Posted on 02 December 2011 by Laxman | Email|Print
Independent and robust business models are the need of the hour for the Islamic financial sector and the proposed Basel III norms have widened the faults between the conventional and Islamic banking.
Moreover, Islamic banks’ balance sheet size is limited and there are limited interactions between Shariah-principled lenders and their conventional counterparts while engaging in syndications, Abdulkader Thomas, an adviser with Shape Financial, said. “The Basel III framework does not work for Islamic banking,” he said, adding austerity measures in the Western world would impact upon hydrocarbon prices and would have a knock on effect on the Islamic finance sector………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Islamic Bank of Britain has entered the buy-to-let mortgage market with the launch of its Sharia compliant buy-to-let purchase plan. Landlords of any faith looking for ethical and Sharia compliant finance can access IBB’s buy-to-let purchase plan with a deposit of only 25%.
To mark the launch IBB have also announced a promotional procuration fee of 0.5% gross, payable on referrals that drawdown prior to March 31 2012………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
The consultants drawn by the International Bank of Azerbaijan for Islamic banking development are completing their work. IBA Islamic banking group’s head Behnam Gurbanzadeh says that the consultants are finalizing a report on the work.
“Immediately after receiving the report it will be submitted to the IBA Board to apply then to the Central Bank of Azerbaijan for permission to start Islamic banking operations,” Gurbanzadeh said………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar and one of the leading Islamic banks in the world, yesterday signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (KEXIM), reflecting the growing trade and investment flows between Qatar and South Korea.
The MoU was signed on Tuesday Abdullatif bin Abdulla Al Mahmoud, Managing Director, QIB and Ki-Sub Nam, Executive Director and Board Member, the Export-Import Bank of Korea. The signing ceremony was attended by senior QIB executives and KEXIM delegation………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
London-based global banking and financial services provider HSBC Holdings plc has identified Malaysia as one of its seven priority markets in Asia-Pacific. The country now stands alongside Hong Kong, China, India, Singapore, Indonesia and Australia, as areas in which HSBC will continue to invest aggressively.
“We continue to believe that Malaysia has enormous potential, providing significant opportunities for us to expand our business here,” HSBC chairman and group chief executive Stuart Gulliver said………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Saudi Arabian Monetary Agency (SAMA) Vice Gov. Abdulrahman Al-Hamidy said that banks and supervisors are likely to face the challenge of attracting and retaining staff with appropriate sets of skills.
Al-Hamidy also said the financial crisis has mutated into a fiscal crisis in some markets in Europe, once again threatening the viability of some global banks and causing the risk of contagion to other financial institutions and markets. The crisis has developed despite strict supervisory measures undertaken by global central banks………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Emaar Properties, the United Arab Emirates’ biggest developer by market value, agreed on an $800m Islamic loan with three banks that pays 3.5 percent more than the benchmark rate, two bankers familiar with the transaction said.
The developer of the world’s tallest tower will also pay fees for the facility, which is provided by Dubai Islamic Bank, Standard Chartered and National Bank of Abu Dhabi, the bankers said, declining to be identified because the information is private………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Qatar’s jumbo $5 billion (Dh18.36 billion) bond issue this week shows the Gulf’s top credits can still tempt investors to part with cash in crisis-hit global markets. But the region’s other borrowers will hope Qatar’s mega-sale does not close the market for more issues this year.
Qatar priced its first global bond since 2009 as a three-tranche deal on Tuesday; it was the year’s biggest issue from the region………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Yields on Dubai’s non-rated 6.396 per cent sukuk maturing in November 2014 surged 84 basis points last month to 6 per cent in Dubai, poised for the second-biggest monthly jump since state-owned holding company Dubai World sought to delay payments on $25 billion of debt in November 2009.
The cost to insure Dubai’s bonds against default climbed 85 basis points in the period to 470, according to data provider CMA………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
Bank Simpanan Nasional (BSN) expects its wealth management division to contribute up to 15 per cent of the bank’s revenue next year, driven by new product launches and increasing demand for takaful products.
Deputy Chief Executive Winston Emmanuel Jeyaprakash said the expectation was based on the low penetration rate of takaful products compared to the high number of Muslim customers in the bank………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
The main reasons today for Muslims leaving the western-style interest banking system is not just the fact that Muslim’s believe that paying or collecting interest is wrong. It’s likely the fact that European and American style of interest banking is nearly a complete failure today. As one woman put it, “I definitely feel safer.”
Islamic finance permits religious practices to influence business decisions. Thus, bans on interest and pure monetary speculation are put into business practice in an Islamic bank………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
In 2010 it seemed that the Islamic asset management industry was taking off when it recorded a 7.6% increase in its assets.
But with most sharia-compliant vehicles not satisfying global industry standards, and a large number of relatively small, equity-heavy funds in the sector, growth is needed in many other directions before the industry can fulfil its potential………………………………………..Full Article: Source
Posted on 02 December 2011 by Laxman | Email|Print
A group of Muslim businessmen unveiled plans in Turkey on Thursday for a Facebook-style social networking site with “healthy values” for a young, Islamic audience.
SalamWorld.com, which will make its internet debut next year, “will seek to unify the youth in a common vision and the healthy values of Islam while attempting to not diffuse any unhealthy information,” said Akhmed Azimov, the initiative’s vice-president………………………………………..Full Article: Source
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