Posted on 18 July 2011 by Laxman | Email|Print
Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders.
Quoting an unnamed senior source in Nakheel, the Sharjah-based Arabic language daily Alkhaleej said sukuk would be issued and managed by the German Deutsche Bank but they would initially not be listed……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Behind the introduction this month of the revised “Islamic securities guidelines (sukuk guidelines) in conjunction with revised trust deeds guidelines announced by the Securities Commission of Malaysia (SC), the securities regulator, and which become effective on Aug. 12, 2011, is the triple ambitions of enhancing the Malaysian regulatory framework for fundraising and product regulation in the private debt securities and sukuk markets; enhancing the efficiency and competitiveness of the Malaysian sukuk market; and to promote greater connectivity between the Middle East and Asian Islamic capital market sectors.………………………………………Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
The bond market for the second half of the year is expected to remain buoyant with analysts forecasting total issuances of between RM50bil and RM60bil for the year. Bond issuance in the first half amounted to RM21bil. Industry observers said the outlook for the corporate bonds and sukuk could be dampened if the global economy further softened and the European debt crisis worsened.
Unlike corporate bonds, they said foreign funds would continue be a major driver in the Malaysian Government Securities (MGS) market for the second half of the year underpinned by the stronger local currency and the eurozone debt crisis……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Fitch Ratings has assigned FGB Sukuk Company Limited’s $3.5 billion Trust Certificate Issuance Programme a Long-term rating of ‘A+’
Fitch notes that the rating is assigned to the programme and not to the trust certificates issued under the programme. There is no assurance that notes issued under the programme will be assigned a rating or that the rating assigned to a specific issue under the programme will have the same rating as the rating assigned to the programme……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Dr. Farooq Khan Professor of Management Al Ghurair University praised the role of Islamic finance and it growth in the GCC countries. The Islamic banking industry in the GCC is expected to grow by 15 to 20 per cent in the year 2011 and beyond.
Dr. Farooq Khan said:” The potential for Islamic finance in the GCC countries is enormous and there are vast opportunities to grow further in the context of growing demand for Shariah-compliant products and services. The region has high GDP. Also Consumer spending and investment increases the demand for Islamic financial products and services which provides a big boost in moving forward”. (Press Release)
Posted on 18 July 2011 by Laxman | Email|Print
The Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has said the introduction of Islamic banking into our financial system was “necessitated by the effect of global meltdown that castrated the Nigerian financial system and slowed down the growth of the economy.”
He, however, assured that Nigeria’s subscription to Islamic banking would revive the current downturn of the country’s economy……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Nigeria is introducing Islamic banking to bring more of the nation’s estimated 70 million Muslims into the economy. But many prominent Christian leaders say it will further inflame religious violence.
Human rights activist Oke Adheke says Nigeria can not run on both a secular system and an Islamic system. “The moment they gave it a religious coloration it is not good for this country. Islamic banking by the name is not good for this country. Let them give us banking products that they believe are good for the ordinary man. The problem with this country is that we introduce too many funny things and tell stories about them, yet they don’t work,” said Adheke……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Amid controversies about foisting a religious banking practice on Nigeria, Governor of Central Bank (CBN), Mallam Sanusi Lamido Sanusi, has allayed fears of concerned Nigerians on the proposed Islamic Banking.
Mallam Sanusi cautioned Nigerians, especially Christians, not to exercise apprehensions about the word ‘Islam Banking’. He said it (Islamic banking) is just a banking product like some other conventional products in the commercial banking system, which can be, and is actually being run concurrently by any commercial bank with other products……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
It seems that the influential governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, is winning the “hearts and minds” debate over the introduction of interest-free (Islamic) banking into Africa’s most populous yet highly sectarian nation.
Following the introduction of new guidelines for non-interest banking by the CBN on 21 June 2011; the issuance of a license to Jaiz International Bank to launch the country’s first interest-free bank subject to fulfilling the bank authorization requirements within six months;………………………………………Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Banking with an Islamic covered card, instead of a credit card, offers peace of mind and has become popular among Muslims and Non-Muslims alike. But the UAE’s Shari’ah-retail banking landscape also shows that the debris of the global financial crisis has not yet been swept away.
In the first-half of 2011, the UAE’s Islamic retail banks have been busy in promoting new products and services. In January, Noor Islamic Bank opened its largest branch for Islamic insurances Noor Takaful……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Islamic insurance, or takaful, will continue to be among the fastest growing sectors in the Gulf and Malaysia, with life insurance providing the greatest opportunity for profitability, a study by AM Best said.
Among the 131 takaful operators and conventional companies surveyed, life insurance, or family takaful, made up less than 25 percent of the contributions received but offered higher margins and stability, said analyst Vasilis Katsipis……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
A lot of people have been saying that London is losing its way in terms of global Islamic finance, but the fight back could start here with the launch of GNL Insurance, the City’s first Takaful brokerage.
“We’re for the first time offering global corporations Takaful support from London, the world’s leading insurance market,” Richard Bishop, CEO of GNL Insurance said………………………………………Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Philippine Finance Secretary Cesar Purisima yesterday called for the joint promotion of the Coral Triangle and tourism in the BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area) sub-region.
He said through BIMP-EAGA, Brunei’s halal label can target Saudi Arabia’s haj needs when it has to feed one million people for one month during the pilgrimage season……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Delegates from several emerging countries participated in the 6th Annual Islamic Markets Program (IMP) held at the end of June 2011 in Kuala Lumpur as part of the Malaysian government’s initiatives to promote and widen the skills set of Islamic Capital Market (ICM) regulators and practitioners especially in emerging capital markets.
The program, which is by far the best of its kind and which is firmly on the Islamic Capital Markets training map, is organized every year by the Securities Industry Development Corporation (SIDC), the training and development arm of the Securities Commission Malaysia (SC)……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
A Shari’ah-compliant agreement was signed between Tamkeen and the Bahraini Saudi Bank (BSB) by which the bank will provide Shari’ah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed Abdul Hameed Al-Shaikh, Tamkeen’s VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB’s Chairman of BSB. BSB is a subsidiary of Al-Salam-Bahrain Bank……………………………………….Full Article: Source
Posted on 18 July 2011 by Laxman | Email|Print
Bahrain-based Al Baraka Banking Group is planning to hold its annual symposium on Islamic economy at its 32nd session during the Holy month of Ramadan at Hilton Hotel Jeddah.
The symposium, to be held on August 10 and 11, will discus a number of emerging financial transactions and other economic issues from an Islamic perspective. It will be held under the chairmanship of Al Baraka Banking Group chairman Shaikh Saleh Kamel……………………………………….Full Article: Source
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