Posted on 06 August 2010 by Laxman | Email|Print
From Bloomberg: Islamic stock funds in Sri Lanka, Thailand and Pakistan provided the biggest returns among global counterparts investing in Shariah-compliant securities as accelerating economic growth pushed shares higher.
Namal Amana Equity Fund, based in Sri Lanka, rose 71 percent in the last 12 months, beating all the other 299 funds tracked by Bloomberg. MFC Islamic Long Term Equity in Thailand increased 55 percent and Al-Meezan Mutual Fund of Pakistan gained 51 percent in the period……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Bernama: Leaders of Islamic agencies both at the federal and state levels need to come up with more innovative programmes for the advancement of Muslims in the country, said Deputy Prime Minister Tan Sri Muhyiddin Yassin.
He said they needed to adopt innovative approaches in developing management systems that were more efficient and strategic for Islamic institutions, zakat (tithe collection), benevolent funds, mosques and endowment matters……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Thestar.com.my: Malaysia Airports Holdings Bhd (MAHB) plans to offer up to RM3.1bil in Islamic bonds to part finance the construction of a new terminal. The new terminal is expected to be completed by the end of the first quarter of 2012.
In a filing to the stock exchange today, MAHB said the proceeds would also be used to refinance its existing borrowings/financings which were utilised for Shariah-compliant purposes and/or for MAHB’s Shariah-compliant general corporate purposes……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
RAM Ratings has assigned respective preliminary long- and short-term ratings of AAA (stable outlook) and P1 to Malaysia Airports Capital Berhad’s (MACB or the Issuer) proposed Islamic Medium-Term Notes Programme (2010/2025) of up to RM3.10 billion in nominal value and proposed Islamic Commercial Paper Programme (2010/2017) of up to RM1 billion in nominal value; both facilities have a combined limit of RM3.10 billion in nominal value and are collectively referred to as “the Proposed Sukuk”.
MACB is a special-purpose vehicle set up as a wholly owned subsidiary of Malaysia Airports Holdings Berhad (MAHB or the Group), to undertake the issuance of the Proposed Sukuk for the latter……………………………………….Full Press Release: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Thestar.com.my: The recent announcements by state investment arm Khazanah Nasional Bhd and several listed companies to raise debt might have stemmed from demand in the market for such issuance after the relatively quiet first half of the year.
Malaysian Rating Corp Bhd fixed income research head Wan Murezani Wan Mohamad said since primary market activity was relatively quiet in the first half, the number for the second half would likely be higher if a comparison was to be made……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Thenews.com.pk: State Bank of Pakistan Acting Governor Yaseen Anwar said that the Islamic financial system has the potential to provide better banking and financial services than the conventional system provided it capitalises on its own inherent strengths and avoids following the conventional system.
Anwar said that the current Islamic banking paradigm, both in Pakistan and elsewhere in the world, is based on replication of conventional banking products……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Zawya.com: Despite the fact that the Islamic banking industry has grown significantly over the last two decades, there remains a shortage of authentic data on the size, growth and performance of each of the institutions involved and the product range they offer, according to a latest report.
BMB Islamic, a leading provider of Sharia structuring and advisory services, yesterday launched the Global Islamic Finance Report 2010 (GIFR 2010), the first fully comprehensive and authoritative account of Islamic banking and finance to date……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Dailytimes.com.pk: Acting Governor State Bank of Pakistan, Yaseen Anwar, said Islamic financial system has potential to provide better banking and financial services than the conventional system.
However, he added, the Islamic system would have to capitalise on its own inherent strengths and avoid following the conventional system, he said while addressing the inaugural session of Islamic Financial News Roadshow on Islamic Banking held at SBP Headquarters here on Thursday………………………………………Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Tradearabia.com: The outlook for Bahrain”s banking system remains negative, reflecting expectations that challenging credit and business conditions will continue over the medium term, says Moody’s Investors Service.
These expectations are based on the continued weakness in Bahraini and regional real estate and the impact it is having on the rest of the economy, despite the modest rebound in the economy in 2010, Moody’s said in its new Banking System Outlook on Bahrain……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Moody’s Investors Service has today changed the outlook for the foreign currency deposit rating of National Bank of Kuwait (NBK) to stable from negative. All other ratings of the bank remain unchanged.
This change was prompted by Moody’s sovereign rating action, announced earlier today, to change from negative to stable the outlook on Kuwait’s foreign currency deposit ceiling……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Gulfinthemedia.com: Bahraini retail and commercial banking institution BMI Bank yesterday announced the appointment of Bahraini Salah Khalifa to the position of head of Islamic Financial Services (IFS).
Mr Khalifa, 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……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Ameinfo.com: Ajman Bank has said its losses in the first half of 2010 decreased 28% to Dhs15.968m, compared to Dhs22.170m for the corresponding period last year. Total assets grew 42% to Dhs2.595bn at the end of June 30, 2010, from Dhs1.5bn for the corresponding period last year.
Customer deposits also rose to Dhs1.425bn during the period from Dhs786.65m at the end of December 31, 2009……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Sananews.net: Meezan Bank received the award for the ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia in a ceremony held at the State Bank of Pakistan today as part of a workshop on Islamic Finance organized by Islamic Finance News. President & CEO of Meezan Bank, Mr. Irfan Siddiqui received the award for Meezan Bank Ltd.
The Islamic Finance News Awards aims to commend key industry players who have done their part in promoting Islamic finance across the Asian region……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Metapress.com: The relative financial strength of Islamic banks is assessed empirically based on evidence covering individual Islamic and commercial banks in 19 banking systems with a substantial presence of Islamic banking.
We find that (a) small Islamic banks tend to be financially stronger than small commercial banks; (b) large commercial banks tend to be financially stronger than large Islamic banks; and (c) small Islamic banks tend to be financially stronger than large Islamic banks, which may reflect challenges of credit risk management in large Islamic banks……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Standard & Poor’s Fund Services announced today that it has assigned an A fund management rating to five Emirates NBD funds managed out of Dubai.
The funds are: the Emirates NBD MENA Top Companies Fund, the Emirates NBD MENA Opportunities Fund, the Emirates NBD Active Managed Fund, the Emirates NBD Balanced Managed Fund and the Emirates NBD Conservative Managed Fund……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Tradearabia.com: NBK Kuwait Equity Fund was the best performing fund in 2010 in comparison with 32 other all-sector funds of equities listed only in the Kuwait Stock Exchange, said NBK Capital, a leading investment management firm.
The fund achieved a +13.28 per cent gain for the first half of the year, surpassing the Kuwait Stock Exchange’s performance, in which the price index registered a -6.60 per cent loss and the weighted index registered a +3.02 per cent gain for the same period……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Bernama: Takaful IKHLAS has been appointed to the panel of insurers by the housing loans division under the Ministry of Finance which provides housing loans to government servants.
It has set up a special website to lure civil servants, under a newly-launched campaign, which offered low rates among others privileges……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Suite101.com: Dr. Yusuf Qardawi stated that a Muslim may use a interest bearing mortgage if all other means of purchasing a home Islamically has been exhausted and that the borrower has an extreme emergency or necessity.
The meaning of this statement is that a Muslim can take out a bank mortgage and pay interest if he has exhausted every possible means to purchase a home in the halal (permitted) way, such as seller financing, rent to own, Islamic Banking and borrowing money from relatives……………………………………….Full Article: Source
Posted on 06 August 2010 by Laxman | Email|Print
From Guardian: While Elena Kagan was dean of Harvard Law, she did in fact help establish a program for the study of Islamic finance. And here’s where, if you’re willing to spend a few minutes looking beyond the headlines, matters get more complicated.
It turns out that Islamic finance is deserving of study and different from the finance the rest of us use because the Qu’ran forbids the charging of interest and certain other practices that we all use, so deals have to be structured differently. And in a shrinking global world, it’s worth learning about those things……………………………………….Full Article: Source
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