Posted on 20 May 2010 by Laxman | Email|Print
From Gulfnews.com: It took Islamic finance 40 years to reach the magical $1 trillion (Dh3.67 trillion) benchmark, and this niche market is on the march towards the next milestone of $2 trillion within the next five years — with Moody’s predicting $5 trillion.
Considering the fact that it took almost 20 years for the conventional industry to reach the $1 trillion mark, but only ten to reach $6 trillion, it is highly likely that Islamic finance will reach that level within the next five to six years, subject to the clearance of certain bottlenecks……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Bloomberg: Islamic bond sales are growing at the fastest pace since 2007 as yields on securities complying with the religions ban on interest fall more than those on emerging- market debt even as Europe’s debt crisis worsens.
Offerings of sukuk climbed 24 percent to $4.6 billion so far in 2010, the most since a 50 percent increase in the same period three years ago, according to data compiled by Bloomberg…………………………………..Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Businessweek.com: Qatar Islamic Bank SAQ, the Gulf state’s biggest Shariah-compliant lender, plans to sell as much as $750 million of bonds in its first Islamic debt offering, according to the company’s chief executive.
Talks with rating service providers have been completed and the bonds, known as sukuk, are likely to be sold in the second half of this year, Chief Executive Officer Salah Mohammed Jaidah said in an interview today in Kuala Lumpur……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Tradearabia.com: The $100 million Commercial Real Estate Sukuk (Kuwait) has been successfully settled and paid for on its maturity date.
This was announced by arrangers and structuring advisers, Bahrain-based Liquidity Management Centre, Kuwait Finance House and Kuwait Financial Centre……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From WSJ: Malaysia’s dollar-denominated global Islamic bond, or sukuk, will have a five-year maturity and will be structured under the Ijarah concept, the lead managers for the sale said Wednesday.
The five-year sukuk will be based on the sale and leaseback of 12 hospitals, Mukhtar Hussain, chief executive officer of HSBC Amanah said. Ijarah refers to the sale and leaseback of asset under Islamic law……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Peopledaily.com.cn: Malaysian Prime Minister Najib Razak said here on Wednesday the development of Islamic finance was showing positive trend with growth as much as 10 to 15 percent recorded in some countries of the Islamic world.
Given the results achieved, the industry deserved full government support within the Organizations of the Islamic Conference countries, said Najib when opening the Sixth World Islamic Economic Forum……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Thestar.com.my: Muslim countries must continue to play a leading role in transforming Islamic finance into a widely accepted system that is central to long-term economic stability globally, said Prime Minister Datuk Seri Mohd Najib Abdul Razak.
“To transform (this) niche sector into a widely accepted system, we need an appropriate regulatory framework, infrastructure and architecture that promote Islamic capital markets……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Bernama: The Australian government has asked its Board of Taxation to review the treatment of Islamic finance in Australia. “The review will be a comprehensive analysis of Australia’s tax laws to ensure, where possible, they do not inhibit the provision of Islamic finance, banking and insurance products,” Australia’s Assistant Treasurer Senator Nick Sherry said in a statement on Wednesday.
“The review is not about creating special treatment, but about creating a fair and level playing field for Islamic financial products into the Australian market……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Independent.ie: IDA Ireland is understood to be planning to lead a roadshow to the Middle East as part of an effort to turn the International Financial Services Centre (IFSC) into a European hub for Islamic banks and funds.
This year’s Finance Act introduced a number of specific tax measures aimed at luring this increasingly important segment of global finance……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Thenational.ae: A new bank to finance clean energy projects in the Muslim world could be part of an effort by Islamic countries to forge closer economic bonds, Malaysia’s prime minister says.
Najib Abdul Razak said his country was prepared to lead the initiative, but did not offer any further details. He said such an institution would help speed up the development of much-needed renewable energy projects in the Muslim world……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Thenational.ae: Dubai Islamic Bank (DIB) thinks it has a sweet deal for its customers – personal loans backed by sugar. The country’s oldest Islamic institution is offering the first Sharia-compliant personal loan in the Arab world.
Under Sharia, or Islamic law, a bank can offer financing only if real goods change hands……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Dailystar.com.lb: Jordan Islamic Bank, the country’s largest Islamic lender, expects double-digit growth this year as it taps fast-rising demand for Sharia-compliant products in an otherwise sluggish overall market, its CEO Musa Abdel-Aziz Shihadeh said.
The bank, with total assets of 2.47 billion dinars ($3.5 billion), has capitalized on higher demand by depositors seeking a safe haven in Islamic banks perceived as less affected by the financial crisis, said Shihadeh……………………………………Full Article: Source
Posted on 20 May 2010 by Laxman | Email|Print
From Btimes.com.my: HONG Leong Tokio Marine Takaful Bhd (HLTM Takaful) has launched a new five-year syariah-compliant investment-linked plan that invests in Chinese stocks.
Dubbed the “China Growth Income Plan (CGIP)”, the new plan uses the concepts of Murabahah and Wa’ad and offers customers potentially unlimited income on an annual basis and income returns during bull and bear markets……………………………………Full Article: Source
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