Posted on 17 May 2010 by Laxman | Email|Print
From Bloomberg: Sales of dollar-denominated Islamic bonds may reach $5 billion this year, matching levels of 2009, led by Asia and Gulf Arab nations, said an official at HSBC Holdings Plc, the biggest underwriter of such debt this year.
The so-called sukuk market was “sluggish” in the first half of the year, Mohammed Dawood, director of debt capital markets at HSBC in Dubai said in an interview today. Offerings will “pick up” in the months to come as market conditions improve, he said……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Khaleejtimes.com: Global sukuk issuances touched Dh31 billion ($8.5 billion) in 2009 with an increase expected this year as the Islamic bonds worth Dh11 billion ($3 billion) have already been issued across the Gulf Cooperation Council.
The participants of the International Islamic Finance Forum, which opened here on Sunday, said the UAE would remain the cornerstone of the sukuk market in the region. High-level speakers addressed the audience during the forum……………………………………….Full Article: Source
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From Thenational.ae: Upheaval in global markets is likely to further delay a major pickup in sukuk issues until the third quarter, experts say. At present, issuers in the Middle East and south Asia have a small window of opportunity if they want to issue before summer, when business slows and almost stops during Ramadan.
This means debtors would have to start the process in earnest in the next weeks, which looks unlikely given the market turmoil related to Greece……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Reuters: GE Capital, a unit of General Electric Co. , plans to issue its second Islamic bond in late 2010 or in 2011, a senior executive said on Sunday. Aris Kekedjian, chief executive of GE Capital Middle East and Africa, said the Islamic bond, or sukuk, would likely be a benchmark issue.
In November, GE Capital became the first large U.S. conglomerate to issue a sukuk when it raised $500 million. Kekedjian said the firm wants to become a regular sukuk issuer over time……………………………………….Full Article: Source
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From Zawya Dow Jones: Standard Chartered PLC plans to arrange more than $4 billion worth of Islamic bonds, or sukuk, globally this year exceeding last year’s figures as confidence and liquidity return to credit markets, a senior executive said.
“We arranged more than $4 billion of sukuk last year. We hope to beat last year’s figures,” Ahsan Ali, head of Islamic origination at Standard Chartered told Zawya Dow Jones in an interview on the sidelines of a conference in Dubai……………………………………….Full Article: Source
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From Arabnews.com: The sukuk, which will be launched in June 2010 by Cagamas and Al-Rajhi Bank Malaysia Berhad, will be aimed at investors from the Gulf Cooperation Council (GCC) countries, the European Union, North America, Malaysia, Singapore, Brunei and East Asia.
Al-Rajhi Bank (Malaysia) received an IIB (International Islamic Banking) license from Bank Negara Malaysia, the central bank, in 2009 to establish Al-Rajhi Bank KSA, a branch of Al-Rajhi Bank in Saudi Arabia, which will operate as an offshore investment bank in the Malaysia International Islamic Financial Centre (MIFC)……………………………………….Full Article: Source
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From MENAFN Press: The UAE will remain the cornerstone of the sukuk market in the region. Global sukuk issuances including Malaysia for 2009 touched AED 31 billion (US$ 8.5 billion) with an increase expected this year. The current year has already witnessed AED 11 billion (US$ 3 billion) of overall issuances across the Gulf Cooperation Council (GCC) region.
These statements resounded optimism from speakers at the International Islamic Finance Forum 2010. It also indicated the growth of Islamic finance both within the GCC region and globally……………………………………….Full Article: Source
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From Bloomberg: Unicorn Investment Bank BSC, a closely held Islamic investment bank, is working on a $250 million Islamic debt offering for a U.S. company, a bank official said.
The Bahrain-based lender plans to finalize the sale for the U.S. company “soon,” Nida Raza, senior vice president of capital markets at Unicorn Investment, said in Dubai today, without identifying the issuer. The bank has about $4.5 billion of Islamic debt sales in the pipeline this year, Raza said……………………………………….Full Article: Source
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From Thejakartapost.com: Two Indonesian companies have appointed Bahrain-based investment bank Elaf Bank to arrange the issuance of their Islamic bonds (sukuk) amounting to US$84 million in total to be sold both in domestic and international financial markets.
The two companies, compressed natural gas (CNG) distributor PT Java Energi Semesta (JES) and power producer PT Mitra Abadi Rahardja (MAR), signed agreements to launch the Islamic bonds with Elaf Bank in Jakarta on Wednesday……………………………………….Full Article: Source
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From Arabnews.com: Oasis Group Holdings is the pioneer of Shariah-compliant investment products - both equity and property funds and REITs (real estate investment trusts) - in South Africa since it launched its first Islamic fund in August 1998, the Oasis Crescent Global Equity Fund.
But over the last few years, using its product development and stock selection expertise acquired in the local market and armed with better-than-average performances, the group has ventured abroad and now aims to build the first global Shariah-investment fund brand, complete with a global distribution capability and a global asset management capacity……………………………………….Full Article: Source
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From Kuwaittimes.net: A powerful Islamic seminary in northern India has issued a fatwa, or decree, against Muslims working in banks, a spokesman said yesterday, deeming it a violation of Islamic law. The ruling by the Darul-Uloom Deoband, India’s oldest Sunni-run seminary, in northern Uttar Pradesh state, was issued last week but made public yesterday, Mufti Shakeel of the “Fatwa” department said.
According to the tenets of Islam, Muslims must not work in banks because as employees they would have to deal with transactions involving interest and also make interest entries in bank ledgers,” Shakeel said by telephone from Saharanpur district, 450 kilometers from Lucknow……………………………………….Full Article: Source
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From Thejakartaglobe.com: The nation’s Shariah banks are catching gold fever as more lenders launch pawn shop services to allow owners of the precious metal quick access to cash.
State-owned pawn shop Perum Pegadaian still dominates the gold pawn business, known by the Shariah term Rahn, but the domestic banks are now scrambling to get a slice of the estimated Rp 75 trillion ($8.25 billion) a year market. At the same time, a new method of gold investment called “gold farming” is boosting the size of the market……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Yobserver.com: Surpluses of Islamic banks or Islamic instrument will support development through financing infrastructure projects and various sectors of trade, health, education and other, which proved the success of this great experiment in contributing to the development process.
In the lecture held Tuesday by Yemen Bankers Association, Dr. Osman Khair, General Manager of the Stock Market in Khartoum and an expert in the International Monetary Fund (IMF) and delegated to assist the CBY in determining the structure and systems of the Islamic instrument unit at Central Bank of Yemen reviewed Sudan’s experience in issuing Islamic instrument through which the surpluses of Islamic banks……………………………………….Full Article: Source
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From Albawaba.com: Bank Sarasin-Alpen (ME) Limited, a subsidiary of Bank Sarasin & Co. Ltd, a leading Swiss private bank arranged a USD 120 million Murabaha financing facility for Noor Islamic Bank PJSC. The finance facility which has been funded by Bank Sarasin & Co. Ltd, Switzerland has been designed to fund Noor Islamic Bank’s future investments and balance sheet management.
The signing ceremony was held on 4 May 2010 at the Noor Islamic Bank Head Office and attended by senior management members from Bank Sarasin-Alpen and Noor Islamic Bank……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Aawsat.com: “Do you believe that Islamic banks differ from conventional banks in terms of their transactions complying with Islamic Shariaa law?” This is the questioned asked in a poll on the CNN Arabic website. At the time of this article going to press 1,974 people had responded to this poll; 88 percent voting “No” and 12 percent voting “Yes.”
What does this incomplete result signify? What relevance does this poll have to the Islamic banking industry and those responsible for it? How should we deal with this?………………………………………Full Article: Source
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From Gulfnews.com: Most UAE banks have reported first quarter profits surpassing the market expectations. However, bankers and analysts were cautious about expectations for the next three quarters as a potential rise in bad loans, sluggish loan growth and high funding costs were expected to curtail their full-year performance.
The UAE’s leading banks in terms of assets such as the Emirates NBD and National Bank of Abu Dhabi (NBAD) reported first quarter profits far exceeding analysts’ expectations……………………………………….Full Article: Source
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From Tradearabia.com: Ithmaar Bank, a premier retail-focused Islamic bank, said it has launched Bahrain’s first mobile online banking solution that allows customers to conduct a full range of banking transactions through use of smart phones.
The Ithmaar Mobile Online Banking service, a first of its kind in the Kingdom, allows its customers to use their smart mobile phones - including BlackBerrys, Nokias, iPhones, Sony Ericssons and Windows-based phones - to conduct, in real time, the full range of banking transactions from anywhere in the world……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Reuters: Al Baraka Egypt Bank, an Islamic bank, more than tripled its net profit for the first quarter to 44.0 million Egyptian pounds ($7.85 million), the stock exchange said on Sunday.
The Cairo-based Islamic bank, in which Bahrain’s Al Baraka Banking Group (ABG) has a controlling stake, posted a net profit of 9.5 million pounds in the first quarter of 2009……………………………………….Full Article: Source
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From Tradearabia.com: National Bank of Kuwait, the country’s biggest bank, may post $1 billion of net profit in 2010, its chief executive told Al Arabiya television on Sunday.
“For NBK, our position, if there were no surprises, is good… and God willing we will reach the $1 billion (net profit) by year end,” Ibrahim Dabdoub told Dubai-based Al Arabiya TV……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Dubaichronicle.com: In recognition of its commitment to delivering creative, innovative and relevant products and services that raise the bar across the Islamic banking industry, Dubai Bank was presented with the “Best Marketing/Advertising Campaign” award for its Kunooz Savings Programme at the 2009 Islamic Business and Finance Awards held recently in Dubai.
Dubai Bank was among many contenders ranked for their exceptional performance, especially during the current period of global financial volatility. The winners were chosen by the general public through a voting system based on a shortlist compiled by an international judging panel, consisting of industry observers and analysts……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Investorsoffshore.com: The Islamic banking industry has a lot of catching up to do if it is to compete with the conventional finance industry, according to one prominent banker.
Harris Irfan, the head of Islamic finance products at Barclays Capital and Barclays Wealth in Dubai suggested in a recent interview with Bloomerg that Islamic banking is in fact in the “stone ages” and has a lot more evolving to do if the full potential of the industry is to be realized……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Thebriefonline.com: Standardising the Islamic finance market will not benefit the industry, Clifford Chance partner head of capital markets and structured finance for the Middle East, Debashis Day has warned.
Speaking at the International Islamic Finance Forum conference in Dubai on Sunday, Day said markets and legal jurisdictions differ from country to country, therefore standardisation “isn’t necessarily very good”……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Hktdc.com: World Bank and International Finance Corp (IFC) officials arrive this week (10 May) in Malaysia to discuss the establishment of an Islamic financing facility for green technology.
Discussions with Bank Negara and the Ministry of Energy, Green Technology and Water could create a suitable model to compliment an Islamic-compliant US$200 million fund. This would be the first in Asia to focus on the environmentally-friendly sector……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Dailystar.com.lb: Gulf Arab oil producers need a strong single currency, and are watching the euro zone’s troubles, but their goal is still a long way off, Bahrain’s Finance Minister Sheikh Ahmad bin Mohammad al-Khalifa said.
Central bankers from Saudi Arabia, Kuwait, Qatar and Bahrain launched a forerunner for a joint central bank in March but they did not give a target date for setting up the single currency……………………………………….Full Article: Source
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From Arabnews.com: Luxembourg, which held a landmark Islamic finance showcase titled “Relying on Innovation, Building on Expertise” at the 7th Islamic Financial Services Board (IFSB) annual summit in Manama recently, will host the 8th IFSB annual summit in the Duchy in 2011.
This was confirmed by both senior IFSB and Banque Centrale du Luxembourg (the central bank) sources in Bahrain and will be the first time that the summit will be hosted by a European Union (EU) member country……………………………………….Full Article: Source
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From Maktoob.com: Headscarves, minarets and burkas are given too much emphasis in the dialogue about Islam in Europe, delegates at a conference of European imams in Vienna said Sunday.
“Radicals are domineering over politicians from the centre” who would otherwise “turn a blind eye” to these problems, Nadeem Elyas from the Central Council of Muslims in Germany (ZMD) said during the two-day conference that brought together imams and delegates from some 40 European countries……………………………………….Full Article: Source
Posted on 17 May 2010 by Laxman | Email|Print
From Thehindu.com: Since the inception of Islamic banking, about three decades ago, the number and reach of Islamic financial institutions worldwide has risen significantly, writes Brian Kettell in ‘Islamic Finance in a Nutshell’. Institutions offering Islamic financial services constitute a significant and growing share of the financial system in several countries, he adds.
“For example, the entire banking system of Iran is based on Islamic principles. Although Islamic banks are concentrated in the Middle East and South-east Asia, there are also niche players in Europe and the US.”………………………………………Full Article: Source
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