Posted on 26 July 2011 by Laxman | Email|Print
The Islamic finance industry is pegged to grow at 15-20 percent per year. Sixty-three per cent of Islamic finance institutions are in the Middle East, controlling more than 50 per cent of Islamic banking assets.
“Oman’s move to Islamic finance comes at just the right time as ethical finance gains a foothold around the world,” said Ihab Sahili, regional director for International Turnkey Systems……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
First Gulf Bank plans to sell its first Islamic bonds from a $3.5 billion (Dh12.9 billion) sukuk programme as a scarcity of offerings drive yields to six-year lows.
Abu Dhabi’s third-largest lender by assets said last week it would start meeting fixed-income investors in the UAE, Asia and Europe……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Abu Dhabi’s First Gulf Bank has set initial price guidance for a five-year, dollar-denominated benchmark Islamic bond at 210 basis points above midswaps, a document from the lead banks showed on Monday.
Joint bookrunners for the Islamic bond, or sukuk, issue are Citibank , HSBC and Standard Chartered……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Malaysia’s Petronas Gas plans to raise 1.2 billion ringgit ($403.4 million) via a term loan or Sukuk for financing a 300 megawatt gas-fired power plant in the eastern state of Sabah, a local newspaper reported on Monday.
The Malaysian Reserve quoted Petronas Gas Chairman Anuar Ahmad as saying the fund-raising would cover 80 percent of the 1.5 billion ringgit Kimanis power plant in Sabah with the rest coming via equity……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Dubai’s Islamic bond due 2014 may provide better returns than its 2020 security as investors shift toward shorter maturities and because of the need to hedge against an increase in U.S. treasury yields, analysts say.
The yield gap between the Dubai government’s 6.396 percent Islamic bond, or sukuk, due 2014 and its 7.75 percent security due 2020 widened 11 basis points this month, led by a drop in yields on the shorter-dated notes, according to data compiled by Bloomberg……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The Central Bank of Bahrain (CBB) announced that the monthly issue of Sukuk Al-Salam Islamic securities for the BD 18 million issue , which caries a maturity of 91 days, has been oversubscribed by 267%.
The expected return on the issue, which begins on 27 July 2011 and matures on 26 October, is 0.70%. ………………………………………Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The Supreme Council for Sharia in Nigeria on Sunday threatened that Muslims would rather go to war than give up on the current move by the Central Bank of Nigeria to promote Islamic banks in the country.
The SCSN also warned Christian clerics to stop disturbing Muslims, whom it said had received enough abuses since the controversial banking system came to the front burner of national discourse……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Islamic banking alleges the need to do good and forbid evil in the use of financial tools, particularly the prohibition of Riba and the prohibition of Gharar (risky or ambiguous sales). In Islam, one does not lend to make money, and one does not borrow to finance a business -loans are a charitable contract, which differs from a sales contract.
But, if one lends you money he or she can request the money back at any time, if you cannot repay, the repayment time is extended, if you never pay back, it becomes charity……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The Archbishop of Metropolitan See of Lagos, Anthony Cardinal Okogie, has said the Islamic banking as proposed by the Central Bank of Nigeria, CBN, was a ploy to Islamise the country.
The Cardinal, who spoke during the ordination of four priests at Saint Francis Catholic Church, Idimu, Lagos, said the CBN Governor, Mallam Sanusi Lamido Sanusi, was “gradually trying to force us into embracing the Sharia system……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The Buddha’s of the Baminyan Valley in the mountains of Afghanistan are some of the world’s most spectacular and ancient treasures. Standing at 174 and 125 feet apiece respectively on the mountain side 131 miles North East of Kabul, the two figures rank among the tallest Buddha sculptures in the world and are included among the world’s historical sites of interest by UNESCO.
When the Taliban came to power, they decreed the treasures an abomination against Islamic belief and simply strung dynamite charges around the Buddha sculptures and blew them up……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The Islamic Institute of Accounting and Finance of Nigeria yesterday concluded a two-day conversion course on Islamic Accounting and Finance for Accounting and other related professionals in order to blend Islamic finance with conventional finance.
The event which took place at Mambayya House drew participants from Jigwawa, Borno, Sokoto, Katsina, Kaduna and kano states……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The stricter, more ethical rules of Islamic finance helped many countries avoid the worst of the 2008 economic meltdown. Now officials in the Russian republic of Tatarstan are hoping that Islamic finance can help them attract direct investment from Muslim nations around the world.
Last week a summit on Islamic finance in Kazan, the capital of Tatarstan, welcomed delegates from as far afield as Malaysia, Saudi Arabia, Turkey, Azerbaijan and the United Arab Emirates……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
International Islamic has reported an 18% rise in net profit to QR322mn in the first half of the year.
“The results clearly indicate International Islamic is surging ahead with rapid growth and holds a very strong position in the Qatari banking sector,” International Islamic chairman and managing director Sheikh Khalid bin Thani bin Abdullah al-Thani said……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Samba Financial Group, in collaboration with Panda, has launched the Samba-Panda Islamic Credit Card, the first co-branded credit card in the retail grocery field. The card provides Samba & Panda clients with a variety of exclusive benefits when they purchase from any Panda or Hyper Panda markets anywhere in the Kingdom or use the card anywhere in the world.
Launching the Samba-Panda Islamic credit card highlights the pioneering role of Samba Financial Group in providing Shariah-compliant services to its clients. (Press Release)
Posted on 26 July 2011 by Laxman | Email|Print
The risk-based capital (RBC) framework for the takaful industry is expected to be implemented in the first half of next year, paving the way for stricter capital requirements for Islamic insurance.
The move would enable takaful players to hold appropriate level of capital to undertake risks in their daily operations……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
The Risk Base Capital for Takaful (RBCT), a takaful risk management framework in Malaysia, is expected to be implemented by the first half of next year.
Malaysian Takaful Association president, Datuk Syed Moheeb Syed Kamarulzaman said the framework would enable industry players to conduct a better risk management on capital, thus improving the takaful management system in Malaysia……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
QIB (UK), Qatar Islamic Bank’s subsidiary operating out of the United Kingdom has joined forces with Unilever Ventures Limited, the European venture capital arm of Unilever the world’s second largest FMCG company, in putting together a financing round to support the commercialisation of a new technology that has been developed by IOTA NanoSolutions (INS).
INS is a high-tech science technology company based in the industrial city of Liverpool in England which has developed ‘ContraSol’, described as a ‘proprietary nanodispersion formation technology’……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Iran, Iraq and Syria say they’re set to sign an official contract to construct a natural gas pipeline connecting Iran’s South Pars field to European customers.
Iran’s state-run Press TV announced that a deal between Iran’s interim Oil Minister Mohammad Aliabadi and his Iraqi and Syrian counterparts — the biggest of its in the kind in the Middle East — would be signed at Asalouyeh, Iran……………………………………….Full Article: Source
Posted on 26 July 2011 by Laxman | Email|Print
Religious NGO Jamiyyathul Salaf has claimed that imposing taxes on a Muslim’s property without his or her consent is haram (forbidden) in Islam.
“Without doubt, using a person’s property or profiting from the property without the consent of the owner is haram in Islam,” the NGO said today in a press release. “Only the compulsory Zakat (alms for the poor) portion can be taxed from a Muslim’s property.”………………………………………Full Article: Source
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