Posted on 22 December 2011 by Laxman | Email|Print
Goldman Sachs Group Inc., the fifth biggest U.S. bank by assets, has become entangled in a debate about how Shariah compliant its $2 billion Islamic bond program is, which may diminish the allure of Islamic debt.
Goldman Sachs’ sukuk program, blessed by eight of the world’s top scholars, is criticized by some Islamic advisers for not ensuring the debt will be traded at par value as mandated by Islamic law………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
The value of Sukuk investments held for safekeeping in NASDAQ Dubai’s custody has risen by 36% in the past year, from 100 million dollars to 136 million dollars.
The increase in the holdings, which are maintained in the exchange’s Central Securities Depository (CSD), reflects the wide range and competitive pricing of the CSD’s services to participants. As well as custody, these include settlement of over the counter cross-border transfers and processing of corporate actions, such as interest and profit payments and redemption………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
To help Malaysia realise its global potential in Islamic finance, the country must be recognised as a reference centre and location of choice for knowledge development and talent management.
According to the Financial Sector Blueprint, this growth and development will be supported by a dynamic Islamic financial ecosystem that will be conducive for the mobilisation of the increasing volume in international financial flows………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
Malaysian Prime Minister Najib Razak Wednesday unveiled fresh plans to liberalise the country’s financial sector in a bid to develop it as an international Islamic hub. “The financial system will have a key role in spurring new areas of growth, and facilitating our economic transformation,” he said in remarks contained in a report by Bank Negara.
Under the 10-year programme, the sector is expected to expand 11 percent annually between 2011 to 2020 and add another 56,000 jobs to the current 144,000………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
The government will develop Malaysia as an international platform for the listing and trading of Shariah-compliant asset classes The move is part of Bank Negara Malaysia’s effort to optimise the country’s potential as a global Islamic financial market platform.
This will be done through collaboration with other regulatory agencies, said the central bank in the Financial Sector Blueprint 2011-2020 released here Wednesday………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
Top ranking figures from the world of Islamic finance were brought together during an event in Bahrain supported by Deloitte Middle East’s Islamic Finance Knowledge Center.
National regulators, leaders of the key global industry standard-setter the Islamic Financial Services Board, professional services firms, and executive Islamic bankers joined Deloitte experts to focus on the topics of risk management and regulation of institutions offering Islamic financial services, as well as lessons learned from the global financial crisis………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has announced the appointment of Dr Khaled Al Fakih as its new secretary- general. Chairman Shaikh Ebrahim bin Khalifa Al Khalifa said that the appointment had been made after carrying out the due process of selection.
“On behalf of AAOIFI and the board of trustees, I am pleased to welcome Dr Al Fakih to his new role and I am confident that he will steer the organisation to an even stronger position to discharge our responsibilities in developing and issuing standards for the international Islamic finance industry,” he added………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
Last month, the world’s first Islamic interbank benchmark rate (IIBR) was launched. It was the result of a collaborative approach taken by many Islamic financial institutions, industry associations and Sharia scholars over the course of 24 months to address a decades-old industry challenge: how to decouple Islamic finance from a conventional western pricing benchmark (Libor) when an “Islamic” alternative was not available.
The objective was to support and preserve Islamic finance authenticity. The IIBR is an interbank benchmark that offers a reliable and realistic standard to better measure the cost of funding for Islamic financial institutions………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
Bangladesh Bank is going to introduce the Islamic money market by this month to facilitate liquidity management of the Shariah-based Islamic banks, a top official at the central bank said.
The decision was taken at a meeting with chief executive officers and managing directors of seven Islamic banks held at the central bank Wednesday with Bangladesh Bank (BB) Executive Director SK Sur Chowdhury in the chair………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
National Bank of Oman (NBO) plans to launch Islamic banking operations in the Sultanate. The bank, which sees Islamic banking as the next area for development, plans to capitalise on opportunities presented by the innovative industry and meeting the increasing demand for Sharia-compliant finance.
Mohammed Al Ardhi, deputy chairman of the bank, confirmed that there is, indeed, a need for this diversification and that there is huge potential in the area of Islamic finance. NBO plans to contribute significantly to the industry by providing banking services to customers who request Sharia-compatible products, after obtaining approval from the Central Bank of Oman (CBO)………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
The Islamic arm of Standard Chartered Bank has launched Shariah-compliant services for its UAE-based customers. The launch aims to appeal to the Bank’s individual clients as well as small and medium-sized enterprises based in the Emirates. Standard Chartered confirms that all 600 of the Bank’s front line staff are fully trained in Islamic banking in its 11 branches spread across the Emirates.
Individuals are offered the usual range of current accounts with credit cards and savings accounts including term deposits, as well as support with specialists finance and investments………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
Former Minister of Finance, Chief Olu Falae, has faulted Central Bank of Nigeria, CBN, Governor Malam Lamido Sanusi, over islamic banking, arguing that he (Sanusi) was too emotional about the issue which is unexpected of a public officer of his status.
Falae also stressed that he would have suspended or fired Sanusi if he were the finance minister………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
The 4th Fiqh Conference for Islamic Finance Institutions called here Wednesday for removing the obstacles facing the Islamic Sharia-compliant banking industry which asserted itself as efficient tool for financial management regionally and internationally.
Addressing the opening session of the two-day gathering, Sheikh Ojail Al-Nashmi said the Islamic finance institutions were awarded international certificates for excellence and dynamism in prodding economic development………………………………………..Full Article: Source
Posted on 22 December 2011 by Laxman | Email|Print
Saudi Arabia’s Almarai Co., the Gulf’s biggest dairy firm by market value, has acquired Fondomonte S.A. which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses, it said on Wednesday.
“The transaction value is 312 million riyals ($83 million) and is financed from a combination of operational cash flows and Islamic banking facilities,” Almarai said in a bourse statement………………………………………..Full Article: Source
RSS
