Posted on 04 May 2012 by Laxman | Email|Print
The government is planning to auction zero-coupon bonds and state sukuk (Islamic bonds) next Tuesday. The bond series that will be auctioned is PBS001, PBS002, PBS003 and PBS004. All of those series will be reopened during the auction.
The government will also issue the SPN-S 09112912 series to fulfill the state’s financing needs in the 2012 state budget. The targeted funding from the auction is Rp 1 trillion (US$109 million)………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
China could be the next staging ground for Islamic finance deals, Malaysia’s central bank governor Zeti Akhtar Aziz has said. Islamic finance is set to build on its position as the fastest growing sector in international finance by expanding into new markets such as China, according to Zeti Akhtar Aziz, the governor of Malaysia’s central bank.
“It is taking place not only in Asia but the Middle East as well as other parts of the world and it is growing because this is a form of financing linked to the creation of economic activity, generating income and wealth,” she said………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
SME Bank plans to issue RM3 billion in sukuk to boost its funds to undertake more business especially for small and medium enterprises (SMEs), said its managing director Datuk Mohd Radzif Mohd Yunus.
He said the bank will raise the funds in stages over a three-year period, with the first tranche expected to be issued in July. The new capital will be used to finance the tourism, healthcare, wholesale, education, and oil and gas sectors………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Malaysia appointed Maybank Investment Bank Bhd, CIMB Investment Bank Bhd, RHB Investment Bank Bhd and AmInvestment Bank Bhd to manage a sale of Islamic bonds to partly finance the construction of a mass railway in Kuala Lumpur, three people familiar with the matter said.
Dana Infra Sdn Bhd, a company owned by the finance ministry and created to fund development projects, would sell ringgit-denominated notes as early as the end of this month, said the people, who didn’t want to be named because the information is private………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Capital Intelligence (CI), the international credit rating agency, announced that it has affirmed the rating of the $38m Sukuk, issued by Mangaf Sukuk Company (Mangaf) at ‘BBB-’, in view of the improved prospects of repayment of the Sukuk at maturity, coupled with the good security package.
However, the Negative Outlook is maintained, reflecting the still unconfirmed status of the new financing needed to bridge the relatively modest repayment gap, the generally weak, real estate sector which may impede asset disposals, together with the overall, challenging operating environment in the region. (Press Release)
Posted on 04 May 2012 by Laxman | Email|Print
Banque Saudi Fransi, the kingdom’s fifth biggest bank by market capitalisation, plans to issue its first dollar-denominated sukuk, depending on market conditions, and has picked banks to arrange investor meetings.
The lender has picked Citi, Deutsche Bank and Credit Agricole to arrange global roadshows starting in the Saudi capital Riyadh on May 7, the banks said………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
RAM Ratings has been informed that Hong Leong Industries Berhad has redeemed the RM50 million of outstanding sukuk under its RM500 million Islamic Commercial Papers/Medium-Term Notes Programme (2008/2015).
At the same time, the debt facility has been cancelled. Following this, RAM Ratings no longer has any rating obligation on the facility, which had previously carried AA3/Stable/P1 ratings. (Press Release)
Posted on 04 May 2012 by Laxman | Email|Print
Faisal Private Bank, struggling since the collapse of property schemes in the Gulf and beyond, is up for sale after failing to raise enough money to meet the Swiss regulator’s minimum capital requirements, its chief executive said on Thursday.
Chief Executive Mark Koch told Reuters the Geneva-based bank, which called itself the first Islamic private bank, is talking to three potential suitors. Faisal’s parent, Bahrain-based Ithmaar Bank ITHMR.BH, will be selling part or all of its stake, he said………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Al Baraka Bank Egypt will allocate half a billion Egyptian pounds (USD 82.9 million) to finance small and medium enterprises during 2012, the Islamic lender’s managing director said.
Of this amount, EGP 100 million will be allocated for lending to SMEs through the country’s Social Fund for Development (SFD), Ashraf Al Ghamrawi told Zawya………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Within its continuous effort to enhance banking services to customers, Al Baraka Islamic Bank announced the launch of the new SMS Banking service that will improve customer satisfaction through saving time and effort using the latest modern technologies.
The services that will be provided through SMS Banking will include obtaining the balance of the account and mini-statement, fund transfer between own accounts, electricity bill payment, Taqseet card payment, cheque book request, statements by e-mail or fax, finance accounts and investment accounts enquiries and finding the locations of Bank branches and ATMs, as well as obtaining information about the products and services of Al Baraka Islamic Bank………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
A year after Qatar asked conventional banks to stop offering Islamic financial services, an expected windfall for its Islamic banks has yet to materialise. Nor is it clear that banks’ customers are benefiting from the policy.
The episode illustrates the difficulties that countries face as they manage the relationship between conventional and Islamic banking. Trying to adjust that relationship carries risk, for both regulators and the banks themselves………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Syarikat Takaful Malaysia Bhd (Takaful Malaysia) has delivered a strong set of results in 2011 with profit after tax and zakat (PATZ) of RM76.4 million, representing a 98.4 per cent improvement compared with annualised 12 months period ended Dec 31, 2010.
The significant improvement in profit was largely attributable to the improved investment and underwriting results along with strong business growth………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Syarikat Takaful Malaysia Bhd says there is a possibility that there could be consolidation among small Takaful players under the risk-based capital framework.
In a statement issued on Thursday after its AGM, it said the development would be bigger but smaller players in the industry. However, Takaful Malaysia expected this would augur well for as it could expand its market share………………………………………..Full Article: Source
Posted on 04 May 2012 by Laxman | Email|Print
Syarikat Takaful Malaysia Bhd will consider mergers and acquisitions to grow its market share if it finds suitable partners for the exercises. However, this will probably materialise after 2014 onwards when the Risk Based Capital (RBC) framework for takaful operators is finalised by end-2013, Group Managing Director Datuk Mohamed Hassan Kamil said.
The RBC implementation for conventional insurance operators was currently ongoing that saw consolidation exercises among some of the players, he told reporters after the annual general meeting………………………………………..Full Article: Source
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