Posted on 21 November 2012 by Laxman | Email|Print
Qatar Telecom (Qtel), one of the Gulf Arab region’s largest telecoms firms, has signed its debut Islamic financing facility, the operator said on Tuesday.
The $500 million deal, which runs for 18 months and is structured as a revolving Murabaha facility, was provided by Qatar Islamic Bank in a capacity as sole mandated lead arranger, the former monopoly said in an emailed statement. A murabaha is a sharia-compliant cost-plus-profit arrangement……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Australia’s political stability, sizeable domestic economy, supportive infrastructure and developed financial system adds to its chance of becoming a hub for Islamic finance in the region. Islamic finance has a long history. However, it has only developed on a global scale over the last 30 years. In that relatively short space of time the industry has grown rapidly and the global market now exceeds US$1 trillion.
Many will find it surprising that Australia was one of the first developed countries to establish Islamic finance. Shariah compliant cooperatives have been offering personal and small business financial services such as mortgages from the 1990s……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Loss-making Malaysian Airline System Bhd (MAS) has secured a state-backed Islamic bond facility to raise up to 5.3 billion ringgit ($1.73 billion) for the purchase of eight new widebody aircraft made by EADS’s Airbus.
The state-guaranteed bond was established through Turus Pesawat Sdn Bhd, a special-purpose vehicle owned by the ministry of finance, MAS said in a statement on Tuesday……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Bank Rakyat Tuesday signed an agreement with Maybank Investment Bank and CIMB Investment Bank to issue an Islamic medium-term notes (IMTN) programme worth RM1 billion.
Its managing director, Datuk Yusof Abdul Rahman, said the inaugural sukuk musyarakah, expected to be issued on Friday, aimed to generate long-term yields and to meet the Basel III rules on banking capital which will be implemented by Bank Negara Malaysia………………………………………Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
In preparation for Basel III, Bank Rakyat has launched its first sukuk issuance to raise RM1bil under an Islamic medium term notes programme. The issuance would raise RM300mil under its three-year term notes and RM700mil under its five-year term notes.
Bank Rakyat managing director Datuk Yusof Abdul Rahman said the sukuk issuance was part of the bank’s effort to restructure the bank’s fund and to raise funds for the long and medium term……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Golden Agri-Resources, one of the world’s largest palm oil companies, announced on Monday that it raised 1.5 billion ringgit ($490 million) from selling five-year Islamic medium-term notes, called sukuk.
The sale is part of a larger plan to sell up to 5 billion ringgit in notes, the company said in a statement published on its website on Monday. The notes will mature in November 2017, it said. The company considers Malaysia the ideal location for the sale of its sukuk given the country’s well-established and advanced sukuk market with abundant liquidity, coupled with its familiarity with the palm oil industry in general, Golden Agri-Resources said……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Bahrain’s central bank (CBB) plans steps to encourage securities issuance and lure foreign investors who have been deterred by the global financial crisis and political unrest in the Gulf island kingdom.
The CBB will soon issue a directive on the offering of securities covering both Islamic and conventional paper, governor Rasheed al-Maraj said. Bahrain, a regional financial hub and a major centre for Islamic finance, has been hit by unrest that followed Arab Spring uprisings elsewhere in the Middle East……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Emirates Islamic Bank, the Islamic banking arm of Emirates NBD Group, and Roads and Transports Authority (RTA) announced on Tuesday the launch of a new Sharia-compliant visa credit card that is packed with special city transport features, and targeted at car drivers as well as metro commuters.
The new Emirates Islamic Bank RTA credit card is fully Sharia-compliant and combines the features and benefits of a regular credit card and the proprietary Nol transit application, used for making payments on the RTA transit network and at parking meters……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Malaysia will continue to be the global leader in developing and promoting Islamic banking systems, according to Roland Berger Strategy Consultants. Its senior partner in Southeast Asia, Markus Bohme said Malaysia will face competition from member countries of the Gulf Cooperation Council (GCC). He said there will be an automatic connection with the GCC countries and at the same time competition, but Malaysia is probably set for that in Asia.
“Many people are thinking about Malaysia as a product of Islamic investment banking, automatically the activity will be related to the Gulf region. It probably goes beyond the Islamic…Malaysia has relatively strong banks and very international banks which are Maybank and CIMB,” he said……………………………………….Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Takaful Malaysia reported a 55 percent growth in its profit after taxation and zakat (PATZ) of RM67.4 million for the 3rd quarter financial period ended September 2012 compared with RM43.6 million for the same period last year.
Profit before taxation and zakat (PBTZ) meanwhile increased by 44 per cent to RM86.6 million compared with RM60 million previously, the company said in a statement. The group’s cummulative 3rd quarter operating revenue increased by 24 per cent to RM1.29 billion from RM1.04 billion in the same period last year. ………………………………………Full Article: Source
Posted on 21 November 2012 by Laxman | Email|Print
Al Ramz Securities, one of the UAE’s leading brokerage houses, has once again reaffirmed its pioneering role in local industry by introducing the country’s first-ever Islamic Margin Trading service.
The service is patterned after the ‘Murabaha’ type of Shariah-compliant ‘cost-plus’ financing, where a fund purchases goods and resells them to a third party at an agreed-upon price. The price includes the cost of the goods plus a profit margin, with the cost and margin predetermined by the parties involved in advance……………………………………….Full Article: Source
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