Posted on 07 October 2010 by Laxman | Email|Print
From Zawya.com: The month of September saw USD4.4 billion of sukuk issuances, compared to USD4.05 billion in September of last year and USD4.46 billion a month earlier. Almost 98% of the sukuk issued in September came out of Malaysia.
This is expected to change in October and the following months as benchmark-sized sukuk are expected to be issued out of the GCC and other parts of the world……………………………………….Full Article: Source
Posted on 07 October 2010 by Laxman | Email|Print
From Bloomberg: The 26 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 to finance acquisitions, 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 07 October 2010 by Laxman | Email|Print
From Thebanker.com: Malaysia has cemented its status as the top issuer of Islamic finance, accounting for more than half of the total global sukuk issuance in 2009 and 2010, while the Middle East is struggling to recover from the financial reversal in Dubai and corporate defaults in Saudi Arabia. Besides Malaysia, other Asian countries - even those without an Islamic tradition - are strengthening their sukuk offerings too.
Three years ago, Middle Eastern issuers dominated the sharia-compliant debt capital market landscape……………………………………….Full Article: Source
Posted on 07 October 2010 by Laxman | Email|Print
From Bernama: Islamic finance has a role in shaping the future of the global financial system and reinforcing ethical and moral values that are inherent in Islamic finance principles and fundamental towards promoting the stability of the global financial system.
Bank Negara Deputy Governor Datuk Muhammad Ibrahim said ongoing efforts to further strengthen the resilience of Islamic financial industry would enhance the prospects for global growth and the potential of Islamic finance to contribute towards global financial stability……………………………………….Full Article: Source
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From Irishtimes.com: Muslim entrepreneurs in Ireland need access to Sharia-compliant financial products to develop their businesses, a conference in Dublin heard yesterday. According to research carried out by Thomas Cooney, academic director of DIT Institute for Minority Entrepreneurship, some 76 per cent of Muslim business people in Ireland believe securing finance is their biggest challenge and 90 per cent said there is a need for Islamic law compliant financial products.
The first ever Muslim Entrepreneurship in Ireland conference, held in the Dublin Institute of Technology, was organised by the college’s Institute for Minority Entrepreneurship in partnership with the US embassy……………………………………….Full Article: Source
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From Gulf-daily-news.com: The Bahrain Association of Banks (BAB) is publishing the world’s first pocket-sized handbook on Islamic banking and finance. The Handbook of Islamic Banking & Finance will be launched by BAB at the IMF/World Bank meetings in Washington. US, later this month.
It explains the intricacies of Sharia-compliant banking and finance. Topics covered include retail and commercial banking, capital markets, asset management, Islamic insurance and governance and regulation……………………………………….Full Article: Source
Posted on 07 October 2010 by Laxman | Email|Print
From Bloomberg: HSBC Holdings Plc, the second-largest underwriter of Islamic bonds, plans to start its first Shariah- compliant exchange traded funds in the Persian Gulf, a region that is struggling to lure international investors.
ETFs may help local markets attract some of the $49.4 billion that EPFR Global says poured into emerging market stock funds this year. Restrictions on foreign participation in Gulf markets range from bans to caps on ownership……………………………………….Full Article: Source
Posted on 07 October 2010 by Laxman | Email|Print
From Tradearabia.com: 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, said an expert.
Shaikh Mohammed bin Essa Al Khalifa, chief executive of the Bahrain Economic Development Board (EDB), was speaking at the fourth annual Fund Forum Middle East 2010 conference, which concludes tomorrow (October 7) in Manama……………………………………….Full Article: Source
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From Banking-business-review.com: Al Rajhi Capital, the investment-banking subsidiary of Al Rajhi Bank and Saudi Arabia-bsaed asset manager, has launched a new Shariah-compliant Al Rajhi Saudi Equity Fund, a Specialized Investment Fund (SIF) established under Luxembourg law.
The open-ended fund provides global investors access to Saudi Arabia’s stock market. The fund is is targeted at professional, institutional and other investors across Europe and the Middle East, said the company……………………………………….Full Article: Source
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From Arabnews.com: The Islamic Development Bank (IDB) on Tuesday approved $772.3 million for new development projects in nine member countries. The decision was taken at a meeting of IDB’s Board of Executive Directors which was chaired by group president Ahmad Mohamed Ali.
As per the decision, Indonesia, Uzbekistan, Bangladesh, Pakistan, Sudan, Turkmenistan, Gambia, Mauritania, and Albania will receive funds for a variety of projects. Five of the nine projects approved are considered as mega projects……………………………………….Full Article: Source
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From Istockanalyst.com: Islamic banks, those that follow the laws of Islam, suffered less than conventional banks during the international financial crisis that hit the world in late 2008. One of the reasons for Islamic institutions feeling the crisis less, according to specialists, was the more controlled expansion of credit practiced in the Islamic finance system.
Exaggerated liberation of financing, especially in the real estate sector, triggered the problems in one of the markets that was most affected, the United States……………………………………….Full Article: Source
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From Tradearabia.com: Qatar National Bank (QNB), the Gulf state’s largest lender by market capitalisation, posted a 41.5 per cent jump in third-quarter net profit on Wednesday on increased loans, financing activities and deposits.
Net profit in the three months to September 30 rose to QR1.5 billion ($412 million), according to Reuters calculations……………………………………….Full Article: Source
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From Businessdailyafrica.com: The first Sharia-compliant insurance company in Kenya has been formed as the race for Islamic cash intensifies. The firm, which will operate as Gulf Takaful Company Ltd, is being fronted by GulfCap Investments — the principal shareholder in Gulf African Bank.
Under the model, people seeking insurance cover will pay premiums to a collective fund from which payments will be made to members who suffer from the risks covered……………………………………….Full Article: Source
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From Arabianbusiness.com: A long-planned merger between troubled Islamic mortgage firm Tamweel and Islamic lender Amlak has likely been scrapped, Tamweel’s chairman said in a television interview on Monday.
“The idea of a merger has become unlikely,” said Sheikh Khaled bin Zayed al-Nehayan in an interview with broadcaster al-Arabiya. “The biggest shareholder in Tamweel is (Dubai Islamic Bank) and there are no longer any thoughts on a merger, at least not at the present moment.”………………………………………Full Article: Source
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From Reuters: International insurers seeking abigger share of the potentially lucrative Gulf market need toadapt quickly to regulatory changes and tap into growth areaslike Islamic finance or risk being muscled out of consolidation.
With a penetration rate of around 1 percent of grossdomestic product, the overall Middle Eastern insurancesector lags mature markets but its enormous growth potential hasalready attracted global heavyweights such as AXA and Allianz……………………………………….Full Article: Source
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From Saudigazette.com.sa: With the global economy no longer on the edge of the abyss, bullish trend is forecast for the latter part of 2010, led by the emerging economies particularly the BRIC group (Brazil, Russia, India and China).
And Saudi Arabia, the least affected country in the entire Middle East when global economic slump struck in 2009, is now on the road to recovery……………………………………….Full Article: Source
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From Gulf-times.com: The Gulf Cooperation Council economies, led by prime mover Qatar, should cash in on India, which is capable of achieving a 10% growth rate and slated to overtake Japan between 2012 and 2014 to be the third largest economy in the world.
There exist vast investment opportunities, especially in infrastructure, industrial, auto, banking and real estate, in India, whose key stock market index is set to hit 24,000 points by March 2011 and 30,000 by 2013, delegates said at the first Indo-Qatar Business Forum, which was inaugurated by Mohamed Hassan al-Saadi, assistant undersecretary at the Ministry of Business and Trade……………………………………….Full Article: Source
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From Cpifinancial.net: Zawya, in partnership with Funds@Work, has enabled Islamic finance institutions to identify and connect to more than 300 Shari’ah scholars, who will also convene their own Shari’ah board
The platform aims to facilitate Shari’ah governance through transparency and connectivity to the Shari’ah scholar landscape. “Each scholar has distinguished credentials, to which institutions have been unable to place thorough consideration in appointing for their boards,” said Jean Marc Paufique, General Manager at Zawya……………………………………….Full Article: Source
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From Reuters: Halal beauty products, which comprise $500 million of the $2 trillion global halal market, are made using plant extracts and minerals rather than the alcohol and pork ingredients that are banned in Islam but often found in cosmetics.
The appeal of halal cosmetics mirrors a global trend for ethical beauty products that are not tested on animals and do not use animal derivatives, as well as booming demand for ranges based on natural ingredients that are kind to hair and skin……………………………………….Full Article: Source
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