Posted on 24 July 2012 by Laxman | Email|Print
Malaysians will have more room to allocate part of their retirement contributions to Islamic investments under sweeping government reforms to the pension system.
At present, the Employees Provident Fund (EPF) receives public pension contributions and invests the money. Some of that investment is in sharia-compliant areas such as sukuk and halal stocks, but contributors have limited scope to ensure the money is being used that way. A maximum 20 percent of savings can be placed through the EPF into a single mutual fund………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The Saudi insurance market is projected to grow by 15 percent per annum in total volume of gross premiums written (GPW) across the sector, driven primarily by demand from the Kingdom’s young population, especially for motor and medical insurance, Standard & Poor’s Rating Services said in its recent report titled “Cooperative & Takaful Insurance in Saudi Arabia in 2012″.
Author of the report David Anthony said “the sector constitutes an already large and still expanding market in a country, which in many ways dominates the region………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The Development Bank of Kazakhstan has launched the country’s first ever Islamic bond. The quasi-sovereign issue could set a benchmark for Kazakh sukuk, opening the way for corporate Islamic bonds to be placed in future.
The paper, issued in Kazakhstan and Malaysia, has a value of MYR240m ($76.6m). Halyk Finance, the bookrunner for the issue, says the bond has been placed for five years and has a yield of 5.5% a year. Thirty eight percent of the issue was placed within Kazakhstan, with the bulk in Kuala Lumpur. ……………………………………….Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The investment sector has not recovered from the 2008 global financial crisis and investors have found themselves in difficulties to refinance the debt they borrowed on short term bases during the boom years because of the rise in borrowing cost.
Investors such as Investment Dar, co-owner of luxury carmaker Aston Martin, International Investment Group, International Leasing and Investment Co. and Global Investment House all had a bad experience. Another Kuwaiti firm investment firm, National Industries Group Holding, which is part of the Kharafi group, has called for its maturing Sukuk next month to be extended to 2016 ……………………………………….Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
Small and Medium Enterprises Bank Bhd (SME Bank) will issue a RM3 billion government- guaranteed Islamic medium-term notes programme (IMTN) with a tenure of up to 20 years for its Shariah- compliant working capital requirements.
Its managing director (MD) Datuk Mohd Radzif Mohd Yunus said the first issuance of the IMTN programme would employ the wakalah structure, an investment structure that was widely accepted in the Gulf Cooperation Council (GCC) region………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al-Salam Islamic securities for the BD18m issue, which carries a maturity of 91 days, has been oversubscribed by 188%.
The expected return on the issue, which begins on 25 July 2012 and matures on 24 October 2012, is 1.18%. The securities are issued by the CBB on behalf of the Government of the Kingdom of Bahrain………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The government plans to reallocate dormant hajj funds from the Finance Ministry into project-based sukuk in order to help raise money for urgently needed infrastructure development. Project-based sukuk are Shariah-compliant government bonds backed by infrastructure projects.
“Now [the money] is merely entrusted to the Finance Ministry. But it would be better if it generated revenue from projects,” said Anggito Abimanyu, director general of hajj pilgrimage management at the Religious Affairs Ministry, adding that his institution managed Rp 44 trillion ($4.7 billion) in pilgrimage funds………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
Bank Muamalat Malaysia Bhd has teamed up with Bank of Shi Zui Shan of China to set up its first Islamic bank in China - in Ningxia Province, in two years, and develop and promote Islamic banking there.
Bank Muamalat’s chief executive officer Mohd Redza Shah Abdul Wahid said the two banks will work together in setting up a framework for Islamic banking in China and aim to offer syariah-compliant products in Ningxia via a window at Bank of Shi Zui Shan’s network of 23 branches………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
Ahlibank is planning to initially launch four branches under its Al Hilal Islamic Banking brand, with the bank planning to open up to ten branches over the following 12 months, according to a senior official.
Abdullah al Jabri, DGM and head of operations at Ahlibank, said that the bank will allocate RO20mn as initial capital for its Al Hilal window and the launch of more branches will depend on business opportunity and requirements………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The Islamic Bank of Britain’s Sharia’a Compliant Fixed Term Deposit rate for 24 months has increased by 0.95%. Now paying a quarterly indicative profit rate of 3.95%, this deal has stormed to the top of the two year bond market.
Savers can invest between £1,000 and £100,000. Further additions and early access are not permitted. The account can be operated in branch, by post, telephone or online by savers aged 16 and over………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
Qatar Islamic Bank (QIB) - the benchmark Shari’a-compliant bank in Qatar - announced it has been named the best Islamic bank in Qatar by the Asset Magazine in yet another recognition for its leading position in the country. QIB also received an award for the best Islamic deal in Qatar for its role as the Facility agent for the Islamic tranche in Barzan $10.3bn gas project.
The bank was handed the awards at a ceremony held recently in Malaysia’s capital, Kuala Lampur………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
Takaful Industry is growing rapidly around the world with 230 Takaful companies and 13 re-Takaful companies with the total volume of $11 billion. Takaful was started in 2005 in Pakistan when Securities and Exchange Commission of Pakistan (SECP) introduced Takaful rules 2005 according to which only full fledge Takaful companies had the permission to operate and in this regard, 5 Takaful companies came into being due to efforts of investors of Malaysia, Qatar, Kuwait, UAE, Saudi Arabia and Pakistan.
Among these 5 companies, 3 Takaful companies are general whereas 2 companies are providing the services of Shari’ah compliant life insurance………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
The Sustainable Resources Fund, headquartered in Luxembourg, launches later this month and, according to the PR, ‘brings together considerable experience and expertise with its professional team of Fund Advisors.’ Sustainable Capital aims to raise $100m in the open-ended fund that will invest in agricultural, biomass and forestry.
The ultimate aim is to raise $250m and the fund will seek at least two distributors in the GCC with one focused on KSA………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
Of the many things that the Gulf is famous for, two that would have to stand out would be Islamic finance and successful airlines.
Emirates Airline has proved to be something of a beacon of hope for the regional aviation industry and has won plaudits both for its excellent service and its robust business model. Other airlines in the region have followed Emirates lead and the list of wannabees grows, including both Etihad and Qatar Airways………………………………………..Full Article: Source
Posted on 24 July 2012 by Laxman | Email|Print
People in Saudi Arabia are feeling less threatened by economic worries in the West. While data on personal savings is unavailable, overall deposits in the Kingdom’s banking system have been rising over the past year, leaving banks with more money than they know what to do with.
The figures for Saudi Arabia indicate that consumers are more confident than it would first appear, Said Paul Gamble, chief economist and head of research at the local Jadwa Investments………………………………………..Full Article: Source
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