Posted on 06 January 2012 by Laxman | Email|Print
Developer Nakheel has negotiated contractor claims worth Dh1 billion so far and hopes to issue the second tranche of its Islamic bond within the next six months, its chairman said.
“So far we have been successful in the negotiations,” Ali Rashid Lootah told reporters at the Nakheel headquarters in the man-made island Palm Jumeirah. “We dealt with the claims of Dh1 billion,” Lootah said………………………………………..Full Article: Source
Posted on 06 January 2012 by Laxman | Email|Print
Dana Gas PJSC’s (DANA) Islamic bond yield surged to a record after the company failed to provide details on how it plans to repay the $1 billion of sukuk due in October.
The yield on the 7.5 percent Shariah-compliant notes jumped 504 basis points, or 5.04 percentage points, to 45.4 percent at 4:41 p.m. in Dubai. The price sank to 75.56 cents on the dollar. Dana Gas shares fell 2.2 percent, the most in more than a week, to 44 fils after plunging 38 percent last year………………………………………..Full Article: Source
Posted on 06 January 2012 by Laxman | Email|Print
Legislation aimed at speeding up infrastructure projects will improve Indonesia’s chance of a debt-rating upgrade, says Moody’s Investors Service, as yields on the country’s Islamic bonds near a three-month low.
The yield on the sukuk due in 2014 fell the most in five quarters in the three months until Dec. 31, dropping 85 basis points to 2.96 percent. Recent developments “are potential rating triggers, including the passage of the land-acquisition bill” last month, said Christian de Guzman, a Singapore-based assistant vice president at Moody’s………………………………………..Full Article: Source
Posted on 06 January 2012 by Laxman | Email|Print
There is strong appetite among Omani consumers for Islamic finance with many keen to take it up as soon as it becomes available on the market, according to a study published by the Islamic Finance Advisory & Assurance Services.
The report, Islamic Finance in Oman - Sizing the retail market, analyses the retail market for Islamic Finance in Oman across all sectors including banking, finance and insurance………………………………………..Full Article: Source
Posted on 06 January 2012 by Laxman | Email|Print
Are derivatives acceptable in Islamic finance? Of course the answer is yes, but one must appreciate the difference between Islamic derivatives and their conventional counterparts. Furthermore, while the use of derivative contracts is acceptable in Islamic finance, there are limits to trading in them.
On a philosophical level, almost all Islamic financial products are in fact examples of derivative contracts. For example, a Sukuk (an Islamic equivalent of a bond) may link the returns of an asset (e.g., a property) to an interest rate mechanism such as LIBOR………………………………………..Full Article: Source
Posted on 06 January 2012 by Laxman | Email|Print
ICS Financial Systems Ltd. - ICSFS, a global provider of banking and financial services technology solutions, announced its successful participation in the two-day event, Oman Islamic Economic Forum (OIEF), which was held in Muscat, Oman from 17 - 18 December 2011, at the luxurious surroundings of Al Bustan Palace Ritz Carlton Hotel.
Managing Director of ICSFS; Mr. Robert Hazboun stated, “The appetite for Islamic finance offering is growing, especially in the Omani market. Oman has the potential to become a centre of excellence in Islamic finance. From this prospective, we increased our interest in launching our products and services in this Market. ICSFS showcased its comprehensive Islamic Shari’a-compliant system ICS Banks Islamic at the OIEF, which was a large assemblage of financial institutions and Banks from Oman and internationally.” (Press Release)
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