Posted on 10 August 2010 by Laxman | Email|Print
From Reuters: Indonesia’s finance ministry has sold 2.855 trillion rupiah of government sukuk to the state-managed Islamic Haj Fund through a private placement on Monday, and will use the proceeds to fund the budget deficit.
The ministry said on its website that the non-tradeable papers will carry a coupon of 7.36 percent and mature in 2014. The Haj Fund is managed by the religious affairs ministry using money collected by Muslims going on pilgrimage to Mecca……………………………………….Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Ameinfo.com: NCB Capital, Saudi Arabia’s largest investment bank, reported that the GCC debt capital markets staged a broad-based recovery in the second quarter of the year after a disappointing beginning to the year.
The conventional bond market saw the aggregate value of primary issuances increase by 33% over the last quarter, while the number of issuances more than doubled……………………………………….Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
Cagamas Berhad, has successfully issued a 3-year, RM230 million variable rate Sukuk Commodity Murabahah. The Sukuk represents the largest ever rated, transferrable and tradeable variable rate Commodity Murabahah note issuance by a corporate in the Ringgit market to-date and is Cagamas’ maiden variable rate Sukuk issuance via its existing RM60 billion Islamic Commercial papers and Medium Term Notes programme.
The Sukuk marks an important milestone to stimulate the variable rate Sukuk market and it is envisaged to be a benchmark for the Malaysian bond market……………………………………….Full Press Release: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Bloomberg: A Bahrain-based agency is proposing new rules for religious scholars involved in the $1 trillion Islamic finance market, aiming to reduce the risk of conflicts of interest or improper disclosure.
The guidelines may address whether Shariah scholars can own shares in the institutions they serve and how many advisory boards they join, said Mohamad Nedal Alchaar, secretary-general of the Accounting & Auditing Organization for Islamic Financial Institutions, whose standards have been adopted in countries including the United Arab Emirates and Qatar……………………………………….Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Zawya.com: While the global Islamic funds industry appears to be standing on quicksand, Malaysia has become a magnet for Islamic fund companies. Isla MacFarlane asks what Malaysia has that the GCC hasn’t.
Malaysia appears to be leaving the Gulf Corporation Council (GCC) in the proverbial shade when it comes to asset management. Malaysia, home to one of the world’s most vibrant Islamic mutual funds industries, has 153 mutual funds distributed across over 1.78 million customers, from individuals to institutions……………………………………….Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Gulf-times.com: Qatar Islamic Bank, the Gulf state’s biggest Shariah-compliant lender, is looking for partners in Indonesia to expand in Southeast Asia, the Malaysian Reserve reported, citing Mohamed Azahari Kamil, CEO of Asian Finance Bank, QIB’s unit in Malaysia.
Asian Finance has identified several companies in Indonesia as potential partners for QIB……………………………………….Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: The Qatar Financial Centre Authority appointed Yousuf Al Jaida as Director, Strategic Development, responsible for Asset Management and Banking.
Al Jaida will be responsible for the QFCA’s strategic development in Asset Management and Banking sectors following the announcement earlier this year of its new specialist “three hub strategy” - focusing on the areas of Asset Management, Captive insurance, and Reinsurance……………………………………….Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Bt.com.bn: Despite challenges in competing at the global halal market, Brunei is well-placed to carve a niche in making “specialised quality products” given strides in building the local halal industry, research and consultancy firm Oxford Business Group (OBG) said.
The Sultanate “faces a challenge to compete at the mass production level in the international halal sector, but it is very well placed to carve out a niche as a producer of specialised quality products, while also providing globally recognised accreditation services and potentially even training for future business leaders in the industry,” OBG said………………………………………Full Article: Source
Posted on 10 August 2010 by Laxman | Email|Print
From Bloomberg: Saudi Arabia, the Arab world’s biggest economy, approved a five-year 1.44 trillion riyal ($385 billion) development plan, the official Saudi Press Agency reported, citing a government cabinet statement.
The ninth development plan from 2010 to 2014 is 67 percent larger than the previous five-year period, the Riyadh-based news service said today……………………………………….Full Article: Source
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