Posted on 28 July 2010 by Laxman | Email|Print
From Bloomberg: The Philippines’ state-owned Al- Amanah Islamic Bank may sell the nation’s first Shariah- compliant bonds to finance development in Muslim Mindanao, the poorest region and base of Abu Sayyaf separatist militants.
“There’s a lot of money in the market for sukuk that we can tap,” Al-Amanah President Armando Samia, whose bank is the only one in the Philippines with a mandate to sell Islamic notes, said in an interview yesterday. “We’re still in the very exploratory stage. Getting the first one out is difficult.”………………………………………Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Reuters: Indonesia will cut the size of a global sukuk issue planned for this year after the government lowered its forecast for the budget deficit and reduced its borrowing requirement, a source told Reuters on Tuesday.
Indonesia had aimed to raise up to $650 million in a global sukuk issue in October as part of its aim to develop the Islamic finance industry in the world’s most populous Muslim nation……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Gulfnews.com: US will overcome today’s anti-Sharia scare-mongering in the same way it got over its fears about communism — by asking for proof over propaganda. Following a story about the ‘flop’ of Islamic banking in the UK, Reuters has followed up with an interesting article about the problems of Egypt’s Islamic finance sector.
The story highlights a combination of 1980s-style corruption scandals (Ponzi schemes), the lack of political will (level regulatory playing field) and growing consumer demand (an 80 million population), which has stunted the potential for Islamic finance in Egypt despite an interest in the country by Gulf-based Islamic banks……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Bernama: Malaysia is set to clinch 25 per cent of global transactions in Islamic banking within the next decade from less than 10 per cent currently, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said.
He said Malaysia would be attractive because it was the only country having a complete value chain of Islamic financing with Islamic and conventional banking both operating in the mainstream financial services landscape……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Bernama: The formation of a Law Harmonisation Committee is to position and strengthen existing laws as the laws of choice for Islamic financial transactions, says Bank Negara Malaysia.
Deputy Governor Datuk Muhammad Ibrahim said the committee comprised members from among key government stakeholders like the Attorney-General’s chambers, industry players and experienced Islamic finance legal practitioners……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Dailynews.lk: MTI Consulting, Global CEO Hilmy Cader said all Islamic finance institutions should bring novel products and services to consumers while adhering to the Shariah principle.
He said most Islamic finance and banks focus on Muslim customers only and the prevailing system should be changed while initiating measures to attract more non-Muslims into their ventures……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Albawaba.com: Islamic Bank of Britain has secured a £20million capital injection from founding shareholder Qatar International Islamic Bank which will take QIIB’s stake in the bank to over 80%. The investment is subject to shareholder and regulatory approvals.
The additional capital will allow IBB to leverage its established retail brand in the Islamic finance sector to increase sales of key products, such as the recently launched Islamic alternative to mortgages the IBB Home Purchase Plan……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Tempointeractive.com: A foreign bank is going to open a sharia-based service for its customers in the second half of the year, Bank Indonesia said today without informing the name of the bank.
Head of Research, Development, and Sharia Banking Management of the central bank Tirta Segara said there will be 11 sharia banks and 23 regular banks which provides sharia service, when the foreign bank launches its sharia service……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Bloomberg: National Bank of Abu Dhabi PJSC reported a 10.4 percent rise in second-quarter profit, beating analysts’ estimates as the United Arab Emirates lender boosted income from lending and set aside less money for bad loans.
Net income rose 1 billion dirhams ($272 million) from 906.5 million dirhams a year earlier, the bank said in an e-mailed statement today. That exceeded the median estimate of five analysts for a profit of 920 million dirhams, according to Bloomberg data……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Ameinfo.com: Qatar National Bank Group (QNB), the leading financial institution in the State of Qatar and one of the largest Banks in the MENA region, announced that it has received approval from the Central Bank of Lebanon (Banque du Liban) to open a full service branch in the country.
This overseas license supports the international expansion plan which in recent years has become an integral part of QNB’s growth strategy and commitment to diversify the sources of its revenue by exploring new and promising opportunities……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Tribune.com.pk: Emirates Global Islamic Bank (EGIBL) and Al Baraka Islamic Bank will soon merge into one single bank. This was announced by the Chief Executive Officer of EGIBL, Syed Tariq Husain, at a press briefing here on Tuesday.
“An extraordinary general meeting of shareholders held on Tuesday, approved the scheme of amalgamation,” declared Husain……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it had signed an agreement to provide $50m (Dhs183.5m) Islamic finance facility to Gulf Marine Services WLL, to fund the acquisition of the continued growth of the company. The Ijara (lease to own) facility, will have a tenure of five years.
Tirad Mahmoud, CEO of ADIB said, “We value our partnership with Gulf Marine Services highly as they are a market leader in the Offshore and Oil Services industry in the region. We plan to build on this agreement and provide them with other long term financing options to help in their expansion. We hope to customize our other products and services to their requirements and strengthen this relationship.”………………………………………Full Press Release: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Zawya.com: Qatar’s largest Islamic insurer, Islamic Insurance (QIIC) posted a net profit of QR 30.13m in the first half of this year compared to QR 18.17m in the corresponding period in 2009, showing an impressive 66 percent growth. The company’s earnings amounted to QR 2.01 compared to QR1.21 in the first half of June 2009.
Jassim Ali Al Saadi, General Manager of Islamic Insurance said at a news conference, also attended by Zaki Khamis Akila, the company’s Finance Manager that the H1 results have been remarkable with income from investments in insurance activities increasing by 49 percent on the same period last year……………………………………….Full Article: Source
Posted on 28 July 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Global Investment House has announced that its Global Distressed Fund won a key ranking from BarclayHedge.
It was ranked sixth in the Fund of Funds - Distressed Securities/Event Driven category for May 2010 by BarclayHedge, based on its annualised returns and rate of returns, in recognition of the fund’s performance over its eight-year history……………………………………….Full Article: Source
More stories about: Funds
Posted on 28 July 2010 by Laxman | Email|Print
From Presstv.ir: Ministers and academics from Muslim countries have attended a two-day gathering at Oxford University to discuss how to market Islamic products to the rest of the world.
The Oxford Islamic Forum opened Monday to discuss the rise in Muslim consumerism and the power of Islamic finance, Press TV’s correspondent in London, Hassan Ghani, reported……………………………………….Full Article: Source
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