Posted on 03 May 2011 by Laxman | Email|Print
Islamic bond yields fell to a six-year low in April, led by DP World Ltd and Petroliam Nasional Bhd, as soaring oil prices attracted funds to securities in crude exporting countries.
Yields dropped for a second month, declining 47 basis points, or 0.47 percentage point, to 4.19% on April 29, the lowest since June 2005, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
Sharjah Islamic Bank (SIB) plans to issue a 5-year Islamic bond, or sukuk, worth $300mn by mid-May, an executive at the bank said. “The road shows will take place in the first half of May,” and money will be used for “expansion purposes,” SIB deputy chief executive officer Ahmed Saad in an emailed reply to Zawya Dow Jones questions.
SIB already has a sukuk worth 826mn UAE dirhams ($225mn) that falls due in October……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
National Bonds Corporation PJSC, the investment company behind the leading Shari’a compliant saving scheme, has announced its latest innovative product, the ‘USD -Dirham Linked Sukuk’. Pioneering the market yet again, the new saving scheme is unique in comparison to any other US Dollar saving scheme in the local or international markets and is aimed at customers who already allocate a portion of their investments in US dollars or are planning to do so in future.
Customers will now have the option to invest their funds in US dollars and reap attractive Dirham returns. (Press Release)
Posted on 03 May 2011 by Laxman | Email|Print
The ongoing political upheavals in the Middle East and North Africa (MENA) have adversely affected the bonds market in Gulf oil producers as investors sought to cut their exposure to the region, a key Saudi bank has said.
Bond prices have been somewhat volatile, and there has been a rally in recent weeks as investors have sought exposure to high-grade names, especially in Qatar and the UAE, and in recognition of the financial strength of Gulf sovereigns, the Saudi American Bank group (SAMBA) said in a study……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
Standard Chartered announced that as part of its enhanced securities services offering, the bank is pleased to offer special services and terms to clients who are scheduled to receive Sukuks as part of Nakheel’s Creditors Settlement programme.
The offer covers assistance with custody account opening, documentation and subsidised tariff. (Press Release)
Posted on 03 May 2011 by Laxman | Email|Print
Although Egypt is considered the birthplace of Islamic finance, which adheres to Islamic principles banning interest and speculative trading, its growth has lagged due to past corruption scandals, while the previous government sought to enforce a more secular financial system.
But after the Egyptian revolution toppled Hosni Mubarak and his government, Muslims are embracing Islamic banking, raising the prospect that Egypt could become a thriving center of Islamic finance……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
Qatar Islamic Bank (QIB)’s new product, Themar, will allow clients to invest regularly, or with several lump sums, into the Sukuk market and Islamic financial institutions stocks around the globe.
QIB-UK, the bank’s subsidiary based in the UK, and QIB Group will oversee the Themar investment portfolio……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
A top economist called on Monday for the setting up of a GCC (Gulf Cooperation Council) college of bank supervisors to strengthen regulatory standards. Nasser Saidi, chief economist and head of external relations, DIFC (Dubai International Financial Center) Authority, made the remarks at an economics workshop on regulatory reform and the banking sector.
The event brought together financiers and business leaders to network, share knowledge and discuss the latest trends in risk management, regulatory capital, disclosure and governance……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
Ithmaar Bank is pushing ahead with its aggressive business expansion programme. The move has already seen the Islamic retail and commercial bank expanding its network, improving its delivery channels and introducing new, customer-focused products and services.
The expansion, said Ithmaar Bank chief executive officer and board member Mohammed A Rahman Bucheerei, demonstrates the bank’s commitment to becoming the Islamic banking partner of choice for retail banking customers in Bahrain……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
Mawarid Finance launched IFS the new company within the group to be the one-stop-shop service provider for all Islamic Banking and Takaful outsourced services. IFS shall provide distinct operational banking services, business and technical consultation in the region through a combination of robust delivery process, people and technology.
The Board of Directors appointed Rehab Lootah as the Managing Director of the new company beside her designation as the Chief Business Development & Sales at Mawarid Finance. (Press Release)
Posted on 03 May 2011 by Laxman | Email|Print
Japan’s largest property and casualty insurer, MS&AD , said on Monday it has agreed to buy a 50 pct stake in the life insurance unit of Indonesian conglomerate Sinar Mas for about 67 billion yen ($825 million).
Japanese insurers have been stepping up their overseas expansion and focusing on emerging economies in Asia as they expect growth at home to remain weak given the country’s ageing population……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
Abu Dhabi’s newest insurance company, the National Takaful Company, or Watania, made a splash in the equity markets with its public issue seven times oversubscribed. The IPO, which was opened on April 18 and concluded on May 1, received an overwhelming response as applications for 590 million shares were received for the 82.5 million shares offered to the public.
Watania is the second company which has tapped the equity markets this year. Earlier, Insurance House raised capital from the market, while Eshraq Properties May launched its offer on May 1……………………………………….Full Article: Source
Posted on 03 May 2011 by Laxman | Email|Print
The effects of the recent social unrest and political upheaval in the Middle East and North Africa are uneven across the corporate and infrastructure sectors in the Gulf Cooperation Council (GCC) states, said Standard & Poor’s Ratings Services.
“We continue to foresee a plump pipeline for infrastructure projects in power and water, transport, and renewable energy. In addition, we believe there’s room for expansion in Islamic finance. To date, only a couple of issuers have issued Shariah-compliant project financings,” it noted……………………………………….Full Article: Source
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