Posted on 30 September 2011 by Laxman | Email|Print
Sales of Malaysian ringgit- denominated Islamic bonds are poised to beat the 2007 record as companies tap into lower borrowing costs to fund government infrastructure projects.
Offerings of the debt rose 76 per cent to RM32.9 billion (US$10.4 billion) this year from the same period in 2010, approaching the all-time high of RM38.7 billion, data compiled by Bloomberg show……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Qatar International Islamic Bank (QIIB) is planning to issue a benchmark-sized Islamic bond and has hired banks to arrange the sale, its chief financial officer told Reuters on Thursday.
The Islamic lender appointed QNB Capital, the investment banking arm of Qatar National Bank , Standard Chartered and HSBC to issue a benchmark sukuk, or Islamic bond, CFO Edward Wong said……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Qatar International Islamic Bank has picked QNB Capital, the investment banking arm of Qatar National Bank, Standard Chartered and HSBC to arrange a benchmark sukuk, or Islamic bond, its chief financial officer told Reuters on Thursday.
‘It will be a benchmark offering, but I can’t confirm the size or timetable,’ the bank’s chief financial officer Edward Wong said……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Islamic mortgage lender Tamweel, whose shares resumed trading in May, will issue a $300-$500 million sukuk in the fourth quarter, the acting chief executive of the Dubai-based company said on Tuesday.
“The plan is to be out with something in the last quarter,” Varun Sood told reporters at a property event in Dubai, adding the sukuk could be priced in dollars or Malaysian ringgit……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Qatar’s Shariah-complaint investment firm Qatar First Investment Bank has been allocated a 10% stake in Abu Dhabi-based National Takaful Company’s, or Watania, initial public offering that ended in May, people familiar with the matter said yesterday.
“QFIB had subscribed to Watania’s initial public offering and was allocated a 10.3% stake. The company also recently got a board seat confirmation,” one banker said……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Malaysia requires more professionals and skilled talents with dual knowledge in conventional and Syariah banking services as the country moves towards becoming an Islamic financial hub, said the Mentri Besar.
Datuk Seri Dr Zambry Abdul Kadir said the current shortage of qualified Islamic finance professionals was not only a challenge but posed as a serious threat to the growth and development of the banking industry……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
The Central Bank of Nigeria, CBN, said that plans are underway to extend the non-interest banking or Islamic banking principles to non-banking financial services. Some non-bank financial institutions, such as insurance companies, fund managers stockbroking firms have already introduced to the market products designed after the Islamic banking model.
Speaking at the 16th annual CBN seminar for financial market journalists in Adamawa state, Special Adviser to the CBN Governor on Non-Interest Banking, Dr. Bashir Umar said that the apex bank will ensure that the proposed introduction of non-interest financial services will not be limited to banking services alone……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Christian leaders in Nigeria have described the planned introduction of Islamic banking as a ploy to ‘Islamize the secular country’ but their Muslims colleagues affirm that the banking system has come to stay.
With a Muslim group threatening an all-out war if the bank is not allowed to operate. This is the lingering controversy that has gripped Africa’s most populous country which has recorded the loss of hundreds of lives to religious crises in the past……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
The Governor, Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has listed the major challenges facing the implementation of non-interest banking (Islamic banking) in the country.
The challenges he said, include, dearth of requisite knowledge, skills and technical capacity to regulate and supervise non-interest banks, secondary limited knowledge of accounting and auditing standards pertinent to Islamic financial institutions……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
An Islamic financial system has the potential to redress this serious threat to global financial stability because of its fundamental operating principle of a close link between financial and productive flows and because of its basic but core requirement of risk sharing.
Let me use a somewhat lengthy illustration to drive home my point. The main source of profit for the banks is from the interest they charge and from other ancillary services……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Dubai’s Emaar Properties , builder of the world’s tallest tower, is using four of its shopping malls including the Dubai Mall as collateral for an $800 million two-tranche loan, banking sources said on Thursday.
The facility, which consists of a five-year tranche and an eight-year amortising loan, is being arranged by Dubai Islamic Bank , National Bank of Abu Dhabi and Standard Chartered , four sources told Reuters. ………………………………………Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Over the years, Takaful has dug its way out of its niche to become a growing and high-demand sector, especially in the Middle East, where the majority of the population is Muslim. The question that has dogged this growth is: has it been driven by religious tenets or by laws, mechanisms, technicalities, investment opportunities, and risk management know-how?
Global Takaful contributions are expected to reach USD 12 billion by the end of this year and USD 25 billion by 2015, according to Ernst & Young’s World Takaful Report 2011 released in July 2011……………………………………….Full Article: Source
Posted on 30 September 2011 by Laxman | Email|Print
Prudential BSN Takaful (PruBSN) has been awarded the Rising Star Takaful Institution 2011 award from the ‘The Asset,’ a Hong Kong based publishing and research group. The award was received by Mr Azim Mithani, Chief Executive Officer of PruBSN, at a ceremony in Kuala Lumpur in early September.
The Asset Triple A Awards: Islamic Finance, are international awards which honour shariah-compliant finance companies worldwide in various categories. The awards have been running for over 20 years……………………………………….Full Article: Source
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