Posted on 31 May 2011 by Laxman | Email|Print
HSBC Holdings PLC, Europe’s largest bank, is considering launching Islamic financial services in Australia to tap into one of the Pacific nation’s fastest growing demographic groups, the lender’s country chief executive said.
“We are a major player in Islamic finance globally and that’s an area that we are keeping an eye on,” said Paulo Maia, chief executive officer of HSBC Bank Australia in an interview Monday. “It could be the next one.”………………………………………Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
The Islamic Development Bank (IDB) said Monday that it was negotiating with a number of regional and international finance institutions including the World Bank, the European Investment Bank to mobilize funds for Jordan’s $5 billion mega railway project.
The railway, which is expected to change the region’s transportation pattern and boost trade between IDB member countries, will link Jordan with Syria, Turkey, Iran, Iraq, Lebanon, Saudi Arabia and other GCC countries as well as the European rail network……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Malaysia has sold 4 billion ringgit ($1.3 billion) in Islamic government bonds maturing in 2016 at an average yield of 3.710 percent, the central bank said on Monday.
The bid-to-cover ratio was 1.91……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
issuance Clifford Chance recently advised Sharjah Islamic Bank in connection with its $400m, fixed rate sukuk issuance. The sukuk certificates, which are due in 2016, yield a profit rate of 4.715% per annum. This deal saw the return of Sharjah Islamic Bank to the international sukuk market for the first time since its inaugural issuance in 2006 in a deal that was oversubscribed by over 9 times.
The structure involves the sale and purchase of non-real estate based ijara assets by the Trustee which are then managed by Sharjah Islamic Bank as the wakeel (agent) for the Trustee and the Certificateholders. (Press Release)
Posted on 31 May 2011 by Laxman | Email|Print
Clifford Chance advises PT Natrindo Telepon Seluler (AXIS), the Indonesian based subsidiary of Saudi Telecom Company (STC), on a USD1.2 billion multi-sourced Shariah compliant Islamic financing.
The transaction is made up of three distinct facilities: a USD450 million dual currency syndicated facility arranged by Deutsche Bank AG Saudi Arabia Limited and HSBC Saudi Arabia Limited and funded by Deutsche Bank Luxembourg S.A……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Dubai’s Islamic bonds tumbled the most in six months last week as investor concern over Europe’s growing debt crisis prompted a sell-off of the region’s riskier assets.
The yield on the 6.396 percent dollar sukuk maturing in November 2014 climbed 22 basis points, or 0.22 percentage point, the biggest weekly gain since November and the steepest among Arab Gulf issuers, to 4.83 percent Friday, Bloomberg prices show……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Moody’s Middle East Limited has assigned an A1 rating, with stable outlook, to the upcoming senior sukuk trust certificates of HSBC Middle East Limited (HBME) (Jersey), that will be issued under a USD5 billion Trust Certificate Issuance Programme. The rating is subject to review of the final terms of the sukuk trust certificate issuance.
Accordingly, a special purpose entity, HBME Sukuk Company Ltd, (issuer) incorporated in the Cayman Islands, will issue sukuk certificates to investors (sukuk holders), use the proceeds to acquire an interest in a portfolio of assets comprising primarily Ijara, Murabaha and Musataha contracts from HBME (Trust assets)……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Emirates, Dubai’s flagship carrier, is eyeing a benchmark five-year dollar bond with early talk indicating pricing of 350 basis points over midswaps, the lead arrangers said yesterday. Emirates, one of the world’s fastest-growing airlines, wraps up its bond roadshow, which began in Hong Kong on May 23, in Switzerland yesterday.
HSBC, Deutsche Bank, Emirates NBD and Morgan Stanley have been mandated as joint lead managers (JLMs) and joint bookrunners for the bond sale……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Islamic finance refers to a system of banking and other financial activities that are in conformity with the principles of Sharia.
In the context of financial activities, Sharia prohibits dealing in interest, speculative transactions, excessive risk taking, and gambling. Money is seen only as a medium of exchange, and not as a commodity that generates incremental returns……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
In a major decision, the Central Bank of Oman (CBO) yesterday allowed commercial banks operating in the country to open windows offering Islamic banking products. The decision was taken by the CBO board, which met under the chairmanship of Ali bin Mohammed bin Moosa.
However, it is not clear whether the existing banks will have to open exclusive branches for offering Sharia-compliant financial products, or whether they could be offered through the existing branches……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Sharjah Islamic Bank has opened a new branch in Sharjah Mega Mall, taking the number of branches to 25 across the UAE, said a press statement on Monday.
Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Sharjah Commerce and Tourism Development Authority, and Head of Sharjah Media Corporation, inaugurated the new branch……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
President of Islamic Bank of Thailand, Thirasak Suwanayos, said the Islamic bank was ready to work on the government’s policy of easing public’s burden by refinancing credit card debts and also to improve financial status of credit card debtors of other financial institutes. During the initial period of the project, the bank will be prepared in providing services to customers who come to submit their loan applications.
The Islamic Bank had received a limited credit of 1 billion baht to proceed the government’s project in public financial aids……………………………………….Full Article: Source
Posted on 31 May 2011 by Laxman | Email|Print
Takaful Ikhlas Sdn Bhd expects its agency network will generate RM500 million in new business contributions within five years from only RM64 million presently.
To achieve this target, Executive Vice President and Chief Operating Officer Wan Mohd Fadzlullah Wan Abdullah said the company would strengthen its agency force to 7,000 by 2015 from 5,000 currently……………………………………….Full Article: Source
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