Posted on 10 November 2011 by Laxman | Email|Print
Abu Dhabi Islamic Bank (Adib) will hold investor meetings for a potential dollar-denominated Islamic bond, or sukuk, starting next week, it said in a statement to the bourse on Wednesday.
A sukuk issue under the bank’s existing $5 billion programme “may follow, subject to market conditions,” the statement said. The company is eyeing a benchmark-sized deal, widely accepted to mean at least $500 million………………………………………..Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
This is the first Turkish Sukuk under the new Sukuk regulations introduced by the Capital Markets Board in Turkey to facilitate Turkish Sukuk issuance.
Allen & Overy advised the joint lead managers, HSBC, Standard Chartered, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank, and HSBC as certificateholders’ representative, on the issue of a $350 million (EUR 247 million) five-year Sukuk by Turkish participation bank Kuveyt Türk Katılım Bankasi, one of the four Islamic banks in Turkey………………………………………..Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
Shariah-compliant funds must adhere to these rules not only at the fund level, but also at the investment level, for instance, type of investment, its financial profile and acquisition structure legally and financially. Fund structures themselves are fairly straightforward in most cases as the GP-LP structure fits very neatly in to Shariah. Hedge fund structures can be slightly trickier. Shariah-compliant funds will continue to be popular if they provide investors with access to sectors, regions and strategies that are otherwise unavailable to them.
Many managers add a Shariah component to conventional strategies to tap such markets. Shariah products that can provide fixed-income like returns are currently attractive………………………………………..Full Article: Source
More stories about: Funds
Posted on 10 November 2011 by Laxman | Email|Print
European lenders now ‘risk averse’ says Emirates as airline considers Islamic finance solutions to fund aircraft deliveries. Emirates’ President Tim Clark said, ““We were kind of planning for finance from European banks…but it’s just a bit difficult now.”
He told Reuters, “We still have the Islamic finance market to go with and other funding options are always open for us,” and noted that Sukuk issuance was ‘not out of the question’. Clark noted that liquidity issues in the international finance market were unlikely to improve in the short term. He said, “This won’t change for the next six to nine months.”……………………………………….Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
During a keynote speech at the ‘Resilience of Bahrain’s financial sector’ seminar at the Gulf Hotel Convention Centre, KFH-Bahrain (Kuwait Finance House-Bahrain) managing director and CEO Abdulhakeem Alkhayyat highlighted the major advantages of the Islamic banking and finance system and discussed the future directions of the industry.
His presentation opened the first session of the seminar entitled ‘Islamic Banking: Is it the way forward?’ Alkhayyat emphasised that the main elements of the Islamic finance industry are based on real long-term guarantees with an asset-based system and that is the foundation stone of Islamic banks………………………………………..Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
Mohammed Sani Mahmud, Chairman of the Kubwa Muslim Community (KMC) has lauded the granting of provisional license to Jaiz Bank Plc to operate non-interest banking often referred to as Islamic Banking.
Mahmud, in a message delivered at the Muslims’ eid praying ground in Kubwa on Sunday to mark the Eid-el-Kabir festival, expressed confidence that the banking system when fully operational would benefit the Muslim community in particular and Nigerians in general………………………………………..Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
Tamkeen and Bahrain retail and commercial banking institution BMI Bank yesterday announced the extension of its successful Sharia-compliant financing scheme for enterprises within the local private sector to fulfil their financial needs at a competitive cost.
The joint scheme was initially launched in November last year, and offers a suite of Sharia-compliant financial products under the umbrella of the Islamic banking division of the bank………………………………………..Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
Having emerged from the global debt crisis relatively unscathed, the Islamic finance industry is looking to corporate business as the next big growth driver, but for small investors the retail offerings are also proving competitive.
Since the first modern Islamic Bank opened nearly 40 years ago, Islamic finance has expanded from a small idea that gave Muslims a way to do business according to Sharia law to a mature, fast-growing industry with an estimated US$1 trillion (Dh3.67tn) in assets………………………………………..Full Article: Source
Posted on 10 November 2011 by Laxman | Email|Print
With seven Takaful companies currently operating in the UAE and five new Takaful providers set to launch shortly, the Takaful industry in the UAE has witnessed remarkable growth over the last five years.
“The Takaful growth rates speak for themselves: the CAGR of the Takaful market in the UAE was 135 per cent from 2005-08 and this figure is set to increase,” Takaful Emarat general manager Ghassan Marrouche said at the 8th Middle East Insurex………………………………………..Full Article: Source
RSS
