Posted on 19 May 2010 by Laxman | Email|Print
The global Sukuk market is back on track and both issuers and investors are confident that the number of issuances will markedly increase during the second half of 2010 going into 2011.
The two major trends that have emerged during this year thus far is the adoption of tax neutrality and other enabling laws to facilitate the issuance of Sukuk in four of the five most important jurisdictions in the European Union (EU), namely the UK, Luxembourg, France and Ireland (with Germany being the only exception currently), and exciting new market developments in Malaysia and Saudi Arabia……………………………………Full Press Release: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Gulfnews.com: Malaysia will offer around $1 billion (Dh3.67 billion) in a global sukuk issue to investors from today, its first international debt sale since 2002, two sources said.
They said yesterday the government was targeting about $1 billion for the bond that would be entirely sukuk and would be launched at an Islamic economic forum in Kuala Lumpur……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Bloomberg: Malaysia may sell Islamic dollar bonds after meeting global investors in Asia, the Middle East, Europe and the U.S., according to a banker involved in the roadshow.
Prime Minister Najib Razak is due to give the opening address tomorrow to delegates attending the annual World Islamic Economic Forum in Kuala Lumpur. Malaysia may raise $1 billion to $1.5 billion from the debt sale, a finance ministry official with direct knowledge of the plan, said last week, declining to be identified……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Zawya.com: In Sovereign Sukuk: reconsideration, realignment and the end of Shari’a arbitrage?, Shazhad Siddiqui and Parvez Daruwalla review the intrinsic nature of a Sukuk and its application particularly in the sovereign Sukuk market. The authors provide a critical review of existing practices and provide a framework for the market to adhere to the letter and the spirit of the fundamentals of Islamic finance.
The first sovereign Sukuk issuance was the Government Investment Certificates issued by the Malaysian Government in 1983. However, with no real infrastructure and a lack of transparency in the 1980s there were no major developments in the Sukuk markets. It was the success of securitisation in conventional markets that provided a framework and a real impetus to successful asset-backed structures in Bahrain and Malaysia in the late 1990s……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From WSJ: Malaysia’s government is planning to raise funds in the international bond market for the first time in eight years, with a benchmark-sized offering of Islamic bonds that could come after meetings with potential investors wrap up on May 26, according to people familiar with the deal.
The proposed deal could fuel interest in Islamic finance, which has gained traction as an alternative source of funding for governments and companies. Issuance of conventional international bonds out of Asia has been very strong this year, but the region hasn’t produced a global sukuk since Malaysia’s national oil company Petroliam Nasional Bhd, or Petronas, sold $4.5 billion in Islamic and conventional bonds in August 2009……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Epifinancial.net: Twenty five per cent of the Sukuk holders voted to dissolve the trust after the unit defaulted by failing to pay periodic distribution amount in November last year.
Citicorp, a trustee for $650 million Sukuk sold by a unit of Saad Group, said that it does not intend to dissolve the trust until Saad Group indemnifies for the services it performed for Golden Belt trust……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 230%.
Subscriptions worth BD23m were received for the BD 10 million issue, which carries a maturity of 182 days……………………………………Full Article:
Posted on 19 May 2010 by Laxman | Email|Print
From Bloomberg: Dana Gas PJSC, a Middle East explorer, reset pricing on its $1 billion convertible Islamic bonds due in 2012.
The new exchange ratio set by calculation agent JPMorgan Chase & Co. will be 1.926 dirhams a share compared with 2.118 dirhams earlier, the United Arab Emirates-based company said today a statement to the Abu Dhabi bourse……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Thenational.ae: The Islamic finance industry could double in size in the next five years but it is deeply divided about whether it should seek to duplicate conventional banking products as it grows.
The industry’s combined balance sheet could grow to US$2 trillion (Dh7.34tn) by 2015, said Rushdi Siddiqui, the global head of Islamic finance at ThomsonReuters, the information provider……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Reuters: Iraq’s Ashur International Bank wants to open Islamic banking services in Iraq amid growing interest in sharia-compliant financing, the investment bank’s chairman said on Tuesday.
Speaking on the sidelines of a conference in Dubai, Chairman Wadea Al Handal told Reuters that Ashur Bank is waiting for approval from Iraq’s Central Bank to offer Islamic banking services and that it submitted an application for the development six months ago……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Ameinfo.com: The Islamic Development Bank (IDB) Group and as part of its continued efforts to provide strategic support for the growth of intra-OIC trade hosted the 4th Coordination Meeting for local, Arab and Islamic Trade Finance and Trade Guarantee Institutions.
The meeting was organized by the International Islamic Trade Finance Corporation (ITFC) and The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), both autonomous entities within the IDB Group……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Gulf-times.com: Al Jazeera Finance (AJF), Qatar’s leading Islamic finance company, has launched an initiative to enhance customer service.
AJF’s said its journey to become the ‘market leader within its chosen sector’ was driven by one of the highest client retention levels in the industry and the importance it gave to satisfying the Islamic financing needs of its customers. The initiative to boost customer service is a natural fall out of this, the company said yesterday……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Business24-7.ae: Takaful premiums are estimated to increase by 30 per cent to $8.9 billion (Dh32.6bn) this year globally with GCC holding a lion’s share of 70.4 per cent of the total, and this growth is expected to continue, backed by strong fundamentals, said an executive from Kuwait Finance House.
“Even as short term growth of Islamic finance is likely to have an impact of the weak global financial performance, the medium to long term prospects are quite strong,” said Baljeet Kaur Grewal, Managing Director and Vice-Chairman, Kuwait Finance House……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Bernama: Hong Leong Tokio Marine Takaful Bhd (HLTM Takaful) on Tuesday launched its new China Growth Income Plan (CGIP).
The five-year capital preserved investment plan is Syariah-compliant, using the concept of Murabahah and Wa’ad (unilateral undertaking), HLTM Takaful said in a statement……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Tradearabia.com: Regional equity funds bounced back into the black in the first quarter of the year after a negative start and share issues also improved.
The first quarter GCC Fund Market Insight Report from Lipper, a Thomson Reuters company, revealed that equity funds gained 3.93 per cent compared with a fall of 7.54 per cent in the same period last year……………………………………Full Article: Source
Posted on 19 May 2010 by Laxman | Email|Print
From Brunei.fm: The sixth World Islamic Economic Forum (WIEF), which opens today here in Kuala Lumpur, promises to provide policymakers in governments and business with the intelligence needed to benefit from an anticipated economic revival.
Themed “Gearing For Economic Resurgence”, the forum will bring together world leaders, businesses, entrepreneurs and small-to-medium enterprises (SME) from around the globe with the same objective of exploring business opportunities in the emerging markets in the Muslim world……………………………………Full Article: Source
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