Posted on 09 August 2010 by Laxman | Email|Print
From Tradearabia.com: Recent sukuk defaults and Investment Dar’s legal battles are set to reshape Islamic finance as investors demand more transparency on asset structures and proof of borrowers’ creditworthiness.
Several high-profile Islamic bond defaults and the near failure of Dubai property firm Nakheel’s sukuk have soured investor sentiment toward the sector, casting doubt on claims that the sharia’s safeguards offer added protection……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Gulf-times.com: Islamic bond offerings may accelerate in the next 18 months, led by first-time issuers in Asia after the region accounted for the most sukuk sold this year, Standard & Poor’s has said.
While issuance of securities that comply with Shariah law are down 17% globally this year, Asian borrowers issued $5.3bn, about 68% of the total $7.8bn worldwide, according to data compiled by Bloomberg. Sales from companies in the Arabian Gulf dropped 24% to $2.5bn so far in 2010, the lowest level since 2005, after Dubai World announced plans to restructure debt in November……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Government institutions globally topped the list of industry sectors with 77 per cent of Sukuk issued during Q2 2010, followed by the power and utility sector, financial sector, and transport sector.
Malaysia was the biggest issuer of Sukuk followed closely by Saudi Arabia and Qatar. “Globally, Sukuk issuance more than doubled in Q2 2010, when compared to Q1 2010 and Q1 2009………………………………………..Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Bloomberg: Asia’s best-performing currencies are luring funds to local Islamic bonds in Malaysia and Indonesia, helping to drive benchmark yields to the lowest levels in more than a year.
The yield on Malaysia’s five-year ringgit-denominated sukuk declined 33 basis points, or 0.33 percentage point, this year to 3.51 percent yesterday after touching its lowest since March 2009 at 3.5 percent on July 23, according to data from the central bank……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Btimes.com.my: The owner of the Duta-Ulu Kelang Expressway (DUKE) plans to restructure its RM780 million debt to rectify its funding-concession mismatch, and has approached Danajamin Nasional Bhd to ensure the success of its new Islamic bond.
“There is a need for a new sukuk issuance as there’s a mismatch between the asset and the company’s financing requirements,” said a source familiar with the latest proposed issuance……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Thestar.com.my: Cagamas Bhd, the national mortgage corporation and leading securitisation house, has issued a three-year RM230 million variable rate Sukuk Commodity Murabahah.
In a statement, Cagamas said the sukuk represented the largest ever rated, transferrable and tradable variable rate Commodity Murabahah note issuance by a corporate in the ringgit market to-date………………………………………Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Arabnews.com: The recent notification by Kuwait’s International Investment Group (IIG) KSCC that it was not in a position to make the periodic , once again turns the spotlight on the governance process, relating to especially unrated sukuk in the GCC (Gulf Cooperation Council) countries.
In fact this is the second time IIG has defaulted in meeting its obligations to its sukuk certificate holders……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Arabnews.com: Prior to the holy month of Ramadan, a leading Shariah-compliant home finance provider, launched an innovative product Sunday allowing consumers to unlock equity in their home and finance payments up to 30 years.
The product launched by Deutsche Gulf Finance is aimed at consumers seeking capital through financing their home for a variety of purposes including investment in land, residential property or other important family initiatives requiring substantial amounts of capital……………………………………….Full Article: Source
Posted on 09 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 09 August 2010 by Laxman | Email|Print
From Cpifinancial.net: United Arab Bank (UAB) has extended its Islamic banking services with the launch of its first global Islamic Credit Card with a distinctive vertical design.
UAB launched its Islamic Banking Services in March this year with three products initially covering Current Accounts, Investment, and Goods Murabaha. Soon after, the bank introduced two more products before the launch of its Islamic card, namely Vehicle Murabaha and Savings accounts……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Talk of a ‘conflict’ in the board at Unicorn Investment Bank in Bahrain was followed by the confirmation of the departure of the firm’s Managing Director and founding Chief Executive Officer, Majid Al Refai
A brief statement from the bank announced the appointment ‘with immediate effect’ of Ikbal Daredia as Interim Chief Executive Officer of the Bank. Daredia was the Global Head of the Bank’s Capital Markets, Institutional Banking and Treasury areas……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Arabnews.com: Up to now, the cross-border activity in the Islamic finance space between the two countries was largely confined to the commercial and investment banking sector.
For instance, the Securities Commission Malaysia (SC) has given Islamic fund management licenses to Asian Islamic Investment Management Sdn Bhd (AIMAN), a joint venture between Singapore’s DBS Asset Management Limited and integrated financial specialist group, Hwang-DBS (Malaysia) Berhad……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Thesundayleader.lk: A surge in Islamic financial services in Sri Lanka has seen a host of companies offering Sharia (or Islamic Law) compliant services to the market.
Recent entrants include LOLC and LB Finance. They seem to have sprung up in response to burgeoning demand for Sharia compliant financial services expected to increase from the North and East……………………………………….Full Article: Source
Posted on 09 August 2010 by Laxman | Email|Print
From Arabnews.com: The US-Qatar Business Council and the Arab Bankers Association of North America, in collaboration with the National Council for US Arab Relations, hosted a recent Islamic finance forum here at the George Washington University Law School.
The event featured five distinguished scholars and experts in the field of Islamic finance……………………………………….Full Article: Source
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