Posted on 27 July 2011 by Laxman | Email|Print
Abu Dhabi’s First Gulf Bank raised $650 million through a five-year Islamic bond sale on Tuesday, carrying a coupon of 3.797 percent, two sources involved in the deal said.
FGB, the second largest lender in the United Arab Emirates by market value, priced its Islamic bond, or sukuk, in line with its final guidance of 200 basis points over midswaps indicated earlier in the day……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
UAE lender First Gulf Bank raised $650 million from the sale of five-year Islamic bonds, or sukuk, on Tuesday, in a significantly oversubscribed deal that benefited from solid global demand for Sharia-compliant paper.
The sukuk priced at 200 basis points over five-year midswaps, in line with earlier guidance, offering a profit rate — equivalent to a coupon — of 3.797 per cent, two sources involved in the deal said……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
The Indonesian government plans to sell IDR1 trillion of Islamic treasury bills on Aug. 2, an official at the finance ministry told reporters Tuesday.
“The indicative amount that we are going to sell is IDR1 trillion, which includes the maiden issue of Islamic treasury bills that will carry a tenor of six months,” said Rahmat Siamat, a Shariah director at the finance ministry……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
The House of Representatives on Tuesday made a U-turn over its purported endorsement of the controversial Islamic banking and cash withdrawal limit policies being proposed by the Central Bank of Nigeria (CBN) after discussing the issue at an executive session that lasted about one hour.
The executive session, Nigerian Tribune learnt, was stormy as members reportedly spoke extensively and reviewed last Thursday’s meeting with the CBN governor, Mallam Sanusi Lamido Sanusi, during which members who had raised their hands to ask questions from the apex bank’s boss were not allowed to do so by the Deputy Speaker, Honourable Emeka Ihedioha, who presided over the session……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
The battle lines seem to be already drawn on the issue of Islamic banking. The Christian Association of Nigeria (CAN) led by Pastor Ayo Oritsejafor has expressed its unflinching opposition to it, while the Supreme Council for Sharia in Nigeria (SCSN) led by Alhaji Ibrahim Datti Ahmad has not only described leaders of CAN as “silly idiots” but equally warned that Muslims would not hesitate to go to war to defend it “with the last drop of their blood.”.……………………………………..Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
So much noise has been made in recent times over the issue of Islamic banking. As it is often the case in Nigeria, the matter has divided the country very sharply, assuming the dangerous and regrettable north versus south, Christians versus Muslims divide with each side wielding cudgels of animosity and ill will. The positions are hardening dangerously.
In this pointless crisis, the protagonists, most of them Muslims from the North, including the loquacious Governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, are as guilty as the antagonists. Needless to say that some of the most trenchant opponents are Christians from the south……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
Qatar International Islamic Bank (QIIB) H1 net profit was 18.4 per cent up on year ago levels, total income was up 13.3 per cent to QAR 566 million ($155.5 million).
QIIB Chairman and Managing Director Sheikh Dr Khalid Bin Thani Bin Abdullah Al-Thani said the bank’s results clearly indicate International Islamic is surging ahead with rapid growth and holds a very strong position in the Qatari banking sector, adding that the QIIB s financial results are very good and had greatly benefitted from Qatar s rapidly developing economy……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
With a newly liberated political atmosphere and a developing free market, Tunisia is looking to become a centre of Islamic finance in the Maghreb.
Islamic banking was the focus of a recent forum in Gammarth where experts, bankers and political leaders discussed ways Tunisia could lead the region in expanding economic opportunities. The July 15th-16th conference, organised by the General Council for Islamic Banks and Financial Institutions (CIBAFI), also tackled issues of innovation and training in the emerging field……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
Promoting the capital market and using Islamic financing mechanisms are the top priority of the government, said minister of economic affairs and finance. Shamseddin Husseini pointed out that global Islamic financing mechanism stood at $1.2 billion in 2000 but this figure increased to $58.5 billion in 2010, reported IRIB News.
Close to $233 billion worth of Islamic bonds were published worldwide during 1994-2010, of which $47 billion pertained to Iran, he pointed out……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
Relief and Development Organization ‘NGO World’ has recently entered into an agreement with Shariah certified Islamic microfinance institution ‘Farz Foundation’ to replicate its Islamic Microfinance Methodology in poverty alleviation programs.
Under this partnership, both the organizations will create and raise awareness for Shariah compliant finance products by conducting training sessions, workshops with the poor community……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
The Chartered Institute of Management Accountants (CIMA) launched its new advanced diploma in Islamic finance (CADIF) program July 7 at the Islamic Finance News 2011 Issues & Investors Europe Forum in London.
The qualification is the first advanced diploma in Islamic finance launched by a professional chartered accountancy body, according to CIMA. It follows the launch of CIMA’s certificate in Islamic finance four years ago, which, following a recent review, has been upgraded to the CIMA diploma in Islamic finance……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
Canadian Muslims are more than half a million in number, but account for just 2% of the Canadian population. Being a minority can make it difficult to follow Islam’s practices and principles due to a lack of opportunities and resources.
Since Islam is a way of life, there are rules when it comes to finances as well. These rules, called the Shariah law, form the basis for Islamic finance……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
3i Infotech has been awarded ‘Best Takaful Technology Company’ for the fourth consecutive year, at the Takaful Leadership Awards 2011, in London.
Global financial technology solutions and services provider, 3i Infotech has been awarded “Best Takaful Technology Company” at the 5th International Takaful Summit 2011 in London. These annual awards honor companies and practitioners that have contributed the most to the growing Takaful market……………………………………….Full Article: Source
Posted on 27 July 2011 by Laxman | Email|Print
It hurts the feelings of all Muslims when they see their brethren themselves causing harm to Islam, King Abdullah, Custodian of the Two Holy Mosques, said here Monday in an address to participants of an Islamic conference organized by the Muslim World League in Makkah.
While it causes pain to us, it provides an opportunity to the enemies of Islam to gloat over the unfortunate trend, the King told the delegation, which was led by Grand Mufti Sheikh Abdul Aziz Bin Abdullah Aal Al-Sheikh and Secretary General of MWL Dr. Abdullah Bin Abdulmohsen Al-Turki……………………………………….Full Article: Source
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