Posted on 12 September 2012 by Laxman | Email|Print
Future financial regulation in Libya, as democracy takes root, will have its share of challenges and advantages. But will the absence of political stability and security favour the adoption of Islamic finance?
Libya is currently in a transitory stage towards a hopeful democratic state post the elections of the National Congress held in recent July 2012. This Congress will appoint an interim government and a constituent authority to draft the constitution of the Country as first in decades………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
ASM Investment Services Bhd is charting its way to become a fully syariah-compliant fund management company by 2014, said its chief executive officer, Ameer Ali Mohamed. He said by next year, ASM Investment would convert all its units trust funds into syariah-compliant.
ASM Investment currently manages 13 unit trust funds — seven conventional and six syariah-compliant……………………………………….Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
During the twelfth Bank of Uganda annual Eid party, held at the central bank on September 7, a group of Muslims under their umbrella Contact Group on Islamic Banking, managed to get a word on Islamic Banking in, with bank governor Emmanuel Tumusiime-Mutebile. He assured them that the central bank had already done its homework and submitted the proposed amendments to the Financial Institutions Act.
“We also had a word with Dr Anas Kaliisa, renowned Sharia expert who presided over the closing ceremonies. Dr Kaliisa appreciated the pioneering efforts of Contact Group on Islamic Banking and assured us of his full technical support,” Kalinge Nyago wrote on an Islamic social networking website, Uganda Muslim Brothers and Sisters………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
Turkish bank Kuveyt Turk plans to launch Germany’s first full-fledged Islamic bank, aiming to tap into demand for ethical finance in the wider population as well as within Europe’s second-largest Muslim community.
The bank, which has had a presence in Mannheim since 2010, hopes to apply for a full banking licence in October and will be headquartered in Frankfurt………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
Qatari firm Al Meera Consumer Goods Company revealed that Barwa Bank has extended Islamic banking facilities amounting to QAR 900 million to the company. The funds will be used to repay all existing bank debts in full, and to finance future expansion and acquisition plans of the company and its subsidiaries.
Separately Al Meera announced that Giant Stores, which Al Meera Holding acquired last year along with the Al Oumara Baking Company, will see four of its stores rebranded into Al Meera supermarkets by the end of December………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
International Bank of Azerbaijan (IBA) announced signing of the Commodity Murabaha Agreement with Islamic Corporation for Development of Private Sector (ICD) for amount of $20 million.
“Commodity Murabaha means sale of certain specified commodities, through a metal exchange, on a cost plus profit basis” Director of Islamic Banking in IBA Behnam Gurbanzadamentioned………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
International Bank of Azerbaijan, the country’s leading bank, has announced opening of Islamic Window and starting up Islamic banking and financing activity, IBA said. IBA’s Board of Directors approved opening of an Islamic banking department and appointed Behnam Gurbanzada as Director for Islamic Banking.
Gurbanzada joined IBA in 2002 and served as deputy director of Strategic Development and Marketing department and the head of the working group on introduction of Islamic banking at IBA………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
Axiata Group Bhd has priced its inaugural issuance of a two-year one billion yuan sukuk issued via its wholly-owned Malaysian incorporated special-purpose vehicle (SPV), Axiata SPV2 Bhd.
The sukuk is issued under Axiata’s Multi-Currency Sukuk Programme with an aggregate nominal value of up to US$1.5bil or its equivalent in other currencies established on July 17………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
Standard & Poor’s Ratings Services today assigned its ‘BBB-’ rating to a proposed issue of benchmark Chinese-renminbi-denominated sukuk trust certificates due 2014 by Axiata Group Bhd. (BBB/Positive/–; axA+/–), a Malaysia-based telecommunications holding company.
We also assigned our ‘cnA’ Greater China regional scale rating to the proposed issue. Axiata Group will issue the trust certificates through Axiata SPV2 Bhd., a Malaysia-domiciled special purpose vehicle that Axiata Group set up and wholly owns. The rating on the trust certificates is subject to our review of the final issuance documentation………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
The announcement by the Turkish Treasury a few days ago that it had mandated Citigroup, HSBC and Liquidity Management House (LMH), the investment bank subsidiary of Kuwait Finance House , “to explore opportunities for a possible Lease Certificate issuance in the international capital markets” could not be more Turkspeak.
In reality the mandate is to advise and structure the proposed debut sovereign Sukuk Al-Ijara of the country, the first time that secular Turkey would raise funds from the international market through the issuance of Islamic leasing certificates (Sukuk Al-Ijara)………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD, a leading bank in the region, announced today that its Emirates MENA Fixed Income Fund and its Emirates Global Sukuk Fund have both been awarded a Silver grading by global ratings agency Standard and Poor’s (S&P) Capital IQ Fund Services.
The Emirates MENA Fixed Income Fund holds assets of US$86 million, and offers daily liquidity in US dollars, UK pounds and UAE dirhams. It is the only S&P graded fund in the MENA fixed income space. The Emirates Global Sukuk Fund also offers daily liquidity, in US dollars and Euros, and is US$55 million in size………………………………………..Full Article: Source
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Posted on 12 September 2012 by Laxman | Email|Print
BIMB Holdings Bhd’s potential corporate move to unlock the value of the group could act as its re-rating catalyst, Kenanga Research said. Kenanga Research said the unique positioning of BIMB Holdings in the Islamic banking and takaful areas should enable the group to deliver a faster balance sheet growth than other commercial banks.
The research house said this is due to the growth opportunities arising from Malaysia’s ongoing development of Islamic banking………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
There are many observers watching closely to see how the Omani Islamic banking market will shape up. This week news surfaced that Alizz Islamic Bank, the second Islamic bank to be contemplated in Oman since the change in law that permitted Islamic banks to operate in the Sultanate, hopes to launch a domestic initial public offering (IPO) on the local Muscat Securities Market by next week.
Alizz Islamic Bank wishes to be the bank of choice for corporates, individuals and businesses in Oman. Oman’s Capital Market Authority has already given approval for the IPO through public subscription………………………………………..Full Article: Source
Posted on 12 September 2012 by Laxman | Email|Print
Local Islamic Finance industry is to grow at a double digit rate over medium to long term, and growth is attributed to the increased awareness of faith based concepts and the internalization of the financial markets.
Total assets of Islamic finance in Sri Lanka account for 3 % of the total financial assets of the country while deposits and loans of local Islamic finance accounts for 5 %.Islamic Finance could play a key role in the development of infrastructure projects and the capital markets of the post war era of Sri Lanka………………………………………..Full Article: Source
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