Posted on 05 August 2010 by Laxman | Email|Print
From Reuters: Ramadan, the holiest month of the Islamic calendar marked with fasting and prayer, is also an uplifting time for stock markets in predominantly Muslim countries, according to a study by the University of New Hampshire.
Stock markets in Oman, Turkey, Kuwait, United Arab Emirates, Qatar, Pakistan, Jordan, Egypt, Morocco, Tunisia, Malaysia, Bahrain, Indonesia and Saudi Arabia generated average returns of 38 percent during the month of Ramadan over the years 1989 through 2007, according to the report compared with their average 4.3 percent returns the rest of the year……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Bloomberg: Islamic bond offerings may accelerate in the next 18 months, led by first-time issuers in Asia after the region accounted for most sukuk sold this year, Standard & Poor’s said.
While issuance of securities that comply with Shariah law are down 17 percent globally this year, Asian borrowers issued $5.3 billion, about 68 percent of the total $7.8 billion worldwide, according to data compiled by Bloomberg……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Asiaone.com: Malaysia’s Khazanah Nasional yesterday made its debut in Singapore’s debt market with a splash to the tune of $1.5 billion.
Khazanah’s $1.5 billion inaugural issue of sukuk, or Islamic bonds, is three times the size of Singapore’s sukuk market until now……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Dr. Ahmad Rufai Muhammad Head of Shari’ah, and Ijlal Ahmed Alvi, CEO of International Islamic Financial Market say that as Islamic finance has grown, differences in rulings on whether or not products are Shari’ah-compliant have surfaced.
Rufai and Alvi opined, “Although Shari’ah interpretations and applications are similar, this does not always translate into unified documentation and unified application. Conformity amongst the Shari’ah supervisory boards of Islamic financial institutions is needed……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Zawya.com: As Islamic finance has grown, differences in rulings on whether or not products are Shariah compliant have surfaced. Although Shariah interpretations and applications are similar, this does not always translate into unified documentation and unified application.
Conformity amongst the Shariah supervisory boards of Islamic financial institutions is needed……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Bi-me.com: Demonstrating it’s commitment to transparency, disclosure, and openness in the Sukuk market, Zawya has unveiled its new Sukuk Monitor.
Backed by Zawya’s team of in-house sukuk analysts, the Sukuk Monitor aims to provide users with the most comprehensive coverage of the sukuk asset class, combining unbiased research and independent analysis with the latest news and intelligence from the global sukuk industry……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Btimes.com.my: Axiata Group Bh, which owns the country’s second biggest mobile phone operator, plans to sell RM4.2 billion of Islamic bonds next week to refinance debt, chief financial officer Yusof Annuar Yaacob said.
The sukuk bonds, which will have maturities of five, seven and 10 years, will be “privately placed”, Yusof said in a telephone interview from Kuala Lumpur………………………………………Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Emirates247.com: Makaseb Islamic Financial Services, an Abu Dhabi-based brokerage, put in a request with the UAE’s market regulator to freeze operations for a year after volumes and stocks slumped, said its managing director.
“The decision was taken mainly due to the drop in market liquidity, which has affected the industry drastically,” Hatim El Atabani said in an interview on Wednesday……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Haveeru.com.mv: Maldives Monetary Authority (MMA) has issued license to Maldives Islamic Bank Private Limited (MIB) to set up the country’s first Islamic bank.
According to the authority’s website, “MMA issued a banking licence to the ‘Maldives Islamic Bank Pvt. Ltd.’ to conduct Islamic banking business in the Maldives, with effect from 2nd August 2010.”………………………………………Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Albawaba.com: Bahraini retail and commercial banking institution, BMI Bank (BMI), today announced the appointment of Bahraini Salah Khalifa to the position of Head of Islamic Financial Services (IFS).
Salah, whose previous position was as a Director of Investments and Capital Markets at First Investment Bank (FIB) a Bahrain based Sharia compliant investment bank, will be responsible to drive the IFS strategy. This will deliver solid, sustainable growth for the business combined with a diversified and innovative product offering and service……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Bernama: AmInvestment Bank Bhd has won the ‘Most Outstanding Islamic Investment Banking’ award at the Kuala Lumpur Islamic Finance Forum Awards 2010.
In a statement here Wednesday, the bank said the award aimed to honour, recognise and acknowledge the significant efforts and contributions by individuals and institutions in developing the Islamic finance industry……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Bernama: Al Rajhi Investment and Banking Corporation Malaysia Bhd has been registered as a Commodity Trading Participant (CTP) with Bursa Malaysia Islamic Services (BMIS) to trade on Bursa Suq Al-Sila’.
Bursa Malaysia said Al Rajhi’s admission of Al Rajhi was further testament of the acceptance of the Bursa Suq Al-Sila’ platform and the structure of Tawarruq in facilitating Islamic finance by Shariah scholars from the Middle East……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Thestar.com.my: Affin Bank Bhd is making a foray into the Indonesian market via the proposed acquisition of PT Bank Ina Perdana for RM138mil.
To be funded internally, the acquisition is Affin Bank’s maiden venture beyond the Malaysian borders……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Tradearabia.com: Gulf International Bank (UK) Limited, a subsidiary of Bahrain-based Gulf International Bank (GIB), launched a new emerging markets opportunities fund with assets of more than $100 million.
The fund is a multi-strategy, absolute return product, investing across emerging markets, a statement said……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Ameinfo.com: Bahrain’s financial services (FS) sector grew by 4% in the first quarter of 2010 - representing six% year-on-year growth - according to a report by the Kingdom’s Central Informatics Organisation (CIO).
The Bulletin of Quarterly National Accounts also reports that the Kingdom’s insurance industry grew 5% in the first three months of 2010 - or 15% year-on-year……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Arabianbusiness.com: Kuwait’s International Investment Group (IIG), the investment house in the midst of a restructuring process, on Wednesday said its board is proposing not to pay out any dividend for 2009.
IIG is one of the Kuwaiti investment houses badly hit during the financial crisis and last month was unable to make a $152.5m Islamic bond payment……………………………………….Full Article: Source
Posted on 05 August 2010 by Laxman | Email|Print
From Cpifinancial.net: In the sixth edition of its Shari’ah investment series, “Shari’ah Investing: Reliance Through Europe”, SEI Investments Middle East has revealed that at the end of June 2010, the MSCI World Islamic Index was again outperforming the MSCI World Index
The Shari’ah Index continued to be the stronger performer over the last 13 challenged quarters. The report discussed how sovereign debt market troubles, global equity market slumps and continued doubts about economic recovery have marked the second quarter of 2010……………………………………….Full Article:Source
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