Posted on 28 May 2012 by Laxman | Email|Print
Yields on Indonesia’s Islamic bonds posted their first weekly decline this month on speculation supply will wane after the government rejected bids at an auction for the first time since March.
The yield on the 5.45 percent sukuk due January 2022 fell one basis point this week to 6.72 percent, the first drop since the period ending April 29………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Jebel Ali Free Zone FZE, a business park operator in Dubai, will repay 7.5 billion-dirhams ($2 billion) of Islamic bonds ahead of schedule, the latest of the emirate’s companies to settle financial obligations early.
The majority of sukuk investors who voted for the plan will be “entitled to receive the consent fee of 100 dirhams per 100,000 dirhams in principal amount of the certificates” on or about May 29, Jebel Ali said. The floating-rate notes that comply with Islam’s ban on paying interest are due in November………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Bahrain’s Gulf International Bank has set up a 3.5 billion Malaysian ringgit ($1.11 billion) programme for potential sale of Islamic bonds, the company said on Sunday, as the lender seeks to diversify its funding sources.
Standard Chartered and Malaysia’s CIMB Investment Bank are lead arrangers on the medium-term notes programme, while GIB Capital is the international coordinator. “The sukuk programme represents a strategic move to tap into the ringgit market in an effort to diversify funding avenues and currencies for the Bank,” Jammaz bin Abdullah Al-Suhaimi, GIB’s chairman said………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
HSBC has launched “Mena bonds and sukuks platform” offering relatively easy access for the bank’s retail customers in Qatar.
The offer provides a “comprehensive” wealth management proposition to HSBC customers and allows them to achieve a more balanced investment portfolio and diversify their investment risk………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
The concept of Islamic finance, banking and economics has gained tremendous popularity of late. It is appreciated and implemented not only in countries where Islam is the dominant religion, but also in non-Islamic nations. The basic premise of Islamic finance, banking and economics is based on ‘hygienic’ ways of doing business as prescribed by the Islamic Law or Shariah.
What is a Shariah Compliant financial product? A Shariah compliant financial product (mutual funds, ETFs etc) is an investment avenue that is fully compliant with the principles of Shariah Law………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Investment Management Group of Oman Arab Bank SAOC (OAB), Lead Issue Manager and Lead Underwriting Arranger for Bank Nizwa IPO, yesterday released the eagerly-awaited subscription figures for the Bank Nizwa IPO surpassing investment community guesses.
The initial compilation of figures of all four collecting banks show over 11.3 times subscription i.e over RO 681 million (subject to reconciliation) collected against an offer of RO 60 million through 37,084 applications………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Omani lender Bank Nizwa, the sultanate’s first Islamic bank, attracted 681 million rials ($1.77 billion) of bids in its initial public offer of shares, 11 times the sum which it was raising, the lead manager for the IPO said on Saturday.
The bank will be listed on the Muscat Securities Market on June 12, Oman Arab Bank said. Bank Nizwa raised 60 million rials by selling 40 percent of its capital………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Gulf Finance House is eyeing acquisitions and restarting stalled projects in Bahrain in an effort to turn around its fortunes. The Islamic investment bank had been one of Bahrain’s biggest deal makers before the financial crisis, but it was humbled by the collapse in the property market and dwindling investment banking business.
It reached an agreement with sukuk holders last week to push back repayment on US$110 million (Dh404m) of Islamic bonds for six years………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Ajman Bank , the award-winning Islamic financial services institution committed to transforming the experience of Islamic banking, announced today that it has been named ‘Best Islamic Bank’ on the Arab Achievement Awards presented on the third Annual Arab Investment Summit held on 15th May in Abu Dhabi.
The Annual Arab Investment Summit offers an excellent networking platform for Arab Investors, Financiers, and Government Officials to discuss and expand local and cross-border trade and investment opportunities and build new business partnerships, with a special focus on strengthening relationships among Arab countries. The awards it presents honour companies that stand out in particular areas of expertise in banking, finance, and other major development sectors of the industry. (Press Release)
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Posted on 28 May 2012 by Laxman | Email|Print
As he delivered his welcome address to delegates at the Global Donors Forum in Kuala Lumpur recently, Malaysian Prime Minister Datuk Seri Najib Tun Razak sought to make a few crucial points about the necessity, and viability, of Islamic finance and micro-finance in today’s world.
“At the heart of Islamic finance is, of course, the genuine philanthropic spirit,” he said, “a spirit that pervades both its giving and its business practices and that holds the potential to transform the lives of billions of the poorest people in the world.”……………………………………….Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
The interest-based financial system has nurtured a debt-ridden environment that inflicts anxiety on people with mortgages and business loans lest they are caught in debt-traps and forced failures. This would explain the radical change of attitude in recent decades toward the importance of ethics in business almost everywhere.
Leonard Swidler of Temple University thus spoke of the “rise of business ethics and spiritual movement,” in many western quarters manifested by the emergence of institutions such as the World Business Academy, the Council for Ethics in Economics, the Caux Roundtable, and the Global Dialogue Institute – all based in the United States………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
The insurance industry in the Gulf region is not likely to see major consolidation over the coming two years due to “comfortable” capitalisation of domestic insurers and “little” shareholder pressure. But foreign risk cover providers may enhance their foothold in the market, according to a study.
The GCC (Gulf Cooperation Council) Insurance Barometer, recently launched by the Qatar Financial Centre Authority, found that 60% of respondents do not expect the market to consolidate over the next 12-24 months………………………………………..Full Article: Source
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Posted on 28 May 2012 by Laxman | Email|Print
Initial forays into the Takaful market in the UK have so far met with failure. Despite this, there is still a conviction that a relevant Takaful market exists.
The appeal of Islamic finance and Takaful insurance is growing globally, with particular success in emerging markets. But is Takaful finally ready to take off in the UK?……………………………………….Full Article: Source
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