Posted on 24 May 2010 by Laxman | Email|Print
From Arabnews.com: Judging by the spate of conferences on Islamic finance organized in the Russian Federation and the rest of the CIS countries in recent months, interest in Islamic finance is fast developing in a region that should be a natural market for the global industry.
The region is rich in natural resources, especially oil, gas, minerals and cotton, and has a combined Muslim population in excess of 120 million………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Brudirect.com: Islamic financial institutions are faced with several challenges which have to be addressed before their products can be marketed at a global level, experts said.
Humphrey Percy, chief executive of the Bank of London and the Middle East, said there were 1.6 billion Muslims in the world, but only 14 per cent use banks and Islamic finance represents less than one per cent of global finance systems………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Gulfnews.com: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, made an extraordinary comment last month, “… we are conducting feasibility studies to evaluate the costs and benefits of a bid [for the 2020 Olympics].”
Qatar submitted a bid to host the 2022 World Cup, and bid committee Chairman, Shaikh Mohammad Khalifa Al Thani, said, “… A World Cup in Qatar will be a new World Cup, bringing people and different cultures together in the name of football…”…………………………………Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Thestar.com.my: The change of government in Britain has not changed the nation’s commitment towards Islamic finance and banking. Sir Iqbal Sacranie, who headed the delegation from the Muslim Council of Britain (MCB) at the recently concluded World Islamic Economic Forum (WIEF), said the new coalition government had indicated that it would still support efforts in developing Islamic finance in Britain as it was beneficial to the country.
“From what we have heard, they are committed to it. It is good for the country. It is beneficial. The parties (Conservatives and Liberal Democrats) have indicated their support for Islamic finance,” he said………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Astburymarsden.com: London will play a central role in the future expansion of the Islamic finance sector, it has been predicted. During a special address at the World Islamic Economic Forum (WIEF), Prince Andrew told delegates the British market is a significant - and growing - one, the Khaleej Times reports.
The special representative for international trade and investment noted: “The UK is already the largest centre in the western world for Islamic finance and eighth globally.”…………………………………Full Article: Source
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From Asianews.it: In the midst of a world crisis, Islamic financing is growing. “In some countries, growth is as much as 10-15 per cent annually,” Malaysian Prime Minister Najib Razak said in opening the annual World Islamic Economic Forum in Kuala Lumpur.
Forum participants encourage Muslim countries to back Islamic financing, counting on the positive trend of the sector, which could also interest non-Muslims. “The time is right for this,” Razak said………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Thestar.com.my: Response has been lukewarm to the Sukuk 1Malaysia 2010, according to local banks polled by StarBiz yesterday. However, the sukuk, which was available since yesterday, has been attracting customers above 40 years old, a bank personnel said.
“Response is not that good. We received less than 10 depositors today,” said a Public Bank Bhd representative in Mont’Kiara. He said customers were between 40 to 50 years old………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Arabnews.com: In the Kingdom, for a seminar on Islamic finance recently, Nigel Denison, director and head of asset management, Bank of London and the Middle East (BLME) said that the totally-Shariah based bank is currently working on the development of a Shariah-compliant Absolute Return Fund.
“We have been watching the whole scenario of active and passive fund management and have been working with a lot of interest on the development of an absolute return fund,” said Denison…………………………………Full Article: Source
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From Ameinfo.com: Even during the slowdown that resulted from the financial crisis many new branches of Islamic retail banks were opened worldwide. However, as a new e-friendly generation enters the scene, the industry will need to upgrade its services and distribution channels and expand into untapped markets to continue to grow.
On the search for a low-risk, non-interest and ethical way of investing, investors might regard Islamic finance, which is expected to reach $1 trillion globally in 2010, as a trustworthy alternative way of sheltering their savings from the rumbles of any financial crisis………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Menafn.com: Industry analysts at the International Islamic Finance Forum 2010 are of the opinion that the value of assets managed by Islamic banks is expected to grow to AED14.6 trillion (US$ 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 24 May 2010 by Laxman | Email|Print
From Btimes.com.my: Standard Chartered believes that its international network, understanding of its markets and expertise in Islamic banking will help spur Malaysia’s efforts to become an international Islamic financial centre.
Standard Chartered Malaysia Bhd (StanChart Malaysia) managing director and chief executive officer Osman Morad cited its longstanding presence in the Middle East since 1920, and in the United Arab Emirates (UAE) from 1958, as an indication of its deep-rooted knowledge of Islamic finance markets………………………………….Full Article: Source
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From Cpifinancial.net: Dubai Islamic Bank (DIB) has launched a two-year Islamic Certificate linked to the RBS Crescent Dynamic Middle East 2 Strategy. This US dollar-denominated certificate is issued by the Royal Bank of Scotland Group, and is available for subscription from Dubai Islamic Bank between 22 May – 10 June 2010.
Distributed by DIB’s Wealth Management division, the Shari’ah-compliant RBS Crescent Dynamic Middle East 2 Strategy is based on a dynamic strategy designed to capture returns in rising markets while limiting losses in periods of falling markets and high volatility………………………………….Full Article: Source
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From Tradearabia.com: Emirates NBD said customers applying for personal or priority banking products or services at its branches in the Burj Khalifa area, will get an opportunity to win a “Stay for two” at the Jal Fujairah Resort and Spa.
The special customer promotion which runs till June 15 is valid across the four bank branches that are operational in the Burj Khalifa area at Old Town, The Residences, and the two branches located at Dubai Mall………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
Hamad Abdul Mohsen Al Marzooq, Chairman and Managing Director of Ahli United Bank (AUB), said that the conversion phase into a bank operating in accordance with Islamic Shari’ah provisions required the cooperation with a group of partners who could meet the needs of the Bank and its customers, and complete the conversion process within the time frame set out the Central Bank of Kuwait and according to its instructions related to the Islamic banks business.
Mr. Al-Marzouq added that the choice of ITS was a strategic one as the latter’s experience was a key factor in the conversion of AUB, formerly known as the Bank of Kuwait and the Middle East, into an Islamic institution, pointing out that the agreement was a preliminary step for a long-term relationship expected to be extended between both organizations………………………………….Full Press Release …………………………………: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Cpifinancial.net: Burooj Properties, the real estate arm of Abu Dhabi Islamic Bank (ADIB), has announced the commencement of the sale of residential units at the Village Garden Katameya project situated in east Cairo.
ADIB’s Burooj recently signed a cooperation agreement with Palm Hills Developments (PHD), a real estate developer in Egypt, which is listed on both the Egypt and London Stock Exchanges. The agreement covers the sale of 425 units of Palm Hills Development’s Village Garden Katameya project, with a total value of EGP 315 million ($55.8 million)………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Tradearabia.com: UAE’S Aabar Investments, which has stakes in Daimler and Virgin Galactic, on Sunday said it entered into a $800 million loan agreement with local and international lenders.
International Petroleum Investment Co (IPIC), wholly-owned by the government of Abu Dhabi, is the majority shareholder in Abu Dhabi-listed Aabar, which is the emirate’s fastest growing investment vehicle………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Arabnews.com: The Middle East is waiting with bated breath for the adoption of Saudi Arabia’s mortgage law. Mortgage providers stress that the Saudi law would be a precedent and a potential model for the other Gulf Cooperation Council (GCC) countries to follow.
The GCC mortgage market is potentially tens of billions of dollars in size, and according to several mortgage providers more customers in the GCC are opting for Islamic mortgages………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Theborneopost.com: The market share for Islamic financing in the country’s financial services sector is poised to surpass the 20 per cent target set for this year.As at December 31 last year, total assets for Islamic banking sector reached RM303.3 billion, accounting for 19.2 per cent from the total banking market share.
Association of Islamic Banking Institutions Malaysia’s president Datuk Seri Zukri Samat revealed this to The Borneo Post after the launching of the 6th National Symposium on Islamic Banking and Finance 2010 at a hotel here yesterday………………………………….Full Article: Source
Posted on 24 May 2010 by Laxman | Email|Print
From Gulfnews.com: Menasa is Middle East North Africa South Asia and its 22 countries. We’re seeing the economic power in this post-credit crisis period shift towards east, and for Middle East generally, and GCC, specifically, neighbouring South Asia, the historical link to India, Pakistan, Sri Lanka is a natural, considering the following associations that have existed for centuries.
It’s a linkage growth story, combining the sovereign wealth funds (SWFs) of the Mena region to the economic growth story of, say, India, hence, the economic paradigm shift towards this region from other emerging markets and some of the Western markets………………………………….Full Article: Source
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