Posted on 11 January 2013 by Laxman | Email|Print
Qatar’s $4bn dual tranche sukuk has been recognised as the best Islamic finance deal of the country in 2012. Saudi Arabia has emerged as a major Sukuk market, rivalling Malaysia in issuance volume.
Saudi Arabia’s General Authority of Civil Aviation’s SR14bn sukuk has been adjudged as the best Saudi Arabian Deal of the Year. Jebel Ali Free Zone Dh4.4bn Syndicated Financing Facility and a $650m sukuk has been announced as the best Syndicated Deal. Abu Dhabi Islamic Bank’s $1bn Perpetual Tier 1 Trust Certificates has been recognised as the UAE Deal of the Year. Last year was most prolific for the Sukuk market. It saw steady activities in markets like the UAE and Indonesia, as well as the expansion of Islamic capital markets to new markets like Turkey…………………………………………Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
One of the first big bond issues from a state-owned company in the Gulf this year is likely to set a bullish tone for the market — so bullish, some market participants believe, that it might price inside the sovereign.
Dubai Electricity and Water Authority (Dewa) plans to issue up to $1 billion (Dh3.67 billion) of sukuk in the first quarter, using the proceeds to refinance existing debt and invest in its projects, Chief Executive Saeed Mohammad Al Tayer said on Tuesday………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
MARC has affirmed the ratings of Dura Palms Sdn Bhd’s (Dura Palms) MYR 100 million Series A, MYR 90 million Series B and MYR 10 million Series C Sukuk Ijarah at AAAIS, AAIS and AIS respectively.
The ratings carry a stable outlook. The rating action affects the outstanding amounts under the respective series of MYR 50 million, MYR 48 million and MYR 10 million………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
The tax amendment by Hong Kong will definitely allow a more facilitative platform for Islamic finance to thrive there, and therefore increase its competitiveness in the global financial market, according to CIMB Islamic Bank Bhd chief executive officer Badlisyah Abdul Ghani.
Badlisyah, who spoke on Bloomberg Television’s “On the Move” yesterday, said the only competitive disadvantage that Hong Kong currently had as compared to financial markets in other part of the world is the lack of Islamic finance offerings of value proposition………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Abu Dhabi-listed Dana reached an agreement with creditors to amend terms of a $920 million Islamic bond. Crescent Petroleum, the biggest shareholder in Dana Gas, said the terms of Dana’s planned $920 million debt restructuring deal are fair and protect shareholders.
Crescent Chief Executive Majid Jafar, who is also a board member of Dana, described the deal as “an optimum balance to serve interests of all stakeholders”………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
After weeks of discussion and preparation of a new sukuk, or Islamic bonds law, the Islamic Research Academy of Al-Azhar (IRA) has refused the Ministry of Finance’s draft law on sukuk during its meeting last week. The decision was later supported by the Shura Council’s Economic Committee, which has also refused the law.
The ministry’s rejected bill only included sovereign sukuks, issued by governments. Meanwhile, there is another draft law prepared by the Egyptian Financial Supervisory Authority that regulates sukuk offered by private companies and banks………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
The International Islamic Trade Finance Corporation (IITFC), a branch of the Islamic Development Bank, has provided $265 million in funding to Egyptian General Petroleum Corporation (EGPC).
This raises the amount of money provided to the EGPC by the IITFC since October last year to nearly $500 million to help the state to secure a larger number of basic goods and other necessities for its citizens. This would include petroleum products, wheat and other foodstuffs………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
They say nothing in life is free. But with Noor Islamic Bank’s (Noor) innovative ‘Addvantage’ account, Noor customers can take advantage of a host of free benefits, including a free lifetime Platinum credit card, free telegraphic transfers, free gym membership and free ATM withdrawals.
An ‘Addvantage’ account also offers Shari’a compliant preapproved drawing facility equivalent to half of one month’s net salary for instant cash support, as well as home finance at discounted rates, online account opening and a dedicated relationship manager………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Kurdistan International Bank was set up in this new environment and started operations in 2005. It is one of the leading banks and it is a pioneer. It is the biggest bank in the Kurdistan region and is one of the major banks, if not the second bank of Iraq as a whole.
We expanded rapidly in terms of deposits and in all aspects of the financial sector: profitability, growth and capital. Last week we doubled our capital from 150 billion Iraqi dinars to 300 billion Iraqi dinars. The requirement from the Central Bank is 250 billion Iraqi dinars………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
AmIslamic Bank, the Islamic banking arm of AmBank Group, is confident of achieving a 20 per cent growth in its customer base for the financial year ending March 31, 2013, supported by several campaigns conducted last year.
Chief Executive Officer Datuk Mahdi Murad said the campaigns were conducted not only to reward new and existing customers but to also expand its customer base………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Mohamed El-Erian, chief executive of Newport Beach-based Pacific Investment Management Co., has been selected to receive the 2012 American Muslim Achievement Award from the Islamic Center of Southern California.
El-Erian also is co-chief investment officer, alongside Bill Gross, at Pimco. The award recognizes El-Erian’s “achievements in the fields of finance, global investment management strategies, and matters related to the global economy,” according to the Islamic Center………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Pinehill Pacific Bhd (Pinepac) says its unit Pinehill Plantations (M) Sdn Bhd (PPM) has secured a RM200 million Islamic loan from Export-Import Bank Of Malaysia Bhd (Exim Bank).
The loan will be used to redeem all PPM’s outstanding loan with Bank Kerjasama Rakyat Malaysia Bhd, Pinepac said. It is also to part finance the working capital requirement of PPM’s Indonesian subsidiaries to secure land titles as well as develop and manage the oil palm activities there………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
The latest initiatives by Dubai Government to a set up a comprehensive platform of Islamic economy products and services will strengthen its position as a global centre for Islamic economy, analysts say.
The move will see new comprehensive regulatory regime being set up to standardise and regulate Islamic products, services and practices that will strengthen a ‘parallel economy’ - free from conventional and interest-based financial practices………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Dubai has taken a giant leap towards diversification by putting into motion an ambitious plan to turn the emirate into the Islamic economy capital of the world. The plan is envisioned to grab a significant share of the Islamic finance market worth trillions of dollars.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday announced a group of initiatives to set up a comprehensive platform of Islamic economy products and services aimed at integrating Islamic economy as part of the emirate’s overall economy………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Sheikha Lubna bint Khalid Al Qasimi, Minister of Foreign Trade, praised the announcement of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum for integrating Islamic economy as a key sector of Dubai economy as a ‘promising step forward” to boost assets and gains made by Dubai over the recent years.
Sheikha Lubna the move would build on Dubai’s success based on a well-planned and careful vision to push economic diversification drive forward and create new sectors that support the accelerating pace of developmental, economic and social progress………………………………………..Full Article: Source
Posted on 11 January 2013 by Laxman | Email|Print
Syarikat Takaful Malaysia Bhd (Takaful Malaysia) contributed RM250,000 to Universiti Teknologi Mara (UiTM) to help produce professionals in actuarial science among its students.
Takaful Malaysia Group Managing Director Datuk Hasan Kamil said the fund was part of the company’s social obligation under the “Takaful myJalinan Ilmu” programme introduced in 2009………………………………………..Full Article: Source
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