Posted on 21 May 2010 by Laxman | Email|Print
From Investmentadvisor.com: Islamic funds invested in the Gulf Cooperation Council (or GCC, which includes several Arab states on the Persian Gulf) sharply improved their position in Lipper rankings, according to a recent report.
These funds were “performing at the same pace as those invested in Asian emerging markets, thanks to the positive returns witnessed in the seven GCC stock markets during first quarter 2010,” Lipper analyst Dunny P Moonesawmy said in the report……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Indiatimes.com: Islamic banking in India is not possible now with the current banking principles based on interest payment, but it can be done though a separate legislation, Reserve Bank of India Governor D Subbarao said here on Thursday.
“With the present set of Banking Regulation Act, Islamic banking just cannot take place because many of the banking principles in place are based on interest payments. However, Islamic banking is possible through a separate legislation,” Subbarao said……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From PTI: The Reserve Bank today said it is considering the possibility of allowing Islamic financial institutions to function as NBFCs since Islamic banks are not permitted under the present laws.
Under the Indian banking rules, depositors have to be paid interest for their money in banks, which is not permitted by Islamic banking principles, RBI Governor D Subbarao told reporters after the central bank’s board meeting here……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Khaleejtimes.com: Prince Andrew, the Duke of York and the UK’s Special Representative for International Trade and Investment, has said that London was set to play a major role in the growth and further progress of the Islamic finance sector.
“The UK is already the largest centre in the Western world for Islamic finance and eighth globally. The new UK Islamic Finance Secretariat (IFS), the first Islamic finance trade body in the UK, was launched in London at the end of March with the aim of coordinating and promoting development of Islamic finance in the UK,” he said……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Theaustralian.com.au: It is heartening to learn that the Rudd government is waking up to the benefits of developing the Islamic finance sector — and not before time. Australia is ideally positioned to challenge Malaysia and Indonesia as a financial hub for this burgeoning industry but it will have to act quickly.
The recent announcement that Thomson Reuters is launching an Islamic finance internet portal this year demonstrates the commercial potential of a market that is valued at pound stg. 800 billion ($1.333 trillion) and that is forecast to grow between 15 per cent and 20 per cent a year……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From People.com.cn: The rapid growth of the Islamic finance has evolved to become a competitive component of the global financial system, which would contribute to global financial stability and economic growth, governor of Malaysian central bank said in a statement here on Thursday.
Zeti Akhtar Aziz, governor of Bank Negara Malaysia, the central bank, said that the largely uninterrupted expansion of global growth in Islamic finance has drawn significant interest from all quarters……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Bernama: Islamic financial instruments are important tools to strike the right balance between risk taking and the requirement to provide capital to stimulate businesses.
The Duke Of York, Prince Andrew, said it was relevant as the Islamic world constituted a major and growing part of the global population and the instruments themselves were a necessity in the armoury of a financier in order to achieve that balance……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Btimes.com.my: A top investment banker cautions that the history of the development of Islamic finance written in the future may name two non-Muslims as its biggest drivers, instead of any Muslim individual.
Bahrain’s Ithmaar Bank executive vice chairman Khaled Abdulla-Janahi said it is thus pertinent for the Muslims to continue educating and be in the forefront in developing Islamic finance……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Btimes.com.my: A senior Islamic finance executive has proposed the creation of “G3+3″ made up of Indonesia, Saudi Arabia, Turkey, Malaysia, the World Islamic Economic Forum (WIEF) and the Islamic Development Bank (IDB).
They will lead efforts and discussions with the G20 group in particular to develop the Islamic finance further, Maybank MEACP Pte Ltd chief executive officer Mumtaz Khan said……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Thenational.ae: The UK’s new Conservative-Liberal Democrat coalition government is set to revisit plans to issue the country’s first sovereign Islamic bond, or sukuk, according to a banker advising British leaders on the issue.
Humphrey Percy, the chief executive of the Kuwaiti-backed Bank of London and Middle East, said Mark Hoban, the new UK financial secretary to the treasury, was “prepared to look at it positively” after the Labour government rejected the sukuk idea……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Gulf-times.com: Islamic bond sales are growing at the fastest pace since 2007 as yields on securities complying with the religion’s ban on interest fall more than those on emerging-market debt even as Europe’s debt crisis worsens.
Offerings of sukuk climbed 24% to $4.6bn so far in 2010, the most since a 50% increase in the same period three years ago, according to data compiled by Bloomberg. The spread between the average yield for the debt and the three-month London interbank offered rate narrowed 301 basis points, or 3.01 percentage points, to 437 basis points in the past year, according to HSBC/Nasdaq Dubai US Dollar Sukuk Index……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Gulf-times.com: Qatar Islamic Bank, the country’s biggest Shariah-compliant lender, plans to sell as much as $750mn 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 Mohamed Jaidah said……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Chinapost.com.tw: Malaysia’s government Wednesday announced plans to issue its first Islamic bonds in eight years, marking a return to tapping funds from the international capital markets amid the country’s economic recovery.
The bond sale is likely to be bigger than its first US$600 million issuance in 2002 and will be a boost for Malaysia’s ambitions to become an Islamic financial center, bankers said. Prime Minister Najib Razak, who is also finance minister, said Malaysia was the first country to successfully launch a global Islamic bond issue or sukuk in 2002 and is ready for its second U.S. dollar-denominated issue……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Standard & Poor’s Ratings Services has assigned its ‘A-’ preliminary long-term issue rating to Malaysia’s (foreign currency A-/Stable/A-2, local currency A+/Stable/A-1; ASEAN scale rating axAAA/axA-1+) proposed global Sukuk trust certificates.
The rating on the proposed trust certificates of the issuer, 1Malaysia Sukuk Global Bhd. (1Malaysia), reflects the strength of the transaction documentation, including the lease and purchase undertaking agreements……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Bloomberg: Malayan Banking Bhd., Malaysia’s biggest lender, plans to set up a Shariah-compliant clean energy fund, Mumtaz Khan, chief executive officer of Maybank MEACP Pte of Singapore, said in the World Islamic Economic Forum in Kuala Lumpur.
He didn’t give details……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Industry analysts at the International Islamic Finance Forum 2010 are of the opinion that the value of assets managed by Islamic banks is expected to grow to AED14.6 trillion (US$ 4 trillion) by 2020.
This would be possible as the world’s Muslim population grows larger and globally more non-Islamic jurisdictions warm up to the concept of Islamic banking. However, the need of the hour according to analyst is addressing issues such as evolving sukuk structures, poor corporate credit and product innovation……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Thebriefonline.com: Dubai’s financial watchdog has warned his international counterparts not to pigeonhole Islamic finance under existing conventional banking regulations. Treating Shariah financial services under the traditional model will snuff out any potential growth in the fledgling industry, said Peter Casey, head of Islamic Finance at the Dubai Financial Services Authority (DSFA).
“We’re in a world where there’s more pressure to apply standards generally, and the unthinking response is to apply conventional ones, forcing Islamic banking into that role……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Aawsat.com: Chairman of the Union of Arab Banks, Adnan Yousif, told Asharq Al-Awsat that the region is currently moving past the global financial crisis, and that the financial crisis in Greece will have scant impact on Islamic banks, although this may cause a restricted amount of damage to conventional Arab banks.
Yousif, who is also the CEO of the Al-Baraka Banking Group, estimated that the world will be facing a new international financial crisis in the next 3 or 4 years, and that this crisis will begin in China and India and will have a large impact on the US bond market. Yousif also attributed the global financial crisis to the increasing reliance upon investment instruments which are based on debt, and such instruments being utilized to finance genuine economic activity……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Khaleejtimes.com: The Central Bank of Malaysia and the Malaysian government have established programmes to educate central banks in other parts of the world on regulating Islamic financial systems.
The local universities in Malaysia will also offer programmes to educate and train bankers on Islamic financial products, Tan Sri Dr Zeti Akhtar Aziz, Governor of Bank Negara, Malaysia said while addressing one of the sessions at the sixth World Islamic Economic Forum here on Thursday……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Dailyexpress.com.my: Bank Islam Malaysia Bhd and Barclays Bank plc wednesday signed a memorandum of agreement (MOA) on the customisation of Islamic investment products and hedging solutions.
Both banks had recently entered into the syariah-compliant deal where Barclays acted as counter-party in the underlying transaction of an investment product, worth RM110 million, that Bank Islam offered to Barclays’ customers……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Tradearabia.com: Capital Intelligence (CI) has affirmed National Bank of Kuwait’s (NBK) Foreign Currency Long-term rating of ‘aa-’ and its Foreign Currency Short-term rating of “a1+’. The outlook for all ratings remains stable.
In addition, the bank’s Financial Strength rating is affirmed at “a+”. Given the systemic importance of NBK within the Kuwaiti banking sector the bank’s Support rating is affirmed at 2, which reflects that the bank would receive a very high level of official financial support, should it be required……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
Dubai Islamic Bank, or DIB, has launched Al Islami Salam Finance, a new product that offers liquidity through personal financing to DIB customers. According to DIB, with low salary requirements, minimal documentation and rapid processing, Al Islami Salam Finance is the latest Sharia-compliant product which offers a personal, business and corporate finance solutions.
The product is based on the Islamic financing structure of Salam, which is a sale contract whereby the Bank pays the cash price in advance, and the customer agrees to deliver goods with certain specifications and quantity on agreed future dates……………………………………..Full Press Release: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Adoimagazine.com: As political and business leaders of the Muslim world come together in Kuala Lumpur for the 6th World Islamic Economic Conference, a tectonic shift is happening in the Muslim world. According to Ogilvy & Mather’s survey on “Islamic Branding”, a new generation is redefining what it means to be modern and Muslim, creating new meanings of religious pride, economic progress and global citizenship.
In partnership with TNS, Ogilvy & Mather’s two-year survey in the making reveals what drives Muslims as consumers, against the vast backdrop of ethnic, economic, political and religious diversity of the Muslim world……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Media.asia: As the sixth World Islamic Economic Conference takes off in Kuala Lumpur, John Goodman, president of Ogilvy Action, tells us five things we need to know about the global Muslim market and Islamic consumers.
1. The size of the prize. The global Muslim community, the ‘Ummah’ is huge – nearly 1.8 billion people around the world. The majority of those people are in Asia, particularly South and East Asia. It’s also a very young demographic – 52 per cent are under 24 years old. Author Vali Nasr has described this as ‘the third one billion market’ after China and India. However it has been widely neglected and has massive economic potential……………………………………..Full Article: Source
Posted on 21 May 2010 by Laxman | Email|Print
From Thestar.com.my: Five separate memoranda of agreement (MoA), worth a total US$125.3mil (RM407.54mil), were signed at the 6th World Islamic Economic Forum.
The first MoA, valued at US$30mil, was on strategic partnership for the global distribution of Islamic investment products involving Asian Finance Bank, European Finance House and PT Bank Muamalat Indonesia TBK……………………………………..Full Article: Source
RSS
