Posted on 22 December 2010 by Laxman | Email|Print
From Bloomberg: Standard Chartered Plc and Bank Islam Malaysia Bhd. plan to offer Shariah-compliant derivatives in Malaysia that will allow investors to hedge against interest rates and commodity prices.
Standard Chartered, the U.K. bank that earns most of its profit from emerging markets, will begin selling contracts in the first quarter that provide protection from fluctuations in the cost of items such as rice and oil……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From AP: Saudi Arabia’s leading mobile telecom operator Etihad Etisalat Co. says it has struck a 1.2 billion Saudi riyal ($320 million) financing deal with five local banks. The company, also known as Mobily, said in a statement Tuesday that the Islamic financing deal is aimed at funding its expansion plans.
The company said the 12-month loan can be extended for another six months, under the terms of the agreement……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
The Sukuk industry has emerged as one of the main components of the Islamic financial system and has increasingly become an integral subset of the international financial system. Over the years, the Sukuk market has grown by 10 percent to 15 percent annually to reach approximately 100 billion US dollars and contributed to 12 percent of the global Islamic finance assets in 2009. Prospects for the Sukuk market remain bright.
In 2009, global Sukuk issuances surged by 58.8 percent year-on-year (Y-O-Y) to $24.7 billion (6.99 billion Kuwaiti dinars) compared to the $15.5 billion raised in 2008……………………………………….Full Press Release: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Bloomberg: Persian Gulf borrowers are selling ringgit-denominated Islamic bonds at a record pace in Malaysia to raise funds for expansion and take advantage of demand in the world’s biggest market for Shariah-compliant bonds.
Issuance surged to 1 billion ringgit ($318 million) this year, the most since 2008 when Gulf companies started tapping the Malaysian market, data compiled by Bloomberg show……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Bloomberg: The following borrowers are expected to sell Islamic bonds, which use asset returns to pay investors to comply with the religion’s ban on interest.
Global sales of sukuk fell 24 percent to $15.3 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. Issuance totaled $20.2 billion last year, up from $14.1 billion in 2008……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Ameinfo.com: The Central Bank of Bahrain (CBB) announces that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 335%.
Subscriptions worth BD33.5m were received for the BD10m issue, which carries a maturity of 182 days……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Arabianbusiness.com: Islamic Development Bank, the Jeddah-based multilateral lender, said the Mega Islamic Bank will have an initial paid up capital of $1bn.
Mega Islamic Bank shall provide “liquidity management solutions in an effort to create an Islamic interbank market,” Islamic Development Bank said in an e-mailed statement. The bank will also originate and finance large projects across Muslim countries, IDB said……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Bernama: Affin Islamic Bank Bhd is targeting a financing growth of between 15 and 20 per cent next year, says its Chief Executive Officer, Kamarul Ariffin Mohd Jamil. He said growth would be driven by both the consumer and corporate segments.
Currently, the consumer segment contributes 55 per cent of the bank’s total financing asset, which now stands at RM3.7 billion, he told reporters after a mock cheque presentation from Affin Islamic Bank to the International Islamic University Malaysia (IIUM) Endowment Fund here today……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Worldbulletin.net: Turkey’s state railway company TCDD signed on Monday a contract with South Korean railway systems provider Hyundai Rotem to buy 80 electric locomotives and a simulator for $312.7 million.
TCDD Director-General Suleyman Karaman told a signing ceremony that $220 million of the financing for the project would be provided by the Islamic Development Bank (IDB)……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Ameinfo.com: Al Khaliji and IBQ have announced progress in the proposed merger discussions that began earlier this year. The proposed merger is now entering final stages of negotiations and due diligence, including formal discussions with key regulators.
The merger remains subject to approval from the relevant government and regulatory authorities in Qatar, as well as the Board and shareholders of both banks……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Gfsnews.com: The Islamic Financial Services Board has released a standard on solvency requirements for Islamic insurance undertakings to bring it into line with global insurance standards.
There are key differences between Takāful (Islamic insurance) and conventional insurance and the IFSB and the International Association of Insurance Supervisors have been working together to resolve this……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Reactionsnet.com: Takaful – the Islamic alternative to conventional insurance – represents a radical new insurance business model that is firing a potentially very big emerging market in the Middle East. But although it is a genuine alternative to the familiar product, takaful companies face many of the same challenges besetting their western counterparts.
Heightened competition is one of the biggest challenges facing insurance companies around the world, for example – and takaful firms operate in the same market conditions as conventional insurance companies, says Peter Hodgins, Dubai-based partner with the law firm Clyde & Co……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Opalesque: The concept of deposit insurance in the Islamic finance industry is still relatively new as practitioners are struggling to comprehend whether it conforms to Sharia. Very few countries with Islamic economies have an Islamic deposit insurance system in place as it is a complicated balance between maintaining profit-loss sharing Sharia principles and protecting bank customers (Baeshen, 2010).
Islamic deposit insurance is a Sharia-compliant system that provides protection to depositors against the potential loss of an Islamic bank’s failure (Arshad, 2009)……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Newsabahtimes.com.my: Malaysia is poised to become one of the biggest Islamic financial hubs globally, thanks largely to the rising number of foreign players plus greater demand for Islamic financing under the country’s ambitious Economic Transformation Plan (ETP).
“This marks tremendous success in the Government’s foresight and its pro-active involvement towards the progress of Islamic financing in the domestic landscape,” said Chief Executive Officer of Maybank Islamic Bhd, Ibrahim Hassan……………………………………….Full Article: Source
Posted on 22 December 2010 by Laxman | Email|Print
From Arabnews.com: Having donated over $1 billion to the Islamic Development Bank’s Poverty Reduction Fund, Saudi Arabia was at the top of a 2008 list of countries that offered the highest amount of voluntary and unconditional assistance for relief and humanitarian operations.
This was disclosed at the end of the three-day First World Conference on Saudi Arabia’s Efforts to Solve Muslim Issues that ended on Tuesday in Madinah. The event, which was attended by over 100 researchers from 35 countries, was jointly organized by the Islamic University in Madinah and the King Foundation for Research and Archives in Riyadh……………………………………….Full Article: Source
RSS
