Posted on 01 July 2010 by Laxman | Email|Print
From Reuters: Egypt is likely to remain an Islamic finance laggard, hit by bad press from corruption scandals and a government keen to buttress its secular credentials and stymie Islamists ahead of elections next year.
The birthplace of Islamic finance, Egypt is the sixth-biggest Muslim nation with 80 million people, but only 3 to 4 percent of its $193 billion banking industry is Islamic, said a 2009 report by consulting firm McKinsey……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Bernama: The country’s Islamic banking system has accumulated a total RM303 billion in assets or about 19.6 per cent of the total assets of the banking sector, which is RM1.5 trillion, Deputy Finance Minister Datuk Dr Awang Adek Hussin said.
Islamic bond or sukuk also performed well, garnering 57 per cent or RM172 billion of the total bond issuance of RM301.75 billion, he said in reply to a supplementary question from Khairy Jamaluddin (BN-Rembau) in the Dewan Rakyat today……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Bloomberg: HSBC Holdings Plc is overtaking CIMB Group Holdings Bhd. as the top underwriter of Islamic bonds as sales from the Gulf pick up and corporate issuance from Malaysia, the biggest market for the debt, declines.
HSBC, Europe’s biggest lender by market value, arranged $1.6 billion of global sukuk so far in 2010, about 25 percent of the total, led by Saudi Electricity Co.’s issuance in May, according to data compiled by Bloomberg. CIMB Group, Malaysia’s second-largest banking group, led $1.4 billion of sales of debt that complies with the religion’s ban on interest. Last year, CIMB was the top underwriter, managing $4.4 billion of offerings……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Tradearabia.com: Qatar issued 2 billion riyals ($549.7 million) in domestic bonds with a 5 per cent coupon on Wednesday as it rolled over a prior issue of the same amount, drawing hefty demand, a central bank source told Reuters.
The five-year paper follows a sale of QR10 billion in conventional and Islamic bonds to local banks earlier in June, which was the Gulf’s first domestic sovereign offering in 2010……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Btimes.com.my: Reliance Capital Asset Management (RCAM), India’s largest asset manager, wants to make Malaysia its global Islamic hub for syariah-compliant products.
RCAM’s local unit, Reliance Asset Management (Malaysia) Sdn Bhd (RAMMy), will be its flagship company for the venture……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Nation.co.ke: The Capital Markets Authority is working to set up rules and regulations that will allow development of Shariah-compliant products.
Speaking during the unveiling of a new name by ApexAfrica Investment Bank to ApexAfrica Capital, CMA chief executive Stella Kilonzo, said her team has already visited Mauritius to study how Shariah-based investment products are operated and regulated……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Businessdailyafrica.com: Newly rebranded ApexAfrica Capital is setting its sights on Islamic compliant investment products as a resurgent stock market presents new opportunities.
ApexAfrica Capital, which on Wednesday formally dropped the ‘investment bank’ tag line in its name, plans to launch Shariah investment vehicles as an untapped new frontier for market trading……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Ibsintelligence.com: Islamic finance is poised for a significant surge as world markets reorganise and Shari’ah-compliant banks reassess their position in local markets. As a global market, Islamic banking has grown at an impressive 27 per cent per annum over the past five years, and is estimated to reach $1 trillion in 2010.
Growth in the Islamic finance industry will occur along three distinct fronts: organic growth, new market growth and product growth. Organic growth will continue as Shari’ah-compliant banks persist in engaging their clients with additional services (aiming to increase deposits)……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Bloomberg: Nakheel PJSC began making payments to its biggest contractors as the Dubai World-owned property company seeks to alter terms on $10.5 billion of unpaid bills and loans amid falling property prices in the emirate.
Nakheel started making 40 percent cash payment to trade creditors, according to a company statement today. “The announcement marks significant progress in our recapitalization plan following on from the initial payments to trade creditors of 500,000 dirhams or less which commenced in March.”………………………………………Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Gulf-times.com: The Standard Chartered Bank has entered into a five-year agreement with Allianz Takaful to cross sell the latter’s insurance products in Qatar.
Under the agreement, the bank will promote and sell Allianz Takaful’s insurance products comprising plans for protection, savings, investment and child education……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Theedgemalaysia.com: The National Cooperative Organisation of Malaysia (Angkasa) has submitted its proposal to the government for the establishment of an Islamic cooperative bank and plans to turn some 560 existing credit cooperatives nationwide into sub-branches.
Angkasa president Datuk Dr Mohd Ali Baharum handed the proposal to Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob after a meeting in parliament on Wednesday, June 30……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Northjersey.com: North Jersey Federal Credit Union, which has branches in Paterson and Newark, says it is the first credit union in the nation to offer mortgages that comply with Islamic sharia law, which prohibits paying or receiving interest.
“Now everyone who wants to be compliant can be,” said credit union member Isa Suqi, a print-shop owner in Paterson, who suggested about a year ago to the credit union’s management the idea of expanding into Islamic finance……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Bernama: The 18th World Congress of Accountants (WCOA) 2010 to be hosted by Malaysia in November will provide an opportunity to find solutions to challenges brought about by the recent financial crisis, according to the organisers.
Abdul Rahim Abdul Hamid, president of the Malaysian Institute of Accountants (MIA), said they included the increasing need for high-quality international standards, corporate governance, risk management and control, as well the potential over-regulation of small and medium-sized enterprises……………………………………….Full Article: Source
Posted on 01 July 2010 by Laxman | Email|Print
From Bi-me.com: The Dow Jones Islamic Market (DJIM) Amana Sri Lanka Index (up 9.66% at 1,967.82 points) posted the largest increase in June (as of the close of trading on June 22nd). With a surge of 18.59%, the island’s capital market is also the best performing Sharia’ah-compliant composite in relation to its year-to-date yield.
The country formerly known as Ceylon is reaping the benefits of the domestic peace process which started in 2009, when the defeat of the Tamil Tiger rebel group and the death of their infamous leader, Velupillai Prabhakaran, ended a brutal and devastating 26-year long civil war……………………………………….Full Article: Source
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