Posted on 30 July 2010 by Laxman | Email|Print
From Bloomberg: Kazakhstan, the former Soviet republic that last sold international debt in 2000, is planning a debut Islamic bond sale to broaden its investor base after canceling a Eurobond offering last week.
The government will sell securities that comply with Islam’s ban on interest payments in the second half of the year and is pressing for legislative changes that would enable companies beyond state holdings and Islamic banks to sell sukuk, said Aibek Bekzhanov, head of Islamic instruments at the Regional Financial Center of Almaty, a government agency set up to develop the country’s capital markets……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Dailystar.com.lb: The lure of Islamic bonds appears to be wearing off for conventional borrowers in the Gulf, even as the global industry grows, with high-profile defaults and rising costs souring their appeal.
On a global scale, Malaysia continues to dominate the Islamic finance market, which is based on financial principles from the Koran, and has led sukuk issues so far this year……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Menafn.com: There has been surge in worldwide Sukuk issuance that saw a two-fold jump to 98 issuances raising to $13.7 billion in the first half of this year, up against the $7.1 billion in the initial six months a year ago, say a report by Standard & Poor’s Ratings Services, which forecast about 150 more issues in the pipeline.
“On the heels of the sukuk market’s sharp upturn as of midyear 2010, we foresee sustained growth for the second half, given issuers’ interest in tapping the market, both in historical locations like Asia, especially Malaysia, and in other regions newer to sukuk,” said Standard & Poor’s credit analyst Mohamed Damak, in a report ……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Mondaq.com: Japan has been talking about Islamic finance for several years with Japan Bank for International Cooperation leading the way in terms of local research and development. However, up until recently, only a small number of Islamic finance deals have been done in this market.
This is all changing - Japan has made headlines in the Islamic finance market over the last couple of months with the issuance of US$100 million sukuk - al - ijarah, listed on the Bursa Malaysia, as well as the establishment of commodity murabaha facility (which, due to strong investor demand, was upsized from US$50 million to US$70 million)……………………………………….Full Article: Source
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The search to honour the exceptional individual for outstanding contribution to global Islamic finance has received royal endorsement. Upon the recommendation of the Malaysian Government, His Majesty the Yang di-Pertuan Agong of Malaysia, has given his consent for the Award to be named The Royal Award for Islamic Finance”.
The royal endorsement will certainly add prestige to the Award, which is spearheaded by the Malaysia International Islamic Financial Centre (MIFC) initiative……………………………………….Full Press Release: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Lankabusinessonline.com: Informal entities that have been operating as Islamic financiers in Sri Lanka will have to get their houses in order and become fully compliant with supervisory regulations ahead of a new law on deposit taking, an industry official said.
“Some IFIs (Islamic financial institutions), because the owner is a well-known figure, have been able to raise a lot of money,” Faizal Salieh, managing director of Amana Investments, a Sri Lanka-based firm, told a forum in Colombo organized by Educonsult, a consultancy……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Prospect.org: During Elena Kagan’s confirmation hearings, conservatives accused Kagan of being sympathetic to imposition of strict, Taliban-style Islamic law in the United States because an Islamic-finance study program was established at Harvard University during her time as dean.
The American Prospect caught up with Frank Vogel, an Islamic legal scholar who helped establish that program, at a recent forum on Islamic finance being held at George Washington University Law School by the Qatar Business Council and Arab Bankers Association of North America. When it comes to Islamic Finance, Vogel says, Americans have nothing to worry about……………………………………….Full Article: Source
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From Theasset.com: Bank Negara Malaysia governor Zeti Akhtar Aziz discusses how the global Islamic finance industry is expanding and the role it will play in helping fund the massive infrastructure development and investment projects in Asia.……………………………………..Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Newsday.co.zw: The state of the financial sector in Zimbabwe up to 2008 would no doubt have brought into sharp focus ssues of morality/ethics/faith in finance. Was it moral or ethical for such a large number of people to wish wealth into existence without any underlying productive activity happening, some may ask?
In an attempt to answer this and other questions, this week we focus on a form of finance that seeks to strike a balance between faith and finance: Islamic Finance/Banking……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Bernama: Qatar International Islamic Bank (QIIB) wants to raise its holding in Islamic Bank of Britain to a “significant stake” by offering to buy new shares, Qatar News Agency (QNA) reported.
The increase is subject to regulatory approval and shareholders of the Islamic Bank of Britain (IIB), it said in a statement on the bourse website……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai-based Mashreq’s second-quarter net profit more than halved from the previous year as the lender booked higher provisions against bad loans.
The lender, Dubai’s largest bank by market value, made a net profit of Dh202 million ($55.01 million) for the three months to June 30, based on Reuters calculations, down from Dh434.9 million in the same period last year……………………………………….Full Article: Source
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From Arabianbusiness.com: Bank lending in Saudi Arabia bounced back in June to record its largest monthly gain since August last year and the second-highest growth since late 2008, the latest data from a Riyadh-based Jadwa Investment showed.
Lending to the private sector rose by 0.9 percent last month……………………………………….Full Article: Source
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From Gulf-times.com: Al khaliji expects due diligence on International Bank of Qatar (IBQ) to be completed in eight weeks, according to its top official.
“The (merger) process is going positively. It (due diligence) can take anywhere up to eight weeks,” al khaliji acting CEO Robin McCall told the media at a function to discuss its first-half results, which showed a 24% jump in its net operating income to QR320mn……………………………………….Full Article: Source
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From Qatar-tribune.com: Al khaliji , which started retail banking operations in the country in 2008, has appointed a team of advisers to assist in a fair evaluation of the pros and cons of the bank’s proposed merger with the International Bank of Qatar (IBQ), a senior bank official has said.
The team of advisers has to submit its report in four weeks’ time……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Gulf-times.com: Ahlibank has laid out a five-year plan to expand its traditional distribution channels including branches, CEO Salah Murad has said.
“We are definitely expanding our branch and ATM network in Qatar”, Murad said in reply to a question by Gulf Times at an H1 analysis meeting hosted by the bank yesterday……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Turkish businessmen on Thursday expressed interest in entering the Syrian banking market, and to take part in the efforts to establish private or joint banks with their Syrian counterparts.
In the presence of a Turkish banks delegation including representatives of the Turkish Agriculture Bank, Akbank and the Kuwaiti-Turkish bank, Finance Minister Mohammad al-Hussein and his Turkish counterpart Mehmet Simsek discussed the measures to set up Syrian-Turkish banks in Syria……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Alrroya.com: US consumer and energy stocks offer good buying opportunities to Malaysian Islamic investors seeking exposure to global emerging market growth, a fund manager said on Thursday.
Offshore oil rig contractor Noble Corp and consumer staples such as Procter & Gamble , Kellogg and General Mills are among Malaysian Islamic asset manager Saturna Sdn Bhd’s picks……………………………………….Full Article: Source
Posted on 30 July 2010 by Laxman | Email|Print
From Legalweek.com: Latham & Watkins, Skadden Arps Meagher & Flom and Hogan Lovells have taken roles relating to Qatari Diar Finance’s $3.5bn (£2.2bn) bond offering, as part of Qatar’s plan to target international finance to fund domestic development.
Latham represented Qatari Diar Finance, a subsidiary of Qatari Diar Real Estate Investment Company, the emirate’s sovereign wealth fund. The team was led by finance partner Bill Voge alongside Doha-based corporate counsel Craig Stoehr……………………………………….Full Article: Source
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