Posted on 21 October 2010 by Laxman | Email|Print
From Reuters: The largely-fragmented Islamic fund management industry will welcome more global players as demand for sharia-compliant asset management products rise, a fund manager at Algebra Capital said on Wednesday.
The asset management portion of Islamic finance has been at a virtual standstill in the $1 trillion industry, in part, due to its perception of yielding poorer returns than conventional funds……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Gulf-times.com: Shariah-compliant insurance (Takaful) is gaining traction in the Middle East with prospects for insurers to create distribution channels that meet the dedicated clientele needs, said a top executive.
“Takaful has now become an important discussion point in the Middle East clearly because this region is predominantly Islamic,” said Swiss Re managing director (Europe) Dr Bruce Hodkinson………………………………………Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Bloomberg: Indonesia, the world’s most populous Muslim nation, is studying ways to make tax laws more conducive to developing Islamic finance, Mulya Siregar, director of Shariah banking at the central bank, said in Jakarta.
“Experience in countries which have successfully developed Shariah banking shows that tax incentives are very helpful in expanding the industry,” he told reporters. The study may be completed by the end of this year, said Siregar, declining to provide more details……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From North-africa.com: In less than a decade, the value of the Sukuk market, financial instruments that are the Islamic equivalent of bonds has reached an impressive $112 billion and Africa is being eyed by Islamic bankers as a promising destination.
Wikipedia defines Sukuk as securities that comply with the Islamic law (Shariah) and its investment principles, which prohibit the charging or paying of interest……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Bloomberg: Australia plans to change laws to ensure Islamic finance products are taxed fairly as the government seeks to attract investors from the Middle East and Asia, paving the way for sukuk sales.
The national taxation board will hold talks next month in Sydney, Canberra and Melbourne on how to best ensure that Islamic finance transactions are treated the same as equivalent non-Islamic deals……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: Jordan’s first ever law covering the issuance of sovereign Islamic sukuk has been finalised and bankers and officials hope it will let the kingdom tap the fast-growing Islamic banking industry’s huge pool of liquidity.
Prominent Islamic bankers, along with members of a top-level ministerial committee mandated with drafting the sukuk law, said the legislation removes legal uncertainties and would be submitted to the cabinet in as little as two weeks……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
Cagamas Berhad (Cagamas), the National Mortgage Corporation, announced the issuance of RM1.5 billion Cagamas Debt Securities comprising RM500 million 6-year Islamic Medium Term Notes (IMTN) and RM1 billion 7-year Conventional Medium Term Notes (CMTN)
The Cagamas CMTN and IMTN which will be redeemed at their full nominal value on maturity, are unsecured obligations of the Company, ranking pari passu among themselves and with all other existing unsecured obligations of the Company. They will be listed and tradable under the Scripless Securities Trading System……………………………………….Full Press Release: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Hudson-ny.org: While most people are still ignorant of the tremendous growth of Sharia Banking in the West, a recent report by International Financial Services London reveals that Britain’s Islamic banking sector is now bigger than that of Pakistan.
What is important to grasp is that Islam recognises no authority superior to Sharia law. When trillions of pounds and dollars are locked into them, Sharia banks will not recognize the superior authority of the law of the land……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Reuters: Qatari banks’ loan provisioning growth slowed in September, central bank data showed on Wednesday, as the Gulf Arab economy continued to rebound.
Total provisions in the world’s largest liquefied natural gas exporter increased 0.7 percent on the month to 6.59 billion riyals ($1.81 billion) at the end of September, after rising 2.7 percent in August……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Cpifinancial.net: Noor Islamic Bank has denied rumours that it is in merger talks with Emirates Islamic Bank and Dubai Bank. Despite local press reports suggesting that the Government of Dubai is behind a plan to bring together three of the Emirate’s Islamic banks – Emirates Islamic Bank, Dubai Bank and Noor Islamic Bank – into one merged entity, Noor Islamic bank has dismissed the reports as nothing but a rumour triggered by one publication.
Last week, it issued an official statement to deny the claims……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Cpifinancial.net: Al Baraka Banking Group has confirmed its plans to open in France, saying it will open up five branches in metropolitan France from 2011. Press reports in France claim that Al Baraka Chief Executive Adnan Yousif confirmed the bank’s intentions to establish a presence in the country.
The news that Al Baraka Banking Group plans to set up in France follows two years of activity by the French authorities aimed at attracting Islamic banking institutions. Al Baraka itself has been involved in a feasibility study which began in 2009……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain’s largest bank, Ahli United Bank (AUB), posted on Wednesday a 63 percent rise in third-quarter profits on higher income and lower loan provisions.
The bank said in a statement net profit in the quarter ended Sept. 30 was $65.2 million compared to $40.1 million in the year-earlier quarter……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Bloomberg: Banks in the Persian Gulf are settling for lower fees as competition for bond sales intensifies. Bond transactions in the six-member Gulf Cooperation Council are recovering after concerns Dubai World, the state- owned holding company, would default on $24.9 billion in debt raised loan costs for businesses, deterring borrowing.
Banks led by HSBC Holdings Plc and Standard Chartered Plc advised on $9.4 billion of Gulf bond sales in the third quarter, the most since the last three months of 2009, according to data compiled by Bloomberg. Royal Bank of Scotland Group Plc said it may manage $7 billion to $10 billion of Gulf bond sales this quarter……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Reuters: The Saudi central bank’s demand for 100 percent-plus provisions from banks reflects concern that the spectre of a return to recession and subsequent rise in non-performing loans still haunts the region, analysts said.
Speaking at the Reuters Middle East Investment Summit in Riyadh, analysts said that these profit-sapping provisions may return to Saudi banks in 2011 amid doubts over the strength of the recovery of global markets but may not be as high as they were at the height of the financial crisis……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Reuters: Foreign banks are flocking to Saudi Arabia as the emirate opens up its bourse and rolls out the world’s biggest stimulus package but they face challenges recruiting, training and ultimately retaining local staff.
Speakers at the Reuters Middle East Investment Summit this week said the Gulf Arab state offers plenty of opportunities for banks and fund managers after the government launched a spending plan of $400 billion and opens up its financial sector……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From Btimes.com.my: Bank Negara Malaysia and Bank of Mauritius have signed a memorandum of understanding (MOU) to establish a framework to enhance cooperation on capacity building and human capital development in the financial services industry including Islamic finance.
The MOU was signed by Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz and her counterpart from Mauritius, Rundheersing Bheenick on October 7 during the IMF/World Bank Annual Meetings 2010 in Washington……………………………………….Full Article: Source
Posted on 21 October 2010 by Laxman | Email|Print
From KUNA: Chairman of Qatar Chamber of Commerce and Industry (QCCI) Sheikh Khalifa Bin Jassim Al-Thani opened here on Wednesday the First Islamic Finance Conference with a constellation of eminent international financial experts and economists attending.
The two-day gathering themed “Islamic Financing and the New Economic Reality” aims to debate the challenges facing Islamic financing under the new world economic order……………………………………….Full Article: Source
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