Posted on 21 May 2012 by Laxman | Email|Print
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) announces the finishing of new seven shari’a standards, which shall be added to the existing 41 shari’a standards and the 40 accounting standards which have been announced previously.
Dr. Abdul Sattar Abu Ghaddah, Chairman of Minhaj Advisory; said: “the new standards come in line with the rapid growth in the Islamic finance industry and to meet the Institutions needs while running their business; and there are more standards still under process”. The new standards are: financial rights and its management; the regulations of liquidity management; bankruptcy; capital and investment protection; agency in investment; calculation of the profit transactions; and options of trust. (Press Release)
Posted on 21 May 2012 by Laxman | Email|Print
Islamic venture capital (VC) in the country is attracting strong interests from both local and foreign players, Malaysian Venture Capital and Private Equity Association (MVCA) chairman Dara-wati Hussain said.
“Islamic VC is a new area for investors and MVCA is keen to educate investors about this as we ride on Malaysia’s aspiration to become the Islamic capital market hub. “There is a significant amount of assets under Islamic finance like sukuk and unit trusts, and private equity asset class should be highly considered as another good investment product,” said Darawati………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
Gulf Finance House (GFH), a Bahraini investment bank implementing a recapitalization plan, said it obtained approval from sukuk holders to restructure $110 million of debt.
Holders of the Islamic bonds agreed to extend the maturity to June 2018, with a two-year grace period for the principal repayment amount in 2012 and 2013, the lender said……………………………………….Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
The Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth arm, has no current plan to issue a bond this year and will likely pay off a $2 billion loan that is due next year, the fund’s CEO said.
‘ICD at the moment does not have any liquidity requirement,’ Mohammed al-Shaibani told Reuters in an interview on Friday on the sidelines of the Sarajevo Business Forum organised by the fund’s subsidiary in Bosnia………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
Dana Gas could become the first company in the UAE to restructure a bond as concerns rise that it will not have enough cash to repay a $1 billion convertible sukuk (Islamic bond) at maturity in October.
The Abu Dhabi-listed firm said this week it had hired advisers to help it weigh options for repayment of $920 million still outstanding on the out-of-the-money convertible and was committed to finding a consensual solution………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
Fernand Grulms, Chief Executive Officer of Luxembourg for Finance said that “2011 was a bumper year for the issuance of Sukuk, at US $ 85 bn, that is, two and a half times the pre-financial crisis record of US $ 33 bn issued in 2007. This huge increase indicates that the Islamic capital markets are back in the game.
Nevertheless, we should set the figure in context. In the conventional debt markets, in 2011, 5.4 trillion dollars were issued in the USA alone and the sukuk market in 2011 was driven largely by Malaysia. In other words, the short answer to the question of ‘are Islamic investments building international reach and scale’ is a yes and a no. Shari’ah-compliant capital markets activity currently still remains a niche market; but certainly can and will build international reach and scale.” (Press Release)
Posted on 21 May 2012 by Laxman | Email|Print
The Islamic funds industry grew to $58 billion, achieving a growth of 7.6% in 2010, according to Ernst and Young report.
As the Islamic finance industry continues to be one of the fastest growing components of the global financial system, with an estimated growth rate of 15% – 20%, international markets are witnessing an expanding demand for Islamic financial products and services – even beyond the traditional markets of South East Asia and the Middle East……………………………………….Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
Noor Islamic Bank on Saturday announced it has completed Islamic market mandates valued at over $2.2 billion (Dh8 billion) in the past two years in Turkey, and expects more in the future.
In its latest foray into the Turkish market, the bank, as an initial mandated lead arranger and joint bookrunner, successfully closed a $350 million equivalent dual-currency Murabaha facility for Turkiye Finans Katilim Bankasi. Launched at $150 million, the syndicated loan was oversubscribed by more than 2.5 times………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
The banking system in the Sultanate has witnessed substantial growth last year as assets of banks reached 18.2 billion rials as against 15.4 billion rials in the previous year, said HE Hamoud Bin Sangour Al Zadjali, Executive President of the Central Bank of Oman (CBO) at the annual bankers meeting that was held at the CBO headquarters on Tuesday.
Total credit of banks stood at 12.2 billion rials at the end of 2011 compared with 10.4 billion rials in 2010 and total deposit stood at 13 billion rials in 2011 compared to 10.6 billion rials in the previous year, he said………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
Jeddah-based Islamic Development Bank (IDB) in partnership with Asian Development Bank (ADB) has signed a $133 million agreement for long-term lease finance (Ijara) facility for the development of two wind power projects in Sindh province.
A consortium of financial institutions comprising National Bank of Pakistan, Faysal Bank, United Bank Limited, Allied Bank and Meezan Bank are also participating in the transaction. Under an innovative risk participation structure between IDB and ADB, the project companies were able to raise 100 percent Islamic financing for these important infrastructure projects………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
Top financial institutions, Al Hilal Bank and Mashreq, acting as the mandated lead arrangers (MLAs) have closed a club facility, structured on Shari’ah principles to finance the construction of a theme park in Dubai.
The project is developed by the Ilyas and Mustafa Galadari Group (IMG), wholly owned by Ilyas Galadari and Mustafa Galadari, which is developing City of Arabia. Mashreq also acted as the documentation bank and is the investment agent for the transaction………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
In the Islamic world, the problem is different. To pious Muslims, it is self-evident that financial markets should be organised in accordance with sharia law, which reflects the truths revealed in the Koran, and the example set by the prophet in the Sunnah.
Most of us are aware that Islam prohibits usury and few would be surprised to learn that a Muslim should not profit from the sale of alcohol or from the distribution of pornography………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
As the Islamic finance industry continues to be one of the fastest growing components of the global financial system, with an estimated growth rate of 15 per cent to 20pc, international markets are witnessing a growing demand for Islamic financial products and services - even beyond the traditional markets of South East Asia and the Middle East.
The Islamic funds and investments industry has seen steady growth over the past decade due to the growing global demand for Sharia-compliant financial products and services and a significant increase in the number of institutions structuring Islamic investment products. According to Ernst and Young the Islamic funds industry grew to $58 billion, achieving a growth of 7.6pc in 2010………………………………………..Full Article: Source
Posted on 21 May 2012 by Laxman | Email|Print
The achievements, innovations and excellence in the global Islamic funds and investments industry were recognized today at the 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012) awards ceremony which was held at the Gulf Hotel in the Kingdom of Bahrain.
The annual WIFFMC Islamic Investment Institution of the Year Award, which is one of the most prestigious in the industry, is designed to recognize institutions that have made a significant contribution to the global Islamic funds and investments industry. The Award recognizes a leading institution that has demonstrated outstanding achievements and institutional excellence in major performance areas. (Press Release)
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