Posted on 16 December 2011 by Laxman | Email|Print
Qatari commercial banks will be required to transfer accounts from their Islamic divisions into a portfolio to be held by the central bank until they mature, under a rule separating the two kinds of finance.
“These will be carried in a portfolio, outside the activity of their business,” Central Bank Governor Sheikh Abdullah bin Saud Al Thani said in a telephone interview today. “We are not in the business of mixing the Islamic with the non- Islamic by the end of the year.”……………………………………….Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
The investment banking arm of Malayan Banking Bhd and Bahrain’s Gulf International Bank have arranged an 8.5 billion Saudi riyal($2.27 billion) Islamic financing facility for Saudi Binladin Group Limited, the Malaysian bank said on Thursday.
Twelve banks participated in the facility including Abu Dhabi Commercial Bank, Samba Financial Group , Ahli United Bank B.S.C. and Emirates NBD Bank PJSC, Maybank said in a statement………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
The Turkish unit of Bahrain’s Albaraka Banking Group said it had postponed a planned issue of Islamic bonds, saying the yields investors expected were too high.
“Because of the negative environment in international markets the yields international investors are seeking are not matching with our expectation,” the lender said, adding that demand was very good. ……………………………………….Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
The Malaysian sukuk market will see more ringgit-denominated sukuk issuance by investors from Europe and Gulf Cooperation Council (GCC) countries next year, said Amanie Advisors Sdn Bhd director, Baiza Bain.
He said on Thursday this would result in an increase of up to 67% in Malaysia’s contribution to global sukuk issuance. Malaysia accounted for 62.7%, or US$179.1 billion, to global sukuk issuance as of first half of this year with Islamic banking assets worth RM389.3 billion as at end-July, 2011………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Foreign issuance of sukuk in Malaysia is expected to increase by 25%-30% next year from 10%-15% currently owing to the global economic calamities and eurozone sovereign debt crisis.
Amanie Advisors Sdn Bhd director Baiza Bain said the sukuk issue would be US dollar and ringgit denominated issues mainly from the Gulf Cooperation Council (GCC) and Europe………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Scomi Group Bhd has received approval from the Securities Commission to issue sukuk worth RM343.1mil in nominal value with tenure ranging from one to seven years.
The sukuk will be issued via its indirect subsidiary KMCOB Capital Bhd, which is a wholly-owned subsidiary of Scomi Oiltools Bermuda Ltd. The latter is a wholly-owned subsidiary of Scomi Oilfield Limited, which in turn is a 76.1% subsidiary of Scomi Group………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
The Islamic bond market has suffered a few knocks and scrapes in recent years, including its first defaults and a continuing, often heated debate over how the instruments should be structured. But it has remained resilient amid the global financial turmoil.
The yield of the HSBC-Nasdaq Dubai sukuk index has widened from the lows earlier this year to about 4.15 per cent at the end of November, but is still tighter than the 4.8 per cent yield at the start of the year. The index hit a high of more than 14 per cent at the peak of the financial crisis………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Australia’s first Islamic fund manager Crescent Wealth is aiming high, but will it deliver? The company “would be happy” with $3 billion under management by 2019, which represents nearly a quarter of the $13bn pool of funds expected to be allocated to Islamic fund managers by then.
That’s a big number given the Crescent Australian Equity Fund, which launched in October, had about $US5.5 million under management, but it isn’t insurmountable given Crescent is the first and only Australian wealth manager specialising in Islamic investing………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Dr. Sheikh Khalid bin Thani Al Thani, Chairman of Qatar International Islamic Bank (QIIB) and Vice Chairman of Qatari Businessmen Association discussed the prospects of establishing both an Islamic bank and an Islamic insurer in a meeting with Moroccan Prime Minister-designate Abdelilah Benkirane.
During the meeting, Sheikh Dr. Khalid bin Thani Al Thani expressed a great desire to enhance and promote trade relations, especially in the field of Islamic banking services. The QIIB Chairman proposed the idea of establishing an Islamic bank and Islamic insurance company in Morocco that would be 51 per cent owned by local interests and 49 per cent owned by QIIB………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Standard Chartered bank has opened discussion with regulators to offer Islamic banking services in Nigeria and Oman now that both countries are revamping their regulatory environments to encourage Islamic finance.
The global head of Islamic banking Wasim Saifi said on Sunday that the company, which already has a strong conventional presence in both markets, was waiting for the countries to finalise their regulatory frameworks for Islamic banking but could offer the services in Nigeria and Oman as early as next year……………………………………….Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
The global economic crisis will have no significant impact on Indonesia’s sharia banking industry, Bank Indonesia (BI) says. BI deputy governor Halim Alamsyah said Wednesday sharia banks have no direct exposure to international banking risks as they deal only on domestic businesses.
Halim said on the contrary, sharia banks would have greater opportunity to deal with the productive real sector in 2012………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
The launch of Tanzania’s first Islamic bank, Amana Bank, last monht is the latest development in Tanzania and East Africa’s emerging Islamic finance industry. With about half the population being Muslims there is a huge potential for Shariah-compliant financial services in Tanzania.
The headquarters of the bank are in the Kariakoo trade centre in the city, the hub of commerce in Tanzania, where a significant portion of merchants are Muslims………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Modern Islamic banking was arguably founded in Egypt more than 40 years ago, and while north Africa is home to more Muslims than anywhere except Indonesia, the region has remained an industry backwater for years.
There are fully fledged Islamic banks in Algeria, Egypt and Tunisia, and Islamic “windows” at conventional banks in Morocco and Algeria. But overall, the Islamic share of banking assets in north Africa is less than 1 per cent, according to McKinsey, the management consultancy………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
News media are providing full coverage of the euro malady, but they have failed to highlight the main reason for this crisis. Yes one of the reasons is overspending. To cover this some European nations resorted to the printing of money or borrowed money from financial institutions on high interest rates.
The root cause is not borrowing but the system of charging interest on unproductive spending. Since it does not generate any positive revenue, the affected countries will not be able to pay back the loan and the amount of loan will increase due to interest. It will become a vicious circle from which they will not be able to escape………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
A decision by the UK government to put on hold earlier plans for the first Islamic sovereign bond from a western country was criticized as a setback for the initiative that could have provided more security to a shaking economy.
“It would certainly help the UK market if the government decided to go ahead with a benchmark sukuk,” Farmida Bi, partner at Norton Rose, the law firm, told the Financial Times………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Muslim civil servants have been admonished to devote part of their salaries to the less privileged in order to reduce poverty in the society, fulfill Allah’s injunctions and purify their wealth.
This charge was given by contributors at a special prayer organised by the Muslim Teachers’ Association of Nigeria (MUTAN), Alimisho branch, held at the State High School, Alimoso, Lagos State………………………………………..Full Article: Source
Posted on 16 December 2011 by Laxman | Email|Print
Dow Jones Indexes today announced it has been named 2011’s “Best Islamic Index Provider” by Islamic Finance News (IFN) — the fifth consecutive year in which the firm has captured the IFN award in recognition of its Dow Jones Islamic Market Indexes.
Dow Jones Islamic Market Indexes’ latest honour — part of IFN’s annual “Best Service Providers” awards — is the fourth trophy the index family has claimed in 2011; earlier this year, Dow Jones Islamic Market Indexes was named: “Best Islamic Index Provider” by Islamic Business & Finance; “Islamic Index Provider of the Year in Asia” by Asia Asset Management; and “Best Shari’ah Compliant Index Provider of the Year” by Global Finance. (Press Release)
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