Posted on 13 September 2010 by Laxman | Email|Print
From Arabnews.com: Islamic exchange-traded funds (ETFs) continue to make slow but steady market penetration with the recent launch of a gold-based ETF, GoldPlus, launched in Istanbul by Kuveyt Turk Participation Bank, and the imminent launch by BNP Paribas Investment Partners of its second Islamic ETF, which will be listed on Bursa Malaysia.
“We see higher growth prospects in Turkey compared with other countries. According to our estimations, our Turkish operation will take the top position among our global subsidiaries in the long term……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Arabnews.com: Another sign of the seriousness with which Asian countries are developing their Islamic finance regulatory and legal frameworks is the number of consultations currently taking place in new emerging markets for the facilitation of Islamic financial products, including Sukuk, Murabaha, Ijara and Istisna.
These countries include Japan, South Korea, Hong Kong, Singapore and Thailand……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Gulfnews.com: News is an important asset for capital markets and the finance industry, and in Islamic finance it is the sunlight needed to “disinfect” accusations of opaqueness. But today’s Islamic finance “news” is often a mix of press releases, articles which repeatedly interview the same subjects, and old information.
It also shows little understanding of the economic environment in which Islamic finance news operates. Islamic finance blogs and chat rooms do a good job of reporting the news, but at times turn into personal attacks which result in electronic bullying……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Arabnews.com: The Shariah Advisory Council (SAC) of Bank Negara Malaysia, the central bank, which is the apex Shariah authority for the Malaysian Islamic banking industry, has approved the application of Wa’d (a unilateral promise) in Forward Currency Transactions for hedging purposes and on the issue of Takaful (Islamic insurance) Benefits Payable From Participants’ Risk Fund.
The SAC gave the initial go-ahead for the application at its 102nd meeting held in June 2010, but they were officially introduced by Bank Negara Malaysia at the end of August 2010……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Abna.ir: The news closely follows IBB’s announcement of a £20million capital injection from founding shareholder, Qatar International Islamic Bank.
With IBB now available from Legal & General, the Bank’s full range of Sharia compliant HPP is available to all the Club’s intermediaries……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Businessworld.in: The government today told the Kerala High Court that it is not legally feasible for banks in India or its branches abroad to undertake Islamic banking activities.
It said this had been the government’s stand even while giving replies to questions in Parliament as also in response to various VIP correspondence on the subject……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Dissertation-service.co.uk: You do not need to be of the Islamic monotheistic religion to write an Islamic banking dissertation. Writing a dissertation of this nature can be difficult but also extremely fulfilling. You can guarantee that the aspect of religion and faith will be used to govern this type of piece of writing. So, do your research and keep an open mind!
Like a doctoral dissertation or a thesis dissertation, there are certain rules and steps that need to be followed in order to produce a good piece of writing……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Arabnews.com: While the global financial crisis has forced commercial banks in other parts of the world to close expensive branches and look for ways to cut costs, the focus in the UAE and Saudi Arabia has been on finding ways to grow in a high-potential burgeoning market, according to experts.
“Consider that for every 17,000 people in Saudi Arabia there is only one bank branch. To put that in perspective, there are roughly 2,000 people per branch in most European countries,” Julien Faye and Philippe De Backer in a report said……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Ameinfo.com: Oman’s AhliBank has launched its internet banking service, Mye-bank, which customers will be able to access at any time at no extra cost.
The service will enable customers to carry out day-to-day transactions including checking their account balance, online account to account transfers, paying credit card bills and requesting cheque books as well as local and international third party transfers from home or the office without having to visit a branch……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Abndigital.com: Nigeria is not only the most populated country in Africa but also represents the largest Muslim population on the continent with an estimated Muslim population of about 75 million people. It therefore seems like fertile ground for the practice of Islamic finance.
Wole Famurewa looks at where Islamic finance is in Nigeria today and the prospects for the future. ………………………………………Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Gulf-times.com: Convertible Islamic debt sold by Dana Gas PJSC and Aldar Properties are headed for the best quarter in a year, a sign the Persian Gulf market is reviving.
Dana Gas’s 7.5% bonds due October 2012 yielded 10.77% last week, down from 13.6% on June 30, according to data compiled by Bloomberg. The UAE energy company has operations in Egypt and Iraq. The yield on the 5.767% sukuk due November 2011 issued by Aldar, Abu Dhabi’s biggest real-estate developer, was 7.30%, after falling below 10% on August 17……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Arabianbusiness.com: Dubai World will repay interest on loans to creditors and then the loans themselves in instalments, a government official was quoted as saying, after the state owned conglomerate reached a formal deal to restructure almost $25 billion of debt.
The restructuring agreement with over 99 percent of creditor banks will rebuild confidence in Dubai’s economy and marks a new start for the debt struck emirate, Ahmad Humaid al Tayer, a key player in Dubai’s government and corporate landscape, told the Arabic daily al-Bayan in an interview published on Saturday……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Timeslive.co.za: Discriminatory tax exemption laws against Islamic banking will soon be reversed, paving the way for a growth in the banking sector. That’s what the national Treasury is hoping to achieve with amendments to the tax Bill, which is expected to be passed before the end of the year.
At present, mainstream bank clients earn interest on their investments and receive a tax exemption……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Vanguardngr.com: African Reinsurance Corporation (Africa Re) has launched a new subsidiary called African Takaful Reinsurance Company (Africa Retakaful). The new company is a subsidiary of African Re to give the much needed back up to takaful insurance companies around the globe.
Africa Retakaful is wholly owned by Africa Re and licensed in Egypt under the Investment and Free Zone Law……………………………………….Full Article: Source
Posted on 13 September 2010 by Laxman | Email|Print
From Khaleejtimes.com: Noor Takaful, the Islamic Insurance provider and subsidiary of Noor Investment Group LLC, has signed a Memorandum of Understanding with Dubai Cares, in support of the charitable organisation’s efforts in providing children in developing countries with access to quality primary education.
Dubai Cares is the UAE-based philanthropic establishment launched by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in 2007……………………………………….Full Article: Source
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