Posted on 06 October 2010 by Laxman | Email|Print
From Arabnews.com: Explosive growth of the Islamic finance industry (IFI) globally over a relatively short period of time has resulted in a wide demand-supply gap for skilled and experienced professionals, according to a Dubai-based expert.
“Although avenues for training and development of professionals have increased over the past few years, the growth of business and attendant growth in demand has resulted in the persistence of demand-supply gap,” said Prasanna Seshachellam of Dubai Financial Services Authority……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Gulf-times.com: Recent developments in the Islamic finance market prompted the industry to rethink the role of Shariah scholars. Most Islamic financial institutions appoint a supervisory board or committee of religious scholars who are tasked with reviewing their transactions in order to ensure that they comply with the principles of Islamic Shariah in their business and financial dealings.
A Shariah supervisory board or committee approves or rejects a transaction through the issuance of a fatwa (an opinion or proclamation about the Shariah compliance of such a transaction)……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: The Islamic finance industry is not short of qualified sharia scholars to meet growing demand, but it relies too heavily on a handful of them, limiting growth potential and raising regulatory concerns, experts said on Tuesday.
Islamic finance experts have previously said the nearly $1 trillion industry is struggling to find scholars with the business acumen, technology and language skills necessary to help the sector evolve……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Bloomberg: The 28 percent slowdown in Malaysia’s local-currency Islamic bond sales this year may get a boost in 2011 from the country’s 10-year development plan.
Pengurusan Aset Air Bhd., a government-owned agency that oversees the water services industry, may sell bonds next year, while the eastern state of Sarawak will need to fund the takeover of hydroelectric plants, according to RAM Rating Services Bhd. in Kuala Lumpur……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
Global sales of sukuk fell 17 percent to $11.6 billion so far this year from the same period in 2009, the lowest in four years, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Emirates247.com: Despite a number of corporate bond issuances, the debt pipeline in the GCC remains slow compared to last year. With less than three months to finish the year off, the GCC corporate bond market has about $12bn announced and closed bond offerings.
This means the region would have to nearly double this figure to reach the $20.1bn corporate issuances raised during 2009……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: Corporate bond markets in the Gulf Arab region are expected to recover in the coming months following last week’s first sovereign bond issue by Dubai since its debt woes effectively shut regional markets, executives said.
Dubai last week issued a $1.25 billion bond with a yield of 6.7 percent for the five year tranche, which drew about $5 billion in subscriptions……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Gulfnews.com: The 271st session of the board of directors of the Islamic Development Bank (IDB) approved yesterday, under the chairmanship of its president Dr Ahmad Mohammad Ali, financing for new development projects totalling $772.3 million (Dh2.8 billion).
Nine member countries have been approved to receive financing. They are Indonesia, Uzbekistan, Bangladesh, Pakistan, Sudan, Turkmenistan, Gambia, Mauritania and Albania……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Vrl-financial-news.com: Maybank Singapore has launched a new dedicated Islamic banking hub at GeylangSerai in Singapore, with a team of Sharia-compliant products specialists.
The Sharia-compliant products offered through the Islamic banking hub include online savings account, iSAVvy Savings account-i, ATM access and a special dividend-on-dividend feature……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: A key joint venture of Qatar Islamic Insurance Company in Pakistan has in collaboration with a local bank and FWU AG launched lucrative Shariah-compliant long-term savings schemes.
Pak-Qatar Family Takaful Limited has inked a deal in Karachi with Dawood Islamic Bank Limited and FWU AG to provide bank customers long-term savings plans enabling them to secure their future financially……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Troubled Islamic mortgage firm Tamweel expects to post third quarter earnings similar to its first and second quarter results as it prepares to start issuing fresh mortgages, the company’s chairman said.
Speaking at the property conference Cityscape Global in Dubai, Sheikh Khaled bin Zayed Al Nahayan said the company had taken the bulk of its provisions in 2009……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Zawya.com: For many, banking is perceived as a very serious and regulated domain that easily dismisses emotional concepts such as humor as a sign of carelessness and irresponsibility. For some, Islamic banking is perceived as an even more serious and dry subject.
As Qatar’s newest Islamic banking group, BARWA Bank decided to change this perception by running a major campaign in Doha - a campaign designed to make you think again and smile……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Gulfweeklyworldwide.com: The Central Bank of Bahrain has authorised formation and marketing of the Hyperion Australian Equity Islamic Fund, the first Sharia-compliant offshore fund comprised of the country’s stocks.
Investment manager for the fund is Hyperion Asset Management, a Brisbane-based, growth-style manager whose award-winning core investment team has worked together since 1997. Sharia advisors to the fund are Dr Mohammed Daud Bakar of Malaysia and Sheikh Nizam Yaquby of Bahrain……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Cpifinancial.net: The Gulf’s trillion dollar market provides outstanding and compelling opportunities for the fund management industry and Bahrain’s strengths make it the perfect gateway to access them, Sheikh Mohammed bin Essa Al Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB), said.
Sheikh Mohammed highlighted Bahrain’s long and impressive track record within financial services, particularly in fund management, and to the structural growth drivers of a rapidly expanding domestic population, and growing prosperity within the region, which he said is underpinning long term demand for financial products and services……………………………………….Full Article: Source
Posted on 06 October 2010 by Laxman | Email|Print
From Ameinfo.com: Bahrain is home to the largest concentration of Islamic banks and financial insitutions in the Middle East. So it is fitting that the Bahrain Association of Banks (BAB) should lead the way by publishing the world’s first pocket-sized Handbook of Islamic Banking & Finance.
The Handbook of Islamic Banking & Finance will be launched by BAB at the IMF/World Bank meetings in Washington DC in early October. The publication explains in plain language for the non-specialist the intricacies of Sharia-compliant banking and finance……………………………………….Full Article: Source
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