Posted on 03 October 2011 by Laxman | Email|Print
Abu Dhabi National Energy Co. set up a 3.5 billion Malaysian ringgit ($1.1 billion) sukuk program as the state-controlled utility known as Taqa diversifies its financing options.
“The program will allow Taqa to issue quickly if and when the market conditions are optimal,” the company said in a statement to the Abu Dhabi bourse today. The sale will be Taqa’s first ringgit sale, according to Bloomberg data……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
It is the most important annual economic and financial platform to discus the woes, successes and challenges of the global economy and financial system.
And yet while some Muslim countries trumpet the potential role of the Islamic system of financial intermediation in contributing to GDP growth and financial stability because of an ethics-based proscription on speculative activities at regional or national platforms and their proactive leadership in global Islamic finance, it is as if they are metarmorphosized into tongue-tied apparatchiks living in denial when it comes to the World Bank Group/International Monetary Fund (IMF) annual meetings……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
BankMuscat will host a seminar on Islamic banking tomorrow at Grand Hyatt Muscat, it was declared at a press conference yesterday. The seminar, which is designed to raise awareness on customer benefits derived from Islamic banking, will be addressed by Shaikh Ibrahim bin Nassor al Sawafi and Shaikh Azan al Amri, researchers at Ifta’a office, Ministry of Awqaf and Religious Affairs.
In his briefing Al Sawafi highlighted the significance of the seminar in enlightening the community about the differences and similarities between the conventional and Islamic kind of banking……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
More countries may resort to Islamic banking systems and principles in order to prevent greed and abuses from taking over, says former Prime Minister Tun Dr Mahathir Mohamad.
He said Islamic banking should stay free from gambling and speculation, from the invention of financial products, and unlimited freedom to create money and leveraging, which had all contributed to the downfall of the riba-based financial system……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
The profit of Pakistani Islamic banking industry jumped to over Rs5 billion ($56.818 million) in April-June 2011 quarter, a nine-year record, owing to shift in investment pattern towards government papers, the central bank said on Sunday.
The profit of the industry grew by 194 per cent to $56.818 million from $19.318 million during the corresponding quarter last year, said the State Bank of Pakistan?s (SBP) Islamic Banking Bulletin……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
The Special Adviser to the Governor of the Central Bank of Nigeria (CBN), Dr. Bashir Umar, has said that the proposed introduction of Islamic banking in the country would stimulate the growth of the real sector in the country.
Umar said this while presenting a speech titled: “Overview of Conceptual Issues of Non-Interest Banking in Ngeria,” at the 16th CBN annual seminar for journalist in Yola……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
Bank Islam Malaysia Bhd expects to attract 100,000 depositors and deposits of RM50 million within the first year of the launch of Al-Awfar Junior Savings Account-i for young customers. The consumer banking business contributes 70 per cent to Bank Islam’s assets.
“With the launch of this new product, the bank expects a minimum growth of 15 per cent in its assets from RM9.2 billion last year,” said general manager for consumer banking, Khairul Kamarudin……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
The US-Qatar Business Council and the Bilateral US-Arab Chamber of Commerce hosted the 2nd Annual Islamic Finance Forum last week, offering much-needed insights into the growing use of Islamic financing and Shariah-compliant business contacts in the United States.
The forum, held at the George Washington University Law School in Washington DC, featured academic, legal, banking and business experts analyzing how Islamic financing works in the US and how domestic economic development could use Islamic financing……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
From September 19 to 23, Toronto hosted the massive Swift International Banking Operations Seminar (Sibos) event from Society for Worldwide Interbank Financial Telecommunication (Swift), where I was involved in the session called ‘Islamic Finance 2.0: Growth Opportunities for All’.
There were a number of interesting takeaways from the session that may provide insights on the marketing and positioning of Islamic finance in ‘open minded’ western countries, such as Canada and the Arab spring countries……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
Malawi’s Vanguard Life Assurance, part of Zimbabwe’s ZimRe Holdings, is set to introduce what they say will be Malawi’s first Shari’ah compliant pension fund. VLA’s Mudaraba Equishare Fund has been created as a result of the Malawi Pensions Act, introduced in June this year that has made the universal holding of a pension fund mandatory.
The fund will invest in conventional investment vehicles that do not compromise Shari’ah stipulations. ………………………………………Full Article: Source
More stories about: Funds
Posted on 03 October 2011 by Laxman | Email|Print
EFG-Hermes Holding SAE is holding on to Dubai bonds to capture the Middle East’s highest yields, betting that the sell-off of the indebted emirate’s assets triggered by Europe’s debt crisis is overdone.
The yield on Dubai Holding Commercial Operations’ 4.75 percent euro bond due in January 2014 jumped 653 basis points, or 6.53 percentage points, in the quarter that ended Sept. 30 to 16.2 percent, the highest among the 106 members of the HSBC/NASDAQ Dubai Middle East Conventional US Dollar Bond Index………………………………………Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
Bank Negara’s capital adequacy requirements for insurance and Takaful businesses are being blamed for MAA Holdings having to dispose of its entire stake in Malaysian Assurance Alliance and three other wholly-owned subsidiaries to Zurich Insurance of Switzerland for a bargain basement price of RM344m ($108m).
The subsidiaries are Multioto Services, Malaysian Alliance Property Services and Maagnet Systems……………………………………….Full Article: Source
Posted on 03 October 2011 by Laxman | Email|Print
Ratings agency A.M. Best has said that despite a spate of reTakaful companies coming to market, they are struggling to meet their original business plans.
The agency argued that the Takaful market has not grown as quickly as anticipated and although the demand for Takaful - especially in the GCC - has grown rapidly in the past few years, Takaful operators have found themselves having to compete with the large conventional insurers on price, which has put them at a disadvantage……………………………………….Full Article: Source
RSS
