Posted on 12 August 2010 by Laxman | Email|Print
From Bloomberg: Standard Chartered Plc, the U.K. bank that earns most of its profit from emerging markets, plans to introduce Shariah-compliant contracts in Asia to hedge against changes in commodity prices.
The products, which the London-based bank made available in the Persian Gulf in March, will allow buyers and sellers to agree on fixed or floating prices and make it easier for companies to protect themselves from volatility in goods such as sugar, rice, wheat and crude oil, Afaq Khan, chief executive officer of Standard Chartered’s Islamic banking unit in Dubai, said in an interview on Aug. 9……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Arabnews.com: The Islamic Development Bank (IDB) has approved 12 new development projects worth $620 million. The decision was taken by IDB’s Board of Executive Directors, which met in Jeddah on Saturday.
Amongst the decisions taken in the meeting was the approval of IDB Group’s membership in the International Financial Institutions Anti-Corruption Task Force (IFI Task Force) aimed at joining efforts by international institutions in combating fraud and corruption……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Arabianbusiness.com: Abu Dhabi Islamic Bank (ADIB) is to postpone customers’ repayments during Ramadan, the UAE lenders said in a statement.
Installments will be postponed until September 2010 and will apply to finance products including liability settlements, car finance, educational finance, travel finance, shares finance, and goods finance……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Theborneopost.com: The high saturation level seen within the Islamic banking segment in Peninsular Malaysia has resulted in OSK Investment Bank Bhd (OSK) looking across to Sarawak and Sabah for expansion opportunities.
“In my opinion, I feel that the customers in East Malaysia are more matured in terms of where they choose their banking services,” said its Islamic banking division director and head, Yazit Yusuff……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From WAM: Acting Attorney General in Dubai Counsellor Khalifa Rashid bin Dimas said the case of Dubai Islamic Bank (DIB) has been referred to competent prosecution for reinvestigation.
He added that the defendants were under arrest, pending reinvestigation as per a decision issued by the court……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Cpifinancial.net: Commercial Bank International (CBI) has launched several initiatives for the Holy month of Ramadan, including instalment deferment for loans and extended operating hours at some branches of the bank.
Douwe J Oppedijk, Chief Executive Officer of CBI, said, “Customer convenience is of primary importance to CBI and we aim to offer our clients value-added initiatives. We are aware that many of our customers have considerable financial obligations during the Holy Month, and we would like to demonstrate our commitment to them by deferring payment on this month’s instalment for personal and auto loans.”………………………………………Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Bloomberg: Albaraka Banking Group, the largest publicly traded Islamic lender in Bahrain, posted a second- quarter profit of $27 million compared with $25 million in the year-earlier period, according to a statement to Nasdaq Dubai.……………………………………..Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Regionaltimes.com: Speakers at a forum have underlined the need for promoting awareness on Islamic banking especially amongst the business community so that we have Islamic economy guaranteeing high rate of development and prosperity in the country.
The Islam strictly prohibits Riba (interest) in any mode of transaction. Any one linked to a transaction based on interest is declared ‘Jehanami’ by the Holy Quraan whether he /she is benefited from the deal or not, they said. The forum was organized by Karachi Chamber of Commerce and Industry’s sub-committee on banking and insurance here at the Chamber on Tuesday……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Reuters: Three Gulf Arab banks have lost out in the bidding for a licence to operate in Libya, but bankers and analysts say such lenders will stay in the hunt as they look to offset slowed growth at home.
“In the UAE in particular, single-digit loan growth forces these banks to look outside their home market,” said a Dubai-based banking analyst……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Standard Chartered Bank Bahrain has appointed C D K Sai Narain as the head of consumer banking for the kingdom. He will also be responsible for the bank’s consumer banking business across the Northern Gulf and Levant.
He will be responsible for strategy, development and management of the bank’s consumer banking business in Bahrain, Oman, Qatar, Lebanon and Jordan with a focus on continuous development of key growth segments - premium banking and SMEs……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Thenational.ae: The Government of Dubai may have to convert its US$1 billion (Dh3.67bn) loan to Dubai International Financial Centre (DIFC) Investments into shares, the US investment bank JPMorgan says.
DIFC Investments, which owns the infrastructure and property of the DIFC, has more than $3bn in liabilities……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Bloomberg: Gulf Finance House EC, the Bahrain- based investment bank, reached an agreement with a group of banks led by West LB for a new $100 million Islamic loan.
The two-year murabaha facility entails an option to extend its duration by another year, the bank said in an e-mailed statement today. The new facility helps restructure an old facility of the same amount, it said in the statement said……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
Dow Jones Indexes, a leading global index provider, today announced that it has been named “Most Outstanding Islamic Index Provider” by the Centre for Research and Training (CERT) in collaboration with Messrs. Hisham, Sobri & Kadir (HSK), the Association of Islamic Banking Institutions Malaysia (AIBIM), the Malaysian Takaful Association (MTA) and the International Institute of Islamic Finance (IIIF). The objective of the award is to honor and appreciate Dow Jones Indexes’ efforts and significant contribution in developing the Islamic Finance sector.
“Our Dow Jones Islamic Market index series has become the global standard for measuring Shari’ah-compliant equities. Market participants world-wide highly appreciate our leadership and commitment to providing objective, comprehensive and reliable Islamic indexes,” said Michael A. Petronella, president, Dow Jones Indexes. “This award bears yet again testimony to Dow Jones Indexes’ cutting-edge indexing initiatives for the Islamic Finance market space.”………………………………………Full Press Release: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Cpifinancial.net: The Khazanah SGD Sukuk recorded several milestones, being the largest and longest termed Sukuk issuance in Singapore, the largest SGD issuance by a foreign issuer in Singapore and the first SGD Sukuk issuance out of the Malaysia International Islamic Financial Centre (MIFC) initiative.
Khazanah Nasional Berhad (Khazanah) has issued a five-year and a 10-year Sukuk (Khazanah SGD Sukuk) for SGD 1.5 billion. The Sukuk, at $1.1 billion equivalent, is Khazanah’s single largest Sukuk issuance to-date……………………………………….Full Article: Source
Posted on 12 August 2010 by Laxman | Email|Print
From Menareport.com: A report issued by Kuwait Financial Centre “Markaz” indicated an improvement in the activities of the GCC stock markets during July 2010. According to the report, the positive trend was aided by higher corporate profits, which boosted investor confidence as well as positive reports from rating agencies.
The report pointed out that the GCC markets gained a 5% rise during the said month, bringing the increases since the beginning of the year until July to 4%……………………………………….Full Article: Source
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