Posted on 01 July 2011 by Laxman | Email|Print
Malaysia’s success in attracting US$9bil of orders for a US$2bil sale of sukuk reflects a one-year drought in global issuance by sovereign borrowers.
The nation’s record dollar-denominated offering of US$1.2bil of five-year notes and US$800mil of 10-year debt was snapped up by more than 320 investors in Europe, Asia, the Middle East and the United States, the Government said………………………………………Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
Nakheel is settling creditor claims “expeditiously” to enable creditors participate in its sukuk programme, the company has said.
“We settled some of the creditors claims, reaching amicable agreements with the creditors who are co-operating with us. We are taking all the necessary steps and actions to expeditiously settle creditor claims enabling these creditors to participate in the sukuk programme,” a company spokesperson said……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
Since Lamido Sanusi, came into office as Central Bank of Nigeria (CBN) Governor in 2009, he has been able to successfully weather many storms that arose out of his activities.
Records show that he has been able to take on bank chiefs, directors; revoked licenses of about 230 microfinance banks; and even confronted members of the National Assembly in different controversies, and has survived them all……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
The Central Bank of Nigeria (CBN) under Governor Sanusi Lamido Sanusi has done more than anyone else to turn the concept of ‘Islamic banking’ into an Islamist political project. Politicisation could imperil an otherwise unassailable experiment to align Nigeria with over 75 countries where Islamic financial institutions have assets exceeding US$950 billion.
‘Political Islam’ is a controversial term that takes different forms and spans a wide range of strategies and tactics. Most definitions, however, include the belief that ‘Islam should guide social and political as well as personal life.’………………………………………Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
The Catholic Archbishop of Lagos, Anthony Cardinal Olubunmi Okogie, has condemned the ongoing move by Federal Government, through the Central Bank of Nigeria (CBN), to endorse the commencement of Islamic Banking in Nigeria, saying such an action was capable of fueling religious tension in the land.
In a release signed by the Director of Social Communications, Catholic Archdiocese of Lagos, Very Rev. Msgr. Gabriel Osu, Cardinal Okogie, said the frantic effort by the CBN Governor, Mallam Sanusi Lamido to ensure the speedy take-off of the scheme, through the promoters, JAIZ Bank was part of the grand plan to turn Nigeria into an Islamic State……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
Islamic banking is being touted as a safer alternative to conventional banking, when it comes to investing your money or obtaining financing to purchase property.
According to the Institute of Islamic Banking and Insurance, Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Shari’ah (Islamic rulings) and its practical application through the development of Islamic economics……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
Less than 48 hours before close of financial year, the government has sought an emergency international loan to finance its budget deficit in addition to dispatching a team to Karachi to persuade banks to pay taxes in advance in an attempt to cover an expected Rs110 billion shortfall in meeting a revenue target that had already been revised downwards.
The shortfall comes despite the fact that the government had already introduced several measures in March to increase its revenues by up to Rs53 billion and has given retroactive effect to next year’s tax measures to begin from June 3, the day the budget was presented, rather than July 1, the start of the new financial year……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
As the main equity subscriber to the Islamic Development Bank (IDB) with 26.8 percent of the subscribed capital, by far the largest, and as its host country in terms of its headquarters, Saudi citizens are justified to ask ‘What is the Kingdom getting in return for its investment in the IDB Group?’
The delegates of the extraordinary meeting of the foreign ministers of the Organization of the Islamic Conference (OIC) could have envisaged the strides the subsequent Islamic Development Bank, which was set up in the following year in 1975, has made in a mere 35 years……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
The Organisation of the Islamic Conference, based in the Saudi city of Jeddah, yesterday changed its name to the Organisation of Islamic Cooperation.
The Islamist world’s largest grouping said in a statement that the name change was approved by its 57 members at a conference in Astana, Kazakhstan……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
The Islamic finance industry is interested in tapping Middle Eastern oil money to help fund Thai infrastructure projects, which could help it gain a foothold in a market with only a small Muslim population, bankers said.
The fledgling Islamic finance industry was propelled into the global spotlight in the aftermath of the financial crisis as it was seen as a more ethical, less leveraged way of banking……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
Islamic banking and finance is emerging in global financial markets and governments seek to facilitate it. This article focuses on whether it is constitutionally possible for Australia to implement reforms to facilitate faithbased financial transactions.
There have been calls for Australia to become a financial hub – particularly in South East Asia. One aspect of this is the recognition of Islamic finance as an alternative in the marketplace. This would include ensuring that tax laws are synchronised with Islamic tenets on financial transactions and do not hinder such alternatives……………………………………….Full Article: Source
Posted on 01 July 2011 by Laxman | Email|Print
And the winner is … Pakistan. With a profit of 18.24%, the Dow Jones Islamic Market (DJIM) Pakistan Index posted the highest first-half 2011 advance (as of the close of trading of June 28) of all the country indexes in the DJIM series.
In June, the DJIM Pakistan index achieved the second-highest monthly return, closing up 6.54% to 16,385.68, just behind the DJIM Philippines Index, which gained 7% to 1,953.46. These were the only advancing equity composites of the DJIM country indexes. (Press Release)
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