Posted on 09 February 2012 by Laxman | Email|Print
As an emerging industry, Islamic finance has attracted much attention over the last few years. By and large, Islamic finance relies on the status and reputation of scholars to make up for the lack of governance.
Obviously, the industry relies on scholars’ reputation to market the product. Goldman Sachs registered a program to issue sukuk based on murabaha (a cost-plus-profit arrangement which is in line with Islamic law). Goldman Sachs’ $2 billion Islamic bond program has become under scrutiny as some scholars — who were named as potential approvers — had not even seen the prospectus………………………………………..Full Article: Source
Posted on 09 February 2012 by Laxman | Email|Print
The Dubai office of Clifford Chance LLP has advised Emirates Islamic Bank P.J.S.C. (EIB) and Emirates NBD P.J.S.C. (ENBD) on the issuance by EIB Sukuk Company Ltd. of London Stock Exchange listed $500m trust certificates due 2017 (the EIB Sukuk) under its $1bn Trust Certificate Issuance Programme.
The EIB Sukuk confer on the certificateholders the right to receive certain payments arising from certain Shari’a compliant assets of EIB and have the benefit of a guarantee given by ENBD in respect of certain of EIB’s obligations in respect of the EIB Sukuk. (Press Release)
Posted on 09 February 2012 by Laxman | Email|Print
Despite the shaky prospects of the global economy, Standard & Poor’s Ratings Services maintains a strong outlook for Malaysia’s bond market, reflecting positive bond market developments, ongoing growth in Islamic finance and steady macroeconomic fundamentals in the country.
It said Malaysia’s bond market stands out by becoming the Islamic finance centre for Asia with smart regulations and a growing ecosystem around Islamic finance. “About 70 per cent of Malaysia’s domestic debt issuance is in the form of sukuks, making it the world’s largest Islamic bond market, with over 60 per cent of the global sukuk issuances originating from Malaysia, it said in a statement………………………………………..Full Article: Source
Posted on 09 February 2012 by Laxman | Email|Print
Indonesia’s Islamic finance industry is luring investment from Middle Eastern and European banks as regulator seeks to double Shariah-compliant assets to 10% of the total this decade.
Al Rajhi Bank, Saudi Arabia’s largest, is chasing investment banking business in Indonesia and may open branches “at the right time,” Mudassir Amray, the head of wholesale banking in Kuala Lumpur, said in a February 2 interview. Standard Chartered Saadiq will add more outlets, said Wasim Saifi, the Singapore-based global head of Islamic and consumer banking………………………………………..Full Article: Source
Posted on 09 February 2012 by Laxman | Email|Print
Oman, whose banking industry more than doubled in five years, is close to finishing a draft rulebook for Islamic banking in the Gulf Arab country, said central bank governor Hamud al-Zadjali.
“We are preparing a rulebook for Islamic banking, and the first draft is almost complete,” al-Zadjali said in a phone interview today. The central bank met with local lenders on Jan. 25 to discuss the regulations, he said………………………………………..Full Article: Source
Posted on 09 February 2012 by Laxman | Email|Print
Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, has always laid a special emphasis on ensuring that it is always accessible to its customers.
In line with this commitment, the bank has announced the official opening of a new branch in Al Quoz area, adding to its already impressive network of branches across the UAE………………………………………..Full Article: Source
Posted on 09 February 2012 by Laxman | Email|Print
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced that it had closed a Dhs275m ($75m) syndicated Islamic financing facility for JBF RAK LLC (JBF RAK), a subsidiary of JBF Industries.
This marks the debut Islamic finance facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer resin chips (chips) and BOPET film products (films). It is a leader in the Middle East region with a market share of over 20% in chips and film products. (Press Release)
Posted on 09 February 2012 by Laxman | Email|Print
Tanzania may have Islamic insurance services in the market if an on going study gathers enough evidence on the potential for demand and supply for the services in the country.
The Islamic insurance, Takaful, is based on Sharia – Islamic religious law – whereby members contribute money into a common pool to guarantee each other against loss or damage on the principles of mutuality and cooperation. This would be the alternative to conventional insurance services. Almost a half of the Tanzanian population is Muslim………………………………………..Full Article: Source
Posted on 09 February 2012 by Laxman | Email|Print
SEI announced that assets under management in its Shariah-compliant SEI Islamic Investments Fund Plc increased by more than 25 percent in 2011, despite continued market volatility and net fund outflows elsewhere in the Islamic finance industry.
In a sector that saw fund closures and overall assets under management fall in 2011, SEI increased assets under management in its SEI Islamic Investments Fund Plc, demonstrating resilience and commitment in a difficult market. SEI has benefited from the recent consolidation of funds in the Islamic asset-management industry, attracting investments from investors seeking access to international equities, and also from small asset managers who have sub-advised their funds to SEI. (Press Release)
Posted on 09 February 2012 by Laxman | Email|Print
The UAE’s AED10bn ($2.7bn) fund to help pay off low-income citizens’ debts on Wednesday announced the signing of agreements with a number of lenders in the country.
The fund, set up by President Sheikh Khalifa bin Zayed Al Nahyan on the UAE’s 40th national day, said the agreements would outline a mechanism to settle personal loans of defaulters………………………………………..Full Article: Source
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