Posted on 30 November 2010 by Laxman | Email|Print
From Bloomberg: Dubai’s proposed sale of as much as $1.5 billion of Islamic bonds in Malaysia won’t appeal to most local funds unless the emirate obtains a rating, Mashreq Capital DIFC Ltd. and Nomura Asset Management Malaysia Sdn Bhd. said.
The government hired CIMB Investment Bank Bhd., a Kuala Lumpur-based unit of CIMB Group Holdings Bhd., the world’s top sukuk arranger this year, as a lead manager to sell between $1 billion and $1.5 billion of the securities, a person with knowledge of the plan said Nov. 24……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Thenational.ae: Dubai’s proposed US$1.5 billion (Dh5.51bn) sukuk issuance in Malaysia has received a mixed response from investors with some saying the emirate’s lack of a credit rating would lead to lower demand in current market conditions.
Officials at the Dubai Department of Finance are exploring options for a multi-currency Islamic bond issuance in the world’s largest sukuk market as the emirate refinances its debts……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Arabianbusiness.com: Dar Al Arkan, Saudi Arabia’s largest property developer, said on Monday that it will not need to return to the debt markets to help repay a $1 billion sukuk maturing in 2012 but does not rule out having to make some asset sales.
Analysts fear it might have to raise new debt but the company, which had $293 million in cash at the end of the third quarter, says it is confident that it can generate sufficient cash to pay off the existing debt……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Arabianbusiness.com: QInvest LLC, a Qatari Islamic investment bank, is in discussions with a borrower in the Gulf nation to arrange the sale of an Islamic bond in the first half of next year, chief executive Shahzad Shahbaz said.
The bank, which is 35 percent owned by Qatar Islamic Bank, may also help another entity raise funds, Shahbaz said in a telephone interview from Doha on Sunday, declining to provide details. QInvest ranked 13 among 31 sukuk underwriters this year, arranging $250m of the notes, or 1.8 percent of the total $13.7bn, according to data compiled by Bloomberg……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Channelnewsasia.com: Malaysia’s government-owned Pelaburan Hartanah Bumiputra on Monday launched a 317-billion-dollar investment trust in a bid to encourage its majority Muslim Malays to invest more in property.
The sharia-compliant Real Estate Investment Trust (REIT) would allow Muslim Malays and indigenous groups — collectively known as “bumiputra” or “sons of the soil” — to increase their stake in real estate assets, said Prime Minister Najib Razak at the launch……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Emirates247.com: A senior Islamic scholar in Saudi Arabia has launched a rare attack on the Kingdom’s central bank, accusing it of stifling Islamic banking services. Sheikh Abdullah bin Suleiman Al Manee, a member of the Supreme Islamic Scholars Authority, said most of the Islamic banking services in the world had originated from Saudi Arabia but added they were all individual initiatives.
Addressing an Islamic banking seminar in Riyadh on Sunday night, he said the Saudi Arabian Monetary Agency (Sama), the Gulf Kingdom’s central bank, had not done enough to promote Shariah-compliant banking services……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Emirates247.com: Arab banks are expected to gain nearly $300 billion in assets at the end of 2010 to surpass the region’s gross domestic product and this should prompt them to expand their role in the domestic economy, the top Arab banker has said.
The combined assets of the nearly 470 Arab banks could peak at over $2.5 trillion at the end of this year compared with nearly $2.2 trillion at the end of 2009, said Adnan Yousuf, Chairman of the Union of Arab Banks UAB)……………………………………….Full Article: Source
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From Zawya.com: Getting true to its values of innovation and customer convenience, Emirates Islamic Bank announced the launch of a new promotion for smartBUSINESS customers.
smartBUSINESS is a convenient and efficient online banking service that enables business customers to perform a wide range of banking transactions such as payroll processing, bulk payments, third party payments, Central Bank transfers, local and international telegraphic transfers, preferential foreign exchange rates, access to account statements, credit card payments, and other features 24X7 days year round……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Tradearabia.com: Emirates NBD, the leading bank in the Middle East, has raised a $410 million, equivalent 5-year multi-currency loan at an extremely competitive margin of 1.75 per cent per annum.
The loan, which sets a new pricing benchmark for UAE based borrowers, is the first of its kind in the region in terms of its unique structuring and was fully subscribed by JP Morgan, a statement said……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Dubaibeat.com: Dubai Shariah Asset Management’s $260 million fund of funds, which was launched at the beginning of 2009, posted a 41% return last year. According to Dubai Shariah Asset Management (DSAM) its fund of funds, DSAM Kauthar Commodity Fund, is drawing interest from major Islamic banks that cater specifically to wealthy clients seeking investments that don’t violate shariah.
The hedge fund experiment was a departure for the region’s investors, who traditionally put money into real estate, private equity or long-only mutual funds - DSAM says……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Businessweek.com: The debt-saddled Kuwaiti Islamic investment firm that owns a majority stake in automaker Aston Martin blasted a committee representing its creditors of trying to “derail” restructuring talks, and said it accepted the committee’s resignation.
The development, outlined in a statement e-mailed Monday from The Investment Dar, marks the latest hurdle in restructuring talks with a firm that was among Kuwait’s most prominent investment houses……………………………………….Full Article: Source
Posted on 30 November 2010 by Laxman | Email|Print
From Ahlul Bayt News Agency: According to Al-Dastoor newspaper, the program has been organized under the supervision of Samir Al-Rifa’i, Prime Minister of Jordan in cooperation with the International University of Islamic Sciences and the World Center for Islamic Thought.
It is to be held with the presence of a group of Muslim scholars from Jordan, Saudi Arabia, Kuwait, Algeria, Egypt, Iraq and Malaysia……………………………………….Full Article: Source
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