Posted on 19 May 2011 by Laxman | Email|Print
Bahrain’s Al Baraka Bank expects to sell $300 million worth of Islamic bonds by September as it looks to secure long-term financing to fund its expansion plans, its chief executive said on Wednesday.
Previous plans to issue Islamic bonds, or sukuk, were thwarted by the onset of the financial crisis and, more recently, the regional unrest, said Adnan Ahmed Yousif in an interview with Reuters……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Qatar Islamic Bank’s planned sale of Islamic bonds may benefit from the government’s backing of local banks ahead of the World Cup in 2022, helping keep yields near the sovereign benchmark rate.
QIB, the country’s largest Shariah-compliant bank, will sell sukuk maturing in more than five years to repay debt, acting chief executive officer Ahmad Meshari said on May 12……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Banks are gearing up to handle about Dh5 billion of Islamic bonds to be issued to contractors and other trade creditors by Nakheel as part of its restructuring.
The Islamic bonds, or sukuk, are a prime component of the property giant’s reorganisation, made necessary by the global financial crisis and the downturn in the local property market. After months of piling up unpaid bills, Nakheel last year began paying cash to contractors owed Dh500,000 (US$136,130) or less……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
The final value of the Sukuk will be announced right after subscription closes.
Ahmed Saad, SIB Deputy Chief Executive Officer and head of the Sukuk campaign, said, “The road shows launched by SIB to promote the Sukuk issuance have garnered a lot of attention, and there has been huge demand from all segments of investors in the countries in which the road shows took place - a fact that we take as a positive sign for the success of the bond issue.”………………………………………Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Following are terms and conditions of a Trust Certificate priced on Wednesday. Borrower SIB Sukuk Company II Limited. Sukuk Obligor Sharjah Islamic Bank Issue. Amount $400 million. Maturity Date May 27, 2016
Profit rate 4.715 pct. Spread 270 basis points. Underlying govt bond Over Mid-swaps, equivalent to 292.5. bp over the 2.0 pct April 30, 2016………………………………………Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Saudi Electricity Co has picked HSBC Holdings and Deutsche Bank for a potential dollar-denominated bond issue, two banking sources said. Timing of the bond issue, which would be an Islamic bond, or sukuk, was still uncertain, one of the sources, speaking on condition of anonymity said.
The dollar issue would be the company’s first foray into global capital markets. It has so far issued only domestic sukuk……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Seven companies gained access to a tender to create specialized structure in the International Bank of Azerbaijan (IBA) to render services within Islamic banking.
“Document receipts to participate in the tender were completed on May 12. We received eight package of documents, however, only seven companies reached the final phase,” head of working group on introducing the Islamic banking in the IBA Bahram Gurbanzade said……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Acceptance of documents for the International Bank of Azerbaijan’s tender for creation of a specialized company to render Islamic banking services has been finished.
The IBA, citing Behnam Gurbanzade, head of the working group on Islamic banking introduction in the IBA, informs that they obtained eight packages of documents, but the final part was allowed only 7 companies, as one of the tender participating companies failed to meet fully the tender conditions……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
The chief executive of Emirates Islamic Bank, an affiliate of Emirates NBD, has resigned and his deputy has been appointed acting CEO, the lender said. A statement gave no reason for Ebrahim Fayez Al Shamsi’s departure.
He will be replaced by deputy chief executive Abdullah Showaiter, who also serves as the lender’s general manager of corporate and investment banking……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Outspoken and prominent in the Islamic Banking and insurance industry, Hussein Mohammed Salem Al Meeza started his career in 1975 when he joined the world’s first fully fledged Islamic Bank, Dubai Islamic Bank.
His landmark achievement was the establishment of Al Salam Banks……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
As the global financial system recovers from the meltdown, savvy retail and institutional investors are running helter-skeltor across the global financial markets in search of alternatives that could possibly avoid the next financial debacle.
They are very assertive that the conventional banking system has failed them decimally. While many major conventional banks filed for bankruptcy and bailouts at the wake of recession following the downfall of Layman Brothers and others, Islamic banks remained unscathed to date……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
The Islamic financial services industry has experienced phenomenal growth over the past three decades. From a highly specialised niche market, Islamic finance has crystallised into a multi-billion dollar global industry, working alongside – and often in conjunction with – its larger, non-Islamic counterpart.
With that track record, plus territorial coverage of over 75 countries, such success begs the most simple of questions: what exactly is Islamic finance?………………………………………Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
Gharar: A risky or hazardous sale, in which details concerning the sale item are unknown or uncertain. Ijara: An exchange transaction in which a known benefit arising from a specified asset is made available in return for a payment, but ownership of the asset itself is not transferred.
Maisir: ‘Games of chance’, eg gambling or speculation. Maslaha: Literally, ‘the common good’: a concept in traditional Islamic law invoked to prohibit or permit something on the basis of whether or not it serves the public interest………………………………………Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
The International conference on “Prospects for Islamic Venture Capital Funds in India” concluded here on Sunday with an appeal to the Government of India to take necessary steps to allow various financial institutions to adopt Islamic products and practices so as to lay foundations of a level playing field in economics and finance in which all players may take part in a fair and just manner.
The two-day International conference was jointly organized by the Institute of Objective Studies, (IOS), New Delhi and Indo-Arab Economic Cooperation Forum, in Parliament House Annexe on May 14 & 15 May……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
The push to introduce sharia law into Australia by the country’s peak Muslim body is a vindication of Liberal Senator Cory Bernardi, who was vilified last year for warning of the creeping infiltration of the Islamic legal system.
The Government has quickly rejected the submission to its multiculturalism inquiry by The Australian Federation of Islamic Councils this week……………………………………….Full Article: Source
Posted on 19 May 2011 by Laxman | Email|Print
The Islamic Development Bank (IDB) announced Wednesday that the Islamic Foundation, UK, is declared the winner of the IDB Prize in Islamic Economics for the year 2011 in recognition of its substantial contribution to the promotion of Islamic economics.
The Prize will be awarded to the winner during the 36th IDB BOG Annual Meeting in Jeddah, to be held on June 29-30……………………………………….Full Article: Source
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