Posted on 09 June 2011 by Laxman | Email|Print
Gulf Arab states may have a single Shariah board for the region’s Islamic financial institutions in five to 10 years, a Shariah scholar said in Dubai today.
A “supreme Shariah council” will help reduce the cost of issuing sukuk and boost Islamic services offered by financial institutions that comply with the religion’s ban on interest, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC (DIB)’s Shariah committee………………………………………..Full Article: Source
Posted on 09 June 2011 by Laxman | Email|Print
Indonesia is on track for a global sukuk offering in July to August, said an official with the country’s finance ministry on Wednesday.
Langgeng Basuki, deputy director of sukuk market development, confirmed earlier reports that Indonesia planned to issue the global sukuk bond in the second half of this year………………………………………..Full Article: Source
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Hawkamah Institute for Corporate Governance will issue a template for sukuk ijarah, to cut the cost of issuing the debt and strengthen the Islamic finance business, according to Nasser Saidi, the executive director.
The Dubai-based institute, which is working with the Bahrain-based International Islamic Financial Market, or IIFM, expects to release the document this year, Saidi told reporters in Dubai today. Hawkamah plans more Islamic bond templates after that, he said. Most sukuk are based on ijarah, a sale and lease agreement, as in real estate………………………………………..Full Article: Source
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Hawkamah, the Institute for Corporate Governance, is expected to issue a ‘standardised template’ for restructuring Islamic bonds this year, executive director Dr Nasser Saidi said.
Hawkamah was created for the MENA region, by the region, and of the region to bridge the governance gap by assisting the region’s countries and businesses in developing and implementing sound, well integrated corporate governance frameworks……………………………………….Full Article: Source
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Seeking to boost a flourishing Islamic finance sector in their states, leaders of the Gulf Arab nations are planning to have a united Shari`ah board overseeing the region’s Islamic financial institutions.
The “supreme Shari`ah council” will help reduce the cost of issuing sukuk (Islamic bonds), Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC (DIB)’s Shari’ah committee, said………………………………………..Full Article: Source
Posted on 09 June 2011 by Laxman | Email|Print
Bloomberg executives announced the launch of the Bloomberg Malaysian Foreign Currency Sukuk Index (BMSSUTR), a non-ringgit denominated index developed in conjunction with Bank Negara Malaysia. The new Bloomberg index provides a global benchmark for the performance of sukuk bonds and the ability to track movements of foreign currency issues.
“The Islamic financial marketplace is growing rapidly and there is high demand for more transparency, pricing, risk and return information,” said Gerard Francis, a Bloomberg Professional service executive. “We believe that this latest index will become the instrument of choice to help investors and fund managers maximize their investments in Shariah finance. It is also another sign of our 20 years of experience and commitment to the region.” (Press Release)
Posted on 09 June 2011 by Laxman | Email|Print
Coordinated efforts must be put in place to overcome challenges faced by the Islamic finance industry, says Securities Commission Malaysia Chairman Tan Sri Zarinah Anwar.
She said the efforts included the need to create a wider diversity of products, enhance the availability of information, sharing of learning and develop a reliable Islamic finance database………………………………………..Full Article: Source
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Though Islamic banking assets have grown significantly over the past few years, they still only represent less than one per cent of total global banking assets – with more than 50 per cent concentration in the Middle East region.
The industry leaders gathered at the event agreed that the future of the Islamic finance industry depends on its internationalization where key players must grow geographically and consolidate their position by operating in a cross-border global market space………………………………………..Full Article: Source
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Islamic finance can potentially play a part in facilitating more trade between Asia and the Middle East with the involvement of more global and Islamic banks from both regions, says Singapore Minister for Trade and Industry, Lim Hng Kiang.
Lim, who is also Monetary Authority of Singapore deputy chairman, said the high level of savings and wealth accumulation in the Gulf Cooperation Council (GCC) and Asia should be mobilised by the financial sector………………………………………..Full Article: Source
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Islamic countries have the potential to form a large strategic trading block as they are endowed with economic resources and being under the Organisation of the Islamic Conference (OIC).
Minister in the Prime Minister’s Department, Tan Sri Nor Mohamed Yakcop, said currently, intra-OIC trade accounted for 16.5 per cent of the group’s total trade………………………………………..Full Article: Source
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Kuwait Finance House (KFH) AGM for Finance Sector Emad Al-Thaqeb stated Islamic banking institutions, including KFH, have accumulative experience in financing major local and overseas developmental projects, not to mention their strong financial coverage that allows them to meet the financing requirements for the Kuwaiti development plan.
It is worth noting that KFH took part in the Role of Islamic Finance in Developmental Projects Conference that began yesterday under the patronage of His Highness the Prime Minister Sheikh Nasser Al-Sabah………………………………………..Full Article: Source
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Malaysia has taken major steps to create demand for Shariah compliant products and services among the Islamic finance industry, internationally.
It has also developed Shariah compliant tools that can be utilised to facilitate and support cross-border transactions, said Securities Commission Malaysia Chairman Tan Sri Zarinah Anwar………………………………………..Full Article: Source
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The Government will issue new income tax rules for Islamic finance products, said deputy chairman of the Monetary Authority of Singapore Mr Lim Hng Kiang.
The new regulations, to be issued by the Ministry of Finance, will cover financing agreements based on financing through partnership agreement, project financing and the interbank placement of funds, Mr Lim said………………………………………..Full Article: Source
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Assets of Islamic financial institutions are expected to grow from US$1 trillion now to US$5 trillion in the next few years, according to experts at the second World Islamic Banking Conference which kicked off in Singapore on Wednesday.
Attracting some 450 delegates from around the world, the conference featured speakers from regulatory bodies as well as banks. The theme for this year’s conference is enhancing cross-border connectivity between Islamic financial centres in Asia and the Middle East………………………………………..Full Article: Source
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The Islamic finance industry in the Gulf is moving towards a centralised sharia board as scholars from leading countries join a common United Arab Emirates entity, a leading Islamic scholar said.
The United Sharia Board, which began drawing scholars from local Islamic institutions two years ago, now has two members from Saudi Arabia and one scholar each from Kuwait and Qatar, Scholar Hussein Hamid Hassan said at the launch of a policy briefing on corporate governance in Islamic finance………………………………………..Full Article: Source
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Kyrgyzstan is working on the introduction of various tools of Islamic finance in the country, Kyrgyz First Deputy Prime Minister Omurbek Babanov said on Wednesday.
“We are currently promoting the principles of Islamic financing based on a memorandum of mutual understanding between Kyrgyzstan and the Islamic Development Bank,” Babanov said speaking at the World Islamic Economic Forum (WIEF) in Astana………………………………………..Full Article: Source
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Irish Prime Minister Enda Kenny has outlined Islamic finance and the green economy as two areas of growth for the Irish Funds’ Industry. Speaking at the Irish Funds Industry Association (IFIA) conference, Mr Kenny said there was a need to ensure that Ireland is the obvious and first choice for the domiciling and distribution of funds.
Mr Kenny said that Ireland was determined to ensure that the IFSC is a Centre of Excellence for Islamic Finance and that changes in recent Finance Acts will support its development. Ireland has been active in concluding double taxation agreements with important Islamic States, including recently Saudi Arabia, Bahrain, Kuwait and the UAE………………………………………..Full Article: Source
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A bad situation may sometimes have good effects, and what is required now is to draw lessons from this global economic crisis and the subsequent losses suffered by most countries. Science maintains there is no such thing as “absolute truth”, but the current global financial crisis is evidence that there is no absolute free market. Truth is always relative, just like freedom.
It is important to look for positive points to find a way out of the financial crisis. Despite the gloom of the global economy and the pessimistic atmosphere enveloping the entire world, all countries, separately or collectively, are working hard to contain the crisis, or at least to minimise losses………………………………………..Full Article: Source
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Islamic banking is emerging as one of the fastest growing sectors in global finance. Based on the principles of Sharia law, Islamic banking forbids the collection of interest payments.
Representatives from the sector are meeting at the Asia Islamic Banking Conference in Singapore this week. Many of them are looking to Asia for growth opportunities - especially in Malaysia and Indonesia………………………………………..Full Article: Source
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The Islamic Bank of Asia, which is backed by Southeast Asia’s top bank DBS, will focus on courting Gulf wealth and growing Islamic bonds, private equity and REIT deals to drive its business, its chief executive said.
The lender has struggled to compete against other Islamic banks in the region since its establishment in 2007 due to tough market conditions in the Middle East and a lack of interest in sharia banking in Singapore………………………………………..Full Article: Source
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A successful roll-out of Islamic banking system could easily see the industry in Oman gaining up to $6 billion in Islamic assets over next few years, according to an industry expert.
“The Islamic banking opportunity could be substantial as we expect the industry to reflect its performance in other GCC markets,’ remarked Ashar Nazim, executive director and head of Islamic Financial Services, Ernst & Young Mena………………………………………..Full Article: Source
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Islamic finance consistent with sharia law was poised to continue its growth, but the industry had to overcome a large dearth of skilled professionals and other challenges to succeed, banking experts warned Wednesday.
‘The fast growth of Islamic financial institutions so far isn’t followed by sufficient supply of human resources,’ Halim Alamsyah, deputy governor of Bank Indonesia, said in Singapore………………………………………..Full Article: Source
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Dubai’s Noor Islamic Bank could break even in 2011, a year ahead of target, and will consider merger and acquisition opportunities later to expand overseas, its chief executive said on Wednesday.
Business has been unaffected by the Middle East conflict and the bank posted a profit of Dh58 million ($16 million) in the first four months of 2011, Hussain Al Qemzi said………………………………………..Full Article: Source
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The first Islamic fund in Kazakhstan started today to lure capital from Muslims who plan to travel to Mecca, Saudi Arabia, for the Islamic pilgrimage.
The Hajj Fund, co-managed by AmanahRaya Capital Group Sdn Bhd, part of Amanah Raya Berhad, and Astana-based Fattan Finance, will be invested in portfolios that consist of properties, equities and other Shariah-compliant instruments mostly outside of Kazakhstan, said Ahmad Rodzi Pawanteh, group managing director of Kuala Lumpur-based Amanah Raya………………………………………..Full Article: Source
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On Wednesday, the city of Astana played a host to a ceremony of opening of the first Investment Fund based on the Islamic finance principles in Kazakhstan (Hajj Fund), Kazinform reported.
“I am grateful to our Malaysian colleagues, the AmanahRaya Company, for their confidence and tolerance. We started our cooperation more than a year ago and the whole time they transferred their invaluable practice, knowledge and technologies,” said Chairman of the Board of Directors of Fattah Finance JSC Zarat Kazy Nurpeisov………………………………………..Full Article: Source
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Saudi Re, the GCC’s largest reinsurer, has appointed its Shari’ah Board effective May, 2011. The members are: Sheikh Dr. Abdulsattar Abu Ghuddah; Sheikh Dr. Mohamed Ali Elgari; and Sheikh Yousef Al-Farraj
Fahad Al-Hesni, Chief Executive Officer of Saudi Re said, “The Shari’ah Board will help Saudi Re to remain responsive to the requirements of its clients, and develop solutions that satisfy the Takaful industry demands for Shari’ah-compliant reinsurance services.”……………………………………….Full Article: Source
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Vinson & Elkins Islamic finance partner Ayman Khaleq has been named Middle East managing partner, the firm announced on Wednesday. In his new role, Khaleq will continue to practice out of the Dubai office, overseeing that office as well as the firm’s other two offices in the region, in Abu Dhabi and Riyadh.
Khaleq replaces energy finance partner Lewis Jones, who is returning to the firm’s London office after serving as Middle East managing partner out of Abu Dhabi for the past four years. Lewis will continue to work with clients in the region, according to the firm………………………………………..Full Article: Source
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More than 1,200 delegates from 50 countries are to join leaders from the global Islamic finance industry at the 18th annual World Islamic Banking Conference (WIBC 2011) to be held in Bahrain this November.
The WIBC has over the years become the world’s largest and most influential annual gathering of Islamic finance leaders………………………………………..Full Article: Source
Posted on 09 June 2011 by Laxman | Email|Print
Bahrain is set to further strengthen its position as the global hub for Islamic finance. Bahrain has managed to advance its leadership position as the international hub for Islamic finance due its strong fundamentals, pioneering initiatives and world-class regulatory environment, not to mention its continued efforts and initiatives to develop skilled resources and enhance existing ones in different fields of Islamic finance.
More than 1,200 delegates from 50 countries are to join leaders from the global Islamic finance industry at the 18th Annual World Islamic Banking Conference (WIBC 2011) in Bahrain, confirming the kingdom’s position as the leading international hub for Islamic finance………………………………………..Full Article: Source
Posted on 09 June 2011 by Laxman | Email|Print
Kazakh President Nursultan Nazarbayev has said that Kazakhstan is interested in co-operation with Muslim countries, in attracting Islamic finance. According to experts, the potential of growth of Islamic investment in Kazakhstan in the coming years is up to $10 billion.
Speaking at the 7th World Islamic Economic Forum (WIEF) in Astana Nazarbayev noted that Muslim countries must undergo a serious modernization. “Without it the historical lag may be prolonged for another century,” the President said………………………………………..Full Article: Source
Posted on 09 June 2011 by Laxman | Email|Print
Kazakh President Nursultan Nazarbayev has announced Kazakhstan’s proposals to modernize Muslim countries.
Speaking at the 7th World Islamic Economic Forum in Astana Nazarbayev noted that Muslim countries must undergo a serious modernization. “Without it the historical lag may be prolonged for another century,” the President said………………………………………..Full Article: Source
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