Posted on 07 December 2010 by Laxman | Email|Print
From Bloomberg: Islamic banks will be offered a range of new money-market instruments in coming months, allowing lenders to earn larger returns from excess cash stored at central banks or locked into longer-dated securities.
The International Islamic Liquidity Management Corp., which is being set up in Kuala Lumpur by 11 central banks, will sell its first short-term bills in dollars early next year, Malaysian central bank Governor Zeti Akhtar Aziz said Oct. 28……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Arabianbusiness.com: The world’s first Sharia-compliant movie fund, which is set to film and produce its own Hollywood-style story of a UAE hero, has reached more than $40m in just four weeks, the fund’s manager has told Arabian Business.
Funding for Antar: The Black Knight is expected to reach $85-90m by April, half of which will come from UAE investors, said Jason Marsh……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Haitinews.net: In Australia, the Ethica Institute and La Trobe University have launched Australia’s first ever Islamic finance E-learning program. Ethica, which is regarded as a leader in Islamic finance training and certification, announced the launch of a new Islamic finance for-credit course at La Trobe, one of Australia’s leading universities.
This will be the first time ever that a 100% online course in Islamic finance is offered as part of an on-campus course……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Mmail.com.my: The biggest hindrance to the development of Islamic finance in Malaysia is the confusion that reigns over the workings and applications of shariah in relation to its activities, says CIMB Islamic Bank Bhd executive director and chief executive officer Badlisyah Abdul Ghani.
“A lot of people have a huge misconception that Islamic finance in the Middle East is somewhat better or more shariah-compliant than what is in Malaysia. Actually, Malaysia is the only country with the most comprehensive legislation, regulation, legal and shariah governance framework for Islamic finance,” he said……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Financeasia.com: Two-thirds of our readers question whether Islamic finance offers a real alternative to conventional finance. Islamic financial products have grown in popularity during the past few years, but respondents to our web poll last week are not convinced that they are a real alternative to conventional financial products.
The basic idea of Islamic finance is to create a fundamentally different relationship between moneylenders and borrowers, in accordance with Islam’s prohibition on usury……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Radianceweekly.com: The phenomenon of Islamic banking has steadily emerged as one of the alternatives to the conventional mode of banking based on interests. The Islamic banks work or operate on the principles where profit is not the sole or primary motive and it makes the account holders or the people who come for the loans as stake holders in the system itself.
It has become popular not only in the Muslim dominated countries rather it has increasingly gained ground in the Western world as well. There are various factors responsible for its growing visibility……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Arabnews.com: The Islamic Development Bank is ready to help countries in the Gulf and Africa to formulate a joint plan to promote trade between the regions, its President Ahmed Muhammad Ali told delegates at the concluding session of the Gulf Africa Investment Conference in Riyadh.
“I call upon all those who are in the business to make local, regional and international endeavors to develop such a joint program which would make the GCC one of the top 10 trade partners in the African continent,” the president said……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
Mohammed Paracha, Deputy Head of the Global Islamic Finance practice at Norton Rose Group has been assisting SWIFT with the development of Shariah compliant messaging standards for carrying out murabaha trades, a liquidity management product used by all Financial Institutions engaged in Islamic deposit taking.
SWIFT has been working closely with its Islamic banking members on the standardisation and automation of Islamic financing products. The first to be addressed is the treasury murabaha, which reportedly represents 60% of all Islamic financing, but is manually processed today. Mohammed Paracha first highlighted the possibility of murabaha processing over SWIFT and worked closely with SWIFT in its development……………………………………….Full Press Release: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Ameinfo.com: SSS Process, the Arab company specialized in providing e-government services and software solutions, inaugurated Project Management Office PMO for Islamic Development Bank.
PMO supplies bank’s management with the necessary infrastructure, unifying the required standards for project management, guaranteeing execution via a methodology that increases success rates……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Zawya.com: Despite the long Eid break in the Muslim world, Sukuk worth USD 5.79 billion were issued in November, up 8% from the previous month and more than double from the Sukuk issued in November last year.
From Malaysia, the world’s largest market for Shariah compliant bonds, the Government issued a MYR3 billion (USD950 million) tranche part of its Bai Bithaman Ajil Government Investment Issue on November 29th……………………………………….Full Article: Source
Posted on 07 December 2010 by Laxman | Email|Print
From Ameinfo.com: Oman’s Ahlibank has said that shareholders have approved plans to issue 35 million nonconvertible, unsecured, subordinated bonds, Times of Oman has reported. The tenor of the bonds is seven years with a call option for the bank to redeem at the end of five years from the issue date.
The bonds will be listed and traded in the Muscat Securities Market, the lender said……………………………………….Full Article: Source
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