Posted on 20 July 2010 by Laxman | Email|Print
From Chinadaily.com.cn: The Silk Road was ancient China’s important channel for cultural, commercial and technological exchanges with the outside world. Analogously, the cocktail of renminbi development, the new regulatory regime in the post-financial-tsunami period, financial risk management and financial innovation, as well as much-talked-about Islamic finance in Hong Kong may yield a renaissance, a new Silk Road, in finance.
Promotion of Islamic finance in Hong Kong is part of the government policy as expressed in the 2007 Policy Address. The expansion of the renminbi bond market in Hong Kong provides huge investment opportunities for Islamic investors……………………………………….Full Article: Source
Posted on 20 July 2010 by Laxman | Email|Print
From Kippreport.com: Islamic finance is maturing, according to experts, and could be on the cusp of becoming a mainstream option. But there are still issues to be ironed out. More than 75 countries are involved in Islamic finance, and there are consulting firms built around advising companies and banks about Shariah-compliance.
“Where we are in Islamic finance today is where [foreign exchange] was in 1971. We are on the cusp, technology is the next phase,” the global head of Islamic finance for Thomson Reuters, Rushdi Siddiqui, says……………………………………….Full Article: Source
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From Glgroup.com: Despite concerns over transparency and legal clarity the market for Islamic finance looks set for major growth. Islamic banks have emerged largely unscathed by the sub-prime crisis that devastated the balance sheets of their western counterparts.
An estimated 1.5 billion people worldwide could have a propensity for Islamic financial services according to a recent report as the battle for supremacy intensifies between financial centers in the Gulf and Asia……………………………………….Full Article: Source
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From Canadianbusiness.com: Islamic finance is based in part on the notion that “the simple lending of money is not entitled to earn a profit,” according to University of Toronto law professor Mohammed Fadal. But if interest is proscribed, there are other basic instruments — such as credit sales, forward sales, and leases — which allow capital providers to earn a return on their investment.
The potential payoff for a Canadian business class versed in the tenets of Islamic finance is huge……………………………………….Full Article: Source
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From Wealthbriefing.com: Having emerged shell shocked from the economic turmoil of the past two years, many investors within the high net worth community are searching for alternative means to achieve the optimum balance between yield and liquidity within a relatively risk free environment.
For those willing to look beyond familiar territory, Islamic finance has become an increasingly attractive option……………………………………….Full Article: Source
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From Canadianbusiness.com: When it comes to servicing the human soul, Islam is now the market leader. According to the Vatican, almost 20% of the world’s population is now Muslim, which makes that faith the most popular in the world for the first time in history.
That may be bad news for the Catholic Church, which has a 17.4% spiritual market share. But it’s great news for Asif Khan, founder and CEO of FrontierAlt Investment Management Corp., a Toronto-based company out to dominate the tricky world of Islamic finance……………………………………….Full Article: Source
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From Bloomberg: Bahrain, the Middle Eastern country with the largest number of Islamic banks, aims to grab a greater share of sukuk trading from the U.K., Dubai and Malaysia with a bourse dedicated to securities that adhere to Shariah law.
The Bahrain Financial Exchange, scheduled to open in October, will start trading in Islamic debt next year, Chief Executive Officer Arshad Khan said……………………………………….Full Article: Source
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From Gulf-daily-news.com: The successful sale on Saturday of a nine-month corporate sukuk will encourage similar issues in Saudi Arabia where access to longer-term financing is tight, HSBC said yesterday.
HSBC’s Saudi affiliate advised and managed the 700 million riyal ($187m) sukuk by private construction company Saudi Binladin Group (SBG) - the kingdom’s first sukuk issue with a maturity of less than three years……………………………………….Full Article: Source
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From Bernama: Malaysia topped the list of sukuk issuer country in the first-half of 2010 (H1′10) in terms of the amount and the number of issuances, with 310 issuances worth US$15.4 billion, according to a report by London-based Islamic Finance Information Service (IFIS).
Malaysia was followed by Indonesia with 16 issuances amounting to US$1.75 billion……………………………………….Full Article: Source
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From Arabianbusiness.com: State owned Abu Dhabi Ports Company (ADPC) may sell up to $1 billion in bonds early next year to finance the Khalifa Port & Industrial Zone (KPIZ) in Abu Dhabi, its chief financial officer said on Monday.
Ala Khannak said: “One of our options is a sukuk or bond in the first quarter of 2011 of about $1 billion.”………………………………………Full Article: Source
Posted on 20 July 2010 by Laxman | Email|Print
From Bernama: RAM Rating Services Bhd has reaffirmed the AA1 rating of Segari Energy Ventures Sdn Bhd’s RM930 million Sukuk Ijarah, with a stable outlook.
Segari Energy Ventures is an independent power producer (IPP) established to develop and own the Lumut Power Project, which consists of a 1,303 megawatt combined-cycle, gas turbine power plant in Lumut, Perak……………………………………….Full Article: Source
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From Thestar.com.my: Malaysian Rating Corp Bhd (MARC) has assigned the ratings of MARC-1IS(fg)/AAAIS(fg) to LBS Bina Group Bhd’s RM135mil Islamic Commercial Papers/Islamic Medium Term Notes (ICP/IMTN) Programme.
The ratings carry a stable outlook……………………………………….Full Article: Source
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From Bi-me.com: As the global crisis continues, Islamic bonds witness a clear turnaround in the first half of 2010 (H1’10) compared to the sharp fall in 2009 and 2008.
Global sukuk issuances in H1′10 reached US$20.4 billion, a 99% growth to H1’09, yet still less than H1’07 all time high at US$ 24 billion, according to a report released by London based, IFIS, Islamic Finance Information Service……………………………………….Full Article: Source
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From Tradearabia.com: Waha Aerospace, a unit of Abu Dhabi-based investment company Waha Capital plans to price its dollar bond - expected to raise up to $1.5 billion - this week, IFR, a unit of Thomson Reuters, reported on Monday.
The bond, to mature in 2020, will have an unconditional and irrevocable guarantee from the Abu Dhabi government, and will be used to help finance the purchase of six Boeing C-17 transport planes by the United Arab Emirates armed forces. Waha Capital was not immediately available to comment……………………………………….Full Article: Source
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From Business24-7.ae: Bermuda is likely to see the first Islamic financial institution to be up and running by the yearend, reported Arab News on Monday.
The move will boost the chances for Bermuda becoming an emerging hub for Islamic banking and finance for the world’s largest economy, the United States……………………………………….Full Article: Source
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From Risk.net: Events in Dubai had a marked effect on the Islamic finance market over the past year. In November 2009, state-owned holding company Dubai World announced it was to restructure $26 billion of debt, causing Moody’s and Standard & Poor’s to downgrade six government-linked issuers in the emirate as fears of contagion spread.
Mohammed Dawood, director of debt capital markets at HSBC, says the sukuk market has been quiet since the turn of the year, as issuers took stock of the wider consequences of the Dubai crisis……………………………………….Full Article: Source
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From Gulfnews.com: Sharjah Islamic Bank (SIB) reported a net profit of Dh118.5 million for the first half of the year compared to Dh151.73 million in the same period last year.
For the second quarter of the year, the bank’s net profit was Dh50.98 million compared to Dh66.75 million during the same quarter last year……………………………………….Full Article: Source
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From Gulfnews.com: Doha Bank QSC, Qatar’s third-biggest bank by revenue, posted a less-than-expected drop in second-quarter profit after the country’s sovereign wealth fund declined to take dividends.
Net income fell 5.4 per cent to 299.7 million riyals ($82.4 million), from 316.7 million riyals a year earlier, the bank said in a financial statement posted on the Qatar Exchange website yesterday……………………………………….Full Article: Source
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From Gulfnews.com: Dubai Despite the high non-performing assets and heavy provisioning and impairments slicing off more than 30 per cent of the operating profits and credit growth estimated only at about four per cent this year, analysts expect strong recovery for the UAE’s banking sector in the medium term.
The UAE banking industry offers good value, in spite of mixed news from the property market, reports of rescheduling loans and questions about the stability of asset quality, according to a report from Rasmala Investment Bank (Rasmala) and Royal Bank of Scotland (RBS)……………………………………….Full Article: Source
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From Globalarabnetwork.com: Growth in retail banking and insurance has formed an important part of the changing nature of the financial services industry in Bahrain, according to the Annual Economic Review, which was officially launched today by the Bahrain Economic Development Board.
The Annual Economic Review: Sustainable Prosperity focuses on Bahrain ’s recent economic performance. It surveys the previous decade and assesses the challenges in the years to come……………………………………….Full Article: Source
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From Albawaba.com: Noor Takaful, the Islamic insurance arm of Noor Investment Group, was last night honoured at the high profile International Takaful Summit, in London, for as “Best New Takaful Company” and “Best Takaful Marketing Campaign”. The Takaful 2010 awards are given to those companies and practitioners who have contributed to the success of the fast growing Takaful market.
Launched in January 2009, the Noor Takaful brand has quickly become a recognized name in the eyes of UAE consumers, supported by a carefully planned marketing and brand building strategy……………………………………….Full Article: Source
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From Bernama: Takaful Ikhlas Sdn Bhd bagged the “Best Takaful Product Award” at the International Takaful Award 2010 held recently in conjunction with the 4th International Takaful Conference 2010 at Jumeirah Carlton Tower in London.
A member of the House of Lords, Lord Mohamed Shiekh (rpt Shiekh), who is also Head of the Muslim Conservative Forum, handed the award to Takaful Ikhlas……………………………………….Full Article: Source
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From Zawya.com: Nexus, the region’s largest independent insurance brokers, has been named the “Best Takaful Brokerage” in recognition of its professional service to clients at this year’s International Takaful Summit held in London last week.
The award was presented to founder and CEO of Nexus, Mahmoud Nodjoumi by Lord Mohamed Sheikh, a peer in the UK parliament and a senior figure in the country’s insurance sector, at a glittering prize-giving ceremony attended by 200 industry representatives……………………………………….Full Article: Source
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From Bi-me.com: For the third consecutive year, Standard & Poor’s has been voted Best Takaful Ratings Company at the International Takaful Awards 2010 in London, in recognition of its leading role in rating the developing Islamic insurance industry.
The award reinforces Standard & Poor’s position as the leading rating agency for Islamic insurers. S&P currently has ratings on 12 Takaful and Retakaful firms across Africa, the Middle East and Asia……………………………………….Full Article: Source
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From Arabnews.com: The Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank Group, launched an online database information system called IBIS that aims to become a leading information provider to increase awareness, develop Islamic banking and finance products, and provide assistance in research.
The baseline for the IBIS data is the year 1990. The database will contain information on Islamic banks, Takaful companies, Islamic funds, a Shariah databank, a who’s who database, a collection of Islamic economics and banking literature, and selected news articles on Islamic banking and finance……………………………………….Full Article: Source
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