Posted on 24 November 2010 by Laxman | Email|Print
From Reuters: A new global Islamic liquidity management corporation backed by central banks will start issuing Islamic bonds next year to help Islamic banks manage their liquidity, a board member said on Tuesday.
Liquidity management is seen as the weak point of the emerging Islamic finance industry as it currently relies on the use of commodity murabaha, a money market instrument only grudgingly accepted by Islamic scholars for lack of alternatives……………………………………….Full Article: Source
Posted on 24 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 $13.7 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.
Malaysia Airports Capital Bhd: The company hired CIMB Investment Bank Bhd. and Citigroup Inc. to help it sell as much as 1 billion ringgit ($321 million) of 12-year Islamic notes………………………………………Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Reuters: Islamic banks need to diversify their business models away from deal-making fees to survive in a period without pre-crisis liquidity levels, Bahrain’s central bank said on Tuesday.
“Islamic financial institutions need to build diversified sources of revenue, relying not only on placement and performance fees, but also on the steady stream of income generated by such unglamorous but essential activities as advisory services, asset management and providing financial services to retail clients,” governor Rasheed al-Maraj said……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Omantribune.com: The Kerala state government informed the high court that an Islamic bank was established on the secular principles of Sharia law and irrespective of religion anyone can become a stakeholder.
The oral submission was made by Advocate General CP Sudhakara Prasad on a petition by Janata Party leader Subramanian Swamy and others challenging the proposal to start an Islamic financial institution……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Thestar.com.my: HSBC Amanah Malaysia Bhd, a wholly owned subsidiary of HSBC Bank Malaysia Bhd, is targeting to have 26 branches in the country by 2013.
HSBC Amanah deputy chairman and chief executive officer Mukhtar Hussain said the company intended to expand its Islamic finance branch network in Malaysia in the next two to three years……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Ameinfo.com: Bahraini retail and commercial banking institution, BMI Bank and Tamkeen today announced the launch of a Sharia-compliant financing scheme for enterprises within the local private sector to bolster the segment within the country.
Created in partnership with Tamkeen, the scheme will offer a suite of Sharia-compliant financial products under the umbrella of the Islamic Financial Services division within the bank……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Bloomberg: Noor Islamic Bank, a lender controlled by Dubai’s government, cut its workforce by at least 30 employees as it seeks to consolidate the business, Chief Executive Officer Hussain Al Qemzi said.
“Thirty something” employees were let go a few weeks ago, Al Qemzi said today in an interview in Manama……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Reuters: Dubai Islamic Bank (DIB) launched the emirate’s first sharia-compliant real estate investment trust to aid in the recovery of the country’s battered real estate sector, top executives said on Tuesday.
Emirates REIT, a joint venture between DIB and French property firm Eiffel Management, looks to attract sharia-compliant property such as office buildings, warehouses, schools and car parks and convert the rental income into dividends for investors, said Adnan Chilwan, chief of retail banking at DIB……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Bloomberg: Restricting the number of boards religious scholars are involved in would curb growth in the $1 trillion Islamic finance market, says a Bahraini scholar who advises Citigroup Inc. and HSBC Holdings Plc.
The Accounting & Auditing Organization for Islamic Financial Institutions, a Manama-based agency, said in August it’s considering guidelines on scholars owning shares in the institutions they serve and the number of advisory boards they can join, to reduce the risk of conflicts of interest……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Bernama: Microfinance can be the new focus in Islamic finance as industry players are looking at news avenues to channel excess liquidity in the system, says an industry expert.
Yavar Moini, Head of Islamic Banking, Morgan Stanley, United Arab Emirates, said it was possible to develop a syariah-based microfinance product……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Gulf-press.com: Financial markets with a significant Islamic finance sector are recovering faster at 5% growth compared with the global average of 3.5%, stated a new report produced in collaboration with global management consultancy McKinsey & Company.
Despite Islamic banking assets growing at an average of 12% from 2008 to 2009, the profitabilityof Islamic banks in these markets has declined……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Gulfweeklyworldwide.com: More than 1,200 delegates from over 50 countries are taking part in the 17th annual World Islamic Banking Conference (WIBC 2010) which ends today at the Gulf Hotel. The three-day event has been convened under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa and held under the auspices of the Central Bank of Bahrain.
Under the theme ‘Building a new growth paradigm - Islamic banking and the new global financial landscape’, the event has featured a series of pragmatically-focused workshops and executive briefing sessions led by experienced and respected industry experts……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Asiantribune.com: Insurance Board of Sri Lanka (IBSL) has called for quotations from persons with financial or legal background with insurance experience to be appointed as an administrator to Ceylinco Takaful Ltd; a Islamic insurance arm owned by former Ceylinco Group.
A notice to public by the IBSL, island nation’s insurance watch dog further said that the appointment is yet to be taken place in terms of section 20 of the Regulation of Insurance Industry Act No.43 of 2000 to manage and administer the claim settlement procedure of the company……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Bernama: Hong Leong Tokio Marine Takaful (HLTMT) targets RM1 million contribution in the first six months for its newly launched takaful product, HLTMT i-Ihsan.
Chief Executive Officer Ab Latiff Abu Bakar said this product was the first that offers customers the flexibility in choosing the amount of sum covered or protection and savings based on their financial needs……………………………………….Full Article: Source
Posted on 24 November 2010 by Laxman | Email|Print
From Finextra.com: UMEX Capital Markets Group plc announced that, in partnership with ULLINK, it has launched a dedicated broker dealer gateway cloud - UGx for Islamic banks, fund managers and brokers to interact with each other using FIX connectivity.
The UMEX Gateway Xchange is a connectivity hub where traders and market participants, who are operating in the Islamic finance sector, can deal in real time in securities from over 50 exchanges around the world. UGx facilitates interaction between institutions, brokers, fund managers, markets, and even from system to system……………………………………….Full Article: Source
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