Posted on 21 July 2010 by Laxman | Email|Print
From Dailystar.com.lb: Global 2010 sukuk sales are unlikely to exceed markedly last year’s figure, with Europe’s debt woes expected to weigh on issuance, a quarterly Reuters poll showed on Tuesday.
Sukuk sales are expected to total $23-25 billion in 2010 compared with $23.3 billion last year and $130 billion in total outstanding sukuk debt, a survey of 11 Islamic finance professionals showed……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Thenational.ae: Islamic bonds were the 1950s-era Elvis Presleys of Gulf finance a few years ago: young instruments that seemed poised to usher in an exciting new way of thinking. Sukuk, as the bonds are called, played a catchy tune.
At around the time the industry started to rapidly expand in the Gulf in 2004, there were about US$5 billion (Dh18.36bn) worth of sukuk issued worldwide annually, mostly in Indonesia and Malaysia……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Bloomberg: Dubai World-owned Nakheel PJSC’s Islamic bonds are trading at yields twice as high as in 2007 even after a four-month rally, underscoring the difficulty for Persian Gulf real-estate companies to borrow through debt sales.
“Access to the market is still difficult for companies operating in the real-estate sector,” Mohamed Damak, Paris- based credit analyst and co-chair of the Islamic finance working group at Standard & Poor’s, said in an interview yesterday. “The market is somewhat closed for these entities.”………………………………………Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: The Gulf sultanate of Oman has placed 100 million rials ($260 million) in 5 year domestic development bonds, to be issued on July 26, carrying a coupon of four percent, a statement from the central bank showed on Tuesday.
Oman’s central bank head said in March that the Gulf state would likely issue $316.9 million in domestic bonds to replace the same amount of debt maturing in November, but did not expect to tap international markets in 2010……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Cpifinancial.net: RAM Ratings has assigned respective preliminary long- and short-term ratings of AA3 and P1 to Padiberas Nasional Berhad’s (Bernas) proposed MYR 750 million ($233.6 million) Islamic Commercial Papers/Medium-Term Notes Programme (2010/2017).
The ratings reflect Bernas’ strategic role within the highly regulated domestic rice industry……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
Sharjah Islamic Bank has announced a 23 per cent jump in its net profit for the first half of the current year compared with the same period last year. The Shariah-compliant banks’net profit for the first six months rose to Dh186 million from Dh151.7 million the bank reported for the first half of 2009.
The impressive rise in profit is still lower than the profit the bank reported for the first half of 2008, which stood at Dh191.8 billion……………………………………….Full Press Release: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the Foreign Currency ratings of Sharjah Islamic Bank (SIB) at A- long-term and A2 short-term with a Stable Outlook and a Support rating of 2 .
The ratings are strongly underpinned by the support of the federal government and the government of Sharjah’s ownership of the Bank. The Financial Strength rating is maintained at BBB+; the ratings take into account the Bank’s very solid capital adequacy ratio and good liquidity……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Tradearabia.com: Masraf Al Rayan, one of the leading Islamic banks in Qatar, said its net profit in the first half surged to QR605 million ($166 million), up 55.5 per cent when compared to the same period last year.
The bank said its total assets rose to QR29.07 billion from QR22.6 billion last year, thereby achieving an increase of 28.6 per cent……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Ameinfo.com: Standard & Poor’s Ratings Services said today it has assigned its ‘BB/B’ long- and short-term counterparty credit ratings to Jordan Islamic Bank (JIB). The outlook is stable.
The ratings on JIB are primarily constrained by the fact that the bank operates in the Hashemite Kingdom of Jordan (foreign currency BB/Stable/B, local currency BBB-/Stable/A-3), which creates high credit risk. We also think that the bank has barely adequate capitalization……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
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
Posted on 21 July 2010 by Laxman | Email|Print
With the global financial crisis raising doubts over the world’s conventional financial system, the banking industry in Indonesia stands to benefit from the global downturn and expects to continue rapid growth in the coming years. The financial crisis is having no negative impact on the development of Islamic banking in the country.
So far, Islamic banks have not showed any weakening of their performance and we expect both assets and lending would grow at a CAGR of over 50% between 2009 and 2013. This optimistic view is based on its very nature (avoid involvement of interest rates), extremely low penetration and a healthy growth in lending over the past two years……………………………………….Full Press Release: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Business24-7.ae: The Arab World’s top banker Tuesday welcomed the approval of a bill of sweeping financial reforms in the United States and urged regional banks to learn a lesson and stay away from the “time bomb” derivatives.
Adnan Youssef, Chairman of the Beirut-based Union of Arab Bank (UAB), said the more than 470 banks in the Arab World should welcome the US Senate approval of President Barack Obama’s bill for financial reforms, which will introduce widespread changes to the regulation of the US banking sector……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Investmentinternational.com: Bermuda finance and business sectors are looking to expand and regard Bahrain as a gateway into the Middle East’s financial markets, it is claimed.
President and chief executive officer of Bermuda’s Stock Exchange, Greg Wojciechowski, said that a recent visit to Bahrain had convinced him that the Gulf state offers Bermuda’s financial community a remarkable opportunity to develop commercial relationships thorough out the GCC region……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai aims to set up an alternative stock market for small-to-medium sized firms in a bid to create more exit options for the region’s private equity sector, the chief economist of the emirate’s economic free zone said.
‘To private equity investors this increases the exit mechanisms and exit opportunities,’ Nasser Saidi, chief economist at the Dubai International Financial Centre (DIFC) told reporters on Tuesday……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Menareport.com: Private equity in the Middle East witnessed a decline in 2009, with fund managers raising only US$1.06 billion compared to a near-record US$5.4 billion in 2008 according to the 4th annual Private Equity& Venture Capital in the Middle East report released by the Gulf Venture Capital Association (GVCA) in collaboration with KPMG and Zawya.
Private equity investments have also regressed from $2.72 billion in 2008 to $561 million in 2009. Private equity investments globally as well as regionally were affected by the cautious investment environment as a result of the continued recession in 2009……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From ISNA: Iranian Parliament Speaker Ali Larijani and his Syrian counterpart Mahmoud al-Abrash urged Islamic countries parliaments to set up a fund to help Gazans.
During their meeting in the third Inter-Parliamentary Union (IPU) conference at the UN headquarters in Geneva on Tuesday, they also discussed Middle Eastern issues as well as the US and Zionist regime’s efforts to overshadow attack on Freedom flotilla……………………………………….Full Article: Source
Posted on 21 July 2010 by Laxman | Email|Print
From Kuwaittimes.net: Bahrain, the smallest economy in a six-nation Gulf Arab economic bloc, is pushing for the creation of a regional stability fund to counter potential fiscal crises, its finance minister said in published remarks.
The fund should also work on bridging economic disparities among the member states of the Gulf Cooperation Council (GCC), Sheikh Ahmed bin Mohammed Al-Khalifa said in an interview published on the bloc’s July news bulletin Almaseera………………………………………Full Article: Source
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