Posted on 27 July 2010 by Laxman | Email|Print
From Bloomberg: Islamic bonds in Dubai are set to extend this year’s rally as Dubai World predicted it will complete debt restructuring in the “coming months,” said Unicorn Investment Bank BSC and Emirates NBD Asset Management.
The average spread on securities that comply with religious principles sold by Gulf Cooperation Council borrowers narrowed six basis points to 545 percentage points on July 23, a day after Dubai World announced the estimated timeframe for renegotiating its debt, according to the HSBC/NASDAQ Dubai GCC US Dollar Sukuk Index……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: Kuwait’s International Investment Group (IIG) said it was unable to make a $152.5 million Islamic bond payment, its second default this year, and named KPMG as its advisor to look at restructuring options.
IIG said on Monday its payment on the Islamic bond, or sukuk, had been scheduled for July 12……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Arabnews.com: The acronym of the latest sukuk issued by Cagamas Berhad, the National Mortgage Corporation of Malaysia and leading securitization house, which was developed in collaboration with Al-Rajhi Bank of Saudi Arabia, is certainly catchy - “Sukuk ALIM”.
The structure, Sukuk Al-Amanah Li Al-Istithmar (Sukuk ALIM), which took over a year to structure and which was issued last week under Cagamas’s RM5 billion Islamic Commercial Paper (ICP) and Islamic Medium Term Note (IMTN) Programs, has been hailed as “first-of-its-kind”, “innovative” and one which would supposedly satisfy investors from a Shariah compliance point of view bridging Asia and the Middle East……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
National Bonds Corporation PJSC, the leading Shari’a compliant savings scheme, has achieved sales of over AED 1 billion in the first half of 2010, taking its total number of customers to more than 590,000, a growth of 5% over last year. This means that around 8.5% of the UAE population is now National Bonds holders.
The popular savings scheme increased its number of female savers to 145,000, holding AED 1.1 billion in funds. Another segment that achieved growth in 2010 is minors, customers under the age of 16, who now number 94,000 with a total of AED 350 million in funds. UAE nationals increased to 168,000 and hold over AED 1 billion in funds……………………………………….Full Press Release: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Reuters: Nakheel, the property developer behind Dubai’s palm-shaped islands, has proposed repaying its bank debt after five years and one outstanding $1.85 billion syndicated Islamic loan after seven, a source close to the company said.
Bankers have until the end of August to respond to undisclosed terms of Nakheel’s multi-billion dollar restructuring plan, including the rates of interest and repayment schedules for syndicated and bilateral loans……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
Emirates NBD announced its results for the six months ended 30 June 2010. H1 2010 total income of AED 4.9 billion, down 11% compared with H1 2009. Net interest income in H1 2010 of AED 3.5 billion, down 5% versus H1 2009.
Commenting on the Groups performance, His Excellency Ahmed Humaid Al Tayer, Chairman of Emirates NBD said: Emirates NBD delivered a robust performance in the first half of 2010, reflecting the strength of our business model and cementing our position as the regions leading banking group……………………………………….Full Press Release: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Gulfnews.com: Emirates NBD is in the process of raising $250 million (Dh919.5 million) from international financial markets through auto loan securitisation.
“This is the first of its kind securitisation deal in the region where we are bundling our auto loan portfolio to raise funds at internationally competitive rates. The securitisation deals form part of our efforts to augment our medium term funding,” Rick Pudner, Chief Executive Officer of Emirates NBD, said yesterday………………………………………..Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Arabianbusiness.com: UAE interest rates charged by banks may decline in the second half as liquidity improves and competition to win deposits eases, Rick Pudner, chief executive officer, Emirates NBD, said.
Many of the country’s banks have worked over the last year “to increase the levels of liquidity and deposits,” Pudner said on a conference call today, after announcing the bank’s second quarter results……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Cpifinancial.net: Jordan Dubai Islamic Bank (JDIB) and New York-based Hewitt Associates ink deal for Hewitt to develop a comprehensive Performance Management System and a Long Term Incentive plan for JDIB’s employees
The bank says the move is aimed at making its human resources (HR) systems more scientific, and an employee’s experience with JDIB more enriching and long-term oriented……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Alwatandaily.com: Kuwait’s Gulf Bank swung to a second-quarter (Q2) net profit of 1.48 million Kuwaiti dinars (5.14 million US dollars) from a loss of KD 9.1 million a year earlier, buoyed by a one-off disposal.
Gulf Bank in a statement on Monday reported a net profit of KD 2 million for the first half (H1) to June 30. Reuters calculated the Q2 net profit by subtracting its Q1 net of KD 524,000……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Bernama: Deputy Prime Minister Tan Sri Muhyiddin Yassin extended Monday, an invitation to South Korean companies to invest in various sectors including green technology, Islamic financial services, health travel and oil and gas related activities in Malaysia.
He said by doing so, the companies would help South Korea and Malaysia to mutually gain economic success, over the long term……………………………………….Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Financemarkets.co.uk: A former Supreme Court judge has launched a campaign to introduce Islamic banking and finance to India. Justice Krishna Iyer said Islamic finance has the potential to offer sustainable growth while reducing inequality.
“Islamic finance has proven successful in poverty alleviation and promoting sustainable growth in many countries,” he said. “It is very relevant in our country where 20 million people are starving.”………………………………………Full Article: Source
Posted on 27 July 2010 by Laxman | Email|Print
From Meattradenewsdaily.co.uk: It is estimated that the market for Shari’ah compliant products is currently worth over $2 trillion and growing fast.
As Muslim countries develop, there is strong interest from non-Muslim companies that want to understand, enter and penetrate this huge market that spans the food and beverage, retail, cosmetics, healthcare, pharmaceuticals, travel and tourism, and logistics industries amongst others. The challenge for them is how to do this……………………………………….Full Article: Source
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