheet, lower fees from new transactions closed and some one-off revenue items realized during the same period last year………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Dubai Islamic Bank’s (DIB) Extraordinary General Meeting (EGM) assembly has approved the Wakala agreement signed with the Ministry of Finance for AED 3.75 billion ($1.02 billion).
“By approving for tier 2 capital Wakala agreement, members of the assembly have demonstrated their support for DIB’s efforts to maintain its robust financial position and to capitalise on opportunities in the economy. We look forward to their continued support in 2010 and in the years to come,” said HE Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Bi-me.com: Standard & Poor’s Ratings Services said it placed its ‘BBB-’ counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Co. on CreditWatch with negative implications.
“The rating action mainly reflects our view of the deteriorating underwriting performance of the takaful fund, poor investment results for both members and shareholders, and diminished growth in a very difficult economic and competitive environment,” said Standard & Poor’s credit analyst Wolfgang Rief………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Kuwaittimes.net: Qatari Diar, the property arm of Qatar’s sovereign wealth fund, is planning a benchmark bond issue, people familiar with the matter said yesterday, in what would be the first corporate issue from the Gulf state this year.
Two sources, who declined to be identified, did not elaborate which subsidiary was planning the issue, but said it would be benchmark-sized, typically over $500 million. One source said the issue could be during the second quarter………………………………………..Full Article: Source
Posted on 14 May 2010 by Laxman | Email|Print
From Thestar.com.my: Malaysia is pressing ahead with a sovereign bond issue despite recent unease in regional credit markets and has mandated CIMB Investnment Bank and HSBC to arrange the sale, sources said yesterday.
But the Government had not decided when to launch the sale given the current volatility, said one source familiar with the plan………………………………………..Full Article: Source
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