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Islamic Finance Briefing - Category | Property, Projects, Infrastructure more

Adib launches US property investment solution

Posted on 24 April 2012 by Laxman  |  Email|Print

Adib Private Bank, a unit of Abu Dhabi Islamic Bank (Adib), recently launched a diversified US real estate investment portfolio with Investcorp, one of largest investors in the US real estate market, as the investment manager.
The product was launched during the second edition of Adib Private Bank’s Wealth Management Seminar series. Two seminars were organized, one in Abu Dhabi and the other in Dubai, themed ‘Real Estate as a Yield Enhancement Strategy.”……………………………………….Full Article: Source

Saudi Maaden says in talks for up to SAR7 bln in Islamic loans

Posted on 23 April 2012 by Laxman  |  Email|Print

Saudi Arabian Mining Co., the state-run producer known as Maaden , said Saturday it is talking with a number of banks about securing Islamic loans worth up to 7 billion Saudi riyals ($1.86 billion).
The medium-term Murabaha financing will be used to finance future projects, the company said in a statement on the website of the Saudi stock exchange………………………………………..Full Article: Source

Islamic finance: Keeping faith in real estate

Posted on 17 April 2012 by Laxman  |  Email|Print

With an estimated value of around $1.1trn in global assets, Islamic finance has maintained continuous growth against the backdrop of global economic turmoil across many of the conventional world markets.
Yet while their inherent conservatism and overweight exposure to low risk investment has proven a strong point for Islamic-compliant financing of real estate, as safer investments have generally out-performed the market, the ongoing lag in Shari’a rules harmonisation is threatening to stifle their full potential in the Middle East and Islamic Asia, reflects Mark Faithfull………………………………………..Full Article: Source

Dubai Duty Free to raise $1.1bln

Posted on 10 April 2012 by Laxman  |  Email|Print

Airport retailer Dubai Duty Free has mandated banks for a $1.1 billion (Dh4 billion) multi-tranche loan facility to help fund the expansion of Dubai’s international airport, the company said. Facility includes both conventional and Islamic tranches.
Citibank along with Dubai Islamic, HSBC and Emirates NBD have been hired to arrange and coordinate the debut international transaction, the company said………………………………………..Full Article: Source

BPC gets $855mln from Islamic Trade Finance for fuel imports

Posted on 10 April 2012 by Laxman  |  Email|Print

Bangladesh signed an $855 million loan agreement with the International Islamic Trade Finance Corporation (ITFC) to finance imports of crude oil and refined petroleum products.
A deal was signed among ITFC (a member of the Islamic Development Bank Group), the Energy and Mineral Resources Division and Bangladesh Petroleum Corporation at Ruposhi Bangla Hotel in Dhaka………………………………………..Full Article: Source

OIC SG stresses swifter implementation pace on IDB projects

Posted on 05 April 2012 by Laxman  |  Email|Print

Prof Ekmeleddin Ihsanoglu, OIC Secretary General, has urged on IDB Governors to re-double efforts towards swifter discharge of their national/regional ownership of rapid implementation of development projects in OIC Member States.
He has conveyed this urgency in his passionate message delivered by Amb. Hameed A. Opeloyeru, Assistant Secretary General OIC, at the 37th Annual Meeting of the Board of Governors of IDB, in Khartoum/Sudan on Wednesday, says an OIC email……………………………………….Full Article: Source

Middle East projects look to regional banks for funding support

Posted on 05 April 2012 by Laxman  |  Email|Print

The retreat of international commercial banks since 2008 has left a void at the heart of project finance in the Middle East. So how can regional governments afford to deliver the grand projects they have promised their people?
The retreat of international commercial banks in the wake of the 2008 financial crisis has left a void at the heart of project finance in the Gulf………………………………………..Full Article: Source

Islamic Development Bank approves $389bln for infrastructure worldwide

Posted on 04 April 2012 by Laxman  |  Email|Print

The Board of Executive Directors of the Islamic Development Bank (IDB) has approved an additional $389.3 billion to support development initiatives in member countries and Muslim communities across the world.
The approval was given at the 282nd meeting of the board, which took place in the course of the 37th Annual Meeting of IDB, on Tuesday in Khartoum, Sudan………………………………………..Full Article: Source

Islamic property laws hamper economies of Middle East

Posted on 04 April 2012 by Laxman  |  Email|Print

One of the world’s most influential scholars on Islam’s impact on Middle East economics spoke before a large Baylor audience Monday, arguing certain provisions of Islamic law stifled innovation in the region for centuries.
Dr. Timur Kuran, professor of economics and political science at Duke University, said Islamic law discouraged the development of large corporations that accompanied Europe and America’s economic progress in the industrial revolution………………………………………..Full Article: Source

Saudi Electric Co places $1.75 bln loan deal

Posted on 02 April 2012 by Laxman  |  Email|Print

Saudi Electricity Company has announced the successfully completion of the pricing and allocations for a total sukuk issuance of US$1,750 million.
The Islamic Finance compliant loan is formed of two separate sukuk certificates; a $500 million 5-year series and $1,250 million 10-year series priced at 2.665% and 4.211%, respectively, with profit payments payable on a semi-annual basis starting 2012………………………………………..Full Article: Source

IDB pumps $2bln into various projects in Nigeria

Posted on 15 March 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) and its affiliates will finance projects in Nigeria in Agriculture, Energy, Transport, Water Supply and Sanitation, Education, and Health. The projects are worth about $2 billion.
Apart from another N30.2 billion for Food Security Programme covering Anambra, Gombe and Yobe States, the Saudi Arabia-based bank announced in Abuja weekend that it has also approved additional eight projects in the sum of $200million, and granted trade financing for $205 million to prominent companies and banks in the country………………………………………..Full Article: Source

Capinnova buys stake in Saudi medical firm

Posted on 14 March 2012 by Laxman  |  Email|Print

Bahrain-based Capinnova, the Shariah-compliant investment banking arm of BBK, has acquired a strategic stake in SMMP, a leading Saudi-based manufacturer of medical disposable products, for $22 million.
The company, Saudi Mais Company For Medical Products is one of the leading manufacturers of medical disposables in the Kingdom having obtained the ISO 9001, the GMP, and the CE Mark certificates………………………………………..Full Article: Source

IDB pumps $2bln into various projects in Nigeria

Posted on 13 March 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) and its affiliates will finance projects in Nigeria in Agriculture, Energy, Transport, Water Supply and Sanitation, Education, and Health.The projects are worth about $2 billion.
Apart from another N30.2 billion for Food Security Programme covering Anambra, Gombe and Yobe States, the Saudi Arabia-based bank announced in Abuja weekend that it has also approved additional eight projects in the sum of $200million, and granted trade financing for $205 million to prominent companies and banks in the country………………………………………..Full Article: Source

Arab National Bank : Inks an SR 90 mln Islamic finance agreement with Jenan Real Estate Company

Posted on 13 March 2012 by Laxman  |  Email|Print

Jenan Real Estate Company executed an agreement with Arab National Bank pursuant to which the Company will secure an SR 90 million in Islamic Finance Facility to finance Company projects, particularly Al Nawras Village Project dedicated for SAUDI ARAMCO employees.
Jenan is one of the leading real estate development companies in Saudi Arabia, with a registered capital of SR 475 million. The value of development projects currently in progress exceeds SR 6 billion………………………………………..Full Article: Source

Malaysia: Developers hope Islamic financing may help in build-then-sell

Posted on 12 March 2012 by Laxman  |  Email|Print

Thoughout last year, Minister Datuk Wira Chor Chee Heung reiterated several times that the Housing and Local Government ministry would make Build-then-Sell (BTS) of homes mandatory by 2015. This did not stop speculation within the industry on the progress of this initiative however.
And for the first time, at the recent opening ceremony of Malaysia Property Expo (MAPEX) 2012, Chor communicated uncertainty on the feasibility of BTS………………………………………..Full Article: Source

Zain Saudi Arabia in talks to refinance $2.5bln Islamic loan

Posted on 29 February 2012 by Laxman  |  Email|Print

Zain Saudi Arabia, the country’s third-largest mobile operator, is in talks with lenders to refinance its $2.5bn Islamic syndicated loan that matures in July, banking sources close to the deal said.
The firm has come under pressure to restructure its capital after losses pushed it close to a limit on capital losses imposed by the bourse. The original Murabaha loan was secured in 2009 to back the company’s network expansion, with two tranches consisting of $775m and SR6.46bn ($1.72bn)………………………………………..Full Article: Source

IDB funds Turkey railway project

Posted on 24 February 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) has pledged to provide financing of US$ 668 million for major infrastructure works across the Muslim world, including a US$ 229 million loan for a 304 km high speed railway line between Ankara and Konya in Turkey.
IDB will fund a number of other transport projects, including a US$ 15.4 million loan to Sierra Leone for the construction of its Pendembu-Kailahum Road project and US$ 15 million for Niger for its Arlita-Assamaka road project on the border with Algeria………………………………………..Full Article: Source

Sukuk to finance projects: Allowed?

Posted on 24 February 2012 by Laxman  |  Email|Print

In fact sukuk are a perfect Islamic alternative to treasury bond to finance budget deficit. They work better in the public sector than in the private one. The budget in Egypt has several development projects such as roads, railroads, airports, etc. The government issues sukuk for these projects and their like as follows:
A wakalah (proxy) given by sukuk holders to the specific authority to construct the road whose cost is 2 billion Dollars; the road, say, takes 2 years to be built and then the government rents it for 10 years, a rent which ends with ownership, i.e., with payment of its cost price over this period………………………………………..Full Article: Source

Dubai raises $675 mln financing for Al Sufouh tram project

Posted on 23 February 2012 by Laxman  |  Email|Print

Dubai’s Department of Finance raised $675 million from a dual-currency financing to complete phase 1 of the Al-Sufouh Tram project in the emirate.
The facility comprises a $401 million loan which will amortize over 10 years from 2015, the government’s Media Office said in an e-mailed statement today. The second portion is a six-year $274 million Islamic Ijara facility, split equally in dollars and dirhams, and amortizing over three years from 2015………………………………………..Full Article: Source

Saudi’s Dar al-Arkan to repay $990 mln debt this year

Posted on 20 February 2012 by Laxman  |  Email|Print

Saudi Arabia’s biggest property developer, Dar al-Arkan, plans to repay about 3.7 billion riyals ($986.6 million) of debt this year, its chief financial officer said on Sunday.
Dar al-Arkan has around 4.6 billion riyals of debt maturing this year, including the $1 billion sukuk, or Islamic bond, maturing in July, 200 million riyals which have been rolled over, and 700 million riyals which is expected to be refinanced through an asset-based facility, Anand Raheja said……………………………………….Full Article: Source

Desire to hit infrastructure target explains fresh FG’s fresh borrowing

Posted on 17 February 2012 by Laxman  |  Email|Print

Nigeria’s huge developmental needs make it imperative to borrow to finance infrastructure and other developmental projects, with an aim to improving the lives of citizens analysts say, although skepticism abounds among the populace about the ability to deploy such funds effectively.
Nigerian President Goodluck Jonathan only yesterday sought the approval of the Senate to borrow $7.905 billion from the World Bank, Africa Development Bank (ADB), Islamic Development Bank (IDB), and Exim Bank of China, informing that the money would be used to finance a number of projects designed to create employment opportunities, with a view to growing the economy………………………………………..Full Article: Source

Noor Islamic Bank and Mashreq join forces to finance new hospital

Posted on 16 February 2012 by Laxman  |  Email|Print

Al Zahra Private Hospital Dubai, subsidiary of Gulf Medical Projects Company, has signed a AED 360 million finance facility with Noor Islamic Bank and Mashreq Al Islami, the Islamic banking division of Mashreq Bank.
Noor Islamic Bank and Mashreq Al Islami are participating on an equal sharing basis. The seven-year facility agreement was signed by a representative of Al Zahra (PVT) Hospital Dubai, Kazim Ali, Acting Head of Corporate Banking, Noor Islamic Bank and Amr El Nokaly, Senior Vice President and Head-Commercial Banking, Mashreq Al Islami………………………………………..Full Article: Source

Saudi utility gets $1.2 bln loan

Posted on 16 February 2012 by Laxman  |  Email|Print

HSBC and Banque Saudi Fransi have helped arrange a $1.2 billion loan for Saudi utility company Marafiq, according to a report by the Saudi Press Agency. The Islamic finance Murabaha loan will be used for projects and operations, the report said.
In August 2010, Marafiq got an SAR 2.5 billion, 15-year Murabaha which had banks like Arab National Bank, Banque Saudi Fransi, National Commercial Bank, Samba Financial Group, Saudi British Bank (SABB) and Saudi Hollandi Bank on board………………………………………..Full Article: Source

Malaysia to sell up to $9.9 bln Islamic bonds to finance mass railway

Posted on 15 February 2012 by Laxman  |  Email|Print

Malaysia aims to raise as much 30 billion ringgit ($9.9 billion) through an Islamic bond program to fund construction of a mass railway in the Southeast Asian nation’s capital, the project’s manager said.
Dana Infra Sdn., a finance ministry company set up to fund infrastructure projects, will sell ringgit-denominated Islamic bonds, or sukuk, with maturities of as much as 65 years, Azhar Abdul Hamid, chief executive officer of Mass Rapid Transit Corp., said……………………………………….Full Article: Source

Apicorp raises billions in Sharia-compliant syndicated financing

Posted on 14 February 2012 by Laxman  |  Email|Print

Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank of the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), on Monday announced it has successfully closed a three-year 2.5 billion-riyal ($667 million) syndicated Sharia-compliant facility from four leading Saudi Arabian banks on competitive market terms.
The facility, which is Apicorp’s debut syndicated Sharia-compliant financing, is aimed at retaining and increasing its medium term funding. The government of UAE has a 17 per cent stake in Apicorp………………………………………..Full Article: Source

Saudi Mobily secures $2.7bln Islamic loan

Posted on 13 February 2012 by Laxman  |  Email|Print

Saudi Arabian telecom firm Etihad Etisalat says it has secured a 10 billion riyal ($2.7 billion) Shariah-compliant loan from seven banks that allows its to consolidate several other loans into one.
The company, commonly known as Mobily, said in a statement on the Saudi Arabian stock exchange’s website Sunday that the Islamic law-compliant loan was 3.5 times covered by the banks involved, and with more favorable terms than before. Mobily is Saudi Arabia’s second largest telecom by market capitalization………………………………………..Full Article: Source

Iran sells $1.1 bln in bonds for South Pars projects

Posted on 13 February 2012 by Laxman  |  Email|Print

Iran has sold up to 14 trillion rials (some $1.1 billion) in bonds during past week to finance the South Pars gas field’s development plans, Shana news agency quoted the National Iranian Oil Company’s managing director as saying.
Five billion dollars in bonds will be issued in the current Iranian calendar year (to end March 19, 2012) to speed up the implementation of South Pars gas field projects, the NIOC head, Ahmad Qalebani, added………………………………………..Full Article: Source

Emirates to raise $517 mln Islamic loan

Posted on 08 February 2012 by Laxman  |  Email|Print

Dubai’s Emirates airline has hired three local banks to arrange a 1.9 billion dirhams ($517.3 million) Islamic loan facility to finance two of its planes, Arabic newspaper Al Bayan reported on Tuesday.
The Dubai government-owned airline has asked Dubai Islamic Bank, Ajman Bank and Al Hilal Bank to arrange the financing deal for a Boeing 777-300 and an Airbus A380 superjumbo, the paper said quoting unnamed banking sources………………………………………..Full Article: Source

Qatar: Robust banking to support $100bln projects: QCB chief

Posted on 07 February 2012 by Laxman  |  Email|Print

Qatar’s banking sector has grown a whopping 22.3% to $190.6bn in 2011, said HE the QCB Governor Sheikh Abdulla bin Saud al-Thani as he expressed confidence in the country’s ability to finance more than $100bn worth of projects to be completed in line with the 2030 vision.
Addressing the first session at the Qatar Projects 2012 yesterday Sheikh Abdulla said customer deposits with the country’s commercial banks increased by more than 18.5% to $100bn and credit facilities to customers rose 28.2% to $103.5bn in 2011……………………………………….Full Article: Source

IDB discusses prospects for cooperation with Azerbaijan in energy sector

Posted on 27 January 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) is discussing opportunities for greater cooperation in the energy sector with Azerbaijani government, source in the Baku office of the bank told Trend. The mission of the IDB leading by the acting head of energy department Mugabil Hussein was in Baku from January 23 to January 25.

“The mission was provided with information on the energy sector during the visit. Experts get acquainted with the bank’s current situation in the energy sector, were discussing the possibilities and perspectives of cooperation,” the IDB said……………………………………….Full Article: Source

Indonesia aims to issue project-based Sukuk in H1

Posted on 25 January 2012 by Laxman  |  Email|Print

Agus MartowardojoIndonesia plans to issue 2 trillion rupiah ($223.59 million) of project-based sukuk in the first half of this year, the finance minister said on Tuesday, after the country failed to sell the sukuk last year as investors asked for higher yields.
The Islamic instrument was first offered in October last year, only to see weak investor appetite due to the country’s shallow sukuk market………………………………………..Full Article: Source

IDB to give $3bln for development in Pakistan

Posted on 24 January 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) will provide around $3 billion to Pakistan during 2012-15 to help it achieve sustainable socio-economic development. The IDB plans to provide the funding under a new partnership strategy, a copy of which has been obtained by Dawn.
The assistance will be used for infrastructure development in energy and transport sector; supporting sustainable agriculture and rural development; and enhancing human development in education and health sectors………………………………………..Full Article: Source

Turkish Islamic banks gave mostly construction loans

Posted on 20 January 2012 by Laxman  |  Email|Print

Turkey’s Islamic banks gave most loans to construction companies and will continue lending to Turkish firms this year, Sabah reported.
The industry awarded 14.8 billion liras ($8 billion) of loans to constructors as of November, 6.5 billion liras to trade and retail companies and 3.8 billion liras to textile firms, the Istanbul-based newspaper said citing Fahrettin Yahsi, chief executive of Albaraka Turk Katilim Bankasi AS (ALBRK) and head of an association representing the banks………………………………………..Full Article: Source

IDB funds Pakistan wind power project

Posted on 18 January 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) approved funding of US$ 321.8 million for Muslim communities across the world at the recent meeting of the board of executive directors.
The IDB funding includes US$ 140 million finance for the Sindh Province of Pakistan to develop wind-powered electricity. Remote areas of Sindh Province are still without electricity………………………………………..Full Article: Source

1MDB may sell Sukuk to part-finance KLIFD project

Posted on 13 January 2012 by Laxman  |  Email|Print

1Malaysia Development Bhd (1MDB), a state-owned development company, may sell Islamic bonds to partly fund the construction of an US$8 billion (RM25.2 billion) financial district in Kuala Lumpur.
“We have a RM2 billion bridging loan coming due in 2013 and are looking at all options,” chief executive officer Shahrol Halmi said in an interview in Kuala Lumpur. “We may sell medium-term syariah-compliant notes if conditions are conducive.”……………………………………….Full Article: Source

IDB/Pakistan: US$ 140 mln wind-power project for Pakistan among $ 322 mln funding approvals by IDB board

Posted on 12 January 2012 by Laxman  |  Email|Print

The Islamic Development Bank (IDB) has extended US$ 140 million funding for a pioneer project to produce wind-powered electricity in the Sindh Province in Pakistan. This financing is part of the overall US$ 321.8 million the Board of Executive Directors of the IDB approved at its 280th session for various development projects in member countries and for Muslim communities in non-member countries.
The meeting that started on Sunday 8 January was chaired by IDB Group President, Dr. Ahmad Mohamed Ali………………………………………..Full Article: Source

Kuwait Finance House makes $96mln profit from Saudi exit

Posted on 09 January 2012 by Laxman  |  Email|Print

The Saudi unit of Kuwait Finance House, the Gulf state’s largest Islamic bank, made a SR360m ($96m) profit from the sale of a real estate project in the kingdom, the bank said in a regulatory filing on Sunday.

KFH sold the project for SR1.5bn and that the profit will be reflected in the bank’s first quarter financial results, the statement added. The buyer of the project was not disclosed………………………………………Full Article: Source

Qatar Islamic Bank contributes $500mln of project finance towards Barzan project

Posted on 03 January 2012 by Laxman  |  Email|Print

Qatar Islamic Bank (QIB) - the largest Islamic bank in Qatar and one of the top-five Sharia’-compliant banks in the world -has announced its participation in the current biggest financing operation in the energy sector carried out by Qatar Petroleum, by offering $500m to finance the Barzan Gas project through Istisna/Ijara instrument.
The amount committed by QIB through the Sharia’-compliant ‘Istisna/Ijara’ investment vehicle constitutes the largest ticket of the Islamic financing tranche in the project, which amounted to an overall total of $850m. (Press Release)

QP completes financing of gas project

Posted on 15 December 2011 by Laxman  |  Email|Print

Qatar Petroleum (QP) has completed a $10.4 billion financing of its Barzan gas project even though a difficult economic climate has put a freeze on global syndicated lending. The financing includes a commercial bank facility of $3.34bn, a $850-million Islamic facility and $2.55bn of export credit agency financing.
The project will be funded with up to 30 per cent equity and the remainder through a syndicated loan expected to total $7.2bn, the company said………………………………………..Full Article: Source

Qatar Petroleum closes $10.4 bln Barzan project finance

Posted on 14 December 2011 by Laxman  |  Email|Print

Qatar Petroleum (QP) has completed a $10.4 billion financing of its Barzan gas project even though a difficult economic climate has put a freeze on global syndicated lending. The project will be funded with up to 30 percent equity and the remainder through a syndicated loan expected to total $7.2 billion, the company said.
The financing includes a commercial bank facility of $3.34 billion, a $850-million Islamic facility and $2.55 billion of export credit agency financing, the statement said. ExxonMobil , QP’s partner in the project, also provided a portion of the senior debt………………………………………..Full Article: Source

PIA attracts UAE lenders to $90mln Islamic finance

Posted on 13 December 2011 by Laxman  |  Email|Print

Pakistan International Airlines Corp (PIA), the national carrier of Pakistan, announced that it raised $90 million (Dh330 million) through an Islamic syndicated fin-ancing facility.
The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank, and United Bank Limited as mandated lead arrangers and joint bookrunners………………………………………..Full Article: Source

Malaysians invited to participate in Halal food, Islamic finance sectors in Kazakhstan

Posted on 09 December 2011 by Laxman  |  Email|Print

Malaysian are invited to participate in various business sectors in Kazakhstan, particularly halal food and Islamic finance.
Kazakhstan Ambassador to Malaysia B. Atamkulov said the two sectors offered huge growth potential as the majority of the country’s population were Muslims. Atamkulov also said he would like to see Malaysian products flowing directly into Kazakhstan rather than getting them from third parties………………………………………..Full Article: Source

ICIF pitches for Islamic banking to fund India’s infra

Posted on 08 December 2011 by Laxman  |  Email|Print

Indian Centre for Islamic Finance(ICIF) today made a strong pitch for Islamic banking in the country to meet India’s huge need for funds for infrastructure development. India needs one trillion dollar to upgrade its infrastructure in order to achieve the target of annual growth of 9 per cent and hence Islamic banking can be an alternative to meet this requirement, said Mr Muddassir Siddiqui, an international expert on Islamic finance.
He claimed Islamic financing has emerged as a viable alternative the world over after the financial meltdown in the West in 2008. It is growing at the rate of more than 15 per cent………………………………………..Full Article: Source

Dubai’s Emaar Properties said to raise $800mln Islamic loan

Posted on 02 December 2011 by Laxman  |  Email|Print

Emaar Properties, the United Arab Emirates’ biggest developer by market value, agreed on an $800m Islamic loan with three banks that pays 3.5 percent more than the benchmark rate, two bankers familiar with the transaction said.
The developer of the world’s tallest tower will also pay fees for the facility, which is provided by Dubai Islamic Bank, Standard Chartered and National Bank of Abu Dhabi, the bankers said, declining to be identified because the information is private………………………………………..Full Article: Source

Qatar firm eyes $500mln spend on Turkish ‘dry’ hotels

Posted on 28 November 2011 by Laxman  |  Email|Print

A Qatar-based hospitality company is set to invest at least $500m in Turkish hotels operating under Islamic traditions. Semi state-owned Retaj Marketing and Project Management is looking to build multiple hotels to attract conservative Muslim holidaymakers in Turkey, according to the Anatolia news agency.

The hotels would operate on Islamic principles, with no alcohol or smoking allowed………………………………………Full Article: Source

Qatari firm to invest in Islamic hotels

Posted on 25 November 2011 by Laxman  |  Email|Print

Qatari group Retaj is planning an investment of $500 million in Turkey in a bid to develop hotels and residences run along an Islamic model in two big cities.

“Turkey has become the 16th largest economy in the world and sixth largest economy in Europe, and this made us want to invest in Turkey,” Retaj Board of Directors member Bin Johar al-Mohammed told Anatolia news agency in a recent interview………………………………………Full Article: Source

India: Kerala must tap Islamic funds for infrastructure development, say experts

Posted on 17 November 2011 by Laxman  |  Email|Print

Kerala could become a role model of tapping Islamic finance market to raise badly needed funds for infrastructure development, according to experts. H. Abdur Raqeeb, Convener, National Committee on Islamic Banking at the New Delhi-based Indian Centre for Islamic Finance (ICIF), made a strong pitch for these funds.
The State Minister for Public Works, V. K. Ibrahim Kunju, and the Secretary, PWD, Mr Manoj Joshi, said the State Government wholeheartedly welcomed Islamic funding agencies in the space of infrastructure development. Infrastructure development is as Shariah-compliant a cause as they come, Joshi said……………………………………..Full Article: Source

Some UAE banks sue property defaulters

Posted on 04 November 2011 by Laxman  |  Email|Print

Some conventional and Islamic banks in the UAE have started filing cases against mortgagors of foreclosed properties in order to recoup their losses.
“Banks (conventional and Islamic) have started to file cases to recover their losses from mortgagors if the losses are huge and they are certain that the mortgagor has assets that can be attached. Some of our clients have filed cases against the mortgagors,” Mazen Boustany, Head of Banking and Finance at Habib Al Mulla & Company………………………………………..Full Article: Source

Shariah and house purchase in Malaysia

Posted on 26 October 2011 by Laxman  |  Email|Print

Despite the existence of Shariah advisory councils, Islamic banks and financial institutions in Malaysia may be failing to carry out their duties. An article in this month’s JSSH investigates transactions on purchasing houses specifically on transactions involving houses pending completion using the current practice of ’sale by deferred payment’ also known as Bay’ Bithaman al-Ajil (BBA).

Islamic banking gained foothold in Malaysia, with the establishment of Bank Islam Malaysia Berhad in 1983 and facilities have since expanded……………………………………..Full Article: Source

Trade finance to propel Islamic banking industry

Posted on 19 October 2011 by Laxman  |  Email|Print

Islamic trade finance has benefited from shifting preferences towards Sharia-compliant banking and could serve as one of the key growth drivers to help the nearly US$1-trillion Islamic finance industry double in size, according to the World Islamic Economic Forum Foundation.
“Trade finance is the lifeblood of global commerce, underpinning 60%-80% of the US$12-US$13-trillion trade in global merchandise,” the WIEF Foundation said at a briefing on Tuesday……………………………………….Full Article: Source

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