Posted on 01 October 2012 by Laxman | Email|Print
Tunisia plans to issue Islamic bonds early next year as the North African country seeks to reform its banking sector and diversify sources of funding, the central bank governor said on Saturday.
“Tunisia will begin issuing Islamic bonds early next year … This is part of the draft budget for 2013,” Tunisian central bank governor Chadli Ayari told Reuters on the sidelines of a banking seminar. “There are studies under way for Islamic finance in the country, including issuing Islamic bonds.”……………………………………….Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Al Hilal Global Sukuk Fund has delivered a performance of 4.3 per cent in the six months since its launch in March 2012. The fund invests in a diversified portfolio of Shari’ah-compliant Sukuk issued by sovereign, quasi-sovereign and corporations and aims to generate regular income as well as capital appreciation.
Global Sukuk issuances have topped $36 billion while total GCC Sukuk issuances have reached $17.7 billion compared to only $7.3 billion during 2011. Several regional and global issuers have increasingly tapped the Sukuk market to take advantage of the prevailing low interest rate environment while debt refinancing needs support a healthy pipeline of new issues………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Bankers and industry players welcomed the government’s plan to encourage the issuance of AgroSukuk. Under the budget, the expenses for such issuance will be given a double deduction for a period of four years effective 2012 to 2015.
Bankers and industry players said this will help bolster the country’s dominance in the global sukuk market. Maybank Investment Banking chief executive officer Tengku Datuk Zafrul Tengku Abdul Aziz said the incentive will motivate agriculture-based enterprises to actively tap into the robust liquidity that the sukuk market offers. ……………………………………….Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Indonesia’s global sukuk rallied for a fourth month, the longest winning streak in more than a year, on speculation a cut in government fuel subsidies will boost demand at auctions in the coming quarter. Yields on the 8.8 percent dollar-denominated Islamic bonds due in 2014 dropped 29 basis points in September to a record low of 1.86 percent, data compiled by Bloomberg show.
The premium over similar-maturity Treasuries narrowed 34 basis points to 140 basis points, the least since the Asian nation sold the notes in 2009. Indonesia is looking to offer international sukuk in the fourth quarter, Robert Pakpahan, acting director general of the debt management office, said last month………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Kuwait Finance House ” KFH ” represented by its subsidiary, Liquidity Management House “LMH”, succeeded in arranging for Ijarah Sukuk for the Turkish Treasury amounting $1.5 bln for 5-1/2 years, in cooperation with Citigroup and HSBC, where this is the first issuance of its kind for the Government of Turkey.
The deal was signed by the CEO of KFH and Chairman of KFH - Turkey, Mohammed Al-Omar, and the Vice Chairman and CEO of LMH, Emad Al-Monayea………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Malaysia is still the global runaway leader in the sukuk market, accounting for 68 per cent of the total global sukuk outstanding and 71 per cent market share of the sukuk issued as at end-July.
Bursa Malaysia remained the top sukuk listing destination, with 19 listed totalling RM99.6 billion (US$31.7 billion) as at end-July, according to the 2012/2013 Economic Report released by the Finance Ministry. Malaysia also remained among the global leaders in the Islamic finance management industry with the number of full-fledged Islamic fund management companies at 18 at end-July, it said………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Bond sales from the six-nation Gulf Cooperation Council will remain “strong” as companies in these countries seek a substitute for declining lending from European banks, the regional head of Deutsche Bank AG (DBK), said.
The pipeline for bond sales in the GCC is “very, very strong and I think will remain” that way, Ashok Aram, chief executive officer for the Middle East and North Africa for the bank, said……………………………………….Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
An Islamic Sovereign Wealth Fund of the GCC states that would focus on high-priority, capital deficit sectors is the need of the hour, a leading banker has said. Bahrain-based Shariah-compliant Khaleeji Commercial Bank (KHCB)’s Chairman Dr. Fuad Al Omar told DT that such a fund would not only be helpful to banks and financial institutions by providing them financial cushioning but also boost domestic industries growth through capital injection.
“The surplus revenue available due to the boom in oil prices needs to be mobilised in the form of capital for asset development,” he added………………………………………..Full Article: Source
More stories about: Funds
Posted on 01 October 2012 by Laxman | Email|Print
Shariah experts on financial matters declare that local banks are committing a crime by seizing the deposits in accounts that had not been accessed in the past five years. The experts demand that agencies such as the Saudi Arabian Monetary Agency (SAMA) take action against such violations of both Shariah principles and rules of international banking.
They made this demand while reacting to a recent media report that banks in the Kingdom seized the deposits in dormant accounts that were not operated for the past five years………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Demonstrating its commitment to the community across the UAE, Dubai Islamic Bank (DIB) announced the launch of the latest edition of its Emarati Programme in Abu Dhabi. As part of this six-month programme, 20 female UAE Nationals from Abu Dhabi will participate in a customised training course to enhance their skills and knowledge of the banking industry.
The announcement follows the induction last month of 20 female UAE Nationals from Dubai who are also taking part in DIB’s Emarati Programme, a key component of the bank’s long-term strategy to meet its ambitious Emiratisation targets. (Press Release)
Posted on 01 October 2012 by Laxman | Email|Print
“Takaful – Islamic insurance – is on the rise in Pakistan and the indicators allude that the phenomenon is on the upward swing in terms of performance and efficiency. The five companies working in Pakistan have been making notable progress following a 12% growth rate annually,” said Professor Atiq Zafar, Head of Riphah Centre for Islamic Business of Riphah International University.
Quoting verses from the Quran and referring the verdict of Federal Shariat Court regarding the prohibition of interest, Zafar said that interest had widened the gap between the rich and the poor in the society………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
MAA Takaful Bhd, a wholly-owned subsidiary of MAA Group Bhd, is confident of maintaining its market leadership in the investment-linked business, notably in the regular investment-linked (basic) and single investment-linked businesses.
Its chief executive officer Salim Majid Zain told StarBiz that currently its market share in regular investment-linked (basic) and single investment-linked businesses stood at 31% and 54% respectively………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Islamic banking which follows Shariah law has been in operation since the enactment of the Islamic Banking Act in 1983. In these 30 years, Malaysia has been practising the dual-banking system - Islamic and conventional.
Islamic principles dictate that money lending (dealing with interest) as well as investing in businesses that are considered haram (unlawful) are prohibited. Islamic finance is all about accumulating all the available resources (from savings) and providing financing based on pre-determined profits rather than dealing with interest………………………………………..Full Article: Source
Posted on 01 October 2012 by Laxman | Email|Print
Iran’s economy is edging towards collapse due to international sanctions over its controversial nuclear programme, Israeli Finance Minister Yuval Steinitz said on Sunday.
Israel regards the prospect of its arch enemy developing nuclear weapons as a threat to its existence, and Prime Minister Benjamin Netanyahu has said that, although sanctions are taking their toll, they are not yet forcing Iran to abandon work that could soon lead to a nuclear warhead………………………………………..Full Article: Source
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