Posted on 01 October 2010 by Laxman | Email|Print
From Reuters: It’s not unusual to hear people ask why Islamic finance does not embrace women. Given the global finance industry is dominated by men isn’t it even more difficult for Muslim women to make their mark on the $1 trillion Islamic finance industry?
Well, only up to a point. Recent Western debate about the role of women in Islam may have centered on the veil, but from its early years, Islam was receptive to women in business and finance. And today, Malaysia is an example of how making money has little to do with gender in Islam……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: Bank of London and The Middle East (BLME), the biggest wholesale Islamic bank in Europe, has reported profits before tax of $5.7m in the first half, marking a return to profitability after a $15.5m loss in the same period last year.
BLME cited a strong performance by its Markets division, the continued top-quartile performance of the US Dollar Income Fund and cash recoveries from assets that had been subject to credit impairment provisions in 2009 as being factors behind the firm’s performance……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Btimes.com.my: Bank Muamalat, a full-fledged Islamic financial institution, expects deposits to increase by RM500 million in the next six months following the launch of its “Cash Bonanza 2010 Campaign”.
Deputy Chief Executive Officer Musa Abdul Malek said the bank was also expected to disburse RM1 billion in financing throughout the campaign period beginning tomorrow until March 31, 2011……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
As part of its efforts to promote Islamic finance around the world, the Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Mohamad Nedal Alchaar, together with representatives of the Ministry Finance, the Central Bank and the Grand Mufti of the Shura Council of Russian Muftis, has met in the Russian capital Moscow with the Russian Association of Experts in Islamic Finance.
The purpose of the meeting was to enhance the prospects of the development of Islamic financial institutions and products in Russia and the application of AAOIFI standards to regulate it……………………………………….Full Press Release: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Globalarabnetwork.com: Jordan’s banking sector fared well during the recession of the last two years due to tight central regulation and an overall cautionary outlook , resulting in healthy deposit and profit levels that are attracting increased interest from overseas lenders, reports Global Arab Network according OBG.
As the global financial crisis was felt across the region in late 2008, the Jordanian government announced it would guarantee all deposits until the end of 2009, a pledge it later extended until the end of 2010……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Gulfnews.com: The Dubai Islamic Bank (DIB) announced on Wednesday that it has been recognised for its contribution to the ongoing growth of Gulf Medical College (GMC) Hospitals and University.
The exclusive appreciation ceremony, held recently at the Gulf Medical University campus in Ajman, was attended by select VIPs including prominent businessmen and bankers……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Reuters: Indonesia’s government plans to raise a total of 17 trillion rupiah ($1.90 billion) from bond issues by the end of November, a director of the debt management office said on Thursday.
“There are 17 trillion in bonds left to be issued until November,” said Bhimantara Widyajala, bond director at the debt office……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Bloomberg: Qatar Islamic Bank bonds may be priced to yield 237.5 basis points more than the mid-swap rate, according to a banker with direct knowledge of the deal, who declined to be identified before the information is made public.
The bank is seeking to raise as much as $750 million from the sale of debt due in 2015……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Businessneweurope.eu: Turkish banks have long been regular participants in the international syndicated loan markets, but in recent months they have begun to explore other avenues in the global debt markets. Among the recent highlights has been the first ever sukuk issue by one of the country’s Islamic banks, while leading conventional lender Akbank has tapped both the Eurobond and securitisation markets.
The $100m, three-year sukuk offering from Kuveyt Turk Participation Bank was the first ever Islamic bond issue by a European bank and is expected to be followed by transactions from other of Turkey’s other Islamic finance institutions, dubbed participation banks……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Kippreport.com: Dubai developer Nakheel said on Thursday it repaid 3.4 billion dirhams ($925.9 million) it owes to trade creditors, as part of its debt repayment plan. “Nakheel has approximately 85 percent (by value) of acceptances and is working closely with the rest of our trade creditors to achieve its 95 percent acceptance of all payables by the end of the year,” it said.
Under Nakheel’s restructuring plan, trade creditors have been offered 40 percent of what they are owed in cash and the rest through an Islamic bond or sukuk……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Bloomberg: Dubai government’s first bond sale since the Gulf Arab emirate’s debt woes roiled global markets in November is paving the way for companies in the region to return to debt markets.
Emaar Properties PJSC, the United Arab Emirates’ biggest property developer, yesterday increased its offering of convertible bonds to $450 million from $375 million. The company said it received $3 billion in bids……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Zawya.com: The Central Bank of Bahrain approved the first Sharia-compliant offshore fund of Australia, the Hyperion Australian Equity Islamic Fund.
The fund is available for “expert” investors, defined by Bahrain authorities as individuals and institutions that have at least $100,000 in financial assets, as well as governments and related organisations, the investment manager for the fund, Brisbane-based Hyperion Asset Management said……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Bernama: ING Insurance Bhd and Public Bank Bhd will set up their joint-venture company for family takaful business next year, ING Insurance’s chief financial officer Anusha Thavarajah said Thursday.
“We already received the licence from Bank Negara Malaysia but the company will be set up early next year,” she told reporters after a briefing on “Dynamics of Malaysia’s Life Insurance Industry” here……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Al Jazeera Finance (AJF), Qatar’s leading Shariah compliant finance company held a seminar highlighting the requirements of the new law No. 4 of 2010 relating to Anti-Money Laundering. Present at the seminar was Mohamed Jamal, the special representative of Qatar Central Bank (QCB).
In his address at the opening session AJF CEO, Khrusheed Hasan Qamber stressed the commitment of AJF’s Executive Management and the Board of Directors towards upholding all guidelines and the directives of the Qatar Central Bank and other supervisory authorities with regard to Anti Money Laundering and combating terrorism financing……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
The Islamic Financial Services Board will be organising two awareness programmes in December 2010. The first one is a seminar on legal issues in the Islamic financial services, while the other is a seminar on the role of Islamic finance in the development of Africa.
The two awareness programmes are open for participation by the IFSBIFSB member organisations, which currently stand at 195 organisations from 41 countries, and other interested parties……………………………………….Full Press Release: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Mybusiness.com.au: Islamic finance may not yet be a significant player in the Australian marketplace, but it has begun to attract attention, from the government and from major Australian financial institutions.
Here’s why. Most Western financial systems are based on lending money and charging interest: that’s how borrowers pay for their loans and how financial institutions and investors make profits……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
From Investorsoffshore.com: The lack of a clear regulatory framework for the Islamic finance industry has been identified as a key concern by the Middle East’s Islamic finance leaders in a new survey.
The release of the first Middle East Islamic Finance Leaders survey from Deloitte reveals insight from Islamic Finance leaders on a wide range of pressing issues and prevailing trends within five key areas of regulatory and Sharia’a compliance, risk management, corporate structuring and capital management strategy, investment and capital markets, and human capital management……………………………………….Full Article: Source
Posted on 01 October 2010 by Laxman | Email|Print
Islamic banking has grown rapidly over the past decade and currently continues to grow, while many conventional banks and financial institutions write off $billions of bad debt. In 30 years Islamic banking has developed from local provision to providers of established international financial products.
This book explains the principles of Islamic banking and finance. It then provides a guide to Islamic finance products such as istisna’a, murabaha, musharaka, mudaraba, ijara, sukuk and salam, so that the reader can understand the key concepts and main vocabulary of Islamic finance……………………………………….Full Press Release: Source
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