Posted on 10 November 2010 by Laxman | Email|Print
From WSJ: Sabana Shari’ah Compliant Industrial Real Estate Investment Trust, or Sabana REIT, filed a prospectus with Singapore’s central bank for an initial public offering intended to raise as much as 696.1 million Singapore dollars (about $541 million), in what could be the island nation’s first Shariah-complaint listing as it seeks to grab a larger share of the Islamic finance market.
If the offering succeeds, Sabana would also be the largest listed Shariah-compliant REIT by total assets globally. Its assets are estimated at S$850 million……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Dailyfinance.com: Under Shariah, or traditional Islamic law, charging interest on a loan is taboo, but Muslim businessmen have created sukuk, which are financial instruments that can enable a return on principal. Less than a year ago, during the worst days of Dubai’s financial crisis, it seemed likely that lawyers would turn Dubai into a laboratory for thrashing out the consequences of defaulting sukuk.
Now, though, the worst of the financial crisis in Dubai has passed, with a minimum of such thrashing……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Bloomberg: Investors are favoring Malaysia’s Islamic bonds over shorter-term bills as overseas funds increase holdings in the world’s biggest sukuk market, showing confidence that the central bank is curbing inflation.
The yield on the nation’s five-year ringgit bond fell 35 basis points to 3.49 percent this year, according to Bank Negara Malaysia prices……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Reuters: Senegal is the latest African nation looking to tap the growing Islamic finance market by issuing its first sovereign Islamic bond in 2011, three sources familiar with the matter, including an official at Senegal’s Ministry of Finance, said.
Two people familiar with the talks confirmed that Citibank is serving as an arranger on the planned Islamic bond, or sukuk, but said that the deal is still in its very early stages and details on size and tenor remain sketchy……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Arabnews.com: The Jordanian government has finalized the issuance of 750 million dollars of five-year bonds, Finance Minister Mohammad Abu Hammour announced Tuesday. The bonds, which had been sold to about 220 international investors, carried a fixed annual interest rate of 3.875 percent, which would be paid every six months.
“Jordan’s first issue of bonds on world markets was managed by a coalition of international banks comprising JP Morgan, Credit Suisse, HSBC and the Arab Bank,” Abu Hammour said……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Reuters: State-owned Islamic Bank of Thailand has again delayed plans to issue the country’s first Islamic bond, but it could come in the first half of 2011 if market conditions are favourable, its president said on Tuesday.
The issue of Islamic bonds worth 5 billion baht (S$217 million) has been repeatedly delayed, pending regulations governing the issuance of sukuk in Thailand……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Dow Jones: The Islamic Bank of Thailand expects to launch Thailand’s first Islamic property fund in December, the bank’s President Theerasak Suwannayos said Tuesday.
The fund, called IBank Shariah Property Fund, is expected to raise up to THB1.4 billion ($47.2 million) from an public offering, he told reporters……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Dnaindia.com: Shariah-compliant mutual funds are probably not the best performers in a bullish market of current times, where the rally is primarily driven by banking stocks. But in a slightly bearish market these funds give decent returns.
In India, this type of funds is yet to become popular among the masses. As a result, currently, the number of this kind of mutual funds is just a handful……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Zawya.com: In a recently published quarterly report by Kuwait Financial Centre “Markaz”, which aims to analyze the performance of over 150 equity funds across the region, GCC markets were positive in the third quarter as all markets saw gains following a lackluster summer and slow Ramadan month; the Dubai World debt issue was resolved with the bulk of creditors coming on board for the restructuring.
Positive ratings and economic news also lifted sentiment across the Gulf in addition to increasing crude oil prices……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Bernama: Kumpulan Takaful Malaysia on Tuesday announced that it will waive the fee for assessing damage to properties in the floods in northern states.
“If you have a claim for about RM3,000, you have to pay RM200 as evaluation fee,” said managing director Datuk Mohamed Hassan Kamil to reporters……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Ameinfo.com: Peter Baltussen, chief executive of the Commercial Bank of Dubai has said the lender is expected to post an increase in full-year net profit, as it grows its Islamic finance business.
The bank wants to increase its Islamic finance operations from the current 10% of the bank’s deposits to 30% after five years, he said. Non-performing loans for UAE banks were likely to peak in 2011, he added……………………………………….Full Article: Source
Posted on 10 November 2010 by Laxman | Email|Print
From Jdsupra.com: The global down turn it could be argued came as a blessing in disguise for the Islamic banking and finance sector (IBF). But may not for reason you might think.
To my mind there are three reasons a dip in the fortunes of the IBF sector following the global down turn was good for the sector.The first of which is that it is proof positive that IBF is now fully integrated to the global financial system………………………………………..Full Article: Source
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