Posted on 14 September 2010 by Laxman | Email|Print
From Thejakartaglobe.com: Jakarta-based Bank Syariah Mandiri joined Islamic lenders worldwide to use Ramadan to remind Muslims to obey the teachings of the Prophet Muhammad that ban interest.
Marketing campaigns aimed at 1.6 billion Muslims worldwide have increased this year as the global economy recovers, according to the Pan Arab Research Center in Dubai……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Ameinfo.com: National Bonds Corporation PJSC, the leading Sharia compliant saving scheme in the UAE, has made regular saving easier than ever with the launch of a Standing Instruction Order service through number of banks across the UAE, customers can now set up this service to make savings with National Bonds even more convenient.
A Standing Instruction Order is an agreement between a bank and customer where a fixed amount of money is transferred at regular intervals to another account……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Bernama: Prudential BSN Takaful Bhd has launched three new takaful plans for customers to make financial provisions for unexpected events.
Chief Executive Officer Azim Mithani said PruBSN Protect, PruBSN ProtectPlus and PruBSN CrisisCover were designed to meet customers’ needs in times of emergencies……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Cpifinancial.net: Standard & Poor’s Ratings Services said that its ‘BBB-’ counterparty credit and insurer financial strength ratings on Kuwait-based First Takaful Insurance Co. (First Takaful) remain on CreditWatch with negative implications, where they were placed on May 12, 2010.
“The rating action mainly reflects our continued view of the deteriorating underwriting performance of First Takaful’s “Takaful fund”, poor investment results for both members and shareholders, and diminished business growth under very difficult economic and competitive conditions,” said Standard & Poor’s Credit Analyst Wolfgang Rief……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Qatar-tribune.com: Al khaliji al islami, Islamic banking division of Al Khalij Commercial Bank, has introduced the iMAL enterprise Islamic banking and investment solution in partnership with the Islamic banking solutions provider, Path Solutions.
iMAL, the flagship Path Solutions product, is a robust, proven AAOIFI-certified Islamic core banking solution and has won the approval of many Shari’a boards……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Reuters: Nigeria will stop issuing universal banking licences next month and enforce new minimum capital requirements for lenders in a bid to avoid a repeat of last year’s near collapse of several banks.
The aim is to separate banks’ core lending business from more speculative capital market activities — such as stock broking, asset management, private equity and venture capital — to protect depositors’ funds……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Khaleejtimes.com: The Zakat Fund in the UAE has managed to distribute Dh245 million in donations from which 13,000 people and 65,000 families have benefited since its establishment on February, 2003.
“The monthly aid provided by the Fund stood at Dh6,000 to every family, and the payment continues until the family’s needs are met”, Secretary General of the Fund Abdullah Aqeda Al Mohiri told Khaleej Times……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Albawaba.com: Abu Dhabi financial services firm Invest AD and Japan’s SBI Holdings Inc. (SBI) are establishing a new fund management company to invest in Africa, starting with a fund of up to $100 million.
The new fund, seeded equally by Invest AD and SBI, will focus on Nigeria, Ghana, Kenya, Egypt, Tunisia and Morocco. It will invest in several sectors, including banking, mining, consumer products and manufacturing, through listed equities, initial public offerings (IPOs), as well as pre-IPO and unlisted equity……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Investmentinternational.com: There is huge room for growth in Islamic exchange traded funds with around 1.6 billion Muslims worldwide and $950 billion in assets under the management of the Islamic finance industry, it is claimed.
There are now Sharia-compliant ETFs trading on major stock exchanges around the globe, including Saudi Arabia, Europe, the US and Asia and currently 16 ETFs trading that are benchmarked to Islamic indices, with around $36 million in total assets across the funds, says iShares vice president Robert Broadwell……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Helium.com: The purchase of a home can be difficult for those who abide by Islamic law, unless there is a pot of cash available to buy a property outright. Conventional mortgages are not an option as the Quran has a prohibition against dealing with interest.
There are mortgage providers based in the UK which have addressed this issue by creating products which are in full compliance with Sharia law: however that is a matter of interpretation as different Sharia scholars interpret the law in different ways, thus what is acceptable in one scholarly view may not be in another……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Thefinancialdaily.com: When we talk about the practice and implementation of Islamic Economic System with all enthusiasm and energy, we generally stress on abolishing interest-based financial system and the practices of the same by the government.
Unfortunately, we only look at the big picture and absolutely ignore the role of general public’s daily economic/non-economic practices in the enforcement of Islamic Economic System within the society……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Emirates247.com: Four Gulf countries locked in plans to set up the Middle East’s first monetary union should set a deadline for the launch of their single currency, a Saudi parliament member was quoted as saying on Monday.
Saudi Arabia, Kuwait, Qatar and Bahrain, members of the six-nation Gulf Co-operation Council (GCC), also need to learn from the recent euro crisis but must not wait until the crisis is over, said Ihsan bu Hlaiga, Saudi Shura (appointed parliament) member and a well-known Gulf economist……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Arabfinance.com: The United Arab Emirates and Saudi Arabia accounted for 80 per cent of the total $278 billion foreign direct investments that flowed into the GCC during the past two decades, the latest report by United Nations Conference on Trade and Development, or UNCTAD, said.
The UAE was GCC’s second largest recipient with a share $73.4 billion or 26 per cent of the total foreign direct investment, or FDI, flowing into the region during the period……………………………………….Full Article: Source
Posted on 14 September 2010 by Laxman | Email|Print
From Arabianbusiness.com: UAE banks will prefer higher interest rates to a government guarantee under Dubai World’s $24.9 billion debt restructuring plan, Mashreqbank chief executive officer Abdul Aziz al Ghurair said.
Foreign lenders to state owned Dubai World will prefer the option that includes the government guarantee and lower interest rates, al Ghurair said in an interview to Al Arabiya TV……………………………………….Full Article: Source
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