Posted on 05 November 2010 by Laxman | Email|Print
From Dilystar.com.lb: The Central Bank’s first vice governor, Raed Charafeddine, said Thursday that Islamic banks should have played a more active role in raising public awareness in Lebanon on the benefits of this industry as its assets represent less than 1 percent ($251 million) of the total assets of Lebanese conventional banks.
“Islamic banks have not been working enough to spread knowledge about this industry and a lot of efforts are needed to grow this sector in Lebanon,” Charafeddine said……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Kaleejtimes.com: The Islamic banking industry in the GCC is expected, in general, to remain strong moving forward, growing by 15 to 20 percent year-on-year in 2010, according to a banking and finance expert.
Muhammad Said Abdul Wahab said that the existence of financial centres in Bahrain, Qatar and the UAE, as well as a number of Islamic finance organisations such as the Accounting and Auditing Organisation for Islamic Financial Institutions, Liquidity Management Centre, and the International Islamic Financial Market will continue to attract new players to the region and further propel the Islamic banking industry to greater heights……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Aiasentinel.com: Despite debt problems in Dubai and Kuwait, the Islamic bond market resumes growth. A year after Dubai’s monster debt problems sent shockwaves though the sukuk (Islamic bond) world, sukuks are thriving again and with them Malaysia’s role as the center of gravity of international Islamic finance.
Although Islamic banking, investment and insurance activity are again gaining global ground, is still relatively small and mainly concentrated not in the most populous Muslim countries but in those such as Malaysia and the United Arab Emirates, which are able to use local liquidity and government help to promote it outside their borders……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Bi-me.com: 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.
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, one of the world’s leading management consulting firms in the financial industry……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Thepeninsulaqatar.com: Bankers in Islamic finance are increasingly outsourcing Shariah supervision due to a lack of scholars in the industry, but critics say this is making the sector even less transparent and slowing its development.
The $1 trillion industry rode a five-year oil boom until the 2008 property crash in the Gulf Arab region raised complaints that many of its investment instruments can be seen as mere copy-cats of conventional banking products, threatening the sector’s future growth……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Abc.az: International Bank of Azerbaijan proceeds introduction of Islamic Banking services. “The project on introduction of Islamic banking products and services in IBA’s activities is being realized successfully. Up to date, the IBA management adopted a concept including introduction and development of Islamic banking in the Bank.
The concept worked out specially by a working group offers strategic decisions and concrete measures,” said the head of the Islamic banking introduction team Behnam Gurbanzadeh……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Abc.az: Following the module of the “universal banking”, Azerbaijan’s TuranBank also one of few banks in the country implementing elements of corporate finance for Sharia principles.
The Bank reports that up to date it has completed a full market analysis and investigation on “Islamic Banking” which gave the opportunity to develop the concept of the bank in this direction. According to the new concept, TuranBank plans to apply the retail direction for “Islamic Banking”……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Abc.az: International Islamic Trade Finance Corporation (ITFC, Islamic Development Bank Group) a credit line for Azerbaijan’s TuranBank for support of trading operations in non-oil sector, including the private sector, which serves as the development of small and medium businesses.
The Bank reports that due to the ITFC credit line of $1.3 million they plan to provide funding for potential projects for trading operations. The credit line is given by the Corporation for one year. The size of the loan to one borrower under the line can range up to $200,000……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Bloomberg: Pakistan’s largest Shariah funds plan to bid for the 80 billion rupees ($934 million) of Islamic debt the government will offer in coming weeks after a 14-month suspension of sales.
Al Meezan Investment Management Ltd. and NBP Fullerton Asset Management Ltd., which oversee a combined $380 million, said they will submit bids for the 40 billion rupees of the three-year notes on offer at a Nov. 8 auction and an equal amount on Dec. 13……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
Global sales of sukuk fell 29 percent to $13.5 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Ameinfo.com: Rizwan Kanji, a leading debt capital markets practitioner, is joining King & Spalding as a partner in its Dubai office. Kanji will have a leading role in King & Spalding’s debt capital markets and sukuk practice.
“The Middle East is a key element of our firm’s strategy for international growth, and we expect to see continued growth in sukuk offerings in the region and in other capital markets,” said Isam Salah, head of King & Spalding’s Middle East and Islamic finance practice……………………………………….Full Article: Source
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From Gulfnews.com: Global Islamic bond (sukuk) issuance hit Dh144 billion ($39 billion) in the first ten months of the year with total issuance in October alone surpassing $5.3 billion, according to the latest data from Zawya’s sukuk database.
“Data from Zawya Sukuk Monitor shows that sukuk in the GCC is back on track and the rest of the world is warming up to the benefits of Islamic bonds,” said Adnan Halawi, Senior Sukuk Analyst, Zawya. “October was marked by diversity of issuing countries with major issues from Qatar, Saudi Arabia, Malaysia and Indonesia.”………………………………………Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Maktoob.com: When Malaysian Aida Othman signed up for the new law programme at the Islamic university, she did not expect to become one the few women with their hands on the levers of the world’s $1 trillion Islamic finance sector.
Rising global demand for scholars who can advise firms on compliance with Islamic legal principles called sharia is behind the quiet and almost accidental way in which women are growing into a small but powerful force in a male-dominated business……………………………………….Full Article: Source
Posted on 05 November 2010 by Laxman | Email|Print
From Thenational.ae: Two years ago, Tamweel, the Islamic mortgage company, announced that it would be closing up shop. With average property prices in Dubai falling by more than 50 per cent from their peak in 2008, the company was a casualty of the financial crisis.
But Tamweel hopes this setback will soon be ancient history. This week, the company announced that it will again be offering home loans in Abu Dhabi and Dubai……………………………………….Full Article: Source
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