Posted on 24 September 2012 by Laxman | Email|Print
The Initial Public Offering (IPO) for Alizz Islamic Bank is now open for subscription. The offer will close on 21 October 2012. The IPO is lead managed by bank muscat and has been fully underwritten by leading Omani financial institutions.
Announcing the launch of the IPO on behalf of Huriah Management LLC, Mr. Ahmed Alkhonji said, “We are very proud to be supporting the establishment of Islamic banking in Oman. The large unmet demand for Islamic banking means that alizz islamic bank is uniquely placed to become a market leader for banking products. We are delighted to have aabar, First Energy Bank and Tasameem as our partners and the bank will benefit immensely from their considerable international experience.”……………………………………….Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
The Philippine Stock Exchange (PSE) is hoping to tap into a potential market of more than 1.5 billion Muslims worldwide with an estimated $1.4 trillion in investible funds by offering shariah-compliant stocks, the bourse’s top executive said.
Shariah-compliant equities follow the Islamic law which does not allow investors to put money into firms that benefit from interest or the sale of goods such as alcohol, tobacco or firearms. They also steer clear of companies with large amounts of debt on their balance sheets and those whose business is related to gambling, meat and conventional financial services such as banking and insurance………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
Qatar’s Barwa Bank has been chosen as a co-manager for Turkey’s first sukuk transaction worth $1.5bn. Moreover, the Shariah-compliant financial institution has been ranked number six in international sukuk, ten in global sukuk (including global local currencies) and eighth in Mena region bonds and sukuks, by Bloomberg.
“Turkey is one of the most prestigious issuers in emerging markets and to be appointed by them is a further testament that Barwa Bank is an active and consistent player in debt capital market,” said its CEO Steve Troop………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
The potential issue would make the Electricity Supply Board (ESB) the first non financial institution in Europe to tap the lucrative Sukuk market. Kieran Donoghue, Head of the Irish Development Authority (IDA), told Reuters that the IDA is assisting the ESB with a potential Sukuk issue that might help the company raise $1.3 billion.
The ESB is understood to have hired Kuala Lumpur-based Amanie Advisors to advise on how best to access the market for Sukuk. The ECB had reportedly applied to local regulators for permission to issue a Sukuk within the next 12 to 18 months………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
QIB UK will launch the first structured note using a Sukuk as an underlying asset this month. The capital-protected note will be based on a five-year Sukuk which Qatar Islamic Bank is expected to issue soon, Anouar Adham, Head of Asset Management at QIB UK, told Reuters. “We are planning to launch the product before month-end. We expect this new ground-breaking structure to take off substantially,” Adham is quoted as saying.
The new product relies on Sukuk issuance for capital protection instead of the traditional Murabaha trades, which have raised concerns over Shari’ah compliance………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
Commercial Bank of Kuwait (CBK) said on Sunday it plans to liquidate its investment unit, according to a bourse filing. The bank said in a statement the move to close CBK Capital, a fully-owned subsidiary which manages the bank’s proprietary investment portfolio, would not have a negative impact on the bank’s financial position but gave no details.
CBK Capital managed two money market funds, a Kuwaiti stocks fund and an Islamic finance fund, the source said. According to its 2011 cash flow statement, the bank spent 117.3 million dinars on acquiring investment securities last year and its proceeds from disposing of investment securities totalled 57.3 million………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law (Shariah) and its practical application through the development of Islamic economics. Shariah prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money.
Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles were used as the basis for a flourishing economy in earlier times, in the late 20th century that a number of formal Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim and Non-Muslim Communities………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
The Turkish government is pulling out the stops to persuade asset managers to set up business in the country. Ali Özgü Caneri, investor relations assistant manager at regional airport-management group TAV, said: “The government wants to turn Istanbul into a regional financial centre, like Dubai.
Turkey last week announced its first Islamic government bond, or sukuk, a move that could spur local companies to issue debt in this format too, according to a report in The Wall Street Journal. This will help to build local debt structuring and syndication expertise………………………………………..Full Article: Source
Posted on 24 September 2012 by Laxman | Email|Print
Bank muscat’s Meethaq, pioneer of Islamic banking in Oman, has joined hands with Amanie Advisors, a globally recognised Shariah advisory firm in the field of Islamic finance, to host Muscat International Islamic Financial Forum (MIIFF) on November 4 and 5.
The two-day gathering will be attended by senior industry figures, global investors, Takaful operators and bankers, as well as top Shariah scholars, spotlighting new opportunities in Islamic banking and finance in the Omani market as well as the wider region (Press Release)
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