Posted on 05 October 2010 by Laxman | Email|Print
From Khaleejtimes.com: A spate of corporate sukuks by UK organisations are expected in the coming few months following the recent launching of the first corporate sukuk out of United Kingdom by Gateshead-based International Innovative Technologies, or IIT.
A major GCC-based sukuk arranger, which is reportedly working on a corporate sukuk issuance for a UK healthcare company for the last year, hopes to launch the issuance in September. A London-based Islamic bank is also working on a sukuk issuance for a UK client which is near to being finalised……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Investmentinternational.com: The largest Islamic bank in the UK has set up a capital markets desk to advise on Islamic bond issuance as firms look to attract more investors from Asia and the Middle East.
The Bank of London and the Middle East (BLME) has launched the unit headed by Massoud Janekeh with the aim of winning business from European companies able to pledge assets to issue Islamic bonds, known as sukuk……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Bloomberg: National Bonds Corp. sees asset growth of as much as 30 percent in the next two years as the Dubai government-controlled Islamic fund manager targets women and immigrants, typically ignored by banks.
The Shariah-compliant company, with about 5 billion dirhams ($1.4 billion) under management, plans to introduce savings plans for the country’s female population and retirement funds for the United Arab Emirates’ 6.5 million foreign workers, Chief Executive Officer Mohammed Qasim Al Ali said in an interview……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Tradingmarkets.com: Saudi Arabia-based Islamic Development Bank (IDB) has hired CIMB, Citigroup, HSBC and Standard Chartered to serve as lead-managers of its planned sukuk offer, Reuters reports today, citing a source at one of the arrangers.
IDB will also launch a roadshow ahead of the dollar-denominated debt issue, according to the source……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Khaleejtimes.com: It made total sense for the government of Dubai to issue its $1.25 billion dual tranche sovereign bond so soon after the success of Dubai World’s restructuring agreement with its syndicate of creditors.
Dubai’s return to the international capital markets reflects new investor confidence in the emirate’s emergence from the financial netherworld that followed Nakheel’s standstill agreement last November……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Bloomberg: The leading global Islamic Finance accounting regulator is introducing conditions for contracts that comply with religious laws, seeking to standardize an industry with $1 trillion in assets under management.
The Bahrain-based Accounting & Auditing Organization for Islamic Financial Institutions will for the first time provide a “Shariah-compliant way” for parties to enter and exit contracts, Mohamad Nedal Alchaar, secretary-general of the agency, in Manama, said in a phone interview Sept. 30. The rules will be enforced by December after approval by the advisory board, he said……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Btimes.com.my: Malaysian financial institutions have been urged to widen their product and services offerings in Islamic finance to command greater premiums at home and abroad.
Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said the local institutions have a duty to champion the nation’s cause to take the Islamic finance industry to its highest possible level……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Bernama: Although Malaysia has done very well in the sukuk market, it has to seriously develop its capacity in other products and services that would command greater premiums not only within the domestic market but also in the foreign Islamic financial markets.
In making the call, Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said it was therefore a national duty for domestic institutions to champion this cause to their highest possible capability and take the industry to the highest level……………………………………….Full Article: Source
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From Imf.org: A new IMF study compares the performance of Islamic banks and conventional banks during the recent financial crisis, and finds that Islamic banks, on average, showed stronger resilience during the global financial crisis.
But the study also finds that Islamic banks faced larger losses than their conventional peers when the crisis hit the real economy……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Dnaindia.com: Making a strong plea for launching Islamic banking, Muddassir Siddqui, an authority on the subject, today said India should open interest-free banking windows in conventional banks as a pilot project.
Siddqui, partner and head of Islamic Finance, Middle East, SNR Denton and Company, told reporters here that there was lot of ‘misunderstandings’ regarding Islamic Banking in India. ‘We are just asking for level playing field. We want it in conventional system. We do not want any favours,’ he said……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Hindu.com: The former Judge of the Supreme Court of India V.R. Krishna Iyer said here on Monday that Islamic banking provided the humane face to the business of banking and it took into consideration the needs of the poor with kindness and compassion.
He was inaugurating an international seminar on ‘Islamic Finance in India: Products, Institutions and Regulations.’………………………………………Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Theasset.com: Just as conventional finance, Islamic finance has been vulnerable to fits and starts, to severe and disquieting hiccups whenever sound economic rules are being ignored. Last year showed how intertwined its future and health is with what happens to the global economy, and for that reason, the performance of an economy will significantly affect the growth of Islamic finance, says CIMB Islamic CEO Badlisyah Abdul Ghani.
He considers the Islamic finance industry lucky not to have been involved in subprime credit and not to have been heavily engaged in highly leveraged activities……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Bahrain’s bid to carve out a niche for itself as a global Islamic banking hub is mapped out in a wide-ranging report just published by Oxford Business Group (OBG).
The Report: Bahrain 2010 provides comprehensive coverage of the kingdom’s developing role as a leader in Sharia-compliant financial products and services which is proving to be pivotal in its economic expansion……………………………………….Full Article: Source
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From Kippreport.com: Abu Dhabi National Insurance Company plans to enter the Islamic insurance market and develop joint ventures with foreign partners to diversify away from investments and focus on core business to boost growth, its chief executive said.
ADNIC, owned 25 percent by the Abu Dhabi government, booked 307 million dirhams in impairments on investments last year, which sent net profit tumbling to 52 million dirhams in 2009 from 210 million dirhams a year earlier……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Kippreport.com: Here in the UAE, although some experts say there is an excess of banks, only one merger – between Emirates Bank International and National Bank of Dubai – has taken place in recent history. Until this week, that is, when reports surfaced that Emirates Islamic Bank (EIB) is in talks to merge with Dubai Bank.
Dubai Bank is a unit of the Dubai Banking Group, which is a part of Dubai Holding. Speaking to Gulf News, a source close to the negotiations said there have been discussions that include the possibility of bringing Amlak, an Islamic mortgage finance company, under the newly created banking entity following the merger……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Arabtimesonline.com: With total consolidated assets of $43.1 billion at the end of March 2010, National Bank of Kuwait (NBK) is comfortably the largest bank in Kuwait, accounting for about 25% of the country’s total banking assets.
Reaffirming the bank’s A+ rating with a stable outlook in June 2010, Standard & Poor’s (S&P) commented that this solid rating reflects NBK’s “leading commercial position in its domestic market, good pre-provision earnings capabilities, and strong capitalization.”………………………………………Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has signed a memorandum of understanding (MoU) with Abu Dhabi University to promote ties between both institutions through sponsorship and exchange of students, development of new academic programs, internship placements, exchange of research and publications, and organizing seminars, conferences and networking opportunities.
The MoU brings the two institutions together for a period of three years - from September 1, 2010 to August 31, 2013. It provides students with new academic programs, credit transfer options, enhanced learning resources and social programs and collaboration……………………………………….Full Press Release: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Aawsat.com: Many people reading this article will search for these indexes before they finish reading. Does King Saud University really have Islamic finance indexes, or is it just a wish? Anyone following Islamic financial affairs would realize that this is merely a wish, not a reality, and King Saud University is yet to introduce Islamic financial indexes.
It is the wish of the writer of this article, hoping to promote this industry and put the Kingdom of Saudi Arabia – the country of the Two Holy Mosques and the Kiblah for all Muslims across the world – in its rightful place as an ‘incubator’ for the industry, and its most important global financial centre……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Opalesque: With the increased attention on the regulation of the financial sector under the last two years, there have been concerns that the Islamic finance industry remains subject to lower standards of regulation. One of the areas often cited in this regard is shariah risk. A term, which was coined to primarily refer to instances where a product or transaction originally deemed shariah compliant, becomes no longer regarded as such.
The perceived lack of governance or regulation of this risk has become an issue of popular discussion following recent events which will be considered below……………………………………….Full Article: Source
Posted on 05 October 2010 by Laxman | Email|Print
From Cpifinancial.net: Shaykh Yusuf Talal DeLorenzo, internationally-renowned Shari’ah scholar, Chief Shari’ah Officer and Board Member of Shariah Capital, has relocated to company’s Dubai office.
In addition to assuming responsibilities for Shariah Capital’s Dubai’s office, Shaykh Yusuf has been named the General Manager of Dubai Shariah Asset Management (DSAM), Shariah Capital’s joint venture company with the Dubai government’s Dubai Commodity Asset Management (DCAM), a wholly-owned subsidiary of the Dubai Multi Commodities Centre (DMCC)……………………………………….Full Article: Source
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