Posted on 03 December 2010 by Laxman | Email|Print
From Gulf-daily-news.com: The standards set up by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) have become the core of the re-engineering process of Islamic finance. They provide the basis for innovation within the framework of Islamic teachings, Housing Minister and AAOIFI chairman Shaikh Ibrahim bin Khalifa Al Khalifa said.
“Ultimately this will hopefully enhance users’ confidence in Islamic practices and encourage growth of demand,” he said……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Islamic bonds are not perceived as positively as conventional debt markets, according to research carried out by the Lebanese American University (LAU) into the sukuk markets in Malaysia.
That was the message from LAU assistant professor of finance Dr Rima Turk Ariss, who was speaking on the sidelines of the fourth Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) conference……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Moneymanagement.com.au: Shariah-compliant funds manager, Crescent Funds Management, has been granted an Australian Financial Services Licence (AFSL). Crescent, a subsidiary of Crescent Investments Australasia, plans to launch a Shariah-compliant Australian equities fund in the first quarter of 2011.
Crescent has appointed Ernst & Young as tax adviser and auditor and JP Morgan as custodian, according to Crescent Funds Management’s chief executive Chaaban Omran. The fund will be targeting domestic and offshore retail and institutional investors……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
The Islamic Development Bank (IDB) this morning listed its US$3.5 billion (RM11bil) trust certificate issuance programme or sukuk programme on Bursa Malaysia, marking the first multilateral development bank to list its foreign currency sukuk programme on the Exchange.
The five-year US$500mil tranche issued in October pursuant to the upsized US$3.5bil sukuk programme under the Malaysian International Islamic Financial Centre (MIFC) initiative was also accorded ‘Emas’ status by Bank Negara Malaysia this morning……………………………………….Full Press Release: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Bloomberg: Islamic bonds that pay returns based on cash flows from airports and utilities rather than income from property may stay in favor in the coming year after a drop in Persian Gulf real-estate prices shook investor confidence.
Saudi Electricity Co.’s 7 billion-riyal ($1.9 billion) sukuk sold in May was underwritten by income from fees such as connection charges, according to its prospectus. Nomura Holdings Inc., Japan’s largest brokerage, sold Islamic debt in Malaysia in July using aircraft as the underlying asset……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Ifrasia.com: Joint bookrunners Citibank and CIMB on December 2 launched a M$1bn (US$322m) 12-year Sukuk for Malaysia Airports Capital.
The Triple A rated notes were launched at a guidance of 4.60%–4.80% and structured in the Murabahah format……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Tradearabia.com: Gulf countries should discuss whether to shift their currency peg to a basket of international currencies instead of the dollar, the economy minister of the UAE was quoted as saying on Thursday.
Gulf officials have previously denied any risks to pegs in the region, which relies heavily on imports, as a result of the weak US currency……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Emirates247.com: The Dubai Islamic Bank fraud case, wherein seven people are accused of embezzling Dh1.8m, has been adjourned to December 12 to hear more witnesses.
In the previous hearing Dubai Criminal Court refused to grant bail to the seven accused - UH, Pakistani, 29, former financing department manager; RU, Pakistani, 50, deputy manager; three British businessmen CM, 48, RL, 54, and AF, 58; and two fugitives ZU, American and AI, Turk, AI, 36……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Albawaba.com: The Middle East’s online banking users are between the most sought after targets for cybercriminals as it has emerged that Egypt, Saudi Arabia Turkey, Morocco, Iran and Kuwait were among the world’s markets worst hit by a version of ZeuS, a highly specialized online banking Trojan, according to Kaspersky Lab, a leading developer of secure content management solutions.
During a five-month study completed in June 2010, Kaspersky Lab analysts tracked an online crime gang using a version of the Zeus Trojan and developed a geographic pattern of its attacks as well as a profitability evolution. The results are alarming for the Middle East region……………………………………….Full Article: Source
Posted on 03 December 2010 by Laxman | Email|Print
From Tradearabia.com: Libya acquired a stake Abu Dhabi’s sovereign wealth held in Bahrain-based Arab Banking Corporation (ABC), bringing its stake in Bahrain’s second largest bank to almost 60 percent, the bank said.
The bank said in a regulatory filing that the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, sold its 17.7 percent stake in ABC to the central bank of Libya for an undisclosed sum……………………………………….Full Article: Source
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