Posted on 17 June 2011 by Laxman | Email|Print
Russian borrowers are pitching plans to sell the nation’s first Islamic bonds even as regulators lag behind in customizing laws for the industry.
Executives from Gazprombank, the lending arm of gas export monopoly Gazprom, are in Southeast Asia to seek support for issuance by as many as five companies, Alexander Kazakov, director of structured and syndicated finance at the bank, said in Jakarta. Tatarstan, a Muslim-majority Russian republic, will announce a dollar-denominated sale soon, according to Kuala Lumpur-based adviser AmanahRaya Investment Bank, which is working on the proposal……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Sri Lanka’s Commercial Bank of Ceylon said it is starting an alternative banking services compliant with Islamic Sharia law, with a three member committee of scholars to ensure compliance.
“As one of Sri Lanka’s largest private banks it is our obligation to ensure that the services the unit provides are fully compliant with the tenets of the Sharia,” managing director Amitha Gooneratne said in a statement……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
A British firm has launched a Sharia-compliant pension fund that will enable Muslims to save for retirement in compliance with Islamic principles.
The British government will begin offering Muslim workers Sharia-compliant pensions as of 2012. The launching of the funds, which are said to be structured around a strict code of ethics and based on the Muslim Koran and Islamic Sharia law (a religious code for living), reflects the gradual establishment of parallel Islamic financial and legal systems in British public life……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
BRI Syariah, a subsidiary of state-owned Bank Rakyat Indonesia, has launched a new product that allows its customer to buy gold in installments, in a bid to draw broader segments of the population to Islamic banking.
The bank plans to provide Rp 400 billion ($46.4 million) in financing for customers to buy gold, president director Ventje Rahardjo said on Wednesday……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
The London-based European Islamic Investment Bank (EIIB) has decided to change its strategy and refocus on the Islamic markets of the Middle East and Asia.
As part of that strategy, it is relocating some of its key personnel from its London office to its representative office in Bahrain……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Islamic banking is one of the fastest growing sectors in the global financial services industry; however it also faces many challenges in relation to technology and Shariaa compliance. In order for Islamic banking to extend worldwide, specialist technological support and standards of rules are required.
Drawing on professional expertise and experience, ITS has introduced ETHIX - a Shari’a compliant financial solution which embraces the technological challenges faced by Islamic banking across the world. As a result ITS has become recognised as a leading global provider of Shari’a compliant financial solutions.”………………………………………Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia’h) principles, called fiqh muamalat (Islamic rules on transactions), and guided by Islamic economics. Islamic banking is often thought to be financing the needs of the Muslim community alone but this notion, as it will be seen, is wrong.
With the rapid growth of the worldwide economy along with the expanding economy in the Islamic countries, Islamic banking is evolving to play a vital role in today’s global village……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to provide an alternative option for Muslims, though Islamic banking is not restricted to Muslims.
Internationally Islamic finance has grown at a rate of between 10% and 15% annually, where the current global economy’s annual growth rate is 4.2%……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
The Muslim Rights Concern (MURIC) has dismissed the Anglican Bishops’ declaration against the establishment of Islamic banks as parochial, mischievous and baseless. The group’s director, Dr Is-haq Akintola said in a statement that the threat by the bishops to go on demonstration if their position was ignored is not only callous, but shallow and provocative.
It noted that that Bishops of the Dioceses in the Church of Nigeria Anglican Communion have urged the Senate and the House of Representatives not to pass any bill that would make the proposed Islamic banking to see the light of the day……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Bahrain-based Elaf Bank, licensed by the Central Bank of Bahrain to operate as a wholesale Islamic bank with a paid-up capital of $200 million, has been granted a license by the Ministry of Finance Malaysia to open a branch office under the Malaysia International Islamic Finance initiative in Malaysia.
Elaf Bank was presented with the license during a formal ceremony held at Bank Negara Malaysia on Wednesday in the presence of key officials and representatives from both sides……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, on Wednesday announced that this summer, all of its Covered Cardholders will receive free international cash withdrawals and Cashback customers will receive 5% Cashback on international spend.
Customers will need to spend a minimum of Dh1,000 from June 15 to July 31 in any country outside the UAE to avail of the Cashback offer. In addition, all Covered Card customers will receive free cash withdrawals when outside the UAE during the same period……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Emirates Islamic Bank (EIB), one of the leading financial institutions in the region has signed an agreement with Higher Colleges of Technology (HCT) to set up a Chair in Islamic Banking and to provide HCT students with opportunities to develop skills and careers in the growing UAE Islamic banking and finance sectors.
The agreement was signed yesterday by H.E. Sheikh Nahayan Mabarak Al Nahayan, Minister of Higher Education and Scientific Research and Chancellor, Higher Colleges of Technology and Mr. Abdulla Showaiter Chief Executive Officer, Emirates Islamic Bank. With this agreement the Bank becomes one of the founding members of the HCT Foundation’s HCT 100 corporate group. (Press Release)
Posted on 17 June 2011 by Laxman | Email|Print
HSBC, CIMB, Maybank, and Citibank to lead sukuk issue as Malaysia plans to repeat roadshows conducted in Asia, the Middle East and Europe. Malaysia is planning to raise up to $2bn via an issue of global sukuk, or Islamic bonds, Mukhtar Hussain, chief executive of HSBC Bank Malaysia Berhad, said.
The bond, if successful, would be the largest sovereign issue to be undertaken by Malaysia. In June last year, the sovereign raised $1.25bn via a dollar-denominated, five-year global Islamic bond, or sukuk……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Abu Dhabi, owner of 90 per cent of the United Arab Emirates’ oil reserves, is beating Saudi Arabia and Qatar in selling bonds as it weans companies off government funding.
Companies in the emirate sold 65 per cent of the $9.5 billion (Dh34.89 billion) raised by the six Gulf Cooperation Council countries so far this year, compared with three per cent in Saudi Arabia and none in Qatar. In 2010, Qatar and Saudi Arabia, the largest Arab economy, sold 27 per cent and 21 per cent of the total compared with Abu Dhabi’s 20 per cent……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Kencana Petroleum Bhd, a Malaysian oil and gas services company, was assigned preliminary AA3 ratings for two proposed Islamic bond sales at RAM Rating Services Bhd.
The Kuala Lumpur-based company is planning RM350 million five-year sukuk with detachable warrants, and a second five-year Islamic bond of RM700 million, RAM said………………………………………Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
RAM Ratings has assigned preliminary AA3 ratings to Kencana Petroleum Berhad’s (Kencana or the Group) proposed RM350 million Sukuk Mudharabah (with detachable warrants) (2011/2016) (Sukuk Mudharabah-W) and proposed RM700 million Sukuk Mudharabah Programme (2011/2026) (Sukuk Mudharabah) (collectively known as “the Sukuk”); both long-term ratings have a stable outlook.
Kencana is an investment-holding company with subsidiaries involved in the provision of offshore and onshore engineering and fabrication services, hook-up and commissioning (HUC) services, drilling services and marine support vessels for the oil and gas (O&G) industry. (Press Release)
Posted on 17 June 2011 by Laxman | Email|Print
As such, RAM Ratings no longer has any rating obligation on the debt facility and the A2/P1 ratings have been withdrawn.
RAM Ratings has received confirmation that Sunway City cancelled its MYR 500 million Murabahah Commercial Papers/Medium Term Notes Programme (2007/2022) (CP/MTN) ahead of the scheduled maturity date of 8 October 2022; there was no outstanding CP or MTN when cancelled……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Islamic Finance House (IFH) announced the appointment of Mohamed Omar Ali Mubarak Keiti as General Manager of the company that serves as a growing centre for Shari’a compliant financial solutions catering to a wide spectrum of clients in the UAE.
Mohamed Omar Ali Mubarak Keiti, a UAE national, has gained extensive Islamic financing experience through out his tenure of 11 years at leading banks in the UAE……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
The Muslim World is going through challenging times. Despite having a population of about two billion and possessing enormous natural resources, our contribution to global economy and world polity remains minimal.
The Islamic world held a prominent position on the global stage in early centuries and Muslims were at the forefront of discoveries, inventions and governance……………………………………….Full Article: Source
Posted on 17 June 2011 by Laxman | Email|Print
Moody’s has assigned a Ba1 insurance financial strength rating (IFSR) to Gulf Takaful Insurance Company KSC (Gulf Takaful), based in Kuwait. The rating outlook is stable. Gulf Takaful is one of the largest Takaful insurers in Kuwait and was established in 2004. It writes a broad mix of non-life, Takaful life, health and medical insurance.
Moody’s Ba1 rating reflects Gulf Takaful’s good position in the domestic Takaful market, with a market share of around 15% and 3rd position in terms of premium, as well as its good distribution mix and product diversification……………………………………….Full Article: Source
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