Posted on 11 February 2011 by Laxman | Email|Print
From Reuters: The South Korean government will again push forward a bill to introduce sukuk, or Islamic bonds, a senior finance ministry official said on Thursday, after lawmakers rejected the proposal in December.
“We will give one more try to get a special tax bill for Islamic bond issuance passed in parliament in February,” the official told reporters, declining to be identified until an official announcement is made……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Thenational.ae: Islamic bonds are growing increasingly popular with foreign companies doing business in the region, the leader of Citigroup’s regional operation says. Sukuk are being considered as a way to diversify financing portfolios and sometimes to hedge risks, said Alberto Verme, the chief executive of Citigroup’s Europe, Middle East and Africa operations.
“You need to have diversified funding sources so you are never surprised by market volatility and you have access to every window,” Mr Verme said……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From AKI: Islamic finance and banking is worth around 1 trillion dollars and is destined to grow more than 4 times the rate of conventional investing, according to analysts at Deloitte & Touche. The international financial adviser expects the industry to surge 28.6 percent a year and have a value totalling 5 trillion dollars in 2016. By comparison, growth in conventional finance is forecast by Deloitte & Touche to grow 6.6 percent per year during the same period.
Other financial forecasts are more conservative. Credit Suisse expects Islamic finance to be worth 3 trillion dollars in 2016, while McKinsey Global Institute says growth depends on the price of oil……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Womenetics.com: Chicago Islamic Microfinance Project (CIMFP) is not an investment fund; it is a not-for-profit organization. Our funding would come from charitable donations. Faith organizations tend to be embedded in communities, and they know and are willing to help citizens who could benefit from microfinance services.
We believe we are filling a need for both economic/community development and faith-based microfinance in the Chicago area……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Cpifinancial.net: The Qatar Central Bank has clarified a recent ruling asking commercial banks in the Gulf state to close their sharia-compliant operations by explaining that it saw higher risks from conventional lenders operating Islamic units.
Acknowledging that the Qatar Central Bank (QCB) circular took many industry analysts by surprise, Amjad Hussain, partner at international law firm Eversheds, said, “Last year, the QCB issued a ruling asking Islamic windows of conventional banks to restrict their lending. This had been preceded by an edict requiring Islamic windows to operate out of separate offices to the conventional bank……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Dailytimes.com.pk: The central bank is committed to provide an enabling and supportive legal, policy and regulatory framework for the development of the Islamic banking industry on sound footings in the country, said Yaseen Anwar, Deputy Governor State Bank of Pakistan (SBP) Thursday.
While delivering a welcome note at a talk on “Narrowing the gap between philosophical underpinnings of Islamic finance & its practices” organized by Dr Abbas Mirakhor, a renowned economist & Islamic finance professional and former Executive Director of the International Monetary Fund at SBP, Yaseen Anwar said that the State Bank is taking a number of initiatives for the promotion of Islamic finance in Pakistan……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Cpifinancial.net: Emirates NBD says total income for 2010 of AED 9.7 billion ($2,64 billion) was down 10 per cent compared with 2009 but claims ‘excellent progress’ on balance sheet optimisation.
The bank, the region’s largest, reported net interest income for the year of AED 6.8 billion ($1.85 billion), down eight per cent, and non-interest income of AED 2.9 billion ($790 million), down 13 per cent. Net profit was down 30 per cent at AED 2.3 billion ($626.3 million)……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Alwatan Daily: Gulf Finance House BSC (GFH), the Bahrain based Islamic investment bank announced that the Kuwait Investment Company (KIC) has been appointed to assist the bank with the recapitalization and raising up to 500 million US dollars program through a convertible Murabaha as part of the restructuring plan agreed to by shareholders.
KIC’s appointment opens up an opportunity to individual, private investors who will now - through KIC - be able to participate in the capital increase……………………………………….Full Article: Source
Posted on 11 February 2011 by Laxman | Email|Print
From Indianexpress.com: The Left Front government in Kerala plans to depend heavily on Shariah-based fund from Islamic countries for developing the road network in the state. The budget for 2011-12, presented by Finance Minister Thomas Issac in the Assembly on Thursday, unveiled road development project of Rs 40,000 crore for the next 10 years. The state government has set aside Rs 1,000 crore for the scheme.
In a state where the idea of BOT roads is yet to go down well with the political parties and agitating groups, the government plans to raise a major chunk of the money from the Shariah-based Islamic non-banking financial entity, Al Barakh Financial Services Limited, which has influential NRIs as major stakeholders……………………………………….Full Article: Source
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