Posted on 03 June 2011 by Laxman | Email|Print
Sharia-compliant financial regulations will make Dublin a centre of excellence for Islamic finances, taoiseach says. Ireland has launched a bid to become the home of Islamic finance in Europe as it seeks to rebuild its once dominant financial services sector.
The taoiseach, Enda Kenny, who was swept to power on a wave of public anger at the taxpayers’ €70bn (£62bn) bailout of failed banks, told the Irish Funds Industry Association (IFIA) that he was doing everything he could to “ensure” Dublin became “a centre of excellence for Islamic finances”……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Wealth management has always been associated with Switzerland with its long history and numerous private banks. What happens when you merge that with Shariah law? Islamic finance plays a role in all of the mentioned stages, as all actions of a Muslim have to be in conformity with the religion, so even the expenditure needs to be aligned with Shariah law.
From an Islamic perspective, an investor would need to balance his worldly obligations, duties, activities with his spiritual requirements and obligations……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Indonesia’s Foreign Ministry and central bank are seeking investment from the Persian Gulf to meet its target of increasing Shariah-compliant banking assets by 35 percent this year.
The delegation may meet officials in the Middle East as soon as this month, with Saudi Arabia and Kuwait the most likely destinations, Mulya Siregar, the Jakarta-based director of Islamic services at Bank Indonesia, said……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
The Islamic finance is a growing area particularly in the GCC countries with a lot of rich potential that is still to be unleashed. The banking industry in the GCC is expected to grow by 15 to 20 per cent in the year 2011 and beyond. Due to the growth potential in Islamic banking, the Islamic Financial Market will continue to attract new players to the region.
The policies, well crafted strategies and their effective implementation will further develop the Islamic Banking Industry to greater heights……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
China, the world`s second largest economy, and Hong Kong, one of the most sophisticated financial jurisdictions, have both expressed interest in exploring the options available via Islamic financing. How far have these countries progressed in their bid, and how dedicated are they to the cause?
Home to 26 million Muslims, with a strong Islamic heritage and ties to the Middle East dating back centuries, the prospects for the proliferation of Islamic banking in China are bright. However, it has recently been revealed that the Bank of Ningxia, the republic`s first Islamic bank, has put its plans to fully mobilize on hold, in order to further observe market demand……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Hong Kong-based financial institution United Financial Partners` recent announcement that it will operate an Islamic banking window out of the Dubai International Finance Center may raise questions about China`s interest in Islamic finance, but isn`t likely to see other Hong Kong institutions follow suit.
“I feel that things haven`t really picked up in China in Islamic finance as one would have expected them to, particularly given that it is a big country that can identify an opportunity and go for it and given there are major infrastructure projects that need to be carried out there,” says Ayman Khaleq, partner with international law firm Vinson & Elkins……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Ranhill Power Sdn Bhd, a wholly-owned subsidiary of Ranhill Bhd, has issued a RM800mil nominal value sukuk musharakah, with a tenure of between two and 15 years.
The sukuk comprised a first tranche of RM300mil guaranteed by Maybank Islamic Bhd and a second of RM500mil guaranteed by Danajamin Nasional Bhd, it said in a filing with Bursa Malaysia………………………………………Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Danajamin Nasional announced that it is co-guaranteeing Ranhill Power Sdn Bhd’s RM800 million Islamic Medium Term Notes programme with Maybank Islamic Bhd.
Under the arrangement, Danajamin and Maybank Islamic would jointly guarantee Ranhill Power’s sukuk, with Danajamin concentrating on the longer end of the issuance……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Esso Malaysia Bhd will issue a RM300 million Islamic commercial papers (ICP) programme to finance its syariah-compliant business. In a filing to Bursa Malaysia Thursday, it said the new programme would replace its RM300 million ICP, which matured last month.
“The new sukuk, which is based on the principles of Musharakah, allows Esso to raise the fund at an attractive financing costs,” it said……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Westports Malaysia Sdn Bhd will issue sukuk musharakah of up to RM2 billion in nominal value to fund its working capital requirement and capital expenditure.
Chief Executive Officer Ruben Emir Gnanalingam said the company has appointed AmInvestment Bhd and Maybank Investment Bank Bhd as the joint advisers/joint lead arrangers/joint lead managers for the 20-year sukuk programme……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
SNR Denton, the international legal practice delivering quality and value, announced its Islamic finance practice has been simultaneously advising on a number of Sukuk (Islamic bond) issuances from the Middle East region.
They include the following: $400m Trust Certificates due 2016 issued by SIB Sukuk Company II Limited on behalf of Sharjah Islamic Bank. We acted for HSBC, Standard Chartered and Liquidity House as Joint Lead Managers……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
The innovative one billion ringgit (USD322.6 million) Sukuk al-Amanah Li al-Istithmar transaction by Malaysia’s national mortgage corporation, Cagamas Berhad, won the Islamic Deal of the Year Award in The Asset Triple A Islamic Finance Awards 2011 for its contribution to the development of Islamic capital markets.
The transaction helps widen the investor base for the sukuk, particularly those targeting the Middle East markets. It bridges the Shariah compliance gap in the Islamic capital markets between Malaysia and the Middle East, and it should underpin greater collaboration in the future. This deal also garnered the award for the Best Deal in Malaysia……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Qatar is expected to see more local issuance of bonds, which are based in riyals, Commercialbank Group CEO Andy Stevens has said.
“I think we are going to see the development of Qatari riyal bond market and a yield curve sooner than later. This is important for us to price credits into future accurately,” Stevens said……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Islamic certificates of deposit in the UAE stood at Dh12 billion ($3.27 billion) at the end of the first quarter, the central bank governor said on Thursday, as the industry seeks to manage its excess liquidity.
The central bank launched its Islamic CD programme last November. Islamic bank deposits for the country’s eight Islamic banks reached Dh198 billion at the end of 2010, representing 18.7 percent of total banking deposits, said Sultan Nasser al Suweidi at an Islamic banking seminar at the central bank……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Commercial Bank of Dubai’s (CBD) Islamic operations expects deposit growth of 20 percent in 2011 as funds from the UAE and countries hit by unrest lifts deposits, its Islamic banking head said.
CBD saw Islamic banking deposits climb to 10 percent of the bank’s total deposits of about 30 billion dirhams at the end of 2010, said Nabil Tayeb Khoory on the sidelines of an Islamic banking seminar at the central bank on Thursday……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Islamic banks need to work for tackling ambiguities surrounding their profits as well as rulings by their boards to ensure credible standards for Shariah-compliant units, the Central Bank governor said on Thursday.
Sultan bin Nassir Al-Suwaidi said such uncertainties are among several challenges besetting Islamic banks in the UAE and other countries, including what he described as short-term liquidity management……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
The number of Islamic banks in the UAE stand now at 8 with 260 branches and assets and liabilities of AED 269 Billion (US$ 73.1 Billion) as at the end of 2010, which represents 17% of total assets and liabilities of the banking system in the UAE, said UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi.
In the opening remarks made at a seminar on “Islamic Finance in a global perspective” which was held today at the Central Bank, Al Suwaidi also congratulated the Sultanate of Oman for licensing its first Islamic bank, and to welcome Central Bank of Oman to the Islamic finance community of regulators………………………………………Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Bahrain Islamic Bank had its credit ratings cut to junk at Moody’s Investors Service because of losses and after political unrest in the Arabian Gulf nation.
The Sharia-compliant lender’s long- and short-term ratings were lowered two levels to Ba1/Non-Prime, the highest non- investment grade, from Baa2/Prime-3, the rating agency said in an e-mailed statement today. The ratings will remain on review for further possible cut……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
CIMB Group Holdings Bhd. and Malayan Banking Bhd., set for a battle to become Southeast Asia’s largest lender, risk overpaying for RHB Capital Bhd.
RHB Capital, based in Kuala Lumpur, trades at 2.21 times its book value per share, compared with an average 1.63 times for Asia-Pacific banks, according to data compiled by Bloomberg. The median price-to-book value among 39 similar banking acquisitions in the past five years was 1.78, data show. ………………………………………Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
A Brunei company is open to reviving a dormant Islamic bank in the Philippines. Secretary Herminio Coloma of the Presidential Communications Operations Office said here yesterday that officials of QAF Brunei Sdn Bhd Co. Ltd. are receptive to the idea of reviving the Al Amanah Islamic Bank that was under the Development Bank of the Philippines.
“We’re asking the support of Brunei in exploring the possible revival of Amanah bank and the response of his royal highness, the prince, is that this could be a vehicle in promoting the Brunei-Indonesia-Malaysia-Philippines-East Asian Growth Area (BIMP-EAGA) investment,” he said……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Jordanian Ashraf Hamdan began investing in Dubai’s real estate market in 2006, with a few modest rental investment forays before turning his sights on flashier projects as a wave of luxury developments hit the market.
The real estate bust in 2008 left investors like Hamdan with half-finished projects sitting in the desert sun and losses that were unlikely to be recouped……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
The Arab War Insurance Syndicate (Awris), which is headquartered in Bahrain, saw gross profit in 2010 reach $15.84 million compared to $15.79 million the previous year.
Total assets increased to $140.4 million from $128.5 million in 2009. The announcement was made during the Awris annual general meeting where the new members of Awris technical committee were elected……………………………………….Full Article: Source
Posted on 03 June 2011 by Laxman | Email|Print
Chairing the Organization of the Islamic Conference (OIC) may bring Kazakhstan hundreds of millions of dollars in investment, an official from a Malaysian Islamic bank said.
Kazakhstan is slated to assume the OIC chairmanship at the end of June for a year. Tajikistan holds the current OIC chairmanship……………………………………….Full Article: Source
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