Posted on 16 November 2010 by Laxman | Email|Print
From Bloomberg: Managers of Islamic endowments with $105 billion in assets are seeking to diversify out of bank deposits, providing Shariah-compliant funds with the chance to capture new business, Ernst & Young LLP says.
These “largely untapped” endowments, or awqaf, have as much as $40 billion of cash parked at commercial banks, Ashar Nazim, Manama-based executive director and head of Islamic financial services for Ernst & Young, Bahrain, said………………………………………Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Tradearabia.com: The Waqf Fund, a Bahrain-based special initiative to support Islamic finance training, education and research, is to launch a continuous development programme.
At its 12th board of trustees meeting at the Central Bank of Bahrain (CBB) premises, the Waqf Fund members elected Arcapita Bank executive director Essa Zainal as deputy chairman……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Bernama: Public Mutual Bhd is launching two Islamic funds, Public Islamic Alpha-40 Growth Fund (PIA40GF) and Public Islamic Infrastructure Bond Fund (PIINFBF), with potentially higher returns.
Its Chief Executive Officer Yeoh Kim Hong said PIA40GF would adopt a more focused investment strategy and would be able to achieve the returns over the medium-to-long-term as it would concentrate investments in a portfolio of not more than 40 stocks……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Tradearabia.com: Abu Dhabi’s fastest growing investment fund Aabar is eyeing three European deals worth 2 billion euros ($2.74 billion) after selling its stake in Banco Santander’s Brazil unit, its chairman said in remarks published on Monday.
Aabar, which recently delisted from the Abu Dhabi Securities Market (ADX), is looking at two infrastructure investments in Europe valued at between 500 million and 1 billion euros, Khadem al-Qubaisi told the Financial Times……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Khaleejtimes.com: The Central Bank of the UAE has announced the successful inaugural auction of Shariah-Compliant Certificates of Deposit (ICDs), a move which will allow Islamic lenders to better manage their short term liquidity.
Islamic banks operating in UAE have started participating in the auction of these Certificates for tenors from 1 week to 12 months, the central bank said in an announcement……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Gulf-times.com: In a move aimed at improving transparency in the UAE banking sector, all lenders and financial institutions will now be required to make provisions for toxic loans on a quarterly basis, rather than at the end of the fiscal year, according to details from a UAE central bank circular.
The central bank said its review of unclassified loans held by lenders will “also serve as a catalyst for depicting a truly realistic financial position of banks and other financial institutions.”………………………………………Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Gulf-times.com: UAE’s top banks posted mixed results in the third quarter as they set aside more money for bad loans but are seen improving their performances in the last quarter on the back of an easing of Dubai World’s debt problems.
Despite an overall increase in provisions during the first nine months, the banking industry in the UAE is showing signs of recovery, analysts said……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Pakobserver.net: Islamic banking refers to a system of banking that is consistent with Islamic law. Islamic economic. Islamic finance has been gaining a global scale for the last 30 years and is estimated at more then $400 billion with projected growth of 15% pen annum.
Ijara is a contract of a known and proposed usufruct against a specific and lawful return and consideration for the service or return for the benefit proposed to be taken or for the effort of worth proposed to be expended. There are many kinds of banking (Muharabha, Ijara, Ijara-wal-iqtina, Musharaka, Musawamah, Istina, Bai-muajjal, Mudarabaha, and Bai-salam)……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Arabianbusiness.com: Fast forward to 2010, and Qatar First Investment Bank (QFIB), the first fully Sharia-compliant investment house in the Gulf state, looks to be in rude health. Posting a profit in its first full-year of operations certainly helped, and the bank is continuing to build its portfolio of offerings, qualifying for a full Islamic banking licence from the Qatar Financial Centre (QFC) in the process.
In addition, QFIB has continued with further private equity transactions, having already completed a couple in the healthcare field — in Turkey and Abu Dhabi. de Graffenried says that several are live, with another in Turkey, one in Saudi Arabia, and spread across various sectors……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Thestar.com.my: The dual agency concept, where conventional and takaful policies are sold by the same agents, is gaining popularity, especially among bigger insurance players, as an effective way to boost market share and deepen the penetration rate of insurance in the country.
Some may not agree to this method and instead sell separate policies, but judging from the pace of its adoption among insurers, it is fast making headway amid new players coming into the market……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Thestar.com.my: Bank Negara has approved the joint application by Public Bank Bhd (PBB), Public Islamic Bank Bhd (PIBB) and ING Management Holdings (M) Sdn Bhd for a family takaful licence.
In a joint statement, the three companies said they would set up a joint-venture (JV) company to carry out the family takaful business, with ING holding a 60% equity stake, PBB 20% and PIBB 20%……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Gulf-times.com: Islamic finance has embraced women relatively rapidly in its 30-year modern history, as burgeoning demand for expert lawyers and growing female education rewrite the rules of the business.
As Islamic finance expands 15%-20% a year and enters new markets from Australia to South Africa, so the need has grown for more Shariah advisers who can structure financial transactions according to Islamic rules that crucially include a ban on interest……………………………………….Full Article: Source
Posted on 16 November 2010 by Laxman | Email|Print
From Tradearabia.com: Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj will be the keynote speaker at a dinner organised by the Bahrain British Business Forum (BBBF) as part of activities to coincide with the World Islamic Banking Conference (WIBC).
‘It is a great honour to have Al Maraj speaking at our dinner for WIBC and Bahrain hosting this conference reflects the importance of the kingdom as a financial centre and the growing interest from around the world in Islamic finance,’ said BBBF chairman Khalid Al Zayani………………………………………..Full Article: Source
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