Posted on 17 August 2012 by Laxman | Email|Print
Pakistan’s conventional insurance firms will have to wait a few more weeks to learn if they can open takaful, or Islamic insurance, windows after a state court on Thursday adjourned a case challenging new regulations for the sector.
Pakistan’s five takaful operators filed a petition in a court in Sindh province, the country’s second-largest Islamic banking market, to protest the rules which allow conventional insurers to offer takaful services………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Development Bank of Kazakhstan JSC, which issued the country’s first ringgit-denominated bond, swapped the proceeds from the sale into U.S. dollars.
The 240 million-ringgit ($76.7 million) five-year murabaha Islamic note, which was priced to yield 5.5 percent, was swapped into $76 million at a 4.95 percent yield as part of an agreement with Royal Bank of Scotland Group Plc, the Astana-based bank said. The swap comes due in August 2017, according to the state-owned lender………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Malaysia’s RAM Ratings assigned a rating of AA2 on Malaysian independent power producer (IPP) Tanjung Bin Power Sdn Bhd’s proposed sukuk Ijarah program of up to 4.5 billion ringgit ($1.44 billion) in nominal value on Thursday.
The company was roped in to construct, own and operate a coal-fired power plant in the southern state of Johor, under an agreement with government-linked power producer Tenaga Nasional Bhd………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Fitch Ratings has updated its Rating Sukuk criteria. The updated do not contain any significant changes and will have no impact on existing ratings. These criteria apply to originator-backed (also called asset-based) sukuk structures, in which investors rely upon direct support features (i.e., repurchase agreements and liquidity arrangements) as well as upon the originator/issuer’s ability to generate profits with the assets.
The criteria do not apply to asset-backed sukuk, which rely on the underlying collateral. The report outlines Fitch’s approach to rating sukuk, which are often referred to as “Islamic bonds” and represent undivided shares in the ownership of tangible assets, including the assets of particular projects or investment activities, and usufruct (the right to use the assets)………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Nakheel is one of the largest property developers and master planners in the Middle East and has been responsible for the development of some of the landmark developments in Dubai, such as the Palm. At the time of the announcement Nakheel faced outstanding debt and trade creditor claims in excess of US$20 billion, which included over US$5 billion of outstanding sukuk.
This case study focuses on the final element of Nakheel’s restructuring that led to the settlement of Nakheel’s numerous trade creditor claims………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
New research reveals parallels between ethical and Islamic investing may bridge knowledge gap. Close to two-thirds of UK investment advisers surveyed admitted their limited knowledge of Islamic fund providers has prevented them from recommending products, according to a new report from Islamic asset manager BLME.
The knowledge gap persists despite a fifth of the 200 respondents to the survey believing their clients would be interested in learning about Islamic funds, it continues………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Al Baraka Banking Group has signed the first Islamic partnership contract to finance small projects in Egypt with the World Bank through the Social Fund and Al Baraka Bank Egypt.
Through its banking unit headquartered in Cairo, Al Baraka Bank Egypt, the group aims to expand finance to small projects as “this vital and important sector has become today the highest priority for countries and international financial institutions due to the bloated problem of unemployment,” it said in a statement………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Maybank Islamic maintains No 1 position with total financing of RM55.9 billion representing 28.3% of Maybank’s domestic financing; PBT on track to surpass RM 1 billion for full year. Maybank announced that profit after tax and minority interest (PATAMI) for the half-year ended 30 June 2012 surged 21.2% to a new record of RM2.78 billion, on the back of an 18% growth in revenue. Group profit before tax was up 18.7% to RM3.92 billion.
Revenue topped RM8.2 billion, boosted by a 22.3% growth in fee-based income and 15.2% rise in fund-based income. Growth was strong across almost all business sectors supported by a more than doubling in revenue for Investment Banking and income growth of over 50% for Islamic banking. Group loans which rose by 15.0% further contributed to the better overall performance. (Press Release)
Posted on 17 August 2012 by Laxman | Email|Print
Burj Bank, in association with MasterCard, a global payments and technology company, announced the launch of Pakistan’’s first Islamic Master Card debit card that is designed to benefit customers who prefer better control over their expenditure.
An official signing ceremony, which was attended by Ahmed Khizer Khan, President and CEO, Burj Bank, and Michael Miebach, President, Middle East and Africa for MasterCard World-wide, marked the introduction of this pioneering debit card program in Pakistan. The newly introduced Shari”ah compliant MasterCard debit card is a perfect blend of Islamic banking tenets and a host of rewards, benefits, and acceptance enjoyed by MasterCard cardholders world-wide………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Jaiz Bank is a non-profit bank, otherwise known as Islamic bank, which has generated so much controversy in the polity, especially among the Christian community which fears that it could be a ploy to Islamise Nigeria.
The simple difference is that the conventional banking system charges interest, while Islamic banking does not. In other words, Islamic banking is a non-interest financial institution. Islamic banks deals in ethical transactions; they do not deal in transactions involving breweries and any other thing which runs contrary to the Islamic faith………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Vice President Mohammad Namadi Sambo expressed federal government’s desire for a quick and urgent intervention by the Islamic Development Bank (IDB) to arrest the scourge of Poliomyelitis in Nigeria.
Speaking when the President of the Bank, Dr. Ahmed Mohammed Ali paid him a courtesy call in the Royal Palace Hotel, Makkah, Sambo, who expressed the good wishes of President Goodluck Jonathan and the Nigerian people towards the bank, called on it to make cheap funds available to both government and private concerns to address infrastructural deficit and boost the Nigerian economy………………………………………..Full Article: Source
Posted on 17 August 2012 by Laxman | Email|Print
Emirates Money, a wholly owned subsidiary and consumer finance arm of the Emirates NBD Group, announced today the launch of “Banca Takaful” insurance product, in conjunction with Dubai Islamic Insurance and Reinsurance company (AMAN) and FWU Global Takaful Solutions.
“Banca Takaful” is a Shari’ah-compliant unit savings plan with Takaful benefits, designed to meet the needs of customers looking for Islamic financial planning solutions. (Press Release)
Posted on 17 August 2012 by Laxman | Email|Print
Sabbir Patel, Senior Vice President and CFO, ICMIF, examines microtakaful as a form of insurance provision for the underserved Muslim populations of the world. The article shares a number of success stories from ICMIF members who have established or recently launched microtakaful schemes.
There has been a very clear recognition over the last decade that microinsurance, including microtakaful, is an important tool in supporting sustainable poverty alleviation in the poorer areas of the world. The growth of this sector has resulted in almost 500 million people now having some form of insurance cover today where previously they would not………………………………………..Full Article: Source
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