Posted on 23 July 2010 by Laxman | Email|Print
From Bloomberg: Duet Mena Ltd. and Algebra Capital Ltd., Dubai-based managers of $500 million, said they may buy Islamic bonds from Malaysia’s Cagamas Bhd., the first under a new structure that complies with the Persian Gulf’s stricter religious laws.
Cagamas, the nation’s biggest mortgage holder, plans to seek funds in the oil-rich region by offering 5 billion ringgit ($1.5 billion) of notes that meet the guidelines of the Bahrain- based Accounting & Auditing Organization for Islamic Financial Institutions……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Financialpost.com: Islamic financing has fallen on hard times in the United Kingdom. Once heralded as a huge opportunity for banks (considering the UK has an estimated 2.4 million Muslims), a lack of competitive rates has resulted in some banks cutting their Shariah-compliant product offerings completely.
Islamic financing took off in the U.K. a few years ago, when banks such as HSBC and Lloyds Banking Group PLC launched financing that complied with Islam’s ban on interest. A perceived demand led to 22 lenders tapping into the market by the end of last year……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Aawsat.com: At the beginning of the Islamic banking experience, there were only exclusive Islamic Banks, there was no such thing as “Islamic Windows” as conventional banks had yet to realize the size of the opponent that had entered the banking industry.
They thought that Islamic finance was a practice based upon religious fervour that was bound to fail because it was not capable of providing a suitable alternative to conventional banking……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: Kuwait Finance House (KFH), the country’s biggest Islamic lender, reported on Wednesday a 22 percent rise in second quarter net profit, beating expectations.
The lender made a net profit of $138.4 million in the second quarter, up from $113.3 million in the year earlier period, KFH said in a statement on the bourse website……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Arabnews.com: Kuwait Finance House hit a two-month high on Thursday after reporting above-forecast earnings, helping the country’s index rise for a third day in four. Gulf markets remained in a sideways trend, with little to draw in buyers amid uncertainty over the world economy and largely uninspiring results from regional corporates.
KFH climbed 2 percent. The Islamic lender reported a 22 percent rise in second-quarter profit, beating a forecast from EFG-Hermes by 25 percent……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Standardmedia.co.ke: Chase Bank has launched a Sharia’h banking product to cater for Small and Medium Enterprises (SMEs) and Muslim faithful.
Presenting a compliance certificate to the bank yesterday, Chairman of the Shariah Board, Sheikh Ibrahim Lethome said Chase Iman offers a variety of current accounts for individuals, businesses, special products for women and children……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Bloomberg: Kazakhstan’s banks won’t sell any bonds abroad this year, removing the need for the government to create a benchmark for its fixed-income markets by selling debt on international capital markets, the Finance Ministry said.
The ministry said July 20 it canceled plans to sell as much as $750 million of bonds to investors outside its borders this year after obtaining a $1 billion loan from a World Bank unit……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Btimes.com.my: Bank Negara Malaysia (BNM) is right not to force local banks to merge as they will do so on their own once competition heats up in an increasingly liberalised market, says a banking expert from PricewaterhouseCoopers (PwC).
Banks aren’t seriously considering merging as yet as they haven’t really felt the full heat of the sector’s liberalisation, he said……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Bloomberg: Barwa Real Estate Co., a Qatar-based property developer, said one of its units got a $3.5 billion Islamic murabaha financing from Qatari Diar Finance.
The financing for Barwa City Real Estate Co. is in two murabaha contracts: the first provides $1 billion maturing in July 2015, and the second $2.5 billion due July 2020, Barwa said in a statement to the Qatar bourse today……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Thestar.com.my: AmInvestment Bank Group’s fund management division is confident of achieving 20% to 25% growth in assets under management (AUM) for its fiscal year ending March 31, 2011. The bank’s AUM stood at RM20.2bil as at June 30.
Funds management division retail funds director Ng Chze How said with a bullish outlook in the commodity and equity markets, the group expects its fund management division to perform well, especially in the medium to longer-term……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Macleans.ca: Starting in September, students can enrol in Canada’s first university course in Islamic finance. Walid Hejazi, the professor at the University of Toronto’s Rotman School of Management who is developing the three-day program to begin in January 2011, says it will cater to executives who “want to get an edge to differentiate themselves.”
Participants will study sharia-compliant financial instruments (Islamic law prohibits usury), as well as the legal and tax implications of Islamic finance……………………………………….Full Article: Source
Posted on 23 July 2010 by Laxman | Email|Print
From Forbes: The Iranian Revolution of 1979 began with Ayatollah Khomeini promising Iranians full freedom and a government by the people and for the people. In his speeches leading up to the Revolution, the Ayatollah proclaimed that, “A nation that doesn’t have freedom does not have civilization. A civilized nation is one that is free.”
He also said that, “There should be freedom of the press and people should have the right to their opinion” and “In our government, clergy will not govern but help you with your spirituality. In our government, women will be free, and officials can be publicly criticized.”………………………………………Full Article: Source
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