Posted on 02 July 2010 by Laxman | Email|Print
From Bloomberg: Islamic bonds returned more than Shariah-compliant stocks for the second straight quarter, helped by Dubai World’s May accord with creditors to restructure $23.5 billion of loans.
Fixed-income securities from the Persian Gulf, “in particular Dubai, will extend gains in the next three to six months,” said Ahmad Alanani, the London-based associate director for the Middle East and North Africa at Exotix Ltd., an investment bank specializing in illiquid bonds, loans, equities, structured finance, capital raising and asset management. “As Dubai cleans house, the region will continue to attract investors.”………………………………………Full Article: Source
Posted on 02 July 2010 by Laxman | Email|Print
From Bernama: The sukuk market saw positive developments in the aftermath of the global financial crisis with worldwide issuances increasing to US$23 billion in 2009 from US$19 billion the previous year.
Securities Commission Malaysia (SC) chairman Tan Sri Zarinah Anwar said that US$9.7 billion of the total issuances came from Malaysia……………………………………….Full Article: Source
Posted on 02 July 2010 by Laxman | Email|Print
From Bloomberg: Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest property developer, raised 2.35 billion dirhams ($640 million) in loans to repay Islamic bonds and finance projects in the United Arab Emirates’ capital.
The four-year loan, with a combination of term and revolving credit, has both conventional and Islamic portions, Sorouh said in a statement to the Abu Dhabi bourse today. The facility is secured by a portion of Sorouh’s lands, and was arranged by Abu Dhabi Commercial Bank PJSC, First Gulf Bank PJSC, National Bank of Abu Dhabi PJSC and Noor Islamic Bank……………………………………….Full Article: Source
Posted on 02 July 2010 by Laxman | Email|Print
From Zawya.com: Allianz Takaful has announced an exclusive 5-year partnership with Standard Chartered Bank to promote and sell its insurance products under Standard Chartered Bank’s ‘Bancassurance’ portfolio.
The major player in the insurance segment and Standard Chartered Bank jointly announced a sales agreement to promote insurance products from Allianz Takaful in Qatar……………………………………….Full Article: Source
Posted on 02 July 2010 by Laxman | Email|Print
Bahrain-based Sakana Holistic Housing Solutions the innovative Islamic mortgage finance provider announced appointment of key project team - R. P. Construction as “Project Contractor” and Akbari Architects as “Project Consultant” for “Sakana Busaiteen” project, a heritage residence for the contemporary family being developed in Busaiteen.
During the signing ceremony, Mr. R Lakshmanan, CEO of Sakana said, “We are pleased to appoint R P Construction and Akbari Architects to “Sakana Busaiteen” project being the first property development of Sakana. We are confident that both organizations will be able to meet our expectations in terms of delivering an innovative and quality housing solution for the contemporary Bahraini family.”………………………………………Full Press Release: Source
Posted on 02 July 2010 by Laxman | Email|Print
From Bloomberg: General Electric Co. aims to make Saudi Arabia its manufacturing hub in the Islamic world as the company pushes to increase its revenue in the kingdom from last year’s $3 billion.
Fairfield, Connecticut-based GE is focused on increasing its Saudi investments in terms of manufacturing, job creation and technology development, Akram Hamad, the president for the Gulf region, said in an interview today……………………………………….Full Article: Source
Posted on 02 July 2010 by Laxman | Email|Print
Kuwait Finance House (KFH) signed a strategic partnership agreement with the Islamic Finance Club at the Gulf University for Science and Technology (GUST) for one academic year, which reveals KFH KFH ’s keenness on introducing Islamic economy and its applications, since it firmly believes in the importance of cooperating with academic and scientific research centers.
The club focuses on training students and increasing their knowledge concerning Islamic economy, in addition to introducing them to various Shariah compliant services and products that it offers in Kuwait and overseas. The club also has academically specialized personnel who serve as councilors……………………………………….Full Press Release: Source
Posted on 02 July 2010 by Laxman | Email|Print
The International Islamic Trade Finance Corporation (ITFC), an autonomous entity within the Islamic Development Bank (IDB) Group and as part of its trade financing program to provide Egypt with its strategic energy requirements has organized a series of trade finance operations valued at $358 million with an increase of more than 138% over 2009 which saw a total of $150 million trade finance operations for Egypt.
Furthermore, the above series of operations included a jointly syndicated $100 million trade finance operation between the ITFC and the Saudi Export program (SEp). This trade finance operation is intended for the Egyptian General petroleum Corporation (EGpC), providing it with strategic financing in order to import petroleum products from Saudi Arabia……………………………………….Full Press Release: Source
Posted on 02 July 2010 by Laxman | Email|Print
From Favstocks.com: Islamic fund is an investment fund that is managed according to the Sharia law. The law is based on Islam’s sacred texts. In many ways, the resulting policies often overlap with the goals of socially responsible investing.
Socially responsible investing is the term for investment practices that try to earn profit in a socially responsible way without hurting the investors’ bottom lines. Like socially responsible investors, Islamic investors seek to minimize risk, contribute to social causes and avoid contributing to industries that they view as damaging to the public good……………………………………….Full Article: Source
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Posted on 02 July 2010 by Laxman | Email|Print
From Saudigazette.com.sa: Egypt is likely to remain an Islamic finance laggard. 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.
UAE Islamic assets, by comparison, account for 46 percent of the market, while even in Turkey, with its highly secular political and social structure, Islamic assets account for 42 percent of total banking assets……………………………………….Full Article: Source
Posted on 02 July 2010 by Laxman | Email|Print
From Iviews.com: A recent assessment of Islamic finance as a “huge flop” is a needed wake-up call for Islamic finance on the true market size and opportunity that exists and our ability to manage demand expectations.
In London, an acknowledged hub for Islamic finance, the Times had an eye-catching headline recently: ‘After six years, Sharia-compliant bank products are ‘huge flop.’ It resulted in numerous comments by those involved in Islamic finance, reminding us all that negativity draws a reaction……………………………………….Full Article: Source
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