Posted on 02 August 2010 by Laxman | Email|Print
From Emirates247.com: The value of bonds and sukuk issued by Gulf oil producers plunged by nearly 32 per cent in the first half of this year but conventional bonds continued to dominate the market, according to a Kuwait financial company.
From around $35 billion in the first half of 2009, the total value of bonds and sukuk (Islamic financial instruments) slumped to nearly $24.2 billion in the first half of 2010, Markaz financial centre said in a study……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Saudigazette.com.sa: 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 02 August 2010 by Laxman | Email|Print
From Gulf-times.com: Yields on Islamic bonds from the Arabian Gulf are climbing even as rates on regular debt decline, after four defaults in the past 16 months prompted investors to demand higher returns.
The average yield on sukuk sold by Gulf Cooperation Council issuers rose 38 basis points to 6.99% on Tuesday from this year’s low on April 15, according to the HSBC/Nasdaq Dubai GCC US Dollar Sukuk Index……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Macaunews.net: There appear to be possible conflicts between civil and Islamic law in Malaysia, in regard to the country’s banks. There have been a number of high-profile legal disputes over the finance industry in the past year, with sharia banking disputes coming to the fore.
Lawyers, bankers and sharia scholars in Malaysia have had to assess the industry where Sukuk holders rank in priority of payment when default occurs……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Thefinancialdaily.com: The Banking and Insurance Sub-Committee of Karachi Chamber and Commerce and Industry (KCCI) recently held a meeting its 6th meeting in which was hashed out the pros and cons of Islamic Banking. The attendants of the moot deeply discussed the Concept, Criteria and Parameters and Practices of the Islamic Banking System.
Ateeq-ur-Rehman, Chairman, Banking and Insurance KCCI was presiding the moot whereas in his address he urged and stressed on the need for promotion and implementation of Islamic Banking……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Arabnews.com: The twenty million pound lifeline thrown by Qatar International Islamic Bank (QIIB) to the Islamic Bank of Britain (IBB) at the end of July through a private placement of 20,000,000 new ordinary shares at a price of 1 pence per share will give IBB some breathing space, but whether it addresses the bank’s fundamental shortcomings must remain a moot point.
To what extent IBB benefits from this capital injection from one of its founding shareholders is also open to question……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Independent.co.uk: A fortnight after it was revealed by The Independent on Sunday that Lloyds banking group had abandoned its landmark Islamic mortgage offer, one of its rivals has outlined plans to expand the number of home loans offered which comply with sharia law.
The Islamic Bank of Britain has secured an extra £20m of investment from Qatar International Islamic Bank so that it can increase the number of sharia-compliant home loans and savings products. Under sharia, the payment and receipt of interest is banned, as is investment in areas such as arms manufacturing, alcohol and tobacco……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Khaleejtimes.com: The UAE banking sector is “sufficiently capitalised,” but several banks would need additional capital injections to meet the Central Bank’s regulatory requirements, analysts at Dubai-based Shuaa Capital said in a stress-test report on Sunday.
UAE authorities have the capacity to recapitalise banks if necessary, and they should take additional measures to strengthen banks’ balance sheets, restore confidence and encourage banks to resume lending to households and businesses, the Dubai-based investment services provider said……………………………………….Full Article: Source
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From Gulfnews.com: Emirates NBD, the UAE’s largest bank by assets, is in the process of completing its $250 million (Dh919.5 million) fund raising through an auto loan securitisation deal.
The deal is expected to revive the interest in the regional asset-backed securitisation deals which was virtually forced into hibernation in its infancy in the wake of the global financial crisis……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Ameinfo.com: Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the international standard-setting organisation for Islamic finance, has issued two new accounting standards and one new accounting guidance note.
Issuance of the new accounting standards and guidance note was approved by AAOIFI Accounting and Auditing Standards Board in its meeting held last week on 22 July 2010 in Dubai, United Arab Emirates……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Arabnews.com: The launch of a reference paper on I’Aadat Al-Shira’a (IS), the Islamic alternative to repo (repurchase contracts) in July 2010 by the Bahrain-based International Islamic Financial Market (IIFM), opens up an important consultation in arguably a strategic new direction for the Islamic debt and capital market.
The IIFM reference paper on I’Aadat Al-Shira’a provides a basis in terms of finding a widely acceptable and market based solution which will play a major role in liquidity management as well as the creation of a more active sukuk secondary market……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Alwatandaily.com: The past few weeks have been challenging for the market with uncertainty leading to high market volatility and increasing investor anxiety stated the Sharia investing report on Sunday.
This uncertainty has marked the second quarter (Q2) of 2010 with global equity markets slumping on sovereign debt troubles and continued doubts about economic recovery. At the midway point into 2010, what is clear is that the road to recovery is not a smooth curve……………………………………….Full Article: Source
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From Bernama: Amanah Raya Berhad (ARB), a trustee company, will open financial institutions in several Islamic countries to provide haj pilgrimage saving services, says Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
He said an agreement was signed by the ARB and Islamic Development Bank (IDB) for the purpose and to date three countries had agreed to have the services……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Gulf-times.com: Qatar’s leading Shariah-compliant finance company, Al Jazeera, has outlined plans to grow in the retail market by offering individuals a variety of consumer products.
Al Jazeera Finance yesterday said it had designed a variety of consumer products for individuals such as vehicle, home, home equipment and furniture financing……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Sndaytimes.lk: The peace dividend that is now available in Sri Lanka could be utilized to make Sri Lanka an ‘Islamic Financial Hub’ was the suggestion made by Rushdi Siddiqui, Global Head of Islamic Finance and OIC Countries, Thomson Reuters, USA at a Colombo conference this week.
Making the keynote address on ‘Islamic Finance 2.0’ at a two day conference on “Sri Lanka Islamic Banking and Finance”, he said countries like South Korea and Malaysia have done it and Sri Lanka could also do it taking the best advantage in using the peace that is now enjoyed by Sri Lanka……………………………………….Full Article: Source
Posted on 02 August 2010 by Laxman | Email|Print
From Aabnews.com: The Malaysian monarch, Al-Wathiqu Billah Tuanku Mizan Zainal Abidin who is officially known as Yang di-Pertuan Agong and who is also the Sultan of Terengganu, has bestowed royal patronage on the award initiative launched in June 2010 by the Malaysia International Islamic Financial Centre (MIFC) and the Securities Commission Malaysia (SC) which aims at honoring “outstanding contribution of an exceptional individual in Islamic finance”.
The Malaysian monarch, Al-Wathiqu Billah Tuanku Mizan Zainal Abidin who is officially known as Yang di-Pertuan Agong and who is also the Sultan of Terengganu, has bestowed royal patronage on the award initiative launched in June 2010 by the Malaysia International Islamic Financial Centre (MIFC) and the Securities Commission Malaysia (SC) which aims at honoring “outstanding contribution of an exceptional individual in Islamic finance”……………………………………….Full Article: Source
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