Posted on 17 September 2010 by Laxman | Email|Print
From Emirates247.com: Islamic banks in the UAE recorded a decline of around 17 per cent in its net earnings in the first half of 2010 despite a sharp rise in the profits of the Abu Dhabi Islamic Bank (ADIB), bank figures showed on Thursday.
From around Dh1.51 billion in the first half of 2009, the combined net income of the country’s Islamic banks dipped to nearly Dh1.24 billion in the first half of 2010, showed the figures released by Mubasher information centre…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Thestreet.com: Islamic banking is one of the fastest growing segments in the financial industry, tracking a 10-15% growth over the past decade. Globally, Islamic banking assets are estimated to grow around 15% a year to $1 trillion by 2016, according to the IMF.
The high growth rate seen in Islamic banking is attributable to increasing demand from Muslims, growing oil revenues in the Middle East countries, and the attractiveness of Shariah-compliant financial services to non-Muslim investors seeking “ethical” banking practices…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Albawaba.com: Albaraka, the pioneer of the Turkish participation banking, obtained Murabaha syndication facility of 240 million US dollars in total. The Murabaha syndication facility has been realized with the participation of 22 banks and financial institutions from 14 countries, led by Noor Islamic Bank, Standard Chartered Bank and ABC Islamic Bank. The maturity of the facility is determined as one year.
The agreement on the availability of the credit reaching a volume of $98 million and 108,5 million Euros was signed in a ceremony attended by the directors of the leading and participating banks of the consortium…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Emirates247.com: UAE Central bank Governor Sultan Bin Nasser Al Suwaidi reiterated the importance of cooperation among the Arab countries in various fields.
In a statement to Emirates News Agency (WAM) given on the sidelines of the 34th meeting of the governors of Arab Central Banks and Monetary agencies currently under way in Libya, Al-Suwaidi also stressed the importance of these meetings as they discuss various economic and financial issues concerning the Arab world…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Gulfnews.com: Every UAE resident maintains nearly two deposit accounts on average, according to a World Bank report released Thursday. “There is a wide variation among countries in the region in terms of deposit account penetration, from 104 bank accounts per 1,000 adults in Yemen, to 1,751 bank accounts per 1,000 adults in the UAE,” says the report, Financial Access 2010.
“Average deposit size per capita is much higher in Mena, at 260 per cent, than in developing and high-income countries.”……………………………………Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From IMF: This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers.
Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Bloomberg: Islamic bonds of Tamweel PJSC, the United Arab Emirates-based mortgage lender, have failed to benefit from the Dubai World debt accord after being the worst performing sukuk in the country in the past five months.
The yield on Tamweel’s 4.31 percent sukuk due in 2013 surged 8.67 percentage points, since an April 13 low. Yields on the debt climbed six basis points to 19.64 percent since Sept. 9, the day before Dubai World unveiled an accord with 99 percent of creditors. Yields on notes from Dubai World’s DP World Ltd. fell 22 basis points in that time…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
Javelin Investment Management has announced that its JETS Dow Jones Islamic Market International Index Fund will cease trading on October 19, 2010. Launched on July 1, 2009, the fund failed to attract the level of investor interest that had been anticipated.
“With over seven million Muslims in the United States, we believe that Shariah-based investing has a promising future,” says Javelin president and founder Brint Frith, “but we found it difficult to reach target investors through the marketing channels typically used by ETFs.”……………………………………Full Press Release: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Todayonline.com: Mapletree Industrial Trust plans to raise about $800 million from an initial public offering in Singapore to buy six properties and repay debt, according to a term sheet sent to investors. Mapletree Industrial Trust will be Shariah-compliant to help attract Middle East investors seeking stable yields, Mapletree Investments chief executive officer Hiew Yoon Khong had said in June.
The trust is offering 1.01 billion units, or up to 69 per cent of its market capitalisation, in the IPO, which includes a greenshoe - or overallotment option - of 91.75 million units…………………………………….Full Article: Source
Posted on 17 September 2010 by Laxman | Email|Print
From Alrroya.com: A proposed new mosque near Ground Zero in New York may symbolise a new berthing for Islamic ideals—and finance—in the heart of arguably the world’s most important financial centre. Michael Bloomberg, Mayor of New York City and majority owner of Bloomberg L.P., the global media colossus, is an adamant supporter of the mosque. And with his media company in the forefront of global Islamic finance reporting, he just might be a champion of Islamic finance too.
Islamic finance is spreading around the world. Governments realising its potential for profits and jobs are duelling with each other to create the best regulatory and supportive framework for it. Western money centres with growing participation in Islamic finance include London, New York City, Paris, Frankfurt, Tokyo, and Toronto. Islamic financel activities in these centres usually encompass the licensing of Islamic banks and offering of Shariah-compliant financial products that include bank accounts, home loans, and bonds…………………………………….Full Article: Source
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