Posted on 28 October 2010 by Laxman | Email|Print
From Indiatimes.com: Prime Minister Manmohan Singh said the Reserve Bank should look into Islamic banking practices in Malaysia, amid pressure on the central bank to introduce such a system in India.
“There have been from time to time demands for experimenting (with) Islamic banking. I would certainly recommend to RBI, which is looking into the question, to look at what is happening in Malaysia in this regard”, he said when asked whether India would like to learn something of Islamic banking from Malaysia……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From AhlulBayt News Agency: The Islamic Banking and Finance Institute of Malaysia (IBFIM), which has helped the northeastern Chinese city of Shenyang set up an Islamic finance centre, expects some positive development next week when the mayor of Shenyang and governor of Shenhe wisit Malaysia on Nov 8.
IBFIM chief executive officer Dr Adnan Alias, who disclosed this here Tuesday, said: “I am not sure what they want as we have fulfilled our role as advisers for the physical development for the project……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Thestar.com.my: With Malaysia being the centre of Islamic finance in the world, the formation of a mega Islamic bank is an opportunity for Malaysia to make its mark globally.
Indonesia should also be involved in the formation of this mega Islamic bank in Malaysia, as there cannot be a mega Islamic bank without involving a mega Islamic country,” said Indonesian Islamic Banking Association (ASBISINDO) chairman and CIMB Islamic Bank Bhd independent non-executive director Dr A. Riawan Amin……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Cpifinancial.net: R Lakshmanan, Chief Executive Officer of Sakana Holistic Housing Solutions, said that Islamic financial institutions (IFIs) providing mortgages for off-plan properties are significantly exposed to risks due to delayed delivery and cancellation of several real estate projects, because the IFI owns the asset.
In addition, the mortgage providers have also been affected to fall in property prices and increased defaults due to job losses……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Cpifinancial.net: With the room for further organic growth being limited, mergers and acquisitions should be considered as an avenue for sustained growth, says A.T. Kearney. According to A.T. Kearney, the global financial crisis has put an end to the heydays of growth in the banking sector and the current market outlook suggests that these days are not returning quickly.
Islamic banks, which traditionally grew faster than their conventional peers, are also affected……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Arabianbusiness.com: Elaf Bank, a closely held Islamic investment bank in Bahrain, has applied for a banking license in Malaysia, chief executive officer Jamil AK Jaroudi said.
In an interview in Kuala Lumpur, Jamil said: “If they give approval tomorrow, we will open tomorrow. We are ready. We have a strategic vision that we would like to bridge the two main Islamic hubs, Bahrain and Malaysia.”………………………………………Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Tradearabia.com: First Gulf Bank (FGB), one of the leading banks in the UAE, has registered a nine per cent drop in its third quarter net profit which fell to Dh849 million ($231 million) compared to last year.
Announcing the results on Wednesday, the FGB said the total revenue rose 5 per cent to Dh1.54 billion compared to previous quarter, while it was 8 per cent lower than the same period last year……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Financeasia.com: Eleven central banks and two multilateral organisations establish the International Islamic Liquidity Management Corporation to absorb excess liquidity and facilitate greater investment flows within the Islamic financial services industry.
Taking advantage of the international audience at this year’s Global Islamic Finance Forum (GIFF) in Kuala Lumpur, Bank Negara on Monday hosted the launch of the International Islamic Liquidity Management Corporation (IILM)……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Tradearabia.com: Articles of agreement for the establishment of the International Islamic liquidity management corporation (IILM) was signed at a major event in Kuala Lumpur recently.
Eleven central banks and two multilateral organisations participated in the International Islamic liquidity management corporation initiative facilitated by the Islamic financial services board (IFSB)……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Arabnews.com: The signing on Monday by 11 central banks and two multilateral organizations of the articles of a memorandum of the International Islamic Liquidity Management Corporation (IILM), the latest transnational body to serve the global Islamic finance industry, potentially marks an important landmark in the 35-year-old contemporary Islamic finance movement.
The IILM was launched at the inaugural session of the Global Islamic Finance Forum (GIFF) held in Kuala Lumpur in the presence of Malaysian Prime Minister Mohd Najib Tun Abdul Razak; Raja Nazrin Shah, the crown prince of the State of Perak and ambassador at large of the Malaysia International Islamic Finance Centre (MIFC) Initiative;………………………………………Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Bernama: Malaysia is capable of getting other major Muslim nations to participate in the proposed Supra-Sovereign Wealth Fund (SSWF) to be established by the Islamic Development Bank (IDB) due to its reputation as a leader in Islamic finance globally, says an Islamic fund manager.
OSK-UOB Islamic Fund Management Chief Executive Officer & Chief Investment Officer, Md Noor A Rahman, said Malaysia can lead the way as it is far ahead in Islamic finance and had a track record of over 20 years……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Bloomberg: Islamic private equity funds in the Persian Gulf plan to take advantage of lower asset prices after the property market in Dubai tumbled as much as 50 percent from its peak in 2008.
“We want to take advantage of massive dislocations that have taken place in this market over the past three years,” Yahya Jalil, director of private equity at Abu Dhabi-based investment and advisory company The National Investor, said………………………………………Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Dow Jones: Abu Dhabi Islamic Bank (ADIB), the emirate’s largest Islamic lender by market value, set guidance on a five-year benchmark Islamic bond, or sukuk, expected to sell Thursday, according to a person close to the deal.
The notes are seen pricing at 235 basis points over Midswaps, said the source. Barclays Capital, HSBC and Standard Chartered are bookrunners on the deal……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Cpifinancial.net: Abu Dhabi Islamic Bank (ADIB) reported to be planning a five-year benchmark Sukuk to be priced this week. ADIB, the second largest Shari’ah-compliant bank in the UAE, is said to have mandated Barclays Capital, HSBC and Standard Chartered as bookrunners for the Sukuk.
The bank ran a non-equity roadshow in Asia, Europe and the Middle East 20-26 October……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
Sukuk and bond issuances in the Middle East and North Africa (MENA) region totaled $24.2 billion in the first half of 2010, staging a broad-based recovery and ushering in much needed stability to regional capital markets.
Planned capital expenditure and infrastructure investments are likely to drive the Middle East and North Africa debt markets in the coming quarters, staving off the period of uncertainty currently prevalent due to the European sovereign debt crisis and the Dubai World restructuring……………………………………….Full Press Release: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Saudigazette.com.sa: Sheikh Saleh Abdullah Kamel has been awarded the Royal Award for Islamic Finance for his visionary drive, extraordinary leadership and personal commitment at the royal gala dinner and award presentation.
The award was presented by Sultan of Kedah and Deputy Yang di-Pertuan Agong Tuanku Abdul Halim Mu’adzam Shah, on behalf of the Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Businessdailyafrica.com: Insurance companies are racing to launch sharia-compliant products to tap Kenya’s growing Muslim middle class. APA Insurance, CIC Insurance, Cannon Assurance—which collectively control about 15 per cent of the Kenyan market—have announced plans to roll out Islamic insurance products or takaful.
They are seeking to deepen penetration in a market where conventional insurance has suffered from consumer apathy and ignorance, with uptake remaining at below three per cent over the decade……………………………………….Full Article: Source
Posted on 28 October 2010 by Laxman | Email|Print
From Khaleejtimes.com: Dubai-based Islamic mortgage lender Amlak Finance on Tuesday declared its first quarterly profit this year. Amlak announced a net profit of Dh5.99 million in the third quarter, compared to a loss of Dh45 million in the same period last year, it said in a statement posted on the Dubai Financial Market Website.
It returned to profit this year with the help of sale of investment properties and lower impairments for financing and investment assets. Amlak earned a net profit of Dh2.26 million in the first nine months of the year compared with a loss of Dh178.56 million in the same period a year earlier……………………………………….Full Article: Source
RSS
