Posted on 07 July 2010 by Laxman | Email|Print
From Japantoday.com: Nomura Holdings Inc. said Tuesday it will issue two-year Islamic bonds, or sukuk, worth $100 million to diversify its funding sources into the large and growing Islamic finance market. The issuance is the first sukuk by a Japanese company, according to the biggest brokerage house in Japan.
The proceeds will be used to finance the purchase of aircraft by a Nomura subsidiary for its lease business……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Bloomberg: Nomura Holdings Inc. plans the first sale of dollar-denominated Islamic bonds in Malaysia by a Japanese company, supporting its expansion in an industry with $1 trillion of assets.
Japan’s largest brokerage will sell $100 million of Ijarah sukuk that will mature in 2012, Nomura said in a statement in Kuala Lumpur today. The securities will be priced to yield 160 basis points more than the London interbank offered rate, said Jamelah Jamaluddin, chief executive officer of Kuwait Finance (Malaysia) Bhd., the sale arranger……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Thebanker.com: With its seven-year maturity making it the longest for any sukuk drawn up by a Saudi corporate, the $1.9bn capital raising put together for the Saudi Electric Company marks a huge achievement for the HSBC Saudi Arabia team that assembled it.
As Saudi Arabia’s relatively new debt capital markets start to build up a head of steam, one international bank is leading the way. It is, of course, HSBC, which has been so active in other Gulf states. In Saudi Arabia it has been enjoying growing success with the sharia-compliant vehicle, the sukuk……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Bernama: Kuwait Finance House (Malaysia) Bhd is looking to arrange more sukuk issuance in the region and also in the Middle East, where it has participated in the Malaysia International Islamic Finance Centre (MIFC) roadshows.
Its chief executive officer Jamelah Jamaluddin on Tuesday said the local unit had the parent company’s solid back-up and potential investments in Malaysia and the Asia Pacific region were high on KFH’s radar screens……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Thestar.com.my: AMMB Holdings Bhd’s subsidiary AmIslamic Bank Bhd has received the approval of the Securities Commission (SC) for a RM3bil sukuk programme.
AMMB told Bursa Malaysia the senior sukuk musyarakah programme had a tenor of up to 30 years from the date of first issuance of the senior sukuk……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Aawsat.com: Bahrain today is one of the largest Islamic financial centers in the world, with 45 Islamic financial corporations operating in the country; 26 of which are Islamic banks, with the remaining 18 being Takaful [Islamic] insurance companies.
Bahrain’s Islamic financial assets have multiplied more than 12 times since 2000 from being worth just 1.9 billion dollars, to being worth 26.3 billion dollars in 2009. In 2000, Islamic banking made up just 1.11 percent of the total assets of the Bahrain financial industry, whereas in 2009 this figure stood at 11.1 percent. Bahrain’s Islamic financial industry has witnessed annual growth of between 15 and 20 percent over the past five years……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Ameinfo.com: Islamic banking practice performed better and showed greater resilience during the recent economic crisis than conventional banking practice, according to new research released today by The British University in Dubai (BUiD), the Middle East’s leading research-based postgraduate university.
The study, carried out by Mareyah Mohammed Ahmad, who has just graduated with a distinction in BUiD’s MSc in Finance and Banking course, analysed the profitability, asset-quality, capitalisation and leverage and liquidity ratios between 2006 and 2009 for 12 Islamic banks and 12 conventional banks based in the GCC……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Balkans.com: Islamic Development Bank (IDB) officials, at a meeting with Prime Minister Sali Berisha on Saturday, have expressed interest to boost the bank’s presence in Albania through funding important development projects, ATA News reported.
The Premier’s press office said that during a meeting with the IDB delegation, headed by IDB Vice President for Operations, Mr. Birama Boubacar Sidibe, Prime Minister Berisha, after presenting some of the national priorities with interest for investments by the Islamic Development Bank, invited IDB officials to increase bank’s presence through funding Tirana-Elbasan and Berat- Tepelene highways, projects in energy, agriculture and health system projects……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Reuters: Qatar National Bank(QNB), the Gulf state’s largest lender by market capitalisation, posted a 35.4 percent jump in second-quarter profit , beating market forecasts, as loans and customer deposits grew. The bank had posted net profit of 1.27 billion riyals in the first quarter of 2010, mainly from growth in its Islamic banking business and a surge in lending.
Net profit in the three months to June 30 rose to 1.43 billion riyals ($393.1 million), according to Reuters calculations, above the average estimate of 1.26 billion in a Reuters survey of analysts……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Ameinfo.com: Bahrain’s Shari’ah-compliant International Investment Bank (IIB) has exited Bahrain Property Fund (BPF) a portfolio of residential and commercial properties in the kingdom.
“The realised IRR of 9.12% p.a. is very close to the targeted IRR of 10.0% p.a. in our offering documents. In the context of the current financial crisis, we believe that the 9.12% p.a. is very attractive,” the lender said in a statement……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Ameinfo.com: HSBC Amanah opened its first branch dedicated to Shariah compliant products and services in Qatar. To mark the occasion, HSBC Group Chief Executive Officer, Michael Geoghegan, and Governor of the Qatar Central Bank, H.E.Sheikh Abdullah bin Saoud Al Thani performed the opening ceremony today at the branch based at Salwa Road in Doha.
The branch, HSBC’s first dedicated Islamic banking branch in the Mena region outside of Saudi Arabia, will serve retail and corporate customers……………………………………….Full Article: Source
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Gatehouse Bank plc (Gatehouse), the London based Shariah compliant wholesale investment bank, has completed the acquisition of a prime office building in Leeds, UK for £43.719 million.
Working closely with its sister company GSH Kuwait, Gatehouse delivered to its GCC investor clients a unique investment opportunity that provides an average cash yield of 9.1% per annum net of all fees, costs and local taxes, with distributions to be paid monthly over a 3 year investment period……………………………………….Full Press Release: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Maktoob.com: Citi will offer more equity-type Islamic products such as mudaraba accounts and stock investments to access Middle East funds which chase higher returns, a company official said on Tuesday.
The shift towards more risk-sharing investments, which mirrors an industry trend, comes as investors grow increasingly risk-averse on worries about the global economic outlook……………………………………….Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Bernama: Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz was accorded “The Asset Industry Leadership Award in Islamic Finance” at the annual Triple A Awards for Islamic Finance 2010.
The award was in recognition of her support for Islamic finance development in Malaysia and emerging markets………………………………………..Full Article: Source
Posted on 07 July 2010 by Laxman | Email|Print
From Theedgemalaysia.com: Malaysia has been named Islamic Finance Hub of the Year after evolving into the most dynamic Islamic finance hub in Asia Pacific after decades of build-up.
Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz was also honoured with The Asset Industry Leadership Award in Islamic Finance in recognition of her support for the development of Islamic finance in Malaysia and in the emerging markets……………………………………….Full Article: Source
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