Posted on 01 November 2010 by Laxman | Email|Print
From Bloomberg: Islamic bonds gained for a fifth month, sending yields to the lowest levels since 2005, as faster growth in the Persian Gulf lured investors who expect new sales to recover after falling 27 percent this year.
The notes returned 0.7 percent in October while average yields dropped 19 basis points to 4.85 percent, above the Oct. 11 low of 4.62 percent, according to HSBC/NASDAQ Dubai US Dollar Sukuk Indexes. Issuance of sukuk, which pay asset returns to comply with the religion’s ban on interest, dropped to $13.5 billion, from $18.5 billion a year earlier, data compiled by Bloomberg show…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Gulf-times.com: The global Islamic bond market could see issues of close to $46bn in 2011 as investor confidence returns and new issuers emerge in the growing Islamic finance industry, BMB Islamic’s chief executive said.
With economies recovering from the financial crisis and the restructuring of state-owned entities like Dubai World gaining momentum, sukuk is once again going to emerge as the preferred way to raise money, Humayon Dar told Reuters on the sidelines of a conference in Dubai…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Ameinfo.com: The market for Islamic Bonds, or sukuk, became an indicator for the entire Islamic Finance industry. Not only has the Dubai World debt restructuring removed some doubts on Islamic Bonds, but the market has also gained pace in general. AMEinfo.com examines recent and future developments.
Sukuk has become a common financial instrument in East and West, for long-term and short-term financing. In October, the Dow Jones Citigroup Sukuk Index added 1.12% (as of the close of trading of October 25th)…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Union of Arab Banks chairman Adnan Yousif said Islamic bonds (Sukuk) market is set to expand by at least 30 per cent, compared to 2008, despite the global financial crisis.
The volume of international Sukuk market is currently ranging between $40 billion and $50bn, said Mr Yousif, who is also the chief executive of Al Baraka Banking Group…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Reuters: The Egyptian unit of Bahrain’s Islamic lender Al Baraka plans to issue a sukuk, or Islamic bond, to raise about up to $150 million next year, the chief executive of the group said on Sunday.
“We have not yet finalised (the issue) because we have to do the structure….for it from the Islamic point of view,” Adnan Yousif told reporters on the sidelines of a conference in Kuwait…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Albawaba.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has announced its first new Sukuk issue since 2006. The five-year Sukuk, rated A2 by Moody’s and A+ by Fitch with a stable outlook from both rating agencies, will mature in November 2015.
The US$750 million issue was priced at an expected profit rate of 3.745%, which is one of the lowest profit rates achieved for a five-year offering by a GCC Bank, and was oversubscribed by approximately 4.8 times…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Gulf-times.com: Islamic private equity funds in the Arabian Gulf plan to take advantage of lower asset prices after the property market in Dubai tumbled as much as 50% 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 in an interview on October 18. “We have gotten over that hump in the cycle when there were a lot of liquidity constraints.”……………………………………Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Todayszaman.com: Interest-free pension funds have been making inroads into Turkey ever since the requirement necessitating holding at least 30 percent of Treasury bills and bonds in investment portfolios was lifted in 2008.
After the establishments of participation banks, interest-free pension funds were next in line. The Capital Markets Board (SPK) lifted the requirement that 30 percent of the funds in the pension funds pool should be in Treasury bills and bonds. With the new regulation, participation banks have begun offering retirement packages to customers who do not want interest-bearing accounts…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Ameinfo.com: Tamweel PJSC, an Islamic home finance provider in the UAE, announced the relaunch of its core activities. Following the recent announcement on a significant increase in the equity stake in the company by Dubai Islamic Bank, Tamweel is now well positioned to support the country’s real estate sector.
Beginning November 1, 2010, Tamweel will offer up to 80% financing of the current value of ready residential properties in Dubai and Abu Dhabi. Demonstrating its commitment to meeting the needs of end users, the company is extending finance to salaried and self-employed residents who meet the required eligibility criteria…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Bernama: Takaful Ikhlas Sdn Bhd (Takaful Ikhlas) has targetted to collect up to RM750 million in subscriptions from its policy holders at the end of its current financial year.
Its chairman, Sharkawi Alis said the company’s performance continued to increase rapidly each year since it was formed in September 2002 and became operational in July 2003 with only 145 employees…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Emirates247.com: Egoism and management issues are hampering mergers and acquisitions among Islamic bank and central banks need to tighten up the M&A regulations for the consolidation of the sector, according to a top Islamic banker.
London-based BMB Islamic’s Chief Executive Humayon Dar said mergers of Islamic bank is problematic from management viewpoint. “For example, in Malaysia I’m advising on Hong Leong Islamic Bank and it is taking over EON Capital…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Btimes.com.my: The Global Islamic Finance Forum (GIFF) 2010 ended yesterday, leaving in its wake a greater awareness of the growing importance of Islamic finance in the world. Most of the more than 1,000 participants left Kuala Lumpur on a high note, bullish that the industry which has existed for more than 40 years would be steadily making inroads and taking a bigger slice of the banking pie from their 500-year-old conventional peers.
Bahrain Islamic Bank general manager (credit and risk management) Dr Salah Addeen A. Qader Saeed said that although the US$1 trillion (RM3 trillion) global Islamic finance industry was just a drop in the ocean compared to the hundreds of trillions of dollars handled by conventional banking, it was nevertheless here to stay…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Arabnews.com: Malaysian Prime Minister, Mohd Najib bin Abdul Razak, has given the global Islamic finance industry a major boost by stressing that it would play an important role in the country’s economic transformation program (ETP) over the next decade, and that the globalization of Islamic finance has been instrumental in forging stronger financial ties between developed countries and the Asian and the Middle East regions.
At the same time, Islamic finance, he added, is expected to contribute to higher and more sustainable economic growth while encouraging greater financial and trade flows between the Middle East and Asia…………………………………….Full Article: Source
Posted on 01 November 2010 by Laxman | Email|Print
From Tradearabia.com: Dubai-based Minhaj Sharia’h Financial Advisory and Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI) have launched a set of 11 new Sharia’h standards for Islamic financial institutions.
Commenting on the launch, Minhaj and AAOFI said these Sharia’h standards will help FIs tackle contemporary issues of banking, finance and investment…………………………………….Full Article: Source
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