Posted on 05 July 2010 by Laxman | Email|Print
From Gulfnews.com: If London is deemed as the foreign exchange transaction hub and New York for equities, where is the Islamic finance transaction hub? Or is this question ahead of its time? This is not the same as large dollar amount of sukuk listed on Nasdaq Dubai or large volume of sukuk from Malaysia.
It’s less about listings, and more about liquidity, as the former is attracted to the latter……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Gulf-times.com: The UAE, the second-largest Gulf economy, may follow Malaysia, Bahrain and Indonesia in selling Islamic securities with maturities of less than 12 months as legislators consider establishing a local debt market, according to Royal Capital.
Islamic bills would give Shariah-compliant banks more investment options, said Ahmed Talhaoui, Abu Dhabi-based head of investment at Royal Capital, which is 44%-owned by United Gulf Bank, an investment bank in Bahrain……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Arabnews.com: With the global sukuk market largely back on track with Malaysia successfully closing its second sovereign issuance of $1.25 billion in June 2010, Indonesia indicating that it may go to the market with its second sovereign issuance and GE Capital confirming that it too will raise funds through a second sukuk, market education and knowledge, especially of Islamic Capital Markets (ICM), becomes a competitive advantage.
Indeed, the Islamic Markets Program (IMP), which is held annually by the Securities Industry Development Corporation (SIDC), the training and development arm of the Securities Commission Malaysia (SC), is by far the best in the world and is aimed at helping participants to analyze the philosophy and fundamentals of ICM and to distinguish between its various products………………………………………Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Arabnews.com: The question of late payments, defaults and compensation is potentially just as problematic for Islamic banking and finance as it is for the conventional financial sector. The major difference is that Islamic banks cannot penalize defaulters or late payers through the interest mechanism because it would be against the ethical principles of Islamic finance which expressly prohibit the giving and receiving of Riba (interest).
The Shariah objection to interest that is fixed and pre-determined and the borrower or partner is liable to pay interest no matter what his or the business performance is. In Islamic finance, investors and users of capital share in the risk and reward of an enterprise or transaction, with the bank acting as a Mudarib, the manager……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Albawaba.com: Jordan Islamic bank recently announced the launch of its new corporate identity and logo during a press conference held on Wednesday June the 30th at Le Meridian Hotel.
The press conference was attended by CEO and a Member of the Board of Directors for Al Baraka Banking Group Co. Mr. Adana Ahmad Yousef and Jordan Islamic Bank’s Vice Chairman and General Manager Mr. Mousa Abdul Aziz Shihadeh, in addition to a number of VIPs and local and international media representatives……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Arabnews.com: Bank Negara Malaysia (BNM), the central bank, has published the draft of its latest Shariah parameter - “Draft of Shariah Parameter Reference 4: Musharakah contract (SPR4)” - the general aim of which is to provide a standard guidance on applying respective Shariah contracts in Islamic finance.
Bank Negara has already issued consultative concept papers for Ijarah (SPRC 2) and Murabahah (SPRC 1) in July and August 2009. In fact, BNM in December 2009 published its latest draft concept paper - “A Shariah Parameter Reference 3 (SPRC 3) - on the Mudarabah contract……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Btimes.com.my: Maybank Islamic Bhd expects strong growth of between 20 and 30 per cent for both deposits and financing for financial year ending June 30, 2011 in line with an improved economic environment.
Its chief executive officer, Ibrahim Hassan, said for the last financial year, its deposits grew by 32 per cent to RM7.9 billion……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Tribune.com.pk: Like other basic requirements of Islam, finance or financial transactions need to comply with Islamic modes. Riba was soon after discontinued in the newly-formed Islamic society of Medina. Later, religious scholars derived a number of modes of financing to carry out financial transactions in line with Islamic Shariah.
The essence of the Islamic financial system is to prohibit Riba and make available financial products in line with Shariah. In today’s Islamic banking philosophy, even though Islamic banks are offering financial products free from Riba, the elimination of interest from society is still a dream……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Gulfnews.com: Noor Islamic Bank, the new generation Sharia compliant bank sees big growth opportunities in the consumer banking business in the UAE this year, John Chang, Head of Consumer Banking, told Gulf News.
“For the past six months we have witnessed a strong revival in consumer banking business in the country. While the financing activity has picked up, we have witnessed strong growth in both assets and liability side of our retail business,” said Chang……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Gulf-times.com: Gulf Arab states should invest in promoting investment banking as a career choice for graduating nationals because of the growing importance of the industry for the development of the region’s economy, a senior banker said.
Majed al-Mesmari, a UAE national, who is head of financing solutions at boutique investment bank Rothschild Middle East, said there were too few nationals in investment banking……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Nikkei: Nomura Holdings Inc. plans to issue 100 million dollars (about 9 billion yen) in Islamic bonds in Malaysia, and is set to sign a contract for the deal soon. This will be the first time a Japanese company issues Islamic bonds, called Sukuk, denominated in dollars.
The issuance means that Nomura can diversify its fundraising methods as well as that it can acquire know-how in Islamic financing structures……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Muslims.net: State-owned Islamic Bank of Thailand said Friday it’s likely to offer the country’s first Islamic bonds worth THB5 billion ($154.5 million) late in the third quarter or early in the fourth quarter, but a final decision will depend on market conditions.
The bank also plans to provide a greenshoe option of THB1 billion for the bond issuance, bank President Dheerasak Suwannayos told reporters……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Bloomberg: Pakistan, the world’s second-largest Muslim nation, plans to expand its Shariah-compliant banking industry and attract more investors from the Persian Gulf by boosting sales of sukuk bills.
State Bank of Pakistan is seeking to sell sukuk maturing in a year or less in the domestic market in the quarter ending September, spokesman Syed Wasimuddin said in an e-mail yesterday. The plan is part of an effort to double Islamic banking services in the next three years to 12 percent of the total. The securities pay profit rates rather than interest……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Thefinancialdaily.com: Government of Pakistan is planning to attract more investors from the Middle Eastern and contiguous countries by giving its sukuk sales a mighty push. Moreover it is also pondering upon the prospects of an extended Shariah-compliant banking industry.
In this regard, within the quarter ending September this year, State Bank of Pakistan (SBP) is planning to trade a sukuk –to be matured in a year or less– in the domestic market, spokesman Syed Wasimuddin said……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Cpifinancial.net: Kuwait Finance House (KFH) has signed a partnership agreement with the Islamic Finance Club at the Gulf University for Science and Technology (GUST) for one academic year, to introduce Islamic economy and its applications
The club focuses on training students and increasing their knowledge concerning Islamic economy, in addition to introducing them to various Shari’ah-compliant services and products that it offers in Kuwait and overseas. The club also has academically specialised personnel who serve as councillors……………………………………….Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Btimes.com.my: Kuwait Finance House (Malaysia) Bhd (KFH), a global Islamic bank, is strengthening its asset management portfolio to tap the potential private equity market in Malaysia, driven by a recovering economy and possible increase in merger and acquisition (M&A) activities over the next 12 months.
KFH Asset Management Sdn Bhd’s (KFHAM) head of private equity, Lew Oon Yew, said the group believes that over the next 12 to 15 months, there will be two areas in which KFH private equity can participate: helping companies in their expansion plans and M&A activities. ………………………………………Full Article: Source
Posted on 05 July 2010 by Laxman | Email|Print
From Gulfnews.com: In the aftermath of the global financial crisis, many investment companies based in the Gulf region will face tough times due to the mounting losses and virtual absence of funding available to them, according to analysts.
A majority of investment companies, particularly more than 100 firms based in Kuwait, are facing acute funding problems……………………………………….Full Article: Source
Posted on 05 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 05 July 2010 by Laxman | Email|Print
From Halaljournal.com: Malaysia is helping to set a global standard for Halal certification for the multi-trillion dollar industry. Prime Minister Datuk Seri Najib Tun Razak announced that four modules of Global Halal Standard had been published to standardise the certification process.
He said it was timely to come up with such standardised format as JAKIM (Malaysia Islamic Development Department) only recognised 15% of the Halal certificates issued by 300 bodies across the globe……………………………………….Full Article: Source
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