Posted on 10 December 2012 by Laxman | Email|Print
International Bank of Azerbaijan (IBA), the country’s biggest lender, plans to raise $150 million through an Islamic syndicated loan early next year and double its Islamic banking assets by the end of 2013, according to a senior executive.
Behnam Gurbanzada, IBA’s director of Islamic banking, said the bank planned to sign a mandate in January and close the deal in April. The one-year private syndication would be the first of its kind in Azerbaijan and would help IBA cater to the estimated 93 percent of its 9 million population who are Muslim………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Turkey’s largest Islamic lender Bank Asya plans to issue a dollar-denominated sukuk, or Islamic bond, of around $200-$300 million within the next two to three months, chief executive Abdullah Celik said.
The Islamic lender will also finalise the issuance of its lira-denominated sukuk of between 100-150m lira ($56-84m) within the next month-and-a-half, Celik said in an interview………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Cagamas Berhad, the Malaysian National Mortgage Corporation announced a 76 per cent increase in debt securities issuance to MYR 5.0 billion for 2012 following the successful sale of MYR 1.45 billion Sukuk comprising MYR 250 million Sukuk Wakalah bil Istithmar and MYR 1.2 billion Sukuk Commodity Murabahah.
The Sukuk are in three-month, one, two, three, four and five-year tenures and will be issued at 3.21 per cent, 3.30 per cent, 3.40 per cent, 3.50 per cent, 3.58 per cent and 3.66 per cent respectively………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
The Egyptian Financial Supervisory Authority (EFSA) is reported to have finished the draft of a law governing the issuance of Sukuk in the country.
Egyptian newspaper Al Ahram reports an EFSA statement as saying the draft legislation was put together after studying international experiences in such regulations. The draft includes activities that may be financed by Sukuk and the different kinds of financing instruments available. The bill stipulates the approval of a committee of three Shari’ah scholars on any Sukuk offering before it is issued………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Following the extraordinary general meeting held on 5 December, Savola Group reports that the EGM approved the proposed amendment to the company’s by-laws, giving it the green light to issue debt instruments.
The company may now issue any type of tradable debt instruments such as bonds or Sukuk whether within or outside the Kingdom of Saudi Arabia in accordance with the applicable laws and regulations, and the General Assembly (GA) has the right, pursuant to a resolution issued by it, to delegate to the Board the authority to issue such debt instruments including bonds or Sukuk ……………………………………….Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Gulf International Bank (GIB) has announced the successful completion of its senior unsecured $ 500 million 5-year debut issue under its $ 4 billion Euro Medium Term Note Program. The notes were issued at a spread of $ 5-year mid-swap plus 165 basis points with a coupon rate of 2.375 percent.
This highly successful Reg S transaction achieved one of the lowest coupons for a $ 5-year senior unsecured transaction by a bank in the MENA region, clearly reflecting investors’ high confidence in GIB’s financial strength and credit story………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Early in October, Bank Negara Malaysia, together with the Ministry of Domestic Trade and Consumer Affairs and the Companies Commission of Malaysia (SSM), raided several gold trading companies with the help of the police.
Among them were Genneva Malaysia Sdn Bhd, Pageantry Gold Bhd, Caesar Gold Sdn Bhd, Worldwide Far East Bhd and Bestino Group Bhd. Genneva — probably the largest and the most high-profile of these companies — attracted much attention from the public and the media………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Saudi banks are doing a good job in the field of Shariah-compliant financing and are creating more excitement in the world about the industry, says SEDCO Capital CEO Hasan S. AlJabri.
SEDCO Capital has worked with some of the leading global managers to develop Shariah-compliant investments that are as sophisticated and at often times more rewarding than conventional investments due to its low leverage, he says.“The virtue of Islamic finance is the creation of real value in the economy thus creating real growth and jobs,” he said………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Malaysia needs talents to fill 35,000 Islamic finance vacancies by 2030 to cope with the rapid growth of the industry, said Islamic Banking and Finance Institute (IBFIM) CEO Datuk Dr Adnan Alias.
He said the institute planned to provide training in Islamic finance to meet the growing needs of the industry. “IBFIM is proud to see such great take up for certified qualification in Islamic Finance and specialised certification programmes and a high level of talent as can be seen from the programmes’ assessment results,” he said……………………………………….Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
The government is planning on modeling Malaysia as a progressive and advanced Islamic country in the long run along with having the largest Islamic financial system in the world.
Deputy Finance Minister, Datuk Dr Awang Adek Hussin said such an aspiration was not impossible considering the achievement of Islamic finance accounting for 24 per cent of the country’s total financial system………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Thomson Reuters, a leading source of intelligent information for businesses and professionals, has launched the new Islamic Finance Gateway (IFG) community, a multi-platform forum for experts and professionals in the Islamic finance industry.
The IFG Community gathers the industry online, and face-to-face at roundtable sessions and conferences. The online community forum gives members free access to the latest market reports, insider information, and market news and analysis. Community members also receive daily and weekly briefings that contain essential daily news and market movement coverage of all relevant Islamic asset classes. (Press Release)
Posted on 10 December 2012 by Laxman | Email|Print
Islamic products and services are currently in the process of being rolled out to the markets by respective Islamic banks and windows, pending the promulgation of Islamic Finance Regulatory Framework (IBRF). Islamic banking is indeed ‘Riba-free’ because Riba is Haram in Islam. However, it is a misconception that Islamic banking is free of any costs to the borrowing clients.
There are both the ‘operating costs’ and ‘profits’ charged by the banks providing Islamic products and services to their customers. These charges are roughly the same as those charged by the conventional banks for their products and services………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Kuwait Finance House (KFIN) made a 25 million-dinar ($89 million) profit from a property deal as the country’s biggest Islamic lender reorganizes its business.The bank sold 16 units of land for 84 million dinars, it said in an e-mailed statement. Profit from the sale will be included in 2012 financial results.
Kuwait Finance House said last month it plans to boost capital by 20 percent to help finance its five-year plan and support expansion. The lender said in March it will restructure, merge or sell unprofitable units to boost earnings………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
The board of governors of the Central Bank of Oman (CBO) has revised the legal framework of the sultanate’s banking system for the implementation of Islamic banking activities in the country. According to a statement issued on Saturday, the board decided to introduce amendments to the existing banking law in relation to Islamic banking.
A Royal Decree issued last week amended provisions of the banking law to allow for the inclusion of Islamic banking as a licensed banking activity through either specialised banks or independent windows at existing commercial banks………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Oman has paved the way for Islamic banks to start operations with the announcement of a Royal Decree amending the banking law to accommodate Sharia-compliant financial products. The two Islamic banks bank Nizwa and alizz islamic bank and window operations of conventional banks are expected to start within two months from now.
The Central Bank of Oman (CBO) may announce the detailed regulation, said a banking source. “We have all submitted application for starting window operation. Now the central bank can issue licence for us to offer Sharia compliant products. But I don’t know the timeframe,” said a senior banker………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Maurisbank will launch its Islamic banking offering to both retail and corporate clients in Mauritania in 2013, having chosen SAB as its technology partner.
The contract between Maurisbank and SAB was signed in Nouakchott recently by Ahmed Ould Megaya, President and principal shareholder of Maurisbank, and by Henri Assaf, the General Manager of SAB Group, in the presence ofMohamed Limame, General Manager of SAB Tunisia………………………………………..Full Article: Source
Posted on 10 December 2012 by Laxman | Email|Print
Close on the heels of declaring strong third quarter results, Bank Sohar was awarded with an Investment Banking License by the Capital Markets Authority of Oman. “This license is very important because it allows Bank Sohar to offer more products and services to its clients and relationships”, said Dr Kalmoor, CEO of Bank Sohar.
Bank Sohar GCC Fixed Income Fund (“Fund”), which is a separate share class within the Rasmala GCC Fixed Income Fund, seeks to provide investors with regular coupon distributions and capital appreciation by investing primarily in investment grade bonds issued by governments, government related entities and corporates. (Press Release)
Posted on 10 December 2012 by Laxman | Email|Print
Khalifa Fund for Enterprise Development signed a Memorandum of Understanding with Ajman Bank which will allow Khalifa Fund to give its financial services to the Emiratis through the Bank branches, which will increase the number of banks providing credit management services to 6 national banks.
By signing this MOU, Ajman Bank with provide our applicants with the credit management services they require and all other financial services required by our applicants in addition to provide a special center for them. “This MOU allow Khalifa Fund to provide different financial programs under the Islamic Finance in order to provide various options for the different society segments”, said H. E. Abdullah Al Darmaki the CEO of Khalifa Fund. (Press Release)
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Posted on 10 December 2012 by Laxman | Email|Print
The 19th World Islamic Banking Conference (WIBC) opened Sunday in Bahrain with participants eyeing the international development of the Islamic banking industry.
As the world’s largest and most significant annual gathering of the Islamic banking industry, the WIBC is set to convene more than 1,200 industry leaders representing over 50 countries this year. In his speech at the opening of WIBC 2012, Khaled Mohammed Al- Aboodi, head of Saudi Islamic Development Bank’s private sector branch, stressed building the Islamic banking’s capacity and supporting its international development. (Press Release)
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