Posted on 16 December 2010 by Laxman | Email|Print
From Bloomberg: Malaysia’s Islamic bond funds say returns, which fell 40 percent this year, will improve in 2011 as the government’s $444 billion development plan attracts international investors and spurs trading.
“I’m quite confident we can beat this year’s performance,” said Nor Hanifah Hashim, who helps oversee 25 billion ringgit ($8 billion) at Kuala Lumpur-based CIMB- Principal Asset Management Bhd., whose CIMB Enhanced Sukuk Fund was the second-best performer……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Agence France-Presse: A top Islamic finance body has approved France’s model to issue local sukuk, or Islamic bonds, which would ease their listing on the Paris financial market, a French official revealed on Wednesday.
The Accounting and Auditing Organisation for Islamic Financial Institutions has approved the model aimed to marry France’s tax laws with the Islamic financial instrument, said Thierry Dissaux, the chief executive officer of the French Deposit Guarantee Fund……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Reuters: The first Islamic bond issue out of France could happen early next year, the chief executive of the French Deposits Guarantee Fund said on Wednesday.
“At the beginning of 2011 we could see the first sukuk under French law,” Thierry Dissaux, also a former special adviser for financial affairs at the French Treasury, said at a conference in Dubai……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Bloomberg: Sudan is selling Islamic bonds to local banks after attempts to issue global notes this year failed on investor concern over the country’s conflict in Darfur and a possible breakup after more than two decades of civil war.
The government is selling 800 million Sudanese pounds ($336 million) of seven-year sukuk this week to complete plans to raise 1.89 billion pounds, said Azhari Eltayeb Elfaki, general manager of the Sudan Financial Services Co., 99 percent-owned by the central bank, in an interview in Khartoum Dec……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Reuters: The International Islamic Liquidity Management Corporation, an industry body designed to help Islamic banks manage their risks, has named Mahmoud AbuShamma as chief executive officer.
AbuShamma, who previously worked with HSBC in Dubai and London, will take on the role for 3 years from Feb 1, 2011, the organisation said in a statement……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Cpifinancial.net: The Council of the Islamic Financial Services Board (IFSB) has resolved to admit two new regulatory and supervisory authorities, one as a Full Member and the other as an Associate Member. Three new financial institutions were admitted as Observer Members. The Islamic Corporation for the Development of the Private Sector, which is already an Associate Member, was upgraded to a Full Member.
The Council meeting, which was held at the Islamic Development Bank headquarters in Jeddah, Kingdom of Saudi Arabia, was chaired by H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Ameinfo.com: How can France partner up with the GCC banking industry and become a key player in Islamic Finance? This was the topic of a DIFC conference held today in Dubai, initiated by the DIFC Authority and Paris EUROPLACE, a government-backed initiative to promote the French banking industry worldwide.
While banks in the UK entered into the lucrative Sharia banking industry more than ten years ago, French regulators have been dealing with the topic since 2007, when the French Market Authority accepted Sharia Funds. ………………………………………Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Bernama: The implementation of Islamic finance and Islamic banking should be seen by Islamic countries as the opportunity for them to develop their respective countries, says former Prime Minister Tun Dr Mahathir Mohamad.
He said Islamic countries do not have the excuse not to grow as they can can borrow from Islamic banks to develop their countries and become prosperous……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Ngrguardiannews.com: The concept of Islamic banking might not really have anything to do with the religion. It only means an inclusive financing package that is aimed at lifting the burden of interest rate off the people, especially the poor, or the low income or better still, people that have no access to formal banking.
When the harsh economic realities hit Rakiya and other members of food sellers in the market, they decided to come together to do a contribution since they belong to the informal sector, who have no access to banking……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Ahram.org.eg: Jordanian banks are hoping for strong economic growth in Gulf Arab states next year to help turn around a struggling domestic economy and curb their vulnerability to non-performing loans.
The country’s 23 banks, which hold $31 billion of deposits, saw their pre-tax profits fall 23 per cent last year to 695.5 million dinars. Nine-month results for this year were mixed, suggesting the banks were unlikely to bounce back quickly……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Bernama: AmIslamic Bank Bhd plans to expand to two Asian countries next year as part of its overseas business expansion plan and also increase the customer base by an additional 200,000.
Its Chief Executive Officer, Datuk Mahdi Murad said the bank had identified two Asian countries under the plan, but declined to elaborate further……………………………………….Full Article: Source
Posted on 16 December 2010 by Laxman | Email|Print
From Arabianbusiness.com: Dubai developer Emaar Properties may raise its stake in troubled Islamic mortgage provider Amlak but has not decided by how much, Emaar’s chairman has said.
Emaar, the UAE’s largest listed property firm, may also take provisions related to Amlak in the first quarter of 2011, Mohammed Alabbar said in an interview with al Arabiya television on Wednesday……………………………………….Full Article: Source
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