Posted on 26 July 2010 by Laxman | Email|Print
From Arabnews.com: After a hiatus of over three years largely due to inertia from regulators and head offices, Japanese institutions are finally going to the market to raise millions of dollars in Islamic financing. The good news is for Malaysia because much of this activity is centered in or out of Kuala Lumpur.
Over the last two weeks Nomura Holdings, Inc. appointed Kuwait Finance House (Malaysia) as the mandated lead arranger for its debut $100 million Sukuk Al-Ijara. The two-year issuance will be the first US dollar denominated issue by a Japanese corporation out of Malaysia………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Brecorder.com: The emergence of micro-finance was the financial solution to the basic financial needs of the poor people. Micro-finance is usually defined as the provision of basic financial products and services to the under-privileged segment of society, which has no access to the conventional financial institutions.
Access to finance or credit is the fundamental right of every entrepreneur, who is willing to expand or start his or her business, but this right is denied by current financial system of commercial banks………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Financialpost.com: Islamic financing appears to have fallen on hard times in Britain. Once heralded as a huge growth opportunity for banks (considering the U.K. has an estimated 2.4 million Muslims), a lack of competitive rates has instead led to some banks axing their Shariah-compliant product offerings completely.
“Most of the Islamic offerings are simply not competitive compared to their conventional counterparts,” Ahmad Alanani, an associate director for the Middle East and North Africa at Exotix Ltd. in London, told Bloomberg earlier this month. “They have failed to achieve the mass appeal it was hoped they would.”……………………………………..Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Arabnews.com: A major campaign to introduce Islamic banking and finance into India was kicked off in the Kerala city of Kochi with Justice Krishna Iyer taking the lead. “I welcome Islamic finance in India,” said Iyer, a former Supreme Court judge.
“Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries, including the United States, and it is very relevant in our country where 20 million people are starving,” Iyer said………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thefinancialexpress-bd.com: Islamic banking will be more widespread in near future, said AHM Mustafa Kamal MP, chairman of the parliamentary standing committee on the finance ministry, at a ceremony in the city Saturday.
“Nowadays Islami Shariah-based banking system is being incorporated even by the non-Muslim countries also. It has become possible only because Islami banking is the best way of banking. Very soon this banking system will be executed by the other countries of the world,” said Mustafa Kamal………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Albawaba.com: Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced the launch of ADIB’s 56th branch located at Al-Hamra Mall in Ras Al-Khaimah. This new branch is ADIB’s 3rd branch in Ras Al-Khaimah and its 13th branch in Northern Emirates.
This launch reflects the Bank’s expansion strategy to strengthen its on-ground presence and services outreach and to extend its network of active branches and ATM machines within the UAE………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Tradearabia.com: The African Development Bank (AfDB) has approved a $150 million line of credit for Afreximbank, the Tunis-based AfDB said in a statement.
‘This line of credit will be used to finance trade and trade-related projects across the participating states of Afreximbank in Africa,’ the statement said………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Arabnews.com: Khaled Mohammed Al-Aboodi is a member of a new breed of Islamic development bankers. As CEO and general manager of the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank (IDB) Group, he has a mandate which potentially is as important as its parent, especially in linking between Islamic finance and the real economy through supporting Islamic financial institutions to extend financing to small-and-medium-sized enterprises (SMEs).
On his watch, the ICD has been transformed from a predictable and modest institution, to one setting the Islamic finance agenda in the member countries in which it operates………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thestar.com.my: Danajamin Nasional Bhd yesterday became the first financial guarantee insurer to provide an Islamic guarantee (or Al-Kafalah) for sukuk, with the issuance of the first Danajamin guaranteed sukuk programme.
Chief executive officer Ahmad Zulqarnain Onn said the RM75mil sukuk issued by LBS Bina Group Bhd comprised two tranches – a RM35mil four-year sukuk and RM40mil five-year sukuk………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Bloomberg: Petroliam Nasional Bhd.’s Islamic bonds are set for a second straight record gain this month, luring funds without religious requirements from the U.S., Europe and Israel.
The yield on Petronas’s 4.25 percent notes maturing in 2014 fell as much as five basis points to 3.07 percent today, the lowest level since the bonds were sold in August 2009, prices from Royal Bank of Scotland Group Plc show. They returned 6 percent this year, 1.7 percent in July and 1.4 percent in June………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thestar.com.my: Ekovest Bhd has agreed to the proposed cash subscription for up to RM35mil in nominal value of redeemable secured junior sukuk to be issued by Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) through CIMB Investment Bank Bhd.
Ekovest told Bursa Malaysia yesterday the junior sukuk issuance would entitle the company to profits of 11% per annum on nominal value of the junior sukuk………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Zawya.com: International law firm Hogan Lovells has acted as counsel to Barwa City Real Estate Company (QSC) on a US$3.5 billion murabaha financing provided by Qatari Diar Finance (QSC).
The murabaha proceeds will be used to finance a number of real estate projects including Barwa City, Barwa Financial District and Barwa Commercial Avenue, each a large scale project being developed by Barwa in Qatar. This facility, flowing from global investor enthusiasm, is comfortably the largest murabaha financing of its kind closed to date………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Zawya.com: Bahrain-based Sakana Holistic Housing Solutions, the innovative Islamic mortgage finance provider, recently signed an agreement with Al Sarhan & Al Humaidan Real Estate Company, developer of Dar Al Ezz 1 Busaiteen, to provide Islamic mortgage finance to its customers.
Dar Al Ezz 1 is a 14 storey tower located at Busaiteen offering 80 freehold apartments consisting of 40 single and double-bedroom each………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Dubai Financial Market (DFM) reported a 79.8 percent fall in second-quarter profit as declining trading volumes weighed on earnings. The firm made Dh25.9m ($7.05m) in the three months ending June 30, compared to Dh128.3m in the second quarter of 2009, it said in a statement.
Trading commission fees fell to Dh43.5m in the second quarter, from Dh126.7m a year earlier, according to the statement. Earlier this year, DFM bought Nasdaq OMX’s one-third stake in the Nasdaq Dubai, with the two Dubai-based bourses switching to a single trading platform………………………………………Full Article: Source
Posted on 26 July 2010 by Laxman | Email|Print
From Albawaba.com: The Talal Abu-Ghazaleh CIMA Academy hosted the global launch of the CIMA (Chartered Institute of Management Accountants) Certificate in Islamic Finance in Arabic in Amman on July 22nd at Talal Abu-Ghazaleh Forum/Talal Abu-Ghazaleh College of Business. The launch of the Arabic certificate marks a major step forward for the Islamic finance industry – it is the first global qualification of its kind to be offered by a professionally chartered accountancy body.
Meanwhile, the two bodies will also cooperate in the Global Business Challenge; a competition in the business field provided by CIMA and will be represented in the Arab region through Talal Abu-Ghazaleh College of Business……………………………………..Full Article: Source
RSS
