Posted on 23 December 2010 by Laxman | Email|Print
From Iol.co.za: Islamic banking has emerged as one of the most rapidly expanding sectors of the global financial industry, with expectations that it will play a growing role in the years to come. Banks and financial institutions that comply with Islamic law (sharia) showed impressive resilience during the financial crisis that hit the world economy at the end of 2008, knocking out dozens of conventional banks, particularly in the United States.
This encouraged even countries with Muslim minorities, such as Britain, Germany, the US and France, to add Islamic banks to their conventional banking industry……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
Investment from the GCC and other Islamic jurisdictions has historically favoured key real estate real estate markets such as the UK. At the same time the UK market with support from legislative and industry bodies have, in response to the increasing demand for Shariah complaint structures, played an important role in facilitating the continued growth of the Islamic financing industry in the UK.
Similar developments are also taking place in other major European centres such as France, Luxembourg and further afield in Turkey, Hong Kong, and Singapore to name but a few……………………………………….Full Press Release: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Menafn.com: 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% to 15% annually to reach approximately $100bln and contributed to 12% of the global Islamic finance assets in 2009.
Prospects for the sukuk market remain bright. In 2009, global sukuk issuances surged by 58.8% yoy to $24.7bln compared to the $15.5bln raised in 2008……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Arabianbusiness.com: Qatar’s largest investment bank QInvest sees Islamic bond issuances continuing to gain momentum in 2011 while initial public offerings may also see some revival, the company’s chief executive said.
Shahzad Shahbaz said the firm is working with potential issuers in Qatar who are looking to tap the Islamic bond, or sukuk, market in 2011 after Qatar Islamic Bank’s oversubscribed $750 million sukuk demonstrated growing appetite and set a benchmark for other corporates to raise capital on favorable terms……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Ahlul Bayt News Agency: Standardisation of the Islamic banking policies, procedures and regulatory framework on a global level is important to propel the growth of the industry. That is the view of BBK investment banking arm Capinnova Investment Bank chief executive officer Jamal Hijres.
An important effort towards achieving international consistency was the creation of two multilateral institutions, the Accounting and Auditing Organisation for Islamic Financial Institutions and the Islamic Financial Services Board……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Globalarabnetwork.com: The Group of Governors and Heads of Supervision, the oversight body of the Basel Committee on Banking Supervision, announced a substantial strengthening of existing capital requirements and fully endorsed the agreements it reached on 26 July 2010.
These capital reforms, together with the introduction of a global liquidity standard, deliver on the core of the global financial reform agenda and will be presented to the Seoul G20 Leaders summit in November……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Brecorder.com: Islamic banks are likely to start issuing credit cards by 2011, Country Head, Al-Baraka Bank (Pakistan) Limited, Shafqat Ahmed informed business community on Wednesday. He said Al-Baraka Bank was also working on some new products including personal loan, which will probably be introduced next month.
Replying to a question regarding opening of Islamic bank branches in rural areas, he referred to a condition of State Bank of Pakistan (SBP) under which all Islamic banks have to open 20 percent branches in rural areas. He hoped that there would be lot of Islamic bank branches operating in rural areas within next five years……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Bernama: Prime Minister Datuk Seri Najib Tun Razak has called on Maybank and other large institutions in the financial services sector to lead the way to secure the country’s future and help the next phase of Malaysia’s development.
“I am confident that Maybank will again rise to the occasion as it has in the past, especially given its current size, expertise and funding capabilities……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
Qatar’s Al Khaliji and the International Bank of Qatar have announced progress in the proposed merger and said they are 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 the country, as well as the board and shareholders of both lenders,” a joint statement said……………………………………….Full Press Release: Source
Posted on 23 December 2010 by Laxman | Email|Print
Fitch Ratings has affirmed Abu Dhabi Islamic Bank’s (ADIB) Long-term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, Short-term IDR at ‘F1′, Individual Rating at ‘C/D’, Support Rating at ‘1′ and Support Rating Floor at ‘A+’.
The affirmation of ADIB’s Long- and Short-term IDRs and Support Rating reflects the extremely high probability of support from the UAE authorities, if needed. Fitch’s opinion of likely support is based on the long history of support for banks in the UAE, the bank’s franchise and its prominent Abu Dhabi shareholders……………………………………….Full Press Release: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Btimes.com.my: Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz was honoured with the Lifetime Achievement Award at the Annual Islamic Business and Finance Awards held in Dubai, United Arab Emirates.
In her acceptance remarks, she said Islamic finance was one of the fastest growing segments in the global financial system……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Cpifinancial.net: Professor Datuk Rifaat Ahmed Abdel Karim, Secretary-General of the Islamic Financial Services Board (IFSB) is the recipient of the Islamic Business & Finance Award 2010 for Outstanding Contribution to the Industry
On December 14 2010, the IFSB announced that Professor Abdel Karim will end his term as the Secretary- General of the IFSB on 30 April 2011. He will be succeeded by Mr. Jaseem Ahmed. Professor Abdel Karim has been steering the IFSB from its inception in 2003……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Cpifinancial.net: Close to 300 distinguished regional and global industry professionals from around the world joined together in honouring the outstanding performance of leading Islamic financial institutions and individuals at the annual Islamic Business & Finance Awards, where a total of 30 accolades were granted
Held at Emirates Towers hotel in Dubai, the Awards ceremony celebrated achievement among top Islamic bankers, financiers and Islamic banking and finance institutions. Once again this year, Gulf-based institutions and individuals were able to compete head-to-head with their international peers, taking home more two thirds of the awards. Other winners were drawn from the United Kingdom, USA, Malaysia, Luxembourg, and Sudan……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Tradearabia.com: Takaful International Company has signed a mutual co-operation agreement with Anadolu Medical Centre in Turkey to provide a wide range of medical services for its customers.
Anadolu Medical Centre has a specialised medical team in all disciplines including oncology, cardiac care, women’s health and IVF, neurological sciences, surgical sciences and orthopedics……………………………………….Full Article: Source
Posted on 23 December 2010 by Laxman | Email|Print
From Albawaba.com: The Arab economies will grow between 2.4% and 4.5% by the end of 2010 and rise by more than 5% in 2011. These positive remarks were made by Jassim Al Mannai, Director General of the Arab Monetary Fund.
According to him, the Arab economies and banks are in better position compared to those in other parts of the world. He added they were less affected by the global financial crisis. Al Mannai explained that the actions by several countries to confront the crisis by increasing spending and injecting additional liquidity to banks helped them to confront the crisis……………………………………….Full Article: Source
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