Posted on 07 March 2012 by Laxman | Email|Print
The issuance of Islamic bond, or sukuk, in the Middle East could reach over $14bn this year, according to HSBC, as investor demand and the relatively lower volatility of the asset class drive sales.
HSBC forecasts global sukuk volumes of $44bn in 2012, of which the Middle East region could comprise just over 30%, the bank’s Islamic arm Amanah, said. Malaysia will continue to dominate sukuk issuance, with about 60% of total volumes forecast globally………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
Indonesia aims to raise 1 trillion rupiah ($109.62 million) from a sukuk auction on Mar 13, the debt office said in a statement on Tuesday.
Earlier on Tuesday, Indonesia finance ministry raised 1.6 trillion rupiah from a debt auction, below its target of 5 trillion rupiah as investors trimmed their holdings on global woes and uncertainties over a planned fuel price hike………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
Saudi builder Dar Al-Arkan is able to repay a $1 billion Islamic bond due this year and will not seek government aid, a top executive said, rejecting allegations that the company may struggle to pay its debts.
Al-Arkan, the Kingdom’s largest property developer, will use cash on hand and proceeds from land sales to repay the bond, or sukuk, maturing in July, Chief Financial Officer Andy Raheja, told Reuters in an interview on Monday………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
Bahrain-based Al Baraka banking group, which operates in 15 countries including Turkey, Syria, Tunisia and Egypt, wants to increase the group’s profits by 15 percent in 2012 and issue $200 million in sukuk bonds for Al Baraka Turkey, the bank’s Turkey arm.
“We expect this year’s profits to be even better than last year’s and foresee a 15 percent increase,” said Al Baraka’s Chief Executive Officer Adnan Ahmed Yousif in an interview with Reuters………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is close to selling a stake in its Indonesian unit to a local partner to expand its distribution network in the republic. Group managing director Datuk Hassan Kamil said the insurer will consider issuing new shares as well.
“We recently got another enquiry from a very large local insurance group. They are a close-knit family-run conglomerate,” Hassan told Business Times in an exclusive interview recently……………………………………….Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
David McLean, Chief Executive of the World Takaful Conference, says that “the global Takaful industry has witnessed tremendous growth and strong performance over the last several years with recent reports indicating that the industry could hit the US$ 25 bn mark provided that the current growth trajectory is maintained.
However, the increasing number of players entering the Takaful market, together with over-concentration in certain business lines, has resulted in the current state of Takaful operators achieving a lower return-on-equity than conventional insurers.” (Press Release)
Posted on 07 March 2012 by Laxman | Email|Print
Affin Holdings Bhd (Affin) expects its plan to set up Islamic banking operations in China to materialise in the second half (2H) of this year. Deputy chairman Tan Sri Lodin Wok Kamaruddin said Affin would collaborate with its shareholder, Hong Kong-based Bank of East Asia Ltd (BEA), to offer Islamic banking products in China.
BEA, which holds some 23 per cent of Affin, is the biggest foreign bank in China. “We hope to make a breakthrough this year. It takes a bit of time but Insyaallah (God willing), by middle or end of this year, it will materialise,” he told Bernama in an interview………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz has won the Islamic Development Bank (IDB) Prize in Islamic Banking and Finance for this year. In a statement today, IDB said Zeti was awarded for her substantial contributions to the promotion of Islamic banking and finance.
Zeti would receive award at the 37th IDB board of governors’ annual meeting in Khartoum, Sudan on Apr 3-4, it said………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
Moody’s has cut Bahrain Islamic Bank’s (BisB) supported issuer ratings to Ba3 / Not Prime from Ba1 / Not Prime following the rating agency’s review for downgrade initiated in June last year.
In addition, Moody’s has set the bank financial strength rating of BisB at E+, but changed its mapping on the long term scale to B3 from B1. All ratings carry a negative outlook, it added………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
The number of financial institutions registered in Bahrain continued to rise last year, reaching 415 by the end of January 2012, up from 403 a year earlier, the Bahrain Economic Development Board (EDB) said.
The kingdom saw a number of successes in the last few months of 2011 as financial institutions such as Notz Stucki and Altaira Middle East set up in the Kingdom, increasing the number of institutions registered in the country to 415 as of January 31………………………………………..Full Article: Source
Posted on 07 March 2012 by Laxman | Email|Print
How do you bring training in interest-free finance to a vast continent historically crippled by interest-based lending? Ethica Institute of Dubai may have solved the problem. Already in 11 African countries, Ethica is now the most heavily enrolled Islamic finance training and certification institute in the world with over 20,000 paying users in 44 countries and over 100 institutions.
But what makes Ethica different? Part of its success comes from a 100% online platform accessible from any corner of the globe, requiring only 4 months to go from newcomer to advanced. And part of it comes from being fully AAOIFI-compliant, the Islamic finance industry’s leading standard-setting body. (Press Release)
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