Posted on 07 October 2011 by Laxman | Email|Print
With the balance of world economic power shifting ever eastwards, financial services markets are having to evolve and adapt to the new reality. Islamic finance has become the prevailing method of finance in some Eastern states where conventional finance once dominated.
You may think that this has nothing to do with us in the South West, but if you are a business looking for funding or an investment, or a property developer or investor needing extra support then you should pay attention!………………………………………Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Historically, only two core markets have extensively dominated the Islamic finance space - the Middle East (most importantly the oil-exploring Gulf countries) and Southeast Asia (Malaysia being the unchallenged leader in this industry).
In recent years, there has been an increased expansion of Islamic banking and finance, with economically significant countries such as the United Kingdom, France, Japan and even China considering some form of Islamic-compliant finance for their domestic market, thereby adding more stakes and credibility to the industry……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Muscat The fundamental differences between products and services offered by conventional and Islamic banks were the focus of the seminar on Islamic banking hosted by BankMuscat.
“The Royal announcement on Islamic banking has been well received by Omanis,” said Sulaiman Al Harthy, Group DGM, consumer banking, BankMuscat, at the event that sought to raise awareness on the subject among the banking community……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
BankMuscat, the leading financial services provider in the Sultanate, hosted a seminar on Islamic banking which helped raise awareness on its fundamentals among the banking community.
Skeikh Ibrahim Al Sawafi and Sheikh Azan Al Amri, researchers at Ifta’a office, Ministry of Awqaf and Religious Affairs, addressed the seminar and discussed on customer benefits derived from Islamic banking. Dignitaries present on the occasion included Abdullah bin Salem bin Abdullah al Salmi, executive vice-president of the Capital Market Authority (CMA)……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Alkhair International Islamic Bank (M) Bhd is in discussion with Bank Negara to get approval to start talking with potential acquisition targets, which will allow Alkhair to tap into the ringgit business in the country.
Chief executive officer Ikbal Daredia said the group had identified a couple of potential acquisition targets but they were not big banks……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Dubai Islamic Bank Pakistan Limited (DIBPL) has always sought its strength in its slogan and being the first Islamic Bank of the world and having a global presence in the UAE, Jordan, Turkey, Sudan and Bosnia, the bank is in a position to offer the best mix of banking services to their customers.
‘Having access to the banking practices of innovative modern markets, we have a pool of knowledge to enable our customers to benefit from. Our Shari’a advisors play a crucial role in providing Shari’a-compliant solutions and alternatives for all those products that serve genuine requirements of the financial sector,’Junaid Ahmed, President & CEO of DIBPL explained……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Dr. Ahmad Mohamed Ali al-Madani, president of the Islamic Development Bank Group, recently addressed the World Leaders Forum at Columbia University and said Islamic banking does not need to be adopted as a whole, but that “elements of Islamic banking be considered when creating the new international financial order.”
His comments followed an introduction by Jeffrey Sachs [pictured right], director of the Earth Institute, at the school who wryly commented that: “I say with mild envy, but mostly admiration, that the [IDB] is a AAA-rated organization, something we can no longer say about the United States Treasury.”………………………………………Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
The Sukuk market, once the darling of the Islamic finance industry, has been the subject of revival predictions for the past two years: predictions that have largely proved incorrect and ill-founded.
But it looks as if Sukuk might be once again about to have their day in the sun as the Gulf uses the bond-type instruments to deal with enormous piles of debt and expansion opportunities……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Gulf Investment Corporation (GIC) won the ‘Most Outstanding Sukuk Product’ award at the 8th Kuala Lumpur Islamic Finance Forum Islamic Finance Awards Ceremony 2011, held recently.
The awards recognise and honour the significant efforts and contributions by individuals and institutions in developing the Islamic Finance industry……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Saudi Oger is considering adding an Islamic tranche to its $2 billion financing package backing construction of police training facilities, after strong interest from Islamic accounts during retail syndication.
The deal comprises an $800 million senior secured term loan, a R3.97 billion ($1.05 billion) advance payment guarantee facility and a $170 million senior unsecured working capital facility provided by Deutsche Bank……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
According to recently published statistics the Channel Islands cornered 25% of new launches of Islamic funds in 2010. Shariah-compliant products are booming and the Channel Islands are becoming known as a preferred location for Islamic fund asset classes such as equities, money market, commodities, real estate, mixed assets and sukuk.
Shariah compliant expertise, including the provision of the Shariah board, abounds in the Channel Islands……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Crescent Wealth is planning to launch a further three funds – international equities, property, and income funds – which together will form Australia’s first Islamic superannuation option.
Crescent Wealth, Australia’s first Islamic wealth manager, have announced the launch of the nation’s first Islamic Australian equity fund creating a new opportunity in the superannuation industry, and tapping the potential for Australians to access the $1.4 trillion global Islamic financial services market……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Takaful players must invest in technology, people and distribution channels as strategies to enhance their ability to tap the cross-border takaful business, Bank Negara assistant governor Bakarudin Ishak said Thursday.
He said strong global gross takaful contribution growth trends, averaging about 31 per cent, have been forecasted to hit US$12 billion (US$1=RM3.11) by year-end from US$7 billion in 2009……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Ratings agency Standard & Poor’s issued a report on the state of the global Takaful industry.
In the report, ‘An analysis of Shari’ah compliant cooperative and Takaful insurers in the Middle East focused primarily on financial strength,’ the agency commends the growth of the global Takaful sector and the fact that in key markets it is competing strongly with the conventional insurance industry, and in many ways winning the battle for hearts, minds and premiums from Muslims and non-Muslims alike……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar, has lately signed an agreement with Damaan Islamic Insurance Company (Beema), a takaful company in Qatar, to offer its customers a suite of innovative Takaful solutions.
As per this ground-breaking agreement, QIB will be offering its customers Beema’s Takaful products, which cover all customer needs be it auto insurance, retirement plans, children education plans or simple savings cum/ investment cum protection plans. (Press Release)
Posted on 07 October 2011 by Laxman | Email|Print
Within the Dow Jones Islamic Market Indexes (DJIM) family, the DJIM Pakistan Index posted the largest advance in September, gaining 3.50%. With its year-to-date gain of 5.32%, the DJIM Pakistan Index is also the DJIM family’s top gainer for the first three quarters of 2011. And, while the DJIM Kuwait Index added 0.20% in September, it is down 17% since the beginning of the calendar year, making it one of the top losing composites year-to-date.
“Due to the politically divided environment, along with some corruption scandals in Kuwait, the Kuwaiti government’s ability to implement its ambitious $104 billion investment plan is compromised,” said David Lubin, Head of Emerging Markets Economist at Citigroup……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Islamic Saving & Credit Cooperative of Cameroon Is the third Islamic microfinance organisation to implement Farz methodology, following the NGO World Foundation and AAS Foundation Bahawal Nagar Pakistan
Farz Foundation is providing these organizations with technical assistance and Shari’ah-compliant poverty alleviation services. Islamic Saving & Credit Cooperative of Cameroon is committed to reach out to the poor of Cameroon through Islamic financial products developed by Farz Foundation……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Malaysia’s Islamic finance sector is further consolidating its position as a market leader, moving to broaden its product range and expand its reach, though it may need to keep an eye on rivals aspiring to emulate its success.
At a recent seminar on Islamic finance held in Istanbul, Mehmet Asutay, the director of the Durham Centre for Islamic Economics and Finance at UK-based Durham University, said Malaysia was positioning itself to capture 25% of the market share in the Islamic banking and finance sectors by 2012……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Who is Islamic finance designed for? Well obviously it’s designed for the banks, as they are staffed with human beings and the whole reason for their existence is to make as much money in as little time as possible for the shareholders and investors.
So if we put aside the behavioral aspect that humans, both individually and collectively, are predisposed to amass as much franked paper and stamped metal as they can over the course of their lifetimes, who is Islamic finance for?………………………………………Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
From east to west everyone wants a slice of Turkey. Last week at the same time the country was hosting a UK business delegation led by business secretary Vince Cable, Malaysia’s Islamic finance big guns were in Ankara and Istanbul setting out on “the new silk route in Islamic finance”.
The Islamic finance onslaught comes after much diplomatic handshaking at the highest level earlier this year when both countries announced the lifting of travel visas and the two prime ministers agreed that a free trade agreement should be signed by the end of 2011……………………………………….Full Article: Source
Posted on 07 October 2011 by Laxman | Email|Print
Senior Islamic bankers and corporate borrowers will gather in Abu Dhabi on Monday for a two-day International Summit on Islamic Corporate Finance (ICFS 2011).
The event, at the Le Royal Meridien, under the strategic partnership of Noor Islamic Bank, will create an ideal platform to bring all key components of the deal-making value chain together - the corporate banking leaders, both Islamic and conventional and the corporate end users of these services - to develop long-term successful business relationships with one another and ensure the objectives of both are achieved……………………………………….Full Article: Source
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