Posted on 10 December 2010 by Laxman | Email|Print
From Bloomberg: Dubai’s Islamic bonds led a rebound in Persian Gulf sukuk this week, ending the worst stretch of losses in 10 months, as Standard & Poor’s raised its outlook on DP World Ltd. and Qatar won the right to host the World Cup.
Average yields on Shariah-compliant bonds from the Gulf Cooperation Council fell seven basis points, or 0.07 percentage point, to 5.78 percent yesterday, according to the HSBC/NASDAQ Dubai GCC Dollar Sukuk Index………………………………………..Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Joongang Daily: A government attempt to attract Middle East oil money by making it easier for local companies to issue Islamic bonds has been blocked by the National Assembly after some lawmakers objected on religious grounds.
The government said Islamic bonds, known as sukuk bonds, would provide an alternative source of capital for Korean companies, reducing their dependence on capital from Western investors………………………………………..Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Reuters: South Korean lawmakers did not approve a bill providing tax breaks for sukuk, or Islamic bonds, finance ministry officials said on Thursday. The Strategy and Finance Committee of the National Assembly did not approve the bill, which the tax subcommittee had approved, the officials said.
Committee members were not available for comment……………………………………….Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Gulf-times.com: Gulf-based banks and companies, struggling to overcome a lack of investor confidence after the Dubai debt crisis, are increasingly looking towards Malaysia, the world’s biggest Islamic bond market with a vast pool of cash.
After the burst of the Gulf real estate and asset bubble, institutions are keen to issue bonds in order to restructure debt and rebuild their balance sheets and Malaysia has an estimated $79bn in excess liquidity, according to Kuwait Finance House………………………………………..Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Thestar.com.my: Islamic finance could possibly be the first area to kick-start a joint venture between Malaysian and Chinese capital market intermediaries, said Deputy Finance Minister Datuk Donald Lim Siang Chai.
He said that Islamic finance was Malaysia’s key strength and represented an attractive market segment for the local intermediaries to bring to China………………………………………..Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Joongang Daily: As a market of 1.6 billion people that has scarcely been tapped, the Muslim world offers enormous potential. Although Muslims are dispersed across the world and do not form a concentrated geographical bloc, they offer a vast market based on religious homogeneity.
That uniqueness, with Islamic-based principles and rules embedded in daily activities, makes entry into the market difficult and calls for cautious consideration, but once a foothold is established, the chances of success are high………………………………………..Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Ameinfo.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed Jordan Islamic Bank (JIB)’s Foreign Currency Long and Short-term Ratings of ‘BB’ and ‘B’ respectively.
These ratings are constrained by Jordan’s sovereign ratings. The Bank’s Financial Strength Rating of ‘BBB-’ was also maintained reflecting its satisfactory asset quality, comfortable capital adequacy and high level of liquidity. ………………………………………Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Ameinfo.com: Kuwaiti central bank has granted Union National Bank (UNB) an initial approval to open a branch in the Gulf state.
The move is in line with the lender’s expansion strategy in the GCC and the region and follows on from UNB’s newly established branch in the Qatar Financial Centre and a representative office in Shanghai, China……………………………………….Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Efinancialcareers-gulf.com: In another sign that the Middle East isn’t escaping the regulatory crackdown on bonuses, banks in Bahrain will soon have to comply with remuneration recommendations laid out by the Basel Committee on Banking Supervision (BCBS).
In a consultation document, the Central Bank of Bahrain said that it is in the process of reviewing the documents published by the BCBS and “intends to incorporate these international standards as part of its regulatory framework”………………………………………..Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Gulf-daily-news.com: Fitch Ratings has affirmed Islamic Development Bank’s (IDB) long-term Issuer Default Rating (IDR) at AAA and its short-term IDR at F1+. The outlook for the long-term IDR is stable.
The ratings primarily reflect IDB’s strong capitalisation, low leverage and strong support it derives from its member states……………………………………….Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Financialstandard.com.au: Praemium will launch an Australian Sharia-compliant service in the next quarter after working with the Islamic Bank of Britain to introduce the UK’s only Sharia-compliant retail Discretionary Portfolio Service.
Praemium, a financial portfolio administration provider, said it hopes to introduce a Sharia-compliant product in Australia in the new year with discussions already under way……………………………………….Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Bt.com.bn: With a mere population of just under half a million, Brunei has put itself to the grind this year to produce a strong contender for the lucrative global halal market via a national halal brand.
Incorporated by Wafirah Holdings, a fully owned subsidiary of Bank Islam Brunei Darussalam (BIBD), the Brunei Halal brand is hoped to be a key diversifier for the local economy, which is still heavily reliant on the oil and gas industry for revenues……………………………………….Full Article: Source
Posted on 10 December 2010 by Laxman | Email|Print
From Usatoday.com: Although Oklahoma’s law is the first to come under court scrutiny, legislators in at least seven states, including Arizona, Florida, Louisiana, Oklahoma, South Carolina, Tennessee and Utah, have proposed similar laws, the National Conference of State Legislatures says. Tennessee and Louisiana have enacted versions of the law banning use of foreign law under certain circumstances.
Newt Gingrich, former speaker of the U.S. House, is pushing for a federal law that “clearly and unequivocally states that we’re not going to tolerate any imported law.”………………………………………Full Article: Source
RSS
