Posted on 19 August 2010 by Laxman | Email|Print
From Bloomberg: Barclays Capital, the investment banking arm of London-based Barclays Plc, is offering Shariah- compliant repurchase agreements to allow Islamic banks and investors manage their funds.
Barclays introduced the product worldwide two weeks ago and is focusing on clients in Malaysia and the Middle East, where the largest Islamic financial institutions are based, Harris Irfan, the bank’s Dubai-based head of Islamic finance products, said in an interview………………………………………Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Thejakartaglobe.com: The central bank is considering easing restrictions on Islamic banks by allowing them to adjust loan terms and boost lending.
“Shariah banks have asked that loans that are still current be allowed to be restructured,” Mulya Siregar, director of Islamic banking at the central bank, said in an interview in Jakarta on Tuesday……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Reuters: Indonesia will delay a planned $650 million global sukuk offer to the first half of 2011 from October because a lower budget deficit forecast reduces this year’s borrowing needs, a government official said on Wednesday.
Indonesia, the world’s most populous Muslim country, is keen to develop Islamic finance and has sold $650 million in sovereign sukuk in 2009. It has not sold any global sukuk so far this year……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Finanznachrichten.de: Malaysia’s national mortgage firm Cagamas said on Wednesday it has sold 1 billion ringgit ($317.1 million) in three-year tradeable sukuk at a yield of 3.48 percent.
The paper, which is part of a 5 billion ringgit fund raising programme, had a subscription rate of 2.7 times, Cagamas said in a statement……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Gulfnews.com: Malaysian national mortgage corporation Cagamas Bhd said Wednesday it has issued a one billion Malaysian ringgit three-year Sukuk Al Amanah Li Al Istithmar, the first such Islamic bond of its kind to be issued in Malaysia.
The sukuk, part of Cagamas’ five billion ringgit (Dh 5.8 billion) Islamic medium term note program, was priced at a yield of 3.48 per cent, Cagamas said in a statement……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Thestar.com.my: Celcom Axiata Bhd has successfully placed out RM4.2bil nominal value unrated sukuk under a private offering as part of an internal exercise to streamline Celcom’s business functions and to establish a network-centric entity.
In a statement, Celcom said the sukuk issuance, with tenures ranging from five to 10 years, would be issued by its wholly-owned subsidiary Celcom Transmission (M) Sdn Bhd (CTX)……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Tradearabia.com: The Central Bank of Bahrain (CBB) said that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al Ijara, has been oversubscribed by 630 per cent.
Subscriptions worth BD63 million were received for the BD10 million ($26.52 million) issue, which carries a maturity of 182 days. The expected return on the issue, which begins on August 19 and matures on February 17, is 0.90 per cent……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd has recorded a higher turnover of RM615 million for its financial year ended March 31, 2010, compared with RM581 million in the previous year.
The general takaful segment contributed RM217 million, up from RM140 million previously, the company said in a statement Wednesday……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Albawaba.com: Shareholders of Islamic Bank of Britain approved a £20million capital injection from founding shareholder Qatar International Islamic Bank.
The additional capital will allow IBB to realise product development plans including the growth of its Islamic mortgage alternative, the Home Purchase Plan. IBB immediately released details of two new products to be launched as a result of the capital injection……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: HSBC Amanah Qatar launched HSBC Amanah Premier - the world’s first Islamic banking service aimed at internationally mobile, affluent consumers.
HSBC Amanah Premier, a cross-border Islamic banking and wealth management service, is an expansion of HSBC’s market-leading premium banking proposition HSBC Premier, offering customers access to HSBC Premier benefits with Shariah compliant products……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Allafrica.com: New Islamic financing tax laws were likely to attract more foreign investors to SA, Tasneem Gangat, a tax consultant at Grant Thornton, said yesterday.
The proposed new laws would bring several types of Islamic financing transactions into the tax net and bolster SA’s gross domestic product (GDP), she said. By giving recognition to Islamic investors, SA would be on a par with other global jurisdictions……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Legalweek.com: Pinsent Masons is set to launch an Islamic finance practice with the return of Al-Harith Sinclair from DLA Piper. Sinclair, a specialist in Islamic project finance structures, will join Pinsents’ City office as a partner on 1 May to establish and head up the firm’s Islamic finance practice.
In the new practice, Sinclair will focus on Islamic finance including Islamic treasury products, financial regulation and insurance work for new clients in London and the Gulf region, as well as targeting some of the Islamic banks established in the City……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From Zawya.com: As the concept of Islamic banking Islamic grows, banks following the system were urged to establish “permanent fatwas” instead of temporary ones, organizers of the two-day 31st session of “Al-Baraka Symposium for Islamic Economics” that starts today (Wednesday) said in a statement ahead of the meeting.
The initiative was taken in the light of increasing number of Islamic financial institutions along with the growing volume of their assets and deposits, and the consequential interest of many international institutions supporting Islamic banking……………………………………….Full Article: Source
Posted on 19 August 2010 by Laxman | Email|Print
From CNBC: Worldwide Islamic bond issuances doubled in the first half of 2010 from a year earlier. Musa Hitam, chairman of World Islamic Economic Forum Foundation, tells CNBC’s Yousef Gamal El-Din, Chloe Cho & Steve Sedgwick why Islamic finance is a more assured means of investing.………………………………………Full Article: Source
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