Posted on 15 October 2010 by Laxman | Email|Print
From Aawsat.com: For over 30 years, Islamic banking has been operating in the Arab world without being recognized by the Shariaa [regulatory] or supervisory bodies. What is meant by recognition here is operating under legislation, rules, and regulations that are commensurate with the nature of the Islamic banking industry.
The Islamic banking industry’s chances of competing fairly [with conventional banks] are small, as it operates under the umbrella of conventional banking laws, and due to the completely disparate nature of the two industries……………………………………….Full Article: Source
Posted on 15 October 2010 by Laxman | Email|Print
From Economist.com: Contrary to some hysterical talk, nobody seriously suggests the use of Islamic penalties in any democracy. Nor is there any reason to fear Islamic finance: a campus discussion about zero-coupon bonds does not mean usurers will be flogged in Harvard Yard.
Nor can anybody object if two citizens settle a commercial dispute on Islamic lines, or any other principles to which both freely adhere. In the English-speaking world there is a custom of arbitration, which has created a space in which religion-based arbitration services are accepted, offering Jews, Christians and Muslims a simple, cheap (and from their point of view, divinely blessed) way to settle disputes……………………………………….Full Article: Source
Posted on 15 October 2010 by Laxman | Email|Print
From Reuters: Germany announced on Thursday it would fund Islamic studies at three state universities to train prayer leaders and religion teachers more in tune with Western society than the foreign imams preaching at most mosques here.
Two universities, Tuebingen and Muenster, are famous for their faculties of Christian theology and count German-born Pope Benedict among their former professors. The third, Osnabrueck, opened a course for imams this week with 30 students……………………………………….Full Article: Source
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From Gulf-daily-news.com: The Islamic unit of HSBC plans to grow internationally through the launch of the industry’s first Islamic exchange-traded fund (ETF) and by a further expansion into Bangladesh within the next six months.
In an interview, the unit’s deputy chief executive said its first Islamic ETF is expected to launch in the Gulf in the fourth quarter to address a growing demand among customers seeking exposure to the Middle East……………………………………….Full Article: Source
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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 22 percent to $11.8 billion so far this year from the same period in 2009, according to data compiled by Bloomberg.
Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source
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From Gulfnews.com: The Government of Ras Al Khaimah is in the process of raising funds through a benchmark-size bond issue, banking industry said.
A benchmark size issue refers to a minimum of $500 million (Dh1.8 billion). “The government could be targeting a larger issue,” said a banker involved in the deal……………………………………….Full Article: Source
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From Tradearabia.com: State-owned Dubai utility Dewa drew hefty demand of $17 billion for a $2 billion two-tranche bond it launched on Thursday, helped by juicy yields and improved sentiment towards the debt-laden emirate.
Dubai Electricity and Water Authority’s six and 10-year bonds are its second issue this year and follow last month’s successful offering by its owner, the Dubai government……………………………………….Full Article: Source
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From Bernama: Great Eastern Holdings Ltd plans to recruit more Bumiputera agents to further strengthen its agency infrastructure, especially in takaful services.
Its chairman Fang Ai Lian said the company was well-positioned to grow its takaful business in Malaysia, supporting Bank Negara Malaysia’s aim to make Malaysia an international Islamic financial hub……………………………………….Full Article: Source
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From Thestar.com.my: The new joint-venture (JV) takaful unit formed by Great Eastern Holdings Ltd and Koperasi Angkatan Tentera Malaysia Bhd (KAT) hopes to start operations by January, subject to receiving the operating licence from Bank Negara.
The takaful unit adopted a “build and sell concept” whereby the team and products were in place before the licence was awarded, said its chief executive officer Mohamad Salihuddin Ahmad……………………………………….Full Article: Source
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From Thepeninsulaqatar.com: Doha Bank and Allianz Takaful, a major player in the Takaful insurance segment have jointly announced a Bancassurance partnership to promote Islamic Insurance products in Qatar.
In a function held at the Head Office of Doha Bank, R Seetharaman, CEO of Doha Bank and Dr Abdul Rahman Tolefat, Chairman of Allianz Takaful signed on the landmark Bancassurance partnership agreement……………………………………….Full Article: Source
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From Businessdailyafrica.com: A number of Kenyan banks recently introduced sharia friendly financial products, which target the Muslim population in the country. Few know that in Kenya - unlike other markets - sharia banking focuses on profit sharing with a customer, so if a loss should arise the customer bears all costs.
This is Haraam, or forbidden, according to the sharia principles guiding financial transactions, because a bank must share portion of a loss for it to comply with the sharia guideline……………………………………….Full Article: Source
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From Aawsat.com: Four of Saudi Arabia’s biggest banks on Wednesday posted bigger-than-expected drops in third-quarter earnings due mainly to lower lending incomes and provisions for non-performing loans.
The majority of Saudi banks have had to book higher provisions for the previous four quarters to cover defaults by some family owned firms……………………………………….Full Article: Source
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From Tradearabia.com: Bahraini retail and commercial banking institution, BMI Bank, has posted a loss after provisions of BD10.6 million ($28.11 million) for the third quarter of 2010 as against a profit of BD939,000 for the same period last year.
For the nine month period ended September, the bank has posted a net loss of BD18.5 million, as compared to a loss of BD4.6 million during the corresponding period in 2009……………………………………….Full Article: Source
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From Arabianbusiness.com: Bank Dhofar, Oman’s second-largest bank by market value, fell short of forecasts with a 5 percent rise in third-quarter net profit.
Third-quarter net profit rose to 7.7 million rials ($20 million) from 7.32 million in the third quarter of 2009, according to Reuters calculations, below the average analyst estimate of 8.71 million……………………………………….Full Article: Source
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From Arabianbusiness.com: Net profit at Bank Muscat, Oman’s largest bank by market value, rose 26 percent in the third quarter, beating analyst’s expectations.
The Oman bank posted third-quarter net profit of 25.2 million rials ($65.45 million) compared with 20.01 million rials ($51.97 million) in the same period in 2009, according to Reuters calculations……………………………………….Full Article: Source
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From Businessdailyafrica.com: Ongoing expansion of the Muslim segment of Kenya’s newly rich is rapidly changing the face of business in the country in favour of Sharia-compliant offers that are taking root across all segments of the consumer market.
This year alone, the Kenyan capital Nairobi has seen huge investments in Halal products targeting the Muslim population whose growing numbers and economic power was confirmed only this year with the release of the census results……………………………………….Full Article: Source
Posted on 15 October 2010 by Laxman | Email|Print
From Businessdailyafrica.com: Investors are showing increasing interest in offering Sharia-compliant financial services in the Kenyan market. The two Islamic banks, First Community and Gulf African Bank, last week said they had acquired regulatory licenses to roll out takaful — Islamic insurance covers.
Conventional financial services involve earning or charging interest. The Islamic versions, however, prohibit interest earning which is called haram. Those that comply with the above condition are called halal……………………………………….Full Article: Source
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From Cpifinancial.net: Investment manager Argyll Investment Services has launched the World Shariah Funds PCC, a Guernsey-based suite of Islamic-compliant investments which will be listed on the Channel Islands Stock Exchange (CISX) and distributed globally.
The World Shariah Funds have brought together three major Islamic investment teams within a single fund structure: from Malaysia, Reliance Asset Management (Malaysia) with $4.3 billion assets under management; the south-east Asian CIMB Principle Asset Management with $6.85 billion assets under management; and Markaz of Kuwait with $2.2billion assets under management……………………………………….Full Article: Source
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From Africanmanager.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……………………………………….Full Article: Source
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From Maktoob.com: Dubai’s debt mountain now totals about $115 billion, meaning the emirate’s flagship companies are likely to be forced into further restructurings and asset sales, according to a Reuters poll of economists and investors.
Concerns about Dubai’s massive liabilities have eased after state-owned conglomerate Dubai World reached a deal last month to restructure almost $25 billion of debt……………………………………….Full Article: Source
Posted on 15 October 2010 by Laxman | Email|Print
From Businessweek.com: Nicholas Kaiser manages $2.5 billion in mutual fund assets that adhere to the law of Sharia, and his $1.7 billion Amana Growth fund has outperformed its peers
Investing according to Sharia, the Islamic law that covers topics ranging from crime to economics to hygiene, is like dealing with any client who has rules: You follow them……………………………………….Full Article: Source
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From Moneymanagement.com.au: The Board of Taxation is calling for submissions to its discussion paper on the tax treatment of Islamic finance, banking and insurance products. The Board undertook a review of Australia’s tax laws in April to ensure that the law does not inhibit the expansion of Islamic finance, banking and insurance products.
This week the Board released a discussion paper considering Australian’s finance taxation framework, issues raised regarding Australia’s current approach to finance taxation and how the taxation of Islamic finance, banking and products was approached internationally……………………………………….Full Article: Source
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