Posted on 30 November 2011 by Laxman | Email|Print
South-East Asia and the Gulf Cooperation Council (GCC) nations are the two largest Islamic finance hubs but there are not many cross-border transactions between them, said Dubai-based Noor Investment Group chief executive officer, Hussain Al Qemzi.
Hussain said if both could not trade among themselves, then they were not doing it right. “If we are to challenge the conventional banks’ entrenched position in international financial deals, we must develop the capacity to structure multi-currency and cross-border transactions and to build scale………………………………………..Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
Dubai- based Noor Islamic Bank is considering expanding to Malaysia to tap opportunities in Southeast Asia. Chief Executive Officer Hussain AlQemzi said the bank was currently exploring the market and establishing contacts in Malaysia.
“It’s also an opportunity for the Southeast Asia region, through Malaysia to be linked with the GCC (Gulf Cooperation Council) countries,” he said. The GCC member states are the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait………………………………………..Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
An Islamic finance expert Hadiza Garba Laka has said the non-interest banking (Islamic-banking) has great potential for the Nigerian economy.
Hadiza Garba Laka of Lotus Capital Limited, who was delivering a paper recently at a public lecture organized by the Jama’atul Ta’awunil Muslimeen in Abuja, pointed out that Islamic banking has witnessed real time growth in UK, USA and Malaysia………………………………………..Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
As per the Islamic faith, charging interest from idle deposits is prohibited by the Islamic banks, however, it allows investment in productive business ventures.
In a recent business gathering initiated by the Indo-Arab Chamber of Commerce, which sought experts from India and Arab countries to come together to discuss and promote the role of Islamic Banking in the infrastructural growth of India there were many a opinions passed………………………………………..Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
Emirates NBD, the UAE’s largest bank by assets, plans to explore opportunities for selling dollar-denominated Islamic bond, or sukuk, for the first time and its size is expected to be decided in the next 15 days, chief executive officer Rick Pudner said.
The bank is considering a five-year security and will look at markets where there is demand, Pudner said………………………………………..Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
Emirates NBD Chief Executive Officer Rick Pudner says the bank is ‘looking at opportunities’ but that no decision has yet been made on a possible Sukuk.
“We’re obviously like everyone else looking at opportunities in the Sukuk arena and reviewing our options,” said Pudner, adding that, “We haven’t mandated any banks yet,” and that any issuance had not yet been quantified as regards size and timing. However, he did suggest the bank would prefer to issue a bond with a five-year tenor. “We are looking at five-year but the size we are not sure. We will determine that over the next week or two weeks.”……………………………………….Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
Standard Chartered Saadiq and Tamkeen introduce the Enterprise Finance Scheme for Standard Chartered customers in Bahrain, offers 50 per cent guarantee on total financing and subsidies on 50 per cent of profit payments.
The scheme offers Shari’ah-compliant financing for enterprises incorporated in Bahrain. Wasim Akhtar Saifi, Global Head Islamic Banking, Consumer Banking, Standard Chartered Bank, said “Standard Chartered Bank is proud to be associated with Tamkeen on the Enterprise Finance Scheme, catering to enterprises in general with a focus on small and medium enterprises (SMEs). “……………………………………….Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
Islamic finance in the European Union may be taking a back seat as the continent is gripped with a dire euro zone sovereign debt crisis which has even impacted on sovereign Germany’s attractiveness as a bond investment asset class.
Similarly, London’s role as a hub for Islamic finance, investment and trade - the declared ambition of the previous Labor government and the current Conservative-Liberal Democrat Coalition - is stalling because of the disappointment of the UK Treasury deciding not to raise funds in the wholesale sterling market through a debut sovereign Sukuk………………………………………..Full Article: Source
Posted on 30 November 2011 by Laxman | Email|Print
The growth opportunities for the Islamic financial industry are particularly strong as Islamic finance has its largest presence in rapidly growing economies that have been least affected by the global financial crisis, according to Bahrain’s central bank governor H.E. Rasheed M. Al-Maraj.
Al Maraj noted that the “obvious flaws” in conventional finance have created great interest in the Islamic financial model. He said: “This should provide the basis for the industry to sustain a period of strong growth for the rest of this decade. “……………………………………….Full Article: Source
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