Posted on 12 October 2010 by Laxman | Email|Print
From Reuters: Credit Agricole expects to close two or three Islamic bond deals worth up to $3 billion in the next six months, the head of its Islamic finance unit said on Monday.
Simon Eedle said the deals will include the long-awaited $1 billion Islamic bond, or sukuk, to finance the Jubail refinery — a joint venture between state-owned Saudi Aramco and France’s Total………………………………………Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Bloomberg: Saudi Aramco and Total SA plan to sell Islamic bonds valued at $1 billion this year to fund construction of their joint oil refinery in Jubail, said Simon Eedle, global head of Islamic banking at Credit Agricole SA.
Paris-based Credit Agricole is the lead arranger of the Islamic bond and is helping to structure the facility also known as sukuk, Eedle said in Abu Dhabi today……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Bloomberg: Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest lender complying with Shariah, hired three banks to help sell bonds, according to two bankers familiar with the plan.
HSBC Holdings Plc, the second-biggest underwriter of sukuk this year, Standard Chartered Plc and Barclays Plc will manage the sale, said the bankers, who declined to be identified because the terms haven’t been made public. ADIB may start meeting investors this month, one of the bankers said……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
The successful closure in early October 2010 by Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar, of its debut $750 million fixed-rate Wakala sukuk underlines the fact that despite the huge latent appetite for “A” rated Islamic commercial paper from investors all over the world, such issuances are too few and far between to stimulate an effective global sukuk market and its attendant secondary trading.
Yes, the originators will heap on the plaudits of the importance and impact of the issuances — from a domestic, regional and global market perspective — but in reality once the dust settles, the attention easily moves on to the next such origination offered on the international financial markets. ………………………………………Full Press Release: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Thelawyer.com: While the first UK corporate sukuk, issued on behalf of International Innovative Technologies, may have been relatively small in terms of volume, it is hoped that its effect on the Islamic finance market in the UK will be significant.
The transaction utilised the sukuk al-musharaka structure and raised $10m (£6.3m) for the Gateshead- based technology development company………………………………………Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Reuters: The formation of a Gulf-wide sharia council with the mandate to set industry rules, rather than just issue guidelines in its present form, is still “years away”, a senior executive at regulatory body AAOIFI on Monday.
Speaking on the sidelines of an industry conference, Assistant Secretary General Khairul Nizam said few expect such a centralised sharia council to be in place before 2013……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Gulf-times.com: Ernst & Young has termed the new tax regime in the Qatar Financial Centre (QFC) as progressive and well-drafted and said it will serve to further promote the country as a location for financial services companies in the Middle East.
“Its enactment bring certainty for multinational financial services companies operating in the QFC regarding the tax position of their activities and given the low corporate income tax rate of 10%, will serve to further promote Qatar as a location for financial services companies in the Middle East,” E&Y senior tax partner Finbarr Sexton said……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Khaleejtimes.com: The UAE’s Central Bank, in a bid to widen investment options for Islamic lenders, will introduce Shariah-compliant certificates of deposit, or CDs, by year-end.
According to experts, the central bank initiative “will help banks manage liquidity.” Initially, the CDs will be available only to fully Islamic banks and then extended to the Islamic banking units of other commercial banks……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Bloomberg: The United Arab Emirates central bank will issue its first Murabahah-based Islamic certificate of deposit this year, providing banks with more investment options, said the chief executive officer of Standard Chartered Saadiq.
The debt market needs short-term notes to help “increase the liquidity pool” for Islamic banks, Afaq Khan said today at an Islamic banking conference in Abu Dhabi. Standard Chartered sits on the U.A.E. central bank’s Islamic liquidity management committee, he said……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Arabnews.com: The Bahrain-based Islamic investment banking major, Gulf Finance House (GFH), and the Tunisian government have announced the launch of a $3 billion North Africa’s first offshore financial center as part of Tunis Financial Harbour. The mixed use waterfront development will provide the physical infrastructure for the planned offshore financial center.
GFH in a statement said the landmark project Tunis Financial Harbour would offer a bridge between the $15 billion EU trade bloc, Tunisia’s own dynamic economy and rapidly developing North African and sub-Saharan economies……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Qatarmorningpost.com: The need to make optimum utilisation of the strong ties between Bahrain and the United Kingdom on key issues such as governance and regulations for the financial services and insurance sectors was underscored by a newlyformed representative body.
The two strong financial centres Manama and London&can be of mutual benefit to one another, the Bahrain BRitish Business Forum’s (BBBF) Financial Services and Insurance group (FSIG) said at its maiden meeting yesterday……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: About five new companies offering Islamic insurance, or takaful, are expected to launch in the UAE by mid 2011, boosting competition, industry executives said on Monday. There are now six takaful companies in the UAE with a seventh to be launched in the first quarter of 2011.
“At least four to five companies have applied for licences and they could launch initial public offerings (IPOs),” Ezzeldin Elmassry, chief operating officer of Abu Dhabi National Islamic Finance (ADNIF), said……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Arabianbusiness.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 AED307 million in impairments on investments last year, which sent net profit tumbling to AED52 million in 2009 from AED210 million a year earlier……………………………………….Full Article: Source
Posted on 12 October 2010 by Laxman | Email|Print
From Gulf-times.com: Doha will host the First Islamic Finance Conference (FIFC) under the title “Islamic Financing and the New Economic Reality” on October 20 and 21.
Being held under the patronage of HE the Prime Minister and Foreign Minister, Sheikh Hamad bin Jasim bin Jabor al-Thani, the conference will be organised by Bait Al Mashura Financial Consulting Company and will be attended by businessmen and investors in the banking sector in the Arab World and around the globe……………………………………….Full Article: Source
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