Posted on 29 September 2010 by Laxman | Email|Print
From Bloomberg: Nigeria, Africa’s second-largest economy and home to 75 million Muslims, plans to sell its first Islamic debt within 12 months as part of a bid to become the continent’s center for Shariah-compliant financing.
“Nigeria will be the Islamic hub by 2020,” central bank Governor Lamido Sanusi said in a Sept. 24 telephone interview from the capital, Abuja. The government has yet to decide on a size for the sukuk sale, he said……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Reuters: Property developer Nakheel NAKHD.UL plans to issue a 6 billion dirham ($1.63 billion) Islamic bond as part of its debt repayment plan as it restarts several key projects, an industry executive said on Tuesday.
Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the remaining 60 percent through a sukuk Islamic bond……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Bloomberg: Dubai may raise $1 billion in a two-part bond sale in its first sovereign issue since the Dubai World credit crisis, according to a banker and an investor involved in the deal. The Persian Gulf financial hub’s 5-year, $500-million issue may be priced to yield about 6.75 percent, according to the people with knowledge of transaction.
Dubai’s 6.396 percent Islamic bonds maturing 2014 were yielding at 6.403 percent, down one basis point, at 6:31 p.m. in the emirate, according to prices on Bloomberg……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Khaleejtimes.com: With Dubai all geared up for the dual-tranche Eurobond sale, the size of the order book was estimated to exceed $1 billion by sources at lead managers. On Monday, Dubai mandated HSBC, Deutsche and Standard Chartered to lead the dollar-denominated bond, the first since last year’s debt crisis.
According to one source, the five-year issue would carry an initial yield guidance of 6.75 per cent, while the 10-year tranche may yield around eight per cent……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Arabianbusiness.com: The Dubai government and Qatar Islamic Bank are among issuers leading the biggest Arabian Gulf borrowing push since the fourth quarter, a sign Dubai World’s debt restructuring is reviving confidence in the region.
Dubai may sell $1 billion next week in its first bond sale in a year, two bankers familiar with the plan said Sept. 23. Qatar Islamic Bank plans to offer its first dollar sukuk and will start meeting investors in the Middle East, Asia and Europe, it said last week……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Zawya.com: According to KFH Research and NCB Capital, 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’s report predicts that global Sukuk issuance will reach $30 billion in 2010 in light of the recovery in global economic activity and the increase of Sovereign Wealth Funds (SWFs), companies, and the revival of private sector projects.
According to the report, the value of the Sukuk market has increased to reach about $100 billion in 2009, pointing out that the total value of issues for this market has seen a marked increase during the first half of 2010 to reach $16.5 billion - a growth of 16.3 per cent……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Reuters: Indonesia’s debt office said on Tuesday it aimed to raise 1 trillion rupiah ($111.8 million) at its auction of sukuk, or Islamic debt, scheduled for October 5.………………………………………Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Btimes.com.my: Malaysia should make use of its Islamic finance expertise to attract more foreign direct investments (FDIs). “The outlook in Malaysia is very optimistic with vast opportunities for investment. I believe Malaysia is on the right track,” said Mary Buffett, the former daughter-in-law of famous investor Warren Buffett.
Yesterday, Buffet, the well-known American author of bestselling book “Buffettology” addressed almost 600 people at the “Dawn of the New Decade: Alternative Investment in Asia” conference……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Thestar.com.my: Malaysia, as a leader and innovator in Islamic finance, can do more in exploring the Islamic principles to create a more cohesive financial system, says Dr Armen V Papazian, fellow of the Judge Business School, University of Cambridge, England.
“At present, across the Islamic world, not even a single of them is printing money based on Islamic principles,” said Papazian, who is also chief executive officer of Keipr, a boutique consultancy firm in the United Arab Emirates, during his presentation……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Zawya.com: With both the value of the SME and the Islamic finance sectors predicted to skyrocket over the next few years, it’s not surprising that the two have successfully intertwined in the GCC region. Isla MacFarlane reviews the most recent offerings for Shari’ah-compliant SME financing
SME financing could be deemed a natural fit for Islamic finance, by virtue of the fact that it deals directly with the real economy; creates employment; involves the productive use of resources; and contributes directly toward the alleviation of poverty……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari’a standards for the Islamic banking and finance industry, issued three new Shari’a standards, namely “Contemplation Option”, “Defects Option” and “Honesty Option”.
Commenting on the issue of these new standards, Secretary General of AAOIFI Dr. Mohamad Nedal Alchaar said that “The adoption of these new standards by AAOIFI Shari’a Board came after careful and indepth study in the same way as all other AAOIFI Shari’a standards are reviewed and assessed before issuance. The purpose of these standards is to seek setting Shari’a requirements and rules for the different modes of investment, insurance and financial services and provide interepretation for such requirements and rules”……………………………………….Full Press Release: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Cpifinancial.net: Standard Chartered Bank has announced the launch of the first Islamic US Dollar Nostro1 Account in the US. The facility will operate on the Islamic finance principle of Commodity Murabaha. Profits will be paid on a monthly basis.
Al Baraka Banking Group is the first bank in the region to benefit from this product and signed an agreement with Standard Chartered Bank at the Thought Leadership MENA Bankers Conference in Lebanon……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Brecorder.com: Standard Chartered has launched an Islamic banking awareness campaign under its global Islamic brand ‘Saadiq’. Saadiq, which means ‘truthful’, is Standard Chartered’s identity for our global Islamic banking business.
Under the brand, the bank continues to offer a range of Islamic banking services in both wholesale and consumer banking with the guidance and advice of their Global Shariah Board……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Gulfweeklyworldwide.com: A senior Bahraini Sharia scholar and an Islamic banker has urged people to take a more responsible view of spending and to resist what he described as a growing culture of consumerism.
Dr Adel Marzooqie, the Ithmaar Bank Sharia adviser, said there appears to be a growing obsession over materialistic possessions with people in Bahrain and the rest of the region saving very little, if anything at all, of their monthly income……………………………………….Full Article: Source
Posted on 29 September 2010 by Laxman | Email|Print
From Thenational.ae: Tamweel, one of the country’s biggest Islamic mortgage providers, has started to repossess defaulted properties and intends to apply much stricter rules when it starts lending again.
Dubai Islamic Bank (DIB) has increased its stake in the company in a move expected to pave the way for Tamweel’s return to home lending. Its shares were suspended almost two years ago along with those of its rival Amlak Finance, after both halted lending……………………………………….Full Article: Source
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