Posted on 18 May 2010 by Laxman | Email|Print
From Business24-7.ae: Growth in Islamic finance could be slow but is expected to pick up by the end of this year. The sector would see increased focus on innovation and industry players exploring the untapped segments, industry experts said.
Retail, consumer banking, SME commercial banking and investment banking are the areas where Islamic banking sector would continue to see growth this year, said Moinuddin Malim, Chief Executive Officer, Mashreq Al Islami,said………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Islamic, or Sharia compliant finance has evolved over the past three decades from a relatively unsophisticated framework of basic products into complex forms that are now accepted in mainstream financing and interact seamlessly with global treasury and capital markets.
Today, worldwide monetised assets that comply with Islamic law are estimated to be worth between $700 billion and $1 trillion. Sharia compliant products are consequently of increasing interest to UK and European corporate clients looking at ways to diversify their financing options and their access to non-traditional markets………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Zawya.com: In a move to meet the growing demand for training in Islamic banking techniques, Aston Business School, in Britain’s industrial heartland, will launch both an MSc and a PhD programme in Islamic banking from September.
The degrees will be taught at the £1.5m El Shaarani Centre for Islamic Finance and Business, set up with sponsorship from the chief executive of Dubai-based Surgi Tech, the surgical instrument company, to conduct research as well as teach degrees………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Business24-7.ae: Two banks – Unicorn Investment Bank and Standard Chartered – have won new mandates to issue Islamic bonds (sukuk) worth nearly $6 billion (Dh22bn) this year.
Bahrain’s Unicorn Investment Bank has won the mandate to issue two sukuk worth around $1.5bn during the third quarter of this year………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Thejakartapost.com: The government sold Rp 4.25 trillion (US$467.5 million) worth of sukuk (Islamic bonds) Monday in a private placement method to the Religious-Affairs-Ministry-managed Haj fund, the Finance Ministry said in a statement.
The sale is one part of the government’s servicing of the national budget deficit, estimated to reach Rp 133.7 trillion or 2.1 percent of the gross domestic product, based on the 2010 state budget revision………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Zawya.com: World sales of dollar-denominated Islamic bonds may reach $5 billion this year, matching the levels of 2009, according to an executive at HSBC, the biggest underwriter of such debt in the year to date.
The sukuk market was “sluggish” in first half of the year, Mohammed Dawood, director of debt capital markets at HSBC in Dubai told Bloomberg newswire. Offerings will “pick up” in the months to come as market conditions improve, he added………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Thestar.com.my: Realising the rapid growth and further potential of Islamic finance in Malaysia, foreign banks are aggressively expanding their islamic banking operations locally.
Faced with competition from both foreign and local banks, they have devised strategies to help them garner a larger share of the local Islamic finance market………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Bank Sarasin-Alpen (ME) has arranged a $120 million Murabaha financing facility for Noor Islamic Bank funded by Bank Sarasin & Co, Switzerland, to fund Noor Islamic Bank’s future investments and balance sheet management.
Rohit Walia, Executive Vice Chairman and CEO, Sarasin-Alpen and Alpen Capital Group said, “We value our relationship with Noor Islamic Bank and are happy to play a role in its development. We are delighted that we were able to structure such an innovative transaction for them.”……………………………………..Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Thenational.ae: It may be a pioneer of Islamic banking and the largest Sharia-compliant lender in the country, but analysts are increasingly pessimistic about the short-term outlook for Dubai Islamic Bank (DIB).
The bank is falling out of favour due to concerns about its asset quality and exposure to the property sector. Its declining income from fees and uncertainties over its 19 per cent stake in the mortgage financier Tamweel are added worries………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Bloomberg: United Arab Emirates’s eight biggest banks may report an 18 percent rise in profit in 2010 and earnings may increase further if provisions from Dubai World’s debt restructuring aren’t high, Global Investment House KSCC said.
Revenue growth at the banks will slow while assets will expand at single-digit rates “as banks adopt a cautious stance,” the Kuwaiti investment bank said in a report e-mailed today. Earnings may grow at an average annual rate of 26 percent over the next four years as U.A.E. economic growth accelerates beyond the 2 percent to 3 percent rate expected this year, Global said………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Yobserver.com: Central Bank of Yemen (CBY) has said that the total funding of commercial and Islamic banks in the country reached YR 444 billion during the first quarter of 2010.
According to the CBY report, the deposits of these banks reached YR 423 billion during the same period………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Reuters: Egyptian Gulf Bank’s third quarter net profit fell 44 percent to 22.6 million Egyptian pounds ($4.0 million), Egypt’s stock exchange said on Monday.
Net profit for the first quarter of 2009 was 40.2 million pounds, it said, without giving other figures………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Thestar.com.my: Talks on the proposed disposal of The Royal Bank of Scotland’s (RBS) retail and commercial (small and medium enterprise) banking businesses in Malaysia and some Asia-Pacific countries are still ongoing. global banking and markets chief executive officer for Asia Pacific John McCormick said RBS had slowed its foray in Islamic finance segment but not stopped due to internal challenges in the last few years.
However, the RBS group had not set a target for the proposed sale to materialise, he said, adding that bank would announce it in due course………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Arabianbusiness.com: Saudi based Al Rajhi Steel Industries Co said on Monday it has obtained a $196.5 million bank loan to more than double its steel rebar production by the start of 2012.
The sharia compliant loan from Saudi Arabia’s Alinma Bank will help finance the construction of a 1 million tonne per year steel rebar plant in the Red Sea port city of Jeddah………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
Dow Jones Indexes, a leading global index provider, has been named “Best Shari’ah-Compliant Index Provider” by Global Finance magazine for the third consecutive year.
Global Finance’s award for the World’s Best Islamic Financial Institution recognizes financial companies that make significant contributions to the growth of Islamic finance and have successfully met their clients’ needs for Shari’ah-compliant products, while creating the foundation for continued fast growth in the future………………………………………Full Press Release: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Vivanews.com: The growth of Sharia investments is giving more options to investment needs in Indonesia. As one of the dominant players in Sharia mutual funds market, PT PNM Investment Management (PNM IM) is committed to improve its public services.
One of them is by establishing the ‘Sharia Investment Clinic’ in collaboration with Bank Muamalat. The synergy between the subsidiary of PT Permodalan Nasional Madani (Persero) and Bank Muamalat in providing the services will be a great assistance to investors wishing to invest their funds through PNM IM. Both institutions have also earned trust from the public………………………………………Full Article: Source
Posted on 18 May 2010 by Laxman | Email|Print
From Washingtonexaminer.com: A former Lehman trader has accused Goldman Sachs and other Wall Street firms of laundering jihad money. Joy Brighton singled out the giant bailed-out investment bank as “the money manager of choice for Iran, Saudi Arabia, the Taliban and Al-Qaeda.”
“Investment firms like Goldman and others have been creating mini Islamic banks under their umbrellas, which look and act remarkably like Iranian Banking. They are hiring politically powerful Sheiks to help manage these businesses, which include the creation of derivative financial structures, which subsidize radical mosques, Islamic centers & political action groups through a ‘charity’ donation system adopted in 1978 by Ayatollah Khomeini.” Brighton charged……………………………………….Full Article: Source
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