Posted on 20 August 2010 by Laxman | Email|Print
From Reuters: Split by an age-old rivalry stemming from the fight for market share and differences in sharia interpretation, Islamic banking hubs Malaysia and the Middle East have struggled to work together in the past, resulting in fragmented standards and localised markets which have divided the industry.
Some Malaysian Islamic products have not been accepted in the Gulf because authorities there say they are not sharia compliant……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Islamic bond yields at four-year lows are failing to deter investors amid a flagging global recovery and dwindling new issuance of sukuk.
The average yield on dollar-denominated notes that comply with religious principles from Dubai to Malaysia fell 22 basis points, or 0.22 percentage point, so far this week to 5.25 percent, the lowest level since December 2005, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. The yield has dropped 200 basis points this year……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Afghanistan plans to issue licenses for three Islamic banks, the first to offer a range of services that comply with religious law in a country where 99 percent of the population is Muslim.
Afghan United Bank, Ghazanfar Bank and Maiwand Bank are seeking permission to provide products that meet Shariah principles, said Aimal Hashoor, a central bank spokesman in Kabul……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Ibtimes.com: Islamic Bank of Britain (IBB) has landed a capital injection of $31 million from founding shareholder Qatar International Bank (QIB).
Close on the heels of the shareholder approval of the capital ijnection, IBB announced details of two new Sharia-compliant home mortgage products……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Thenational.ae: Abu Dhabi Islamic Bank (ADIB), the country’s second-largest Sharia-compliant lender, has a new game plan to capture business from the football-mad UAE. The bank has signed a sponsorship deal to become an official partner of the UAE Football League (UFL).
“ADIB’s UFL sponsorship demonstrates our intent to reach our customers throughout the UAE and to deliver a unique value proposition that is relevant to them as passionate and loyal football fans,” said Petr Klimes, the senior vice president and group marketing director at ADIB……………………………………….Full Article: Source
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From Albawaba.com: Al hilal bank, one of the leading Islamic Banks in the UAE, has recently signed an agreement with both Abu Dhabi Tawteen Council (ADTC) and Emirates Institute for Financial and Banking Studies (EIFBS), to increase the number of UAE nationals in the banking sector through the “Dirasati” programme.
Launched by ADTC, the “Dirasati” programme offers training opportunities for more than 200 UAE nationals through special courses provided by EIFBS. Programme graduates will be awarded a diploma degree in conventional or Islamic banking……………………………………….Full Article: Source
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From Globalarabnetwork.com: The Syrian banking sector appears to be in rude health, reporting record figures at a time when many banks in the region are still absorbing the impact of the global financial crisis. In July 2010, the Central Bank of Syria released figures showing that bank assets in the country have topped $40bn for the first time.
With banking expanding across a number of business lines, growth levels have outstripped neighbours in the region. Both state-owned and private banks have been performing strongly this year……………………………………….Full Article: Source
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From Tradearabia.com: Kuwait’s government has given the green light to the country’s banks to finance a KD30 billion ($104.2 billion) development plan and is prepared to back them with guarantees, newspapers reported on Thursday.
Kuwait’s parliament approved the four-year plan in February. It is aimed at decreasing the Gulf Arab state’s dependence on oil for state revenues, and boosting private sector participation in projects……………………………………….Full Article: Source
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From Efinancialcareers.ie: It’s a tad ironic, perhaps, that a nation with one of the proportionately largest Roman Catholic populations in the world is turning to Islamic finance for new opportunities. Are Ireland’s ambitions realistic, and what jobs are likely to be created if it succeeds?
Any new jobs are still a way off, but the Irish government has recently made some regulatory and tax changes designed to attract more business from Islamic finance institutions. Understandably, considering the small Muslim population, the focus is initially going to be on wholesale rather than retail financial services……………………………………….Full Article: Source
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From Reuters: US based power plant developer AES has completed the sale of its Islamic power plant assets, held jointly with the Islamic Development Bank Infrastructure Fund under the name AES Oasis, by selling a 58% stake in the Barka 1 456MW power and water plant in Oman to Saudi company Acwapower for US$200m.
Three of the four plants in the Oasis portfolio have now been sold, including the 650MW Lal Pir and PakGen assets in Pakistan, which were sold to local investors led by Nishat Mills for US$117m in June. The assets have been badly hit by the recent flooding in the country……………………………………….Full Article: Source
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From Gulfnews.com: Bahrain’s Gulf Finance House (GFH), which is trying to raise more capital to improve its liquidity, made a second-quarter net loss of $39.9 million, according to Reuters calculations.
The Islamic investment house said in a statement its net loss during the first half of the year was $47.7 million, compared with $92.1 million during the year-earlier period……………………………………….Full Article: Source
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From Bloomberg: Gulf Finance House EC said its first-half loss narrowed after it cut costs and liabilities as the Bahrain-based investment bank restructures its business.
The loss was $47.7 million after $92.1 million in the year- earlier period, the Manama-based bank said in an e-mailed statement today. Expenses fell 54 percent to $73.6 million, while liabilities were reduced to $965 million at the end of June from $1.8 billion a year ago……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Thisisguernsey.com: A New suite of Guernsey-based Islamic-compliant investments has been listed on the Channel Islands Stock Exchange.
The launch of World Shariah Funds PCC Ltd by local investment manager Argyll Investment Services follows its participation in the GuernseyFinance presence at the Fund Forum Middle East conference in Bahrain in October 2009……………………………………….Full Article: Source
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From Bernama: The Organisation of the Islamic Conference (OIC) should seriously consider establishing an emergency fund to address efficiently and urgently natural disasters and catastrophes that may affect individual member states in the future.
This was contained in the final communique of the emergency meeting of OIC member states’ permanent representatives on the floods in Pakistan, that took place in Jeddah on Wednesday……………………………………….Full Article: Source
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Posted on 20 August 2010 by Laxman | Email|Print
From Istockanalyst.com: Celcom Axiata Bhd has successfully placed RM4.2 billion nominal value unrated sukuk (trust certificates) under a private offering to the Employees Provident Fund Board (EPF), CIMB Islamic Bank Bhd and Malayan Banking Bhd.
The sukuk issuance, with tenures ranging from five to 10 years, will be provided by Celcom’s wholly-owned subsidiary, Celcom Transmission (M) Sdn Bhd (CTX)……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Bloomberg: Jordan will select banks including JPMorgan Chase & Co., HSBC Holdings Plc, Credit Suisse Group AG and Arab Bank Plc to manage the sale of a $500 million Eurobond, Finance Minister Mohammad Abu Hammour said.
The government plans to offer debt maturing in five years by the fourth quarter of this year to help finance the nation’s budget deficit, Abu Hammour said in an interview by telephone from Amman today……………………………………….Full Article: Source
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From Todayszaman.com: The sukuk, an Islamic financial certificate similar to a bond, has made its debut on the Turkish market with participation bank Kuveyt Türk raising funds through a $100 million three-year issue, which is expected to boost funds inflow to the country.
The bank has become the first financial institution in Turkey and Europe to issue sukuk securities, led by Citigroup and the Liquidity Management House (LMH). The financing received one-and-a-half times more demand than anticipated……………………………………….Full Article: Source
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From Bernama: Hong Leong Tokio Marine Takaful Bhd (HLTM Takaful) will introduce two new family products and finalise its partners for the products soon.
Chief executive officer Ab Latiff Abu Bakar said the company planned to launch the new products in mid-October this year and will also be developing other product offerings which incorporate Islamic services such as Wakaf, Korban, Zakat and the Hajj……………………………………….Full Article: Source
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From Tradearabia.com: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has been named the best Takaful distributor in the UAE for the second quarter of 2010.
The award was recently presented to the bank by Germany’s FWU AG, a global leader in Takaful product development, in recognition of the performance of the Al Islami Takaful savings programme……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Emirates247.com: Saudi Arabia has invited local businesswomen for their first conference to discuss investment opportunities in the Gulf Kingdom within a drive to expand their role in the domestic economy, the local press has said.
Hundreds of Saudi female investors will attend the October 4-5 conference in Riyadh, to be sponsored by the Federation of Saudi Arabian Chambers of Commerce and Industry with the participation of the government……………………………………….Full Article: Source
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From Globalarabnetwork.com: The Third meeting of the Gulf monetary council attended by governors of monetary institutes and central banks of member states, concluded last night with the participation of the Central Bank of Kuwait Governor Sheikh Salem Abdulaziz Al-Sabah.
The meeting that was headed by the Vice Governor, Saudi Arabian Monetary Agency, Dr. Mohammad Al-Jasser, discussed several issues concerning coordination and joint cooperation among member states, to accelerate the establishment on the Gulf Central Bank……………………………………….Full Article: Source
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From Maktoob.com: An Australian Muslim woman who sought permission to keep her face and head covered while she gives evidence at an upcoming trial was told by a judge Thursday she would have to remove her veil.
The case is the first time in Australia that a court has had to consider whether a witness should be allowed to keep their face hidden behind the type of veils some Muslim women wear as a mark of modesty……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Thenational.ae: Following in the footsteps of the Ottoman Empire through its sheer scale and glitz, the colossal Saudi clock tower may just succeed in changing the watches of the world. The clock tower and complex is a hospitality project and, its developer hopes, a magnet for tourists.
For the King Abdul Aziz Endowment that is behind the development, Abraj al Beit is part of a plan to triple the number of pilgrims that Mecca can handle during haj, to 10 million……………………………………….Full Article: Source
Posted on 20 August 2010 by Laxman | Email|Print
From Maktoob.com: Nearly two years after Barack Obama’s election as US president, a growing number of Americans misidentify his faith as Muslim, according to a new poll released Thursday.
Despite Obama’s attendance in church and his repeated public statements about his Christian faith, nearly one in five respondents on the survey said they believed he is a practitioner of Islam, while only 34 percent of Americans correctly identified him as a Christian, down sharply from a year earlier……………………………………….Full Article: Source
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