Posted on 18 October 2010 by Laxman | Email|Print
From Gulf-times.com: Global Islamic bonds are poised to extend gains after climbing to a record this week, buoyed by Asian economic growth and a pickup in Arabian Gulf issuance. The HSBC/Nasdaq Dubai US Dollar Sukuk Index, which tracks 23 sovereign and corporate securities that comply with the religion’s ban on interest, climbed to 124.47 on October 11, the highest level since its inception in 2005.
The notes have returned 12.4% so far this year after a gain of 20% in 2009 and a 19% loss in 2008……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Saudigazette.com.sa: Saudi Aramco and France’s Total will launch $1 billion Islamic bond (Sukuk) in the Q4 to build 400,000 barrels per day crude refinery in Jubail.
Simon Eedle, global head of Islamic banking at Credit Agricole, said the long delayed $1 billion Sukuk which was part of the financing for the Jubail refinery will launch in the Q4. Credit Agricole, Deutsche Bank and Samba Financial Group are the lead arrangers for the Sukuk……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Emirates247.com: The third quarter of 2010 saw robust growth in terms of both the number and the aggregate value of GCC conventional bond issuances. The number of offerings almost doubled from 14 in the second quarter of this year to 26 in Q3 while the total amount issued increased by a remarkable 141 per cent, from $4.5bn in Q2 to $10.8bn during the third quarter, according to a report by NCB Capital.
“In a marked departure from the importance of sovereign activity during much of the past year, corporate bonds led the way this quarter as much of the backlog was activated in more benign market conditions,” the report said. “Companies accounted for 71 per cent of the total value of issue and 62 per cent of the number of offerings,” it added……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: The government of Ras al Khaimah, one of seven emirates making up the UAE, is planning a bond issue worth at least $500 million, a newspaper reported on Friday, citing banking sources.
Royal Bank of Scotland and Citigroup were among the arrangers for the “benchmark-size” bond issue, the daily Gulf News cited banking sources as saying……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Bloomberg: Islamic banking in Malaysia, the world’s biggest market for sukuk, rose 21 percent in the first seven months of 2010 from a year earlier, and accounted for 20 percent of the total, the government said in a report.
Assets that comply with the religion’s ban on interest climbed to 337.6 billion ringgit ($109 billion), according to the 2010-2011 Economic Report from the Ministry of Finance issued today. Shariah-compliant household loans increased 26 percent to 134.4 billion ringgit and made up 64 percent of total Islamic financing, it said……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Kippreport.com: Noor Islamic Bank has no plans to merge with another financial institution, it said in a statement on Sunday, dismissing speculation it may tie up with troubled Islamic lender Amlak.
A newspaper report last week said the UAE government was considering merging privately-held Noor Islamic with Emirates Islamic Bank — an affiliate of Emirates NBD — and Dubai Bank. The combined entity would then purchase Amlak……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Emirates247.com: Two UAE banks have presented a plan for their merger to the Central Bank despite conditions made by one of them not to shoulder any losses suffered by the other bank, the semi-official daily Alittihad reported on Sunday.
The Emirates Islamic Bank (EIB), which has been locked in negotiations to merge or acquire Dubai Bank (DB), stipulated that the government should handle DB’s losses which could range between Dh500 million and Dh2 billion……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Bloomberg: Qatar Islamic Bank SAQ, the Persian gulf country’s biggest shariah-compliant lender, posted a 62 percent rise in third-quarter profit, missing analyst estimates, amid a pickup in economic growth in the emirate.
Net income rose to 305.4 million riyals ($83.9 million) from 188.5 million riyals a year earlier, according to Bloomberg News calculations based on the bank’s nine-month earnings today. Analysts had expected a profit of 344.7 million riyals, according to the mean estimate of three surveyed by Bloomberg……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Gulfnews.com: If you are like most people, you likely don’t read the fine print on your banking products or monthly statement, and discussions with your bank branch manager leave you scratching your head in confusion.
Industry analysts said many dissatisfied customers are leaving their banks and moving toward what they perceive to be a safer and more transparent banking option—Islamic banks……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, a top-tier Islamic financial services group, has announced the opening of ADIB’s new branch in Jumeirah. ADIB’s branch network now has 60 branches across the UAE of which 10 are in Dubai.
The opening of this new branch is part of ADIB’s expansion plan initiated last year that aims to enhance physical presence for its services in the UAE……………………………………….Full Press Release: Source
Posted on 18 October 2010 by Laxman | Email|Print
Sharjah Islamic Bank (SIB) has signed a joint agreement of cooperation with the Sharjah Social Services Department (SSSD) to issue bank cards for beneficiaries of the department’s services, allowing them to receive their monthly payments via the Sharjah Islamic Bank’s ATMs instead of in cash from the department’s offices.
The signing ceremony was held at the bank’s headquarters, and was attended by Mr. Mohammed Yousef, Head of Banking Services for the Government Sector at Sharjah Islamic Bank and H.E Afaf Ibrahim Al Marri, Director of the Sharjah Social Services Department……………………………………….Full Press Release: Source
Posted on 18 October 2010 by Laxman | Email|Print
A recent survey conducted by YouGov Siraj, to understand consumer banking preferences in the region, with a focus on Islamic banking, revealed that 54 percent of consumers cannot differentiate between Islamic and conventional banking services. The reason cited was both banks provide similar products and services.
The findings are crucial particularly, during a period when Islamic banks are differentiating themselves with a renewed emphasis on fundamental ethics at the heart of Islamic banking model……………………………………….Full Press Release: Source
Posted on 18 October 2010 by Laxman | Email|Print
The global Islamic banking industry has been forecast to touch US$ 2 trillion in the next five to seven years from the current US$ 1 trillion. This growth can be achieved with a strong focus on ethical banking values, where Islamic banks can lead the way. These statements were echoed by industry experts at the International Islamic Finance Forum Abu Dhabi.
As the region’s Islamic banks increasingly demonstrate a renewed emphasis on the basic principle of good relations with clients driven by friendly and efficient customer service, this ‘ethics and values’ themed-industry gathering is a timely opportunity for top tier Islamic financiers to get together to debate a range of critical industry issues……………………………………….Full Press Release: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Emirates247.com: Gulf Finance House (GFH), the Bahrain-based Islamic investment bank, has called for a shareholders meeting to approve its recapitalisation plan.
The plan includes a 4:1 consolidation of shares, a reduction in paid-up capital and the issuance of an equity-linked convertible Murabaha of up to $500 million, the company said in a statement on Saturday……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Bahrain-based Gulf Finance House (GFH) plans to reduce its capital and raise up to $500 million in fresh funds to plug the holes a regional property crunch cut into its balance sheet, it said yesterday.
The Islamic investment house said in August it would hold a shareholder’s meeting in October to approve plans to raise up to $300m through a murabaha, an Islamic equity-linked money market instrument……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Americanchronicle.com: Daman Investments, the Dubai-based investment management company, announced the performance results of its funds and said it continues to pay out dividends.
Two of Daman Investments’ funds announced a dividend payout following the close of this year’s third quarter, while all four exhibited a rally this month as they posted gains following upbeat market conditions as signalled by the end of the summer season, the company said……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Kippreport.com: Noor Islamic Bank expects to close a “healthy number” of Islamic syndicated loans and Islamic bonds in the first half of 2011, with Turkey emerging as an active market for Islamic finance, said a senior executive at the bank.
Aamer Zaidi, head of corporate banking at Noor Islamic Bank, said on Wednesday that the company is involved in a few sukuk issuances in the Gulf region and is also working on syndicated loans within the UAE……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Thestar.com.my: The local takaful industry needs more trained human capital and professional agents who understand the industry to increase the low penetration rates experienced in Malaysia, say industry players.
With the award of four new family takaful licences on September 1 by regulator Bank Negara Malaysia, the war for talent is bound to intensify as the new takaful players poach from existing takaful operators. The current takaful penetration rate in the country is 8%……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From Emirates247.com: Nakheel, a Dubai World subsidiary, has denied that is not accepting the final installments from buyers in order to delay the handing over of the title deed to properties.
“Nakheel has not altered any of its procedures regarding handover and title transfer which are undertaken in accordance with the provisions of the sale and purchase agreements,” a company spokesperson said……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
From AhlulBayt News Agency: 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.
The formal announcement was made by the GFH senior management and the governor of the Tunisian Central Bank on the sidelines of a reception for financial services institutions and policy specialists held in Washington, DC held during the International Monetary Fund’s (IMF) annual meeting……………………………………….Full Article: Source
Posted on 18 October 2010 by Laxman | Email|Print
Amiri S3 is Amiri Capital’s Shariah Screening System, the definitive Shariah-compliant stock screening system for Islamic investors worldwide. It is the first such system to have been issued a Fatwa on its own right.
From 4th October 2010, Amiri S3 will be downloadable as an application on to Blackberry phones. The application, the first of its kind, is an easy-to-use tool that allows all Islamic investors worldwide to rapidly ascertain whether a particular stock can be invested in from a list of over 40,000 global stocks……………………………………….Full Press Release: Source
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