Posted on 14 June 2011 by Laxman | Email|Print
Nakheel Properties is pushing ahead with plans to issue sukuk (Islamic bonds) on schedule before the end of this month and the German Deutsche Bank is expected to manage the issue, a newspaper reported on Monday.
The Dh4.8-billion sukuk are part of overall restructuring plans by the company, including separation from the government-owned Dubai World once most of its debt to contractors are other creditors are settled……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Any euphoria about Egypt becoming the latest haven for sukuk origination should be immediately tempered with the reality that Egypt is a country in transition with elections - both parliamentary and presidential - due later this year and that the process of adopting sukuk and tax neutrality legislation will be a drawn out process in a country that hitherto was notorious for its lethargic top down bureaucracy.
This euphoria has perceivedly come because of the initial approval last week by the board of directors of the Egyptian Financial Supervisory Authority (EFSA) of a proposal to amend the Executive Regulation of Capital Market Law No. 95 of 1992 regarding the rules governing issuing and trading in sukuk……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
The Tadawul market in Riyadh added 0.54% on Monday and closed at 6,584.58 points. Shares of Saudi Basic Industries Corporation (Sabic) finished half a percent higher at SR103.25. Earlier in the day, Sabic announced its intention to purchase the assets of its first Sukuk amounting to SR3bn which was issued in July 2006, “in accordance with the terms and conditions of the Sukuk,” Sabic said in a statement to the Saudi Stock Exchange.
The Capital Market Authority (CMA) announced on Sunday, June 12, 2011 its approval for Saudi International Petrochemical Company (Sipchem) to issue its debut Mudaraba Sukuk……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Dubai’s Majid Al Futtaim Holding, sole franchisee of hypermarket chain Carrefour in the Gulf, plans to set up a medium term notes programme, potentially worth up to $4 billion, two sources said on Monday.
Standard Chartered and Barclays have been picked to arrange the bond programme, said the sources who are familiar with the discussions. ‘Majid al Futtaim is establishing a programme within the next five days that will be somewhere between $2 billion and $4 billion,’ said one of the sources, speaking on condition of anonymity……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
The Central Bank Governor, Malam Sanusi Lamido Sanusi says Nigeria has the potential to become Africa’s Islamic banking hub. He said this in Abuja at the 9th Executive Walimatul-Quran and 8th Nigeria Muslim Merit Award presentation, organised by Al-Habibiyyah Academy, Abuja.
Sanusi spoke on “Islamic Banking and the Nigerian Economy.” delivered on his behalf by Dr. Bashir Aliyu, his Special Advisor on Islamic Banking. “Nigeria is the most populous black nation in the world with a population of about 150 million……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
The GCC region is recognised justifiably for pioneering efforts to introduce, establish and to develop Islamic banking industry in today’s world. It is well known that Islamic financial institutions in the Gulf-Cooperation Council (GCC) states are significant sources of capital and are contributing to the development of Islamic finance worldwide, especially in Asia.
The GCC is well positioned at the heart of the Muslim world to serve as an Islamic finance hub linking Europe, Asia and Africa, and the spread of subsidiaries of GCC-based Islamic banks illustrates that this is starting to happen……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Malayan Banking Bhd. (MAY), Malaysia’s biggest lender, will present a proposal to acquire rival RHB Capital Bhd. by the end of the month, its chairman said.
“An acquisition would give us scale,” Malayan Banking Chairman Megat Zaharuddin Megat Mohd Nor told reporters in Kuala Lumpur today. “You need scale to compete. Not only the incumbent Southeast Asian players are trying to grow their business here, we have global players from other parts of the world that are focusing in this part of the world.”………………………………………Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
ABSA and FNB have predicted strong growth in Islamic banking in SA as more people embrace a sharia-compliant approach to dealing with money.
In separate interviews, the heads of the two banks’ Islamic banking units have said while the customer numbers are still small relative to those using conventional banking services, interest is steadily growing……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, announced the launch of its Gold Priority Banking service that is designed to meet the needs of affluent customers. Gold Priority Banking is a strategic initiative for ADIB’s retail business in 2011.
It has been designed to deliver an exclusive and rewarding banking experience with a wide range of premium products, services and lifestyle benefits. (Press Release)
Posted on 14 June 2011 by Laxman | Email|Print
Emirates Islamic Bank PJSC expects its Islamic financing business to increase by 5 percent to 10 percent this year, Gulf News reported, citing Faisal Aqil, the Dubai-based bank’s acting deputy chief executive officer.
The rise will be driven by an increase in financing to small and medium-sized businesses and to large companies, the Dubai-based daily said, citing Aqil. Provisions for bad loans have peaked and will decline, according to Aqil……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Ajman Bank has launched a new ladies banking service and expects a double-digit growth in the segment in the beginning, according to a top executive.
Mahra, which is Arabic for filly, has been designed by Ajman Bank to meet the professional requirements and lifestyle needs of women across the UAE. It’s loaded with a world of benefits and rewards for female customers, the bank said……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Leading property management and consultancy firm Hamptons International has welcomed the government’s decision to allow the introduction of Shariah-compliant Islamic financial services in the domestic banking system — a move it says promises to impart a much-needed fillip to the real estate sector.
The recent Royal Directive authorising the offering of Islamic banking services — for the first time in Oman — has the potential to jumpstart a recovery of the once-vibrant property market, according to the reputable realty management firm……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
Islamic trade finance has benefited from shifting preferences towards Shariah-compliant banking and could serve as one of the key growth drivers to help the nearly $1tn Islamic finance industry double in size.
The global Islamic finance industry, which has been growing between 15% to 20% a year, is widely expected to reach $2tn in the next three to five years. While Islamic banking and Islamic bonds, or sukuk, are expected to lead growth, bankers say Islamic trade finance could serve as the dark horse emerging to propel the industry further……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
AlHuda centre of Islamic banking and economics (AlHuda-CIBE) and Akhuwat organized jointly an international conference on Islamic Microfinance on Monday here at Faisal Mosque Auditorium.
The objective of this conference, comprising on six multiple sessions, was to share the experiences and research of the seasoned scholars and practitioners of Islamic Microfinance from all over the world for ensuring poverty alleviation from the world……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
The Islamic insurance market is now worth something in the region of $11 billion and is growing at a rate of 20 to 25 per cent a year, said financial experts.
Takaful International now has some BD210 million ($557 million) of the insurance market in Bahrain, representing 11 per cent of the total market and 52 per cent of the Sharia-compliant market……………………………………….Full Article: Source
Posted on 14 June 2011 by Laxman | Email|Print
The 2nd Annual World Takaful Conference: Family Takaful Summit Malaysia will be held here on June 23 and 24. According to the organisers, over 500 takaful operators and agents would gather to discuss the growth potential for takaful in Malaysia and identify unique opportunities for players in the family takaful market.
The event would also outline the outlook for further economic development of Malaysia and the growth of its financial services sector, they said………………………………………Full Article: Source
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