Posted on 01 June 2011 by Laxman | Email|Print
Sharia standards are essential to Islamic finance because they promote harmonisation of international standards, enhance users’ confidence and encourage growth in demand. That was the message from Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) chairman Shaikh Ebrahim bin Khalifa Al Khalifa.
“Most importantly, Sharia standards provide clarity to the industry on rules and principles that must be incorporated into Islamic financial operations so as to ensure full compliance with Sharia principles,” he said……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
In his nine years as secretary general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Dr Mohammad Nedal Alchaar has seen massive changes and developments in the industry.
“What the Islamic finance industry needed back then was to develop international financial standards and AAOIFI has gone a long way to achieving this with Islamic finance now not only growing across the Muslim world but developing in the West because of its efficient practice and strong regulatory standards,” he said……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
In a bid to produce more academicians in Islamic economics and banking, Malaysia needs to discuss possibilities of cooperation with Egypt and Saudi Arabia to set up more education faculties in these fields in the country, said Minister in the Prime Minister’s Department Datuk Seri Jamil Khir Baharom.
He said that he had asked Baitulmal Professional Institute (IPB) chairman Datuk Wan Mohamad Sheikh Abdul Aziz to follow up on the matter so that students in Malaysia no longer need to be sent to the two countries to study these subjects……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
Kuwait’s National Real Estate Co. (NREC) is looking to sell conventional or Islamic bonds to reschedule debt, its chief financial officer said. NREC, which owns a 22.4 percent stake in Kuwaiti logistics firm Agility, is also trying to sell some of its non-core investments to reschedule 200 million dinars ($727 million) of debt, Ahmed Harfoush told Reuters in an interview late on Monday.
He said that the firm is in talks with consultants about a bond sale but said the project was still at the early stages……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
May 2011 was marked by a comeback of sukuk that are international, USD denominated, listed and GCC originated - a trend expected to persist through June.
As much as USD4.9 billion worth of sukuk were issued in May 2011, taking the total issued globally in the first five months of 2011 to an estimated USD37.8 billion, a 62% surge compared to USD14.2 billion during the same period last year, according to data compiled by Zawya Sukuk Monitor……………………………………….Full Article: Source
Posted on 01 June 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……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
Bank of London and The Middle East (BLME) has launched the BLME High Yield Fund, a Sharia’ah-compliant fund which targets institutional and high net worth investors seeking higher returns than the BLME’s $ Income Fund.
Bank of London and The Middle East (BLME) has today announced the launch of the BLME High Yield Fund, a Sharia’a compliant fund which targets institutional and high net worth investors seeking to generate higher returns than those targeted by BLME’s $ Income Fund……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
The UAE’s central bank will tighten regulations on how banks in the Gulf Arab state manage liquidity so they can better cope with future crises, a central bank circular seen by Reuters showed on Tuesday.
Lenders in the world’s No.3 crude exporter will be required to comply with qualitative, quantitative and reporting requirements on liquidity risk management, effective from September, according to the circular sent to banks……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
Albaraka Banking Group (BARKA)’s unit in Syria plans to open five branches this year even as a popular uprising in the Arab nation enters its 12th week. Al Baraka Bank Syria will open a branch in the northern city of Aleppo this week, the unit’s Chief Executive Officer Mohammad Halabi said.
The Shariah-compliant bank, which started operations in 2010, has four branches in Syria, according to the company’s website. Al Baraka plans to capture as much as 30 percent of the Islamic finance market by 2013, Halabi said……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
Following His Majesty Sultan Qaboos bin Said’s directive, Central Bank of Oman (CBO) has approved the establishment of an Islamic bank in the sultanate and Islamic windows for banks operating in the sultanate.
CBO’s board of governors met on Sunday under the chairmanship of Dr Ali bin Mohammed bin Moosa, deputy chairman of the board……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
CIMB Group Holdings Bhd. (CIMB) and Malayan Banking Bhd. (MAY) won separate Malaysian central bank approval to begin competing merger talks with RHB Capital Bhd. (RHBC), triggering a takeover battle that may create Southeast Asia’s biggest bank.
The combined capitalization of CIMB and RHB would be $27.3 billion, based on today’s closing prices………………………………………Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
Dubai Islamic Bank (DIB) announced the launch of a three-year Islamic Certificate linked to the Deutsche Bank Liquid Commodities (DBLCI) Apex Index. The Sharia compliant Certificate offers investors an opportunity to invest in commodity markets while benefiting from diversification across investment strategies.
The DBLCI Apex Index aims to generate superior results in all economic cycles by investing in a risk-weighted basket of three underlying commodities indices (DBLCI Mean Reversion Enhanced Index, the DB Commodity Harvest Index and the DBLCI Momentum Index.) (Press Release)
Posted on 01 June 2011 by Laxman | Email|Print
Bahrain’s Gulf Finance House has reported a $11.9 million profit in the first quarter, reversing nine straight quarters of losses. The rebound could mark a turning point for the Islamic investment bank, one of the hardest-hit companies in the Gulf by the global financial crisis.
GFH absorbed more than $1bn of losses before inching back to profitability in the first three months of this year……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
The Source Physical Gold P-ETC (SGLD LN) and Source Physical Silver P-ETC (SSLV LN) have been confirmed, by Amanie, as permissible Islamic investment certificates complying with the requirements of Shari’ah law.
The Source products were approved on 20 May 2011 by a Board of Shari’ah Scholars facilitated by Amanie Islamic Finance Consultancy and Education LLC (Amanie)……………………………………….Full Article: Source
Posted on 01 June 2011 by Laxman | Email|Print
Khaleeji Commercial Bank (KHCB), a leading Bahrain-based Islamic retail bank, has announced its platinum sponsorship of a major accounting and auditing conference held recently in Bahrain.
The AAOIFI’s (Accounting and Auditing Organisation for Islamic Financial Institutions) 10th annual conference was held under the patronage of Rasheed Al Maraj, Governor of Central Bank of Bahrain……………………………………….Full Article: Source
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