Posted on 15 September 2010 by Laxman | Email|Print
From Bloomberg: Dubai’s Islamic bonds, after beating Sukuk from Malaysia this quarter, may face limited gains because the restructuring of Dubai World’s $24.9 billion in debt requires asset sales over eight years.
“I don’t think there will be a run-away rally here,” Abdul Kadir Hussain, chief executive officer in Dubai at Mashreq Capital DIFC Ltd., which manages $2 billion of mainly Persian Gulf assets, said in an interview yesterday. “Refinancing risk will occur in five and eight years obviously and the market will continue to see this.”………………………………………Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Indiatimes.com: At a Reserve Bank of India meeting, a team of Islamic scholars and senior lawyers met a top central bank official to talk about the possibility of a pilot project where banks in India may open special windows to offer interest-free products that are based on Sharia’h, the sacred law of Islam.
The RBI official, like most RBI officials, was non-committal. But the delegation that visited the regulator challenged the fundamental argument that the finance ministry as well as RBI have so far held on to……………………………………….Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Businessday.co.za: New tax laws will level the playing field between Islamic banks and conventional banking, say banking and tax analysts. The new laws are intended to encourage foreign direct investment into SA, says Amman Muhammad, MD for Absa Islamic Banking.
Mr Muhammad says the current tax laws prejudice Islamic finance and undermine SA’s financial role in nonwestern markets as a regional financial centre……………………………………….Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Arabnews.com: Saudi Arabia’s banking system has topped the financial health chart in the GCC and showed more resilience to the consequences of the financial crisis than its peers in the GCC region, thanks to the prudent regulations of the Saudi Arabian Monetary Agency (SAMA) and the well diversified loan portfolio of local banks, KIPCO Asset Management Company (KAMCO) said in its GCC Banking Outlook issued on Tuesday.
The report said the Saudi banks remained adequately capitalized throughout the crisis period……………………………………….Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd expects the purchase of the IBM Power7 system to increase its efficiency by four times in terms of performance and workload consolidation capacity.
In a statement on Tuesday, its chief executive officer, Datuk Syed Moheeb Syed Kamarulzaman, said the RM800,000 investment was part of the company’s transition to a dynamic infrastructure to support the company’s growth over the next three years……………………………………….Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Reuters: Abu Dhabi plans no immediate bond issues following its “non-deal” roadshows in several European countries this week, an official said on Tuesday, but analysts expect the emirate to tap the market in coming months.
State-owned National Bank of Abu Dhabi, the United Arab Emirates’ top bank by market value, is also meeting investors in Europe this week, IFR Markets reported. “It is a non-deal roadshow, a regular update we have been doing in the last two years, meeting investors,” the official at Abu Dhabi’s debt management office told Reuters on Tuesday……………………………………….Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Reuters: State-owned conglomerate Dubai World’s debt restructuring deal will hasten a similar deal for creditors of property developer Nakheel, analysts said, and acts as a precedent for other state-linked restructurings.
Dubai World reached near-unanimous approval for its $24.9 billion debt plan, it said in a statement on Friday, but flagship property arm Nakheel NAKHD.UL, undergoing parallel negotiations, has yet to secure backing for its plan……………………………………….Full Article: Source
Posted on 15 September 2010 by Laxman | Email|Print
From Metro.co.uk: Women who repeatedly offend will be sent to prison after lawmakers in the senate rubber-stamped an earlier vote by MPs. In a nation of 5million Muslims, the full Islamic face veil is now officially ‘an insult to the country’s values’.
The 246-1 vote result means the controversial law is now in force, despite threats from al-Qaeda leaders to seek ‘dreadful revenge’ if it is ever enforced……………………………………….Full Article: Source
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