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From Gulf-times.com: Demand for Islamic private equity in Gulf Arab states is on the rise among investors who value its more prudent debt approach and its flexibility in structuring deals, even though the sector faces hurdles in the form of a shortage of qualified professionals and restrictions in its investments options.
The global Islamic finance industry-widely valued at $1tn-is booming and whetting the appetite of many financial institutions in the Gulf region, which want to tap new revenue streams against a backdrop of slower growth and subdued lending……………………………………….Full Article: Source
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From Gulf-times.com: Niche Islamic investment banks in the Middle East and North Africa (Mena) may go in for mergers and acquisitions with conventional lenders to achieve the critical mass for reaping economies of scale, according to a report by a global management consulting firm.
“We anticipate first the build up of national champions driven by major shareholders, as was the case with Emirates NBD in conventional banking. Nice Islamic bank, such as Islamic investment banks (which have been particularly affected by the financial crisis) may diversify through M&As with banks that complement their businesses,” the A T Kearney report said……………………………………….Full Article: Source
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From Arabnews.com: Japan, one of the world’s top three economies, has included tax reforms and regulatory measures for Islamic finance, as part of the country’s financial strategy, which is one of seven key components of the government’s “new growth strategy — blueprint for revitalizing Japan,” which was approved by the Japanese Cabinet last June and recently published.
This is reminiscent of a microcosm of Malaysia’s strong inclusion of the role of Islamic finance, especially sukuk issuance, in the country’s economic transformation program (ETP), and its latest Five-Year Development Plan, which was announced by Prime Minister Mohd Najib Tun Abdul Razak during his budget 2011 speech and at the launch of the ETP in November 2010……………………………………….Full Article: Source
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From Gulfnews.com: Has India finally reached an inflexion point for Islamic finance or will this be another trial balloon bursting before achieving the right altitude? The recent launch of an Islamic equity index by the Bombay Stock Exchange (BSE), TASIS Sharia 50, received more media coverage globally than India Islamic indexes from the index providers.
A Google search of “Islamic index India” provides 279,000 results, comparable to “Islamic index Malaysia” (270,000), Pakistan (274,000), Saudi Arabia (272,000) and Turkey (259,000), and almost ten times more than the GCC (36,500), at the time this article was written……………………………………….Full Article: Source
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From AFP: India’s stock market has traditionally been dominated by Hindu investors but the country has taken a step towards financial inclusion with the creation of a new index compliant with Islamic law.
The Bombay Stock Exchange, Asia’s oldest stock market, has launched the TASIS Shariah 50 in an attempt to open stock-trading to more of the country’s vast Muslim population……………………………………….Full Article: Source
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From Arabianbusiness.com: Uganda has received applications from three Islamic banks in the Middle East to offer Shariah-compliant financial services in the country.
“The Middle East investors can start operations either by acquiring a local bank or setting up a new Islamic bank in the country,” Grace Stuart Ndyareeba, deputy director of commercial banking at Bank of Uganda, said in an interview in Jakarta on Friday, declining to name the banks……………………………………….Full Article: Source
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From Gulfnews.com: The decision by the Qatar Central Bank to order conventional banks in the country to close their Islamic banking operations by the end of the year — without a detailed explanation — may be harmful to the financial services industry in the country and the region.
Many international and local conventional banks in Qatar have reportedly invested in setting up Islamic finance operations which they may now have to shut-down at some cost……………………………………….Full Article: Source
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From AFP: Kuwait Finance House (KFH), the emirate’s leading Islamic bank, said on Sunday its net profit in 2010 dropped 10.7 percent, despite a rising asset base.
KFH posted a net profit of 106 million dinars ($378.6 million, 279.6 million euros) last year compared to 118.7 million dinars ($424 million) in 2009, the bank said in a statement posted on the Kuwait Stock Exchange website……………………………………….Full Article: Source
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From Arabnews.com: Islamic Development Bank (IDB) President Ahmad Mohamed Ali held a meeting with the Lord Mayor of the City of London, Alderman Michael Bear, and his accompanying delegation at the IDB headquarters here on Saturday.
Ali, who stressed the importance of the annual coordination meetings between the two parties, commended the tangible development of IDB relations with the business community in London, which poses an international hub for Islamic finance……………………………………….Full Article: Source
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From Thejakartaglobe.com: The assets of the nation’s Islamic banks are expected to grow by half this year as people in the world’s largest Muslim-majority state increasingly turn to the sector for their financial needs, according to a report by the central bank released over the weekend.
“If Indonesia’s economy grows at a decent pace, the assets of Islamic banks will increase by 55 percent,’’ said Mulya Siregar, director of Shariah finance at Bank Indonesia……………………………………….Full Article: Source
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From Asianbankingandfinance.net: Several banks expressed interest in establishing sharia banks in Indonesia. According to Bank Indonesia director for sharia banking Mulya Siregar, the list includes Bank Kesawan, which has just recently been acquired by Qatar National Bank; Malaysia’s Affin Bank Bhd., which owns Bank Ina Perdana Indonesia; and Bank Sinarmas.
“[Affin Bank] hinted last year that they wanted to buy a bank in Indonesia and convert it to a sharia bank, but the deal is not yet done… Sinarmas is planning to spin off its sharia unit in 2012. They have come, expressed their interest and presented their plans, but we have not received any formal letters,” he said……………………………………….Full Article: Source
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From Maybank.com.my: Maybank Islamic Berhad signed an agreement to provide a RM100 Million Commodity Murabahah Term Financing-i (CMTF-i) facility to Universiti Teknologi Malaysia (UTM), Skudai. The facility will be used to redeem UTM’s existing term loans for the construction of hostel facilities at its Skudai campus for students.
The signing ceremony was held at Menara Maybank where Lim Hong Tat, Deputy President and Head, Community Financial Services Maybank and Ibrahim Hassan, Chief Executive Officer of Maybank Islamic signed on behalf of Maybank Group, while UTM was represented by Professor Dato’ Dr Ir Zaini bin Ujang, Vice Chancellor and Tuan Haji Mohamad bin Abdullah, Fund Raising Manager……………………………………….Full Article: Source
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From Zawya.com: QIB has earned an excellence award as the Best Islamic Financing Institution in Qatar in 2010 from the 8th International Real Estate Finance Summit (IREF) organized by ICG in London.
QIB has received the award due to its excellent financing solutions for local companies as well as its premier standing as a competent Qatari financial institution contributing to shaping the national economy……………………………………….Full Article: Source
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From Khaleejtimes.com: Emirates NBD Asset Management Limited on Saturday announced that it had teamed up with Hansard International to promote a number of its funds through the Hansard platform.
According to the agreement, Hansard has established links to three Shariah-compliant funds managed by Emirates NBD Asset Management: the Emirates Islamic Money Market Fund, Emirates Islamic Global Balanced and Emirates MENA Opportunities Fund, which will be promoted through its platform to clients in the Middle East and Far East……………………………………….Full Article: Source
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From Ameinfo.com: Al Hilal Bank, one of the UAE’s leading Islamic banks, has today announced the launch of the Al Hilal GCC Equity Fund, a Sharia-compliant investment fund that will provide retail investors with access to the Gulf’s equities markets.
The open-ended fund will invest in publicly traded stocks of companies that meet strict Sharia law criteria. Al Hilal Bank believes that GCC equity markets offer significant opportunities for investors due to the long-term economic growth potential of the region, coupled with the attractive current valuations of its markets……………………………………….Full Article: Source
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From Arabnews.com: Takaful (Islamic mutual insurance), the Cinderella of the Islamic finance industry, received potentially a major boost with the entry at the end of January 2011 of US insurance giant AIG (American Insurance Group) into the Malaysian market through a RM100-million joint venture, AIA AFG Takaful Berhad.
In fact, two further international-local Takaful joint ventures are scheduled to come to enter the market in 2011 following the approval last year by Malaysian Finance Minister and Prime Minister Mohd Najib Abdul Razak of the four new joint-venture family Takaful licenses under the Takaful Act of 1984……………………………………….Full Article: Source
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From AFP: Islamic home-finance provider Tamweel PJSC, based in Dubai, announced on Sunday that it swung back into the black in 2010, posting a modest net profit of 7.08 million dollars. The figure represents a “turnaround” from Tamweel’s financial performance in 2009, when it posted a net loss of 14.8 million dollars, it said.
“We are extremely pleased to share our positive financial results for 2010, which follow Tamweel’s recent, successful return to the market,” Abdulla al-Hamli, chairman of Tamweel, said in a statement……………………………………….Full Article: Source
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From Zawya Dow Jones: The Central Bank of Yemen, has launched the country’s first sukuk issue and plans to issue additional Islamic bonds worth $500 million this year, the official Yemen News Agency Saba reports Saturday.
The sukuk, issued Saturday, are valued at 4 billion Yemen rials ($18.74 million) and will be used to finance three local road projects, Saba reports……………………………………….Full Article: Source
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From Thejakartaglobe.com: Indonesia’s Finance Ministry on Friday sold Rp 6 trillion ($672 million) in Islamic bonds, or sukuk, to the state-managed Haj Fund via a private placement, Shariah director Dahlan Siamat said.
The sukuk, which is not tradeable in the secondary market, has a three-year tenor and 7.85 percent coupon, he said. Since 2009, the ministry has issued Rp 21 trillion in sukuk to the fund, managed by the Religious Affairs Ministry……………………………………….Full Article: Source
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From Arabnews.com: The board of Saudi Arabia’s bourse has selected a new board chairman and vice chairman, the bourse said in a statement on Sunday. The bourse, known as Tadawul, said Taha bin Abdullah Al-Quwiaz was elected chairman of the board and Mansour bin Saleh Al-Maiman as vice chairman, Reuters said.
The Tadawul All-Share Index (TASI) fell 0.14 percent to close at 6,626.89 on Sunday……………………………………….Full Article: Source
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From Gulf-times.com: Stocks of Shariah-principled lenders, in particular, saw huge demand on the Doha stock exchange during the week, which also saw more clarity emerge from the Qatar Central Bank on the closing down of Islamic financing units of conventional banks.
Strong buying, especially in large and mid cap equities, lifted the 20-stock benchmark by a robust 2.15% or 189 points to 8,949.76 points in the week that saw the central bank justifying its stand by highlighting the higher risks from conventional lenders operating Islamic financing as there would be difficulties in financial reporting. QE was the second best performer among the Gulf bourses……………………………………….Full Article: Source
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From Thepeninsulaqatar.com: Gulf-based mergers and acquisition (M&A) specialists are forecasting an increase in GCC deal flow volume of around 20 percent in 2011 over 2010, according to the 2011 Middle East M&A Barometer.
This is the second annual M&A Barometer report to be produced by global financial consultancy M: Communications in partnership with Zawya, the region’s leading business information provider……………………………………….Full Article: Source
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