Posted on 03 November 2010 by Laxman | Email|Print
From Bloomberg: Tata Group’s investment unit is seeking to attract about $100 million within three years to India’s first Shariah-compliant stock fund aimed at global investors, targeting equities in a country that lacks regulations for establishing an Islamic debt market.
The Tata Indian Shariah Equity Fund, has $3 million after being set up in June to tap investment mainly from the Middle East, said Mumbai-based Tata Asset Management Ltd., which oversees $5 billion in stocks and bonds, in an e-mailed reply to questions yesterday……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Abc.net.au: The chairman of the Federal Government’s independent adviser on tax laws, Dick Warburton, says people are over-reacting in the debate on Islamic banking. The Board of Taxation recently released a discussion paper on the tax treatment of Islamic finance.
Sharia-style banking prohibits the payment and collection of interest and deems that all parties to a financial transaction must share in the risks and rewards involved……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Abc.net.au: In Canberra, the Coalition is raising concerns about whether Islamic banking in Australia is compatible with Western values. The Coalition leader Tony Abbott today backed the emotive comments of Liberal Senator Cory Bernardi, saying many people do have concerns about Islamic banking.
But the Government says this is knee-jerk reaction to a taxation board inquiry and that there should be a more considered debate……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From News24.com: An Australian lawmaker has urged fellow members of parliament to block legislation that would allow financial products that met the Islamic banking principle prohibiting the payment and collection of interest.
“Shari’ah finance is one aspect of Shari’ah law, or Islamic law, and I reject it entirely,” the opposition Liberal Party’s Cory Bernardi said on Tuesday. “We shouldn’t be changing our legal system or our legal framework to accommodate a system of laws that is wholly incompatible with Western values.”………………………………………Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Abc.net.au: The recent comments by Senator Cory Bernardi about so-called “sharia finance” (a designation intended to invoke fear if ever I’ve heard one) displays a profound ignorance about the ethical and theological underpinnings of Islamic finance, and its deep commonality with the Christian tradition.
Moreover, it seems rather hypocritical to me to hear Western free-marketers raising moral questions about the Islamic approach to finance, especially given the financial devastation wrought by the ‘free market’ over the past two years. So let me try to allay a few misplaced fears by appealing to my own experience of Islamic finance through the London Citizens organisation……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Brecorder.com: Deputy Governor, State Bank of Pakistan, Yaseen Anwar has said there is a huge opportunity for Islamic banks, which have surplus funds to fill the credit gap in private sector created by conventional banks that are investing in treasury bills. He was talking to media at the 4th International conference on Islamic Banking and Takaful, which was organised by Alhuda Centre of Islamic Banking and Economics here on Tuesday.
He also said at present the Islamic banking was facing two challenges that were holding its growth; there was a need of capacity-building of Islamic bank institutions and awareness of Islamic banking products among the masses. “However, opportunities are there for Islamic banks to increase its market share by focusing on SMEs, micro-finance and housing finance,” he added……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Reuters: Malaysia’s central bank announced on Tuesday a new 11-member sharia advisory team to handle Islamic finance matters. The sharia advisory boards of the central bank and the capital market regulator are the final authority on sharia issues in Malaysia, which has the world’s largest sukuk market.
The central bank’s advisers include Mohd Daud Bakar, chief executive of Amanie Business Solutions; Engku Rabawiah Engku Ali, an associate professor at International Islamic University Malaysia; Mohamad Akram Laldin, executive director of International Sharia Research Academy for Islamic Finance and M. Anwar Ibrahim, vice chairman of the National Sharia Board of Indonesia Ulama Council……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Brudirect.com: After the economic crisis that temporarily paralysed the entire globe in 2009, the Basel Committee has proposed to issue new and more effective global liquidity management standards for banks that aim to protect world finances to avoid a repeat of what was dubbed the “worst economic crisis since the 1930s”.
However, though well-intentioned, the international standard setter for banks’ vision does not entirely accommodate Islamic financial institutions as their reforms “have serious implications for Islamic banks” and may even fuel liquidity risks across Islamic financial markets due to the limited stock of Syariah-compliant government securities that are geared to meet the proposed narrow definition of liquid assets……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Tradearabia.com: Bahrain-based Futurebank welcomed on board Gholam Souri as its new chief executive officer. With more than 20 years of experience in the banking industry and a strong background in Islamic banking, Souri hopes to take the bank forward while at the same time hone his skills and experience in this new role.
He has previously served as a director of Futurebank from its inception up to end of September 2006……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Gulf-daily-news.com: United Gulf Bank (UGB), the asset management and investment banking platform of the Kipco Group, saw net profit in the first nine months of the year jump 128 per cent to $41.4 million. Net profit for the third quarter was up 218pc to $9.9m.
Total income for the third quarter rose by 28.6pc to $33.2m, taking income for the nine-month period ahead by 15.2pc to $105.7m……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Zawya.com: Al Baraka banking gruop is the biggest Islamic banking group listed on the Bahrain Stock Exchange in terms of capitalisation. It has been rated by Standard & Poor’s as BBB- with a short-term rating of A-3. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Shariah.
The authorised capital of ABG is US$1.5 billion, while the total equity amounts to about US$1.59 billion……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Witneygazette.co.uk: An Islamic investment bank which has its headquarters in oil-rich Kuwait, has snapped up a student accommodation block in Cowley for £28.95m. The new building, on the former Territorial Army site at Slade Park, is built around a central courtyard and contains 350 en-suite rooms in apartments with independent kitchens and sitting areas, as well as 24 self-contained studios.
A spokesman for Oxford Brookes University, which will nominate the tenants in the block, said the new building will fulfil an important role as the university is obliged to reduce the numbers of students in privaet rented accommodation……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Bernama: Malaysia is seen to be a “thought leader” especially in its creativity of developing Islamic finance to be a a major influence, and thus is capable of thinking outside the box, said Hillary Rodham Clinton here today.
The United States State Secretary said:”From my observation and my discussions with Malaysian officials and citizens, Islamic finance has a very large influence right here in Malaysia, that is a very creative approach.”………………………………………Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Financierworldwide.com: As an Islamic state, it must always be kept in mind that the law of the Kingdom of Saudi Arabia is based on the Shariah, with the Quaran and Sunnah as principle sources of law. Given that interest is ‘riba’ or forbidden under Islamic law, for example, there are obvious tensions between the basic Saudi Arabian legal environment and the interests of typical bank creditors.
Nonetheless, creditors do have a number of enforcement options. Firstly, a creditor may make application to the Negotiable Instruments Committee under the Ministry of Commerce and Industry for recourse in respect of promissory notes or the like, provided such notes are in the appropriate form……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Theasset.com: According to Datin Maznah Mahbob, chief executive officer of the funds management division of AmInvestment Bank Group, investors in Islamic funds are generally risk-averse and the challenge for asset managers, therefore, is to enhance the performance of Islamic funds while catering to the investor propensity for risk avoidance – in addition to ensuring compliance with Shariah law.
To enhance their performance while maintaining low risk and volatility levels, conventional funds would use hedge fund methodologies and instruments such as shorting and leveraging which are irreconcilable with Shariah principles, Maznah explains……………………………………….Full Article: Source
Posted on 03 November 2010 by Laxman | Email|Print
Islamic finance just got one step closer to addressing its biggest problem: a lack of qualified bankers and scholars. Today, the UAE’s largest private bank, Mashreq Bank, rolled out the first ever bank-wide Islamic finance e-learning solution at its Islamic banking division, Mashreq Al Islami.
Hiring Ethica, the Islamic finance e-learning institute, brings Mashreq 100% online Islamic finance training and certification across their entire network of branches……………………………………….Full Press Release: Source
Posted on 03 November 2010 by Laxman | Email|Print
From Kuwaittimes.net: As the global Islamic finance industry enters the next phase of growth, more than 1,200 industry leaders, senior decision-makers and key regulators from over 50 countries are set to gather at the 17th Annual World Islamic Banking Conference (WIBC 2010).
Hosted with the official support of the Central Bank of Bahrain, WIBC 2010 will be held at the Gulf International Convention Centre, Gulf Hotel from the 22nd to 24th of November 2010 in the Kingdom of Bahrain……………………………………….Full Article: Source
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