Posted on 11 August 2010 by Laxman | Email|Print
From Saudigazette.com.sa: Muslims around the world could be setting their watches to a new time soon when the world’s largest clock begins ticking atop a soaring skyscraper in Makkah. Saudi Arabia hopes the four faces of the new clock perched atop a tower, which is expected to be the world’s second tallest building, will establish Makkah as an alternate time standard to the Greenwich median.
The clock reflects a goal by some Muslims to replace the 126-year-old Universal Time standard – originally called Greenwich Mean Time (GMT) – with Makkah Mean Time……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest. Global sales of sukuk fell 28 percent to $7.9 billion so far this year, according to data compiled by Bloomberg.
Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Indiatimes.com: Banks and financial institutions in the Persian Gulf are turning to Asia to profit from the economic recovery and rising property prices. Al Salam Bank BSC, Bahrain’s fastest-growing lender by revenue in the past year, plans to invest $500 million of Islamic funds in Asia, joining Saudi Arabia’s Al Rajhi Group in tapping the region’s growth.
Al Salam Bank will put funds into real estate, agriculture and food in the next five years, focusing on Malaysia, Indonesia and Singapore, Yousif A. Taqi, chief executive officer at the Manama-based bank, said………………………………………Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Vanguardngr.com: Some experts have backed the plan to introduce Islamic Banking and Finance into the Nigerian financial system, urging people to embrace it. According to the experts, Islamic finance will help check the spate of sharp practices in financial institutions and will help promote ethical conduct and practices in the Nigerian financial landscape.
Islamic finance is simply finance under Islamic law or Shar’iah principles, and it has as its central features, the prohibition of speculation and the payment and receipt of interest in commercial transactions……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Ittefaq.com: Islamic banking is gaining popularity across the world as the global financial turmoil seems to have had limited impact on it. The Islami banking system is based on Islamic Sharia’ah and not on ‘predictions’ which give it the advantage of having less external shocks like the recent global financial meltdown.
The total GDP of the world is around $30 trillion where as the total credit market is $64 trillion. The gap is ‘prediction’. Islami finance industry has been in an expansionary phase in recent years and even the Vatican says banks should look at the rules of Islami finance to restore confidence among their clients at the time of global economic crisis……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Bernama: Maybank Islamic Bhd won the Most Outstanding Islamic Retail Banking award for the third consecutive year at the 7th Kuala Lumpur Islamic Finance Forum (KLIFF) held recently.
Its Chief Executive Officer, Ibrahim Hassan said it was a delight to be acknowledged again for their commitment and contribution towards the development of Islamic finance……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Reuters: Gulf Finance House struck a last-minute deal with lenders to roll over a $100 million loan, giving the Bahraini investment house more time to sell assets and find new sources of revenue.
GFH said it had signed an agreement with lenders to roll over a murabaha loan that matured on Tuesday into a new facility with a two-year maturity which GFH can extend by 12 months……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Abu Dhabi Islamic Bank (ADIB) and Etihad Airways have launched a range of co-branded debit card and Shari’ah-compliant covered cards. Under the partnership, Etihad Guest cardholders will receive up to 50,000 Etihad Guest Miles upon signing up for one of the new cards - available in Classic, Gold and Platinum versions - and earn additional miles while using the card for any purchases.
ADIB-Etihad Guest cardholders will also be able to enjoy a variety of privileges including airport valet parking; a dedicated ADIB travel desk service; upgrades to higher membership status within the Etihad Guest loyalty program; and options to earn free companion tickets……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Fitch Ratings has today affirmed Emirates NBD’s (ENBD) Long-term Issuer Default Rating (IDR) at ‘A+’, Short-term IDR at ‘F1′, Support Rating at ‘1′, and Support Rating Floor at ‘A+’. The Outlook on the Long-term IDR is Stable. The Individual Rating of ‘C’ remains on Rating Watch Negative (RWN).
The affirmation of ENBD’s Long- and Short-term IDRs reflects the extremely high probability of support from the United Arab Emirates’ (UAE) authorities and the emirate of Dubai. ENBD is 56%-owned by the government of Dubai……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Dubai-based investment bank Shuaa Capital posted a second-quarter loss, hit by a fall in the value of its investments and dwindling trading volumes.
Shuaa, in which the ruler of Dubai owns a 48.4 per cent stake, yesterday said it swung to a net loss of 56.6 million dirhams ($15.4m) in the second quarter from a 91.7m dirhams net profit a year ago……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
Kuwait Finance House (Malaysia) Berhad (KFHMB), the country’s first foreign Islamic bank, today entered into an Automobile End-Financing Agreement with Nasim Sdn Bhd (Nasim), the official distributor of the Peugeot marque in Malaysia.
Through the collaboration, Nasim’s customers will enjoy access to swift auto financing facilities based on Shariah concept at attractive rates for the purchase of their Peugeot cars. The agreement was signed by Nasim’s Chief Executive Officer, Encik SM Nasarudin SM Nasimuddin and Chief Executive Officer of KFHMB, Puan Jamelah Jamaluddin……………………………………….Full Press Release: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Mysolutioninfo.com: Path Solutions, the global provider of software solutions and services to the Islamic finance industry, today announces that Al Baraka Bank Syria has successfully deployed iMAL enterprise banking and investment system with full service offerings to its customers in just 6 months.
The solution will enable the bank to meet its growing volume requirements, reduce risk and increase its profitability through STP, automation and centralisation……………………………………….Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Pakobserver.net: Meezan Islamic Fund (MIF), Pakistan’s largest equity fund in the private sector, has received 5 STAR ranking from the JCR-VIS Credit Rating Company for the one, two and three year periods ended June 30, 2010.
MIF is the only fund in Islamic equity fund category, which has got 5 star ranking, the highest possible ranking for any fund. This clearly reflects the consistent outstanding performance of MIF as compared to other Islamic funds in the country……………………………………….Full Article: Source
More stories about: Funds
Posted on 11 August 2010 by Laxman | Email|Print
From Lutontoday.co.uk: Two new courses are set to begin at the University of Bedfordshire next month, which will recognise the increasing demand for Islamic financial products and services.
The Master of Science (MSc) in Islamic Banking and Finance and the Master of Laws (LLM) in Islamic Commercial Law guide students through the principles of Islamic finance and the theory of Islamic commercial practice which is based on Shari’a Law………………………………………Full Article: Source
Posted on 11 August 2010 by Laxman | Email|Print
From Washingtontimes.com: The State Department is sending Imam Feisal Abdul Rauf - the mastermind of the Ground Zero Mosque - on a trip through the Middle East to foster “greater understanding” about Islam and Muslim communities in the United States.
However, important questions are being raised about whether this is simply a taxpayer-funded fundraising jaunt to underwrite his reviled project, which is moving ahead in Lower Manhattan……………………………………….Full Article: Source
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