Posted on 24 August 2010 by Laxman | Email|Print
From Bernama: The global sukuk issuance is expected to reach US$30 billion in 2010, according to a report prepared by Kuwait Finance House (KFH) Research Limited.
It said the 2010 sukuk market would be driven by the recovery in global economic activity, record low interest rates, continued sovereign fund raising to support economic growth as well as revival of private sector projects…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Bloomberg: Islamic bond offerings from the Persian Gulf are struggling to keep up with Malaysia, the global hub for Shariah-compliant financial services, after new sales in the region fell to the lowest level in five years.
Issuance of Islamic debt from the Gulf has declined 24 percent to $2.5 billion so far this year, involving sales by three companies, according to data compiled by Bloomberg. Asia’s 29 borrowers, including Malaysia, issued $5.7 billion. The Gulf last outstripped Asian sukuk offerings in 2007…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Ameinfo.com: A report prepared by KFH Research Limited about the global Sukuk market, shows remarkable recovery from the effects of the global financial crisis. There seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year.
KFH Research expects Sukuk market to maintain its vitality during 2010, and foreseeable future under the push of positive factors monitored by the report. The most important factors are stimulus programs, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Sharia compliant products…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Arabnews: Saudi Arabia contributed more than 14 percent to the total value of sukuk issued globally in the first half of 2010, while the international Islamic bond market is expected to reach $30 billion this year, according to a report.
Total sukuk issued globally during the first half of this year was valued at $16.5 billion, an increase of 116.3 percent from $7.6 billion during the corresponding period in 2009, said the report prepared by Kuwait Finance House (KFH) Research Limited…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Zawya.com: A report prepared by KFH Research Limited about the global Sukuk market, shows remarkable recovery from the effects of the global financial crisis. There seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year.
KFH Research expects Sukuk market to maintain its vitality during 2010, and foreseeable future under the push of positive factors monitored by the report. The most important factors are stimulus programs, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Sharia compliant products…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Reuters: Seeking to diversify its financial industry after a banking crisis, oil-rich Kazakhstan is drawing on Arab and Malaysian investment in an effort to build an Islamic finance industry among its 13 million Muslims.
Its success may depend on the fate of pioneer investors and the commitment of its secular government to clear the way for a long-awaited sovereign issue of sukuk, or Islamic bonds, which could prompt other issuers to follow…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Istockanalyst.com: The best Islamic Finance principle to base the much-awaited Saudi mortgage law should be sukuk-based with a Shariah-compliant set of guidelines, Giambattista Atzeni, vice president and MENA business manager for corporate trust and a member of the steering committee of the Gulf Bond and Sukuk Association at BNY Mellon Corporate Trust in Dubai told Arab News.
“Sukuk would be the best way to mortgage homes in a Shariah-compliant fashion,” he said. He also believes that the exact scheme would be the issuance of an asset-backed sukuk and then a pool of loans would be sold to a Specific Purpose Vehicle (SPV)…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Bloomberg: Bahrain Financial Harbour, which houses banks and financial institutions, received a 90.5 million-dinar ($240 million) Islamic facility to repay debt.
Al Salam Bank, BBK, Kuwait Finance House, National Bank of Bahrain, and Bahrain Islamic Bank helped arrange the seven-year Ijara facility, according to a joint statement issued by Bahrain Financial and the banks today…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From MNA: The Islamic Development Bank has allocated 21 million euros for construction of a silo in the city of Garmsar, east of Tehran, Deputy Finance and Economic Affairs Minister Behrouz Alishiri said, ILNA News Agency reported.
Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), convened 18 December 1973. The bank officially began its activities on 15 Shawwal 1395H (20 October 1975). There are 54 shareholding member states…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From Aameinfo.com: Bahrain-based Al-Baraka Banking Group has signed a memorandum of understanding with the Islamic Corporation for the Development of the Private Sector (ICD) to jointly provide Islamic financing services, Arab News has reported.
As part of the agreement, the two parties will organise the invest surplus liquidity and exchange information relating to increasing awareness of the Islamic products…………………………………….Full Article: Source
Posted on 24 August 2010 by Laxman | Email|Print
From WAM: The Disbursement Committee of Zakat Fund has decided to grant AED 1 million to 100 people who newly embraced Islam to encourage them learn more about the religion and start their new lives as Muslims. The newly Islam converts are one of eight categories specified by the Holy Quran and the Islamic Shari’ah to deserve being given Zakat money.
Chaired by Abdullah Aqeeda Al Muhairi, Secretary General of Zakat Fund, said that people who have recently converted to Islam are those whose hearts are to be brought together in Islam. They were clearly mentioned in Verse 60 of Al Tawbah Soura in the Holy Quran as one of the eight categories who deserve to receive Zakat money along with the poor, the needy and others…………………………………….Full Article: Source 2FWamLocEnews%2FW-T-LEN-FullNews
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