Posted on 08 July 2010 by Laxman | Email|Print
From Zawya.com: Bermuda is likely to see the first Islamic financial institution to be up and running by the year end, a development which will boost the chances for Bermuda to become an emerging hub for the Islamic banking and finance in the Western Hemisphere.
The Deputy Premier and the Minister of Finance Paula A. Cox, on the sidelines of the Bahrain-Bermuda seminar, said that she was positive about the outcome of efforts aimed at establishing the first Islamic bank or Takaful Company by the fourth quarter of the year……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Qatarmorningpost.com: Greg Wojciechowski, CEO of Bermuda Stock Exchange (BSX), who yesterday held talks with Fouad A. Rahman Rashid, Director of BSE, said that his country would be keen to see the listing of the first Islamic bond of or sukuk later this year.
Greg, on the sidelines of the seminar, said that he was very much impressed with the high-tech Bahrain Stock Exchange backed by strong regulations……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Bloomberg: HwangDBS Investment Management Bhd. ran the best-performing sukuk fund in the past year as it bought Persian Gulf debt after prices tumbled.
Malaysia’s HwangDBS Aiiman Global Sukuk Fund returned 28 percent, beating the 5 percent median return for 67 funds tracked by Bloomberg that invest in Islamic bonds……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Btimes.com.my: Malaysia’s fifth largest lender AMMB Holdings said its Islamic banking arm will sell up to RM3 billion of sukuk musharaka.
AmIslamic Bank’s sukuk programme has a tenor of up to 30 years from the date of first issuance of the first sukuk, AMMB said in a stock exchange filing……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Todayonline.com: Khazanah will reportedly increase a planned sale of Islamic bonds to as much as $1 billion from an initial $500 million if it decides to offer more for Parkway.
The report added that Khazanah will probably seek to issue so-called Islamic bonds with maturities of between five and seven years……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Thelawyer.com: A former Norton Rose partner has returned to the firm’s Bahrain office after a stint at Al Salam Bank. Islamic finance specialist Mohammed Paracha is to join as a partner and deputy global head of Islamic finance.
Having spent five years at Norton Rose in the London and Bahrain banking teams, Paracha left for Al Salam Bahrain in 2006, where he took on a mixture of legal and commercial roles as executive vice president and then head of Europe……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Arabnews.com: Indonesia’s Bank Muamalat, the country’s second largest Shariah lender, said on Wednesday that its existing shareholders will take up all its 952 billion rupiah ($105.2 million) rights issue that is set to close on Thursday.
This is potentially delivering a blow to Malaysia’s Bank Islam, which has been eyeing getting a stake in Muamalat through the rights issue to tap Indonesia’s potentially vast Islamic banking market……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Tradearabia.com: Islamic banking practice performed better and showed greater resilience during the recent economic crisis than conventional banking practice, according to new research released by the British University in Dubai (BUiD).
The study, carried out by researcher Mareyah Mohammed Ahmad, analysed the profitability, asset-quality, capitalisation and leverage and liquidity ratios between 2006 and last year for 12 Islamic banks and 12 conventional banks based in the GCC……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Investment banking in the Middle East continued to grow in the first half of this year as it bucked a global trend reflecting an upturn in economic activity across the region.
Although second quarter activity was at a lower level than the first quarter, there is still a strong foundation for which to build on for the remainder of this year after an overall impressive start to the year, according to a report by Thomson Reuters……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Zawya Dow Jones: Rasmala initiatives coverage of the U.A.E. banking sector, says banks are undervalued and the sector has already priced in balance sheet risks and concerns over Dubai Inc. restructuring.
“We believe current valuations reflect continued dire expectations for Dubai, with elevated provisioning for an indefinite period and with a fundamentally broken business model. We do not agree with this outlook,” Rasmala says. Adds “returns for the sector are set to recover strongly once provisioning settles down” though growth looks elusive……………………………………….Full Article: Source
Posted on 08 July 2010 by Laxman | Email|Print
From Gulf-daily-news.com: As international financial markets move towards recovery, the Islamic finance industry continues to display robustness. Industry leaders are devising and implementing growth strategies that embrace the new global financial landscape.
The effects of the economic crisis have necessitated a thorough revision of key business thinking that previously underpinned the strategies of the leading players in the Islamic banking industry……………………………………….Full Article: Source
Posted on 08 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 08 July 2010 by Laxman | Email|Print
From Mediapost.com: When it comes to wooing Muslim Americans, U.S. marketers are pretty oblivious, leaving potential customers to scramble for product information on their own. Are Halal meals at Kentucky Fried Chicken Halal enough? How about Oreos? What’s new at Forever 21 that is hot and modest? Is that mutual fund compliant with Shariah investment principles?
But while the universe of advertisers reaching out to these estimated 6 to 8 million Americans has remained pretty small, there are signs of new awareness of this growing demographic……………………………………….Full Article: Source
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