Posted on 27 June 2011 by Laxman | Email|Print
Islamic banks are likely to boost their Dh15 billion (US$4bn) of investments in Central Bank certificates of deposit after the launch of a new Sharia-compliant repurchase facility, said a senior bank official.
The facility, which is aimed at developing liquidity management in the Islamic banking system, allows banks to borrow money in accordance with Sharia principles. In exchange, the facility accepts the Central Bank’s Islamic certificates of deposit as collateral………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Bank of London and the Middle East (BLME) has announced the launch of a Sharia-compliant fund which targets institutional and high net-worth investors in Gulf countries.
The BLME High Yield Fund targets a net return of three-month US dollar Libor (London Interbank Offered Rate) in addition to a five per cent return p.a. by investing 85 per cent in sukuk and 15 per cent in Ijara, said a statement from the London bank………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Even though a draft framework for non-interest banking was issued in March 2009 by the Central Bank of Nigeria (CBN), its position on Islamic banking did not become much of an issue until a few months ago when the final guidelines were released.
According to the acting director of banking supervision at the CBN, D.A. Eke, “The objective of the framework is to provide minimum standards for the operation of non-interest banking in Nigeria while serving as an exposure for comments, suggestions and/or inputs by stakeholders.”……………………………………….Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
The plan by the Central Bank of Nigeria (CBN) for Islamic banking in the country notwithstanding the opposition in some quarters has taken a new dimension with the pronouncement of N10 billion capital base requirement for any Islamic bank applying for licence to operate nationwide even as it further announced N5 billion capital requirement for an Islamic banking licence for regional operations.
The CBN explained that it has the power to license Islamic banks in the country as stated in the CBN Act and Bank and Other Financial Institutions (BOFIA), duly passed into law by the National Assembly………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
The governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said that those opposed to the introduction of Islamic banking in Nigeria are not conversant with current happenings in the world as the system is being practised in the United Kingdom and other countries of the world dominated by Christians.
He spoke on the BBC Hausa service monitored in Kaduna at the weekened, even as the Kaduna State chapter of the Pentecostal Fellowship of Nigeria (PFN) expressed concern over moves to introduce Islamic banking in the country………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Recently a group of people who go under the banner of ‘Concerned Citizens of Nigeria,’ took a full page paid advert in Daily Sun where it lamented the gradual but steady Islamization of the Central Bank of Nigeria – the CBN.
According to the advert, which was signed by no one, the present leadership of the bank led by Mallam Sanusi Lamido Sanusi has surreptitiously (they did not use the exact word) been implementing policies at the apex bank that run contrary to the Banking and Other Financial Institutions Act (BOFIA) of 1991………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Bahrain’s Elaf Bank said Sunday it had been granted a license to operate in Malaysia as the closely-held lender seeks to tap into the Asian country’s growing Islamic finance sector.
The licence marks Elaf’s first international branch office and the bank plans to use Kuala Lumpur as its regional hub for Southeast Asia operations………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Dubai-based Dar Al Sharia Legal & Financial Consultancy has signed a collaboration agreement with the German Institute of Islamic Banking and Finance (IFIBAF).
The relationship between these two organisations originates from a highly successful Islamic Finance Trade Mission to Europe conducted by Dubai Exports, an agency of the DubaiDepartment of Economic Development………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Sheikh Ahmed bin Saeed Al Maktoum, the uncle of Dubai’s ruler, was appointed the chairman of Emirates NBD PJSC (EMIRATES) as the government made changes to the board of the United Arab Emirates’ biggest bank.
Sheikh Ahmed, who is also chairman of Emirates airline, Dubai World and Dubai’s Supreme Fiscal Committee, replaced Ahmed Humaid Al Tayer, state-run Emirates News Agency reported on its website. Hisham Abdullah Al Kasem was named deputy chairman, while three other board members were also replaced………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
The central bank will allow an Islamic money market to manage liquidity of the Shariah-based Islamic banks properly, a top official of the central bank told the FE Saturday. “The issue was discussed at a meeting with chief executive officers and managing directors of seven Islamic banks at the central bank on June 20 last,” he added.
The official also said Malaysia has already allowed the Islamic money market to manage fund of the Islamic banks………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Sarawak Energy Bhd (Sarawak Energy) has issued sukuk (Islamic bonds) totalling RM3 billion, the first of SEB’s RM15 billion ‘Sukuk Musyarakah Programme’.
With a size of RM500 million, the first tranche carries a maturity of five years with a profit rate of 4.4 per cent per annum, while the second tranche of RM700 million is at 4.7 per cent per annum for seven years………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Standard & Poor’s Ratings Services (S&P) has assigned its ‘A-’ long-term foreign currency preliminary issue rating to the proposed issue of benchmark-sized Wakala Global Sukuk trust certificates
Wakala Global Sukuk Bhd. will issue the certificates.
This trustee is a special purpose vehicle set up and wholly owned by the federal government of Malaysia (foreign currency A-/Stable/A-2, local currency A+/Stable/A-1; axAAA/axA-1+)………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
The global Islamic capital market is once again focused on Malaysia with the recent launch by Bank Negara Malaysia, the central bank, of its new Islamic monetary management instrument, the Bank Negara Monetary Notes-Istithmar (BNMN-Istithmar).
At the same time, according to Islamic banking market sources, the Malaysian government has appointed the local Maybank Group and the CIMB Group, together with Citigroup and HSBC, to lead arrange a third global sovereign US dollar sukuk offering………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
The takaful industry, Islamic equivalent for insurance, is set to be on track for quantum leap performance in the next phase of growth and development, delegates at a major conference in Kuala Lumpur were told.
“The success of the industry lies in its ability to collectively position itself strategically to meet the needs of the economy and the ability to be competitive and innovative,” Bank Negara Malaysia deputy director Azleena Idris said in her opening speech at the second annual World Takaful Conference: Family Takaful Summit Malaysia………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
The Malaysian Takaful sector can look forward to boom times, according to Takaful Ikhlas’s executive VP, Fadzlullah Abdullah.
Malaysia’s national news agency, Bernama, reported Abdullah’s comments at the launch of the Takaful Agents Convention by Malaysia’s deputy finance minister, Awang Adek Hussin in Kuala Lumpur last week………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
SABB Takaful Company, a Saudi joint stock company and an associate of The Saudi British Bank (SABB) and its global partner HSBC Group, hosted at its office in Riyadh David Fried, group head of insurance, HSBC Holdings, along with Bruce Howe, CEO, HSBC Insurance, UK, Europe and Middle East.
The visit to SABB Takaful is part of a regional tour by the HSBC Insurance executives to meet with government and regulatory officials and to visit major HSBC Insurance entities and distributors in Saudi Arabia and UAE to review business performance, future plans and strategies………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Saudi Arabia’s Sambacapital brought a new Shari’ah compliant equity fund to market last week, the Al-Ataa Saudi Equity Fund.
The fund will be a Shari’ah-compliant, open-ended, Saudi riyal denominated equity fund that is benchmarked against the S&P Saudi Arabia Shariah (Saudi riyal) Index. Sambacapital is the asset management division of Riyadh-based Samba Financial Group………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Dedicated trading platform for Shari’ah-compliant securities is free of additional charges and requires no paperwork
Mubasher Trade, a subsidiary of Mubasher Financial Services (MFS), the Middle East’s top online trading platform, has announced the Egypt launch of Mubasher Islami, a new division that specialises in a full range of Shari’ah-compliant services, including a dedicated trading platform for Shari’ah-compliant securities. Mubasher Islami further expands Mubasher’s comprehensive range of financial services for all investors, while consolidating the company’s stronghold in Egypt’s stock and financial markets………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Investment House Qatar reports the Al-Beit Al-Mali Fund, managed by Global Investment House, has recorded 5.3 per cent return during the first five months of 2011, outperforming its benchmark by 4.4 per cent and bringing total returns since inception to 50.4 per cent, a solid 44.3 per cent above its benchmark
The Al-Beit Al-Mali Fund was launched in September 2006 by Investment House and aims to achieve medium to long-term capital appreciation by investing in Shari’ah-compliant companies listed on the Qatar Exchange………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
KPMG is pleased to announce that Neil D Miller has joined as global head of Islamic finance. Neil joins from the law firm Norton Rose where he led their global Islamic finance practice.
Neil has specialised in Islamic finance since he moved to Bahrain in 1995. He then returned to London in 2000 to set up Norton Rose’s Islamic finance group which went on to win numerous industry awards under his leadership, with Neil becoming a highly regarded industry figure internationally………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
A state Islamic organisation is offering interest-free loans to low-income Muslims who otherwise can’t borrow money because of religious reasons. Charging or paying interest for loans is banned under Islam, but many Muslims are taking advantage of a growing Islamic finance industry.
Dandenong postgraduate student Ali Alyassiry, who has two children, borrowed $1000 under a new scheme offered by the Islamic Council of Victoria………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Sharia plays an important role in UAE law, but misinterpretations about how it is applied are common. As a result, residents who come to me seeking legal advice are often unclear of the role that Sharia plays in UAE law.
To understand the intersection of Islamic and non-Islamic law, it helps to first know what the founders intended. The UAE constitution states: “Islam is the official religion of the Union and … Islamic Sharia is a main source of its legislation”………………………………………..Full Article: Source
Posted on 27 June 2011 by Laxman | Email|Print
Delegates from more than 60 countries are converging on Jeddah over the next few days for the 36th annual meeting of the board of governors of the Islamic Development Bank (IDB) Group, which takes place on June 29-30.
Never mind the global financial crisis and its impact, which is a given challenge for the entire international community. Perhaps it is a poignant reminder that this annual meeting should have been convening on the southern flank of the Arabian Peninsula in Sanaa in Yemen rather than in the heart of Hijaz in Saudi Arabia………………………………………..Full Article: Source
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