Posted on 15 March 2012 by Laxman | Email|Print
DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, started talks with banks for a loan to help repay a $1.25 billion Islamic bond due in June, two bankers with knowledge of the plan said.
The company plans to raise $900 million to $1 billion from a five-year syndicated loan and will make up the rest with its own cash, said the bankers, who declined to be identified because the information is private. The talks are at an early stage and no mandate has been awarded, they said………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Conglomerate Dubai Investments may look to raise up to 1 billion dirhams ($272.3 million) in 2012 through sale of a sukuk, or Islamic bond, to finance the expansion of its manufacturing units and repay debt.
The company, in which emirate’s sovereign wealth fund Investment Corporation of Dubai (ICD) owns an 11.5-percent stake, is already in talks with an Italian lender for a $200 million loan and a sukuk issue will only be considered if the loan deal does not go through, Chief Executive Khalid bin Kalban told reporters on Wednesday………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Agents for the Indonesian government’s fourth retail sukuk (Islamic debt papers for individual investors) have raised their sales target by Rp 5.48 trillion (US$595.73 million) to Rp 19.15 trillion due to the strong demand from locals.
As of Tuesday, which was the seventh day of the sukuk’s offer period, 15,165 investors had applied for Rp 11.77 trillion worth of the bonds, Rahmat Waluyanto, the Finance Ministry’s director general for debt management, told The Jakarta Post………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
The government will boost rupiah-denominated bond sales this year to raise funds to plug its widening budget deficit, a Finance Ministry official said on Wednesday. Rahmat Waluyanto, director general of the debt management office at the finance ministry, said the government will prioritize rupiah-denominated bond sales this year ahead of the sale of dollar-denominated notes.
“Our priority is for more rupiah-denominated bond sales, but it could be mixed. We are flexible and we are going to take the most efficient route,’’ Rahmat said in a text message………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Malaysian state-owned investment agency Khazanah Nasional has launched an exchangeable sukuk offering to raise up to US$357.8m. It is a seven year note with a put after three years, exchangeable into shares of Hong Kong-listed Parkson Retail Group.
It is being marketed with a yield to put of -0.25%–0.00% and an exchange premium of 25%–30%. CIMB, Deutsche Bank and JP Morgan are joint bookrunners and lead managers………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Tunisia, the first country to rise up against its leader in the “Arab Spring”, has secured debt guarantees from the U.S. government that will allow it to tap the international bond markets this year for the first time since 2007.
A finance ministry official said on Wednesday that the U.S.-guaranteed bond could raise $400-500 million. It will follow a $500 million issue of five-year Tunisian treasury bonds directly to Qatar at an interest rate of just 2.5 percent………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
South Africa has the potential to position itself as a leading Islamic finance hub on the continent, creating more opportunities for foreign investment, trade and new business partnerships.
As part of Brand South Africa’s latest media tour, the South African Institute of Chartered Accountants (Saica) and Al Baraka Bank, the country’s only fully-fledged Islamic finance institution, hosted a discussion on Islamic finance in South Africa………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
You cannot mask what has happened to the banking industry over recent years. Alongside the near collapse of our biggest banks, there has been a disintegration of trust.
It has spurred many of us from the worlds of business, the churches and academia to explore new models of financial institution that bring together Islamic and ethical banking for a more socially-focused view of lending………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
CIMB Islamic, HSBC Amanah and OCBC Al-Amin said the biggest challenge to the growth of Islamic commercial banking is a lack of awareness and the need to explain the advantages of Shariah-compliant financing from an economic perspective.
Islamic trade financing isn’t competitive, Mohamad Nedal, former secretary-general of the Accounting & Auditing Organization for Islamic Financial Institutions in Bahrain, said in an interview last year………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
With the impending job cuts at EmiratesNBD and a less than rosier outlook for Emirates Islamic Bank, you may be persuaded to think the banking sector in the UAE is in for a toss. But you would be wrong.
It is been a tough week for banking this week and as a rather gloomy forecast in today’s The National predicts, it is not going to get any better. Yesterday the local press was rocked with rumours that the UAE’s largest bank Emirates NBD is looking to cut 15 percent of its workforce to “reduce costs”- the job cuts will affect up to 700 employees. The redundancies are expected to be carried out this month………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
The financial statements of the bank for the year 2011 show that net income reached BHD 978,000 in 2011 compared to BHD 1.75 million in 2010; Q4 2011 net loss amounted to BHD 379,000, compared to a profit of BHD 1.4 million for the same period in 2010.
The bank attributed this drop to the 61 per cent increase in operating expenses due to consolidation of operations of the Bank in Pakistan and Bahrain for the first time in 2011. Due to same reason, the net operating income decreased by 6.3 per cent to reach BHD 1.46 million in 2011………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Jordan Islamic bank (JIB) achieved net profits before tax reached JD 39.7 million at end of financial year 2011 compared to JD 40.7 million for the year 2010 whereas its net profits after tax reached JD28.3 million at end of 2011 .
H.E. Mr. Adnan Ahmad Yousif, Chairman of the Board of Directors of Jordan Islamic Bank stated that the Board approved the financial statements and recommended to be presented in the General Assembly ordinary meeting that will be held on 25/4/2012 by distributing cash dividends to shareholders by15 % of the bank’s capital………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
The National Bank for Development (NBD) in cooperation with Abu Dhabi Islamic Bank (ADIB) announced its 2011 financial results, which revealed positive indicators despite the circumstances the Egyptian economy faced during the past year. Nevine Loutfy, Managing Director and CEO of NBD, said, “Throughout the past year the bank achieved solid growth in order to complete its development strategy that it has adopted since its acquisition, which has proved its strength in achieving high growth rates across various business fields.”
She also added, “NBD’s achievements during 2011 confirmed the strong and outstanding performance of the bank’s employees, which was reflected in the significant growth in both assets and liabilities, in addition to increasing the bank’s market share and reducing the provisions gap, thus strengthening the overall financial position.” (Press Release)
Posted on 15 March 2012 by Laxman | Email|Print
The Islamic Development Bank (IDB) and its affiliates will finance projects in Nigeria in Agriculture, Energy, Transport, Water Supply and Sanitation, Education, and Health. The projects are worth about $2 billion.
Apart from another N30.2 billion for Food Security Programme covering Anambra, Gombe and Yobe States, the Saudi Arabia-based bank announced in Abuja weekend that it has also approved additional eight projects in the sum of $200million, and granted trade financing for $205 million to prominent companies and banks in the country………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Ahmad Muhammad Ali, president of the Islamic Development Bank (IDB) Group, met with Alan Duncan, UK minister of state for international development, at IDB headquarters in Jeddah on Sunday.
They reviewed bilateral cooperation between the IDB and the UK Department for International Development (DFID) in reducing poverty and discussed recent developments in the region, including the G8 Deauville Partnership, which aims to support the transition process of Arab countries recently affected by major political changes………………………………………..Full Article: Source
Posted on 15 March 2012 by Laxman | Email|Print
Bahrain-based Capivest, an Islamic investment bank, has concluded a deal to take a 9 per cent stake in Naseej, a fully-integrated real estate and infrastructure development company.
The deal, with Cemena Holding Company, is part of a settlement of the remaining dues from the sale of Falcon Cement Company to Cemena Holding Company in June 2008, said a statement. The $30 million deal includes cash in addition to the Naseej shares………………………………………..Full Article: Source
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