Tue, Mar 2, 2021
A A A
Welcome bhaimia
RSS

Islamic Finance Briefing - Archive | January, 2011

Agreement to provide free Takaful cover

Posted on 26 January 2011 by Laxman  |  Email|Print

From Pakobserver.net: The Pak-Qatar Family Takaful Limited (PQFTL) has signed an agreement with HBL-Islamic Banking to provide Family (life) Takaful coverage to HBL-Islamic Banking Al-Ziarat Account (Hajj and Umrah Savings Plan) holders. An announcement here on Monday said that the contribution for Life Takaful coverage will be made by HBL.
It said that the agreement was signed by P. Ahmed, Chief Executive Officer of PQFTL, and Muhammad Aslam, Head of Islamic Banking HBL at HBL Head office……………………………………….Full Article: Source

Two creditor groups for $6 bln Dubai Group debt talks

Posted on 26 January 2011 by Laxman  |  Email|Print

From Reuters: Dubai Group, part of a conglomerate owned by the ruler of Dubai, said it wants to speed up restructuring talks on $6 billion of debt and has set up two creditor committees.
The gulf emirate is climbing out from under a massive debt burden, with other state-linked firms also restructuring……………………………………….Full Article: Source

Turkey’s first Islamic fund to open after new index

Posted on 26 January 2011 by Laxman  |  Email|Print

From Hurriyetdailynews.com: Turkey’s first investment fund to comply with Islamic rules will start this year following the creation of a Sharia-compliant share index on the country’s main stock exchange. Bizim Securities, an Istanbul-based brokerage whose parent company Boydak Holding owns shares in companies including an Islamic bank, will seek to raise an initial 100 million Turkish Liras ($64 million) to start investing in the second half of this year, said Deputy Chief Executive Avşar Sungurlu.
The fund will track the Participation Index, which opened on Jan. 6 at the Istanbul Stock Exchange, Sungurlu said in an interview……………………………………….Full Article: Source

Indonesia: Shariah loans up 40 pct on surging car sales

Posted on 26 January 2011 by Laxman  |  Email|Print

From Thejakartaglobe.com: Record car sales in Indonesia helped fuel 50 percent growth in Shariah-compliant banking assets last year and Islamic lenders are setting up booths at automobile shows to further develop the market.
Bank Muamalat Indonesia, the country’s oldest Shariah-compliant lender, said consumer loans jumped 40 percent in 2010 after taking part in exhibitions last year……………………………………….Full Article: Source

S&P requests comments from constituents of the Islamic financial sector on proposed changes to criteria for rating banks

Posted on 26 January 2011 by Laxman  |  Email|Print

Standard & Poor’s Ratings Services is requesting comments on its proposal to revise its criteria for rating banks and, among them, Islamic banks. On Jan. 6, 2011, we published a request for comment on proposed changes to our criteria for rating banks and institutional brokers.
The proposed criteria aims to provide additional insight into the way we rate banks, including Islamic banks, as well as enhance ratings comparability across sectors and geography. Our objective is to create an integrated, globally consistent framework that builds on what we know and have learned about the industry since the credit crunch began in 2007……………………………………….Full Press Release: Source

Mideast gears up for Islamic Finance 2.0

Posted on 25 January 2011 by Laxman  |  Email|Print

Although operating on a lower risk profile due to restrictions on hedge funds, short-selling and high yield products, Islamic banks still faced challenges last year in manufacturing, distribution and IT governance. However, recent developments have helped boost optimism that the Islamic finance boom in the last decade was not a one-off.
Although the Islamic finance industry amounted to $1tr globally in 2010, it has too often been measured in relation to volumes of Islamic bonds outstanding, the number of standalone banks worldwide, or the size of the Islamic funds industry. Indeed, one of the many fallouts of the global financial crisis is that investors have grown more cautious when analyzing the performance of this fast-growing industry……………………………………….Full Press Release: Source

Dubai Sukuk returns as Emaar seeks $2 bln

Posted on 25 January 2011 by Laxman  |  Email|Print

From Bloomberg: Emaar Properties PJSC plans to sell as much as $2 billion of Islamic bonds, its first in more than six years, as the developer of the world’s tallest tower in Dubai taps appetite for higher-yielding assets.
The government-controlled company said Jan. 18 it will meet fixed-income investors in Europe, Asia and the Gulf for its bond program. The yield on Dubai’s 6.396 percent Islamic note due November 2014 rose 1 basis point to 6.33 percent today, down 373 basis points from a record high of 10.06 percent on Feb. 15, according to Bloomberg data……………………………………….Full Article: Source

Yemen plans debut sukuk

Posted on 25 January 2011 by Laxman  |  Email|Print

From Arabnews.com: Yemen is the latest country to announce that it may raise much-needed financing from the financial markets through a debut sovereign sukuk issuance sometime in the first half of 2011.
Yemeni officials including Finance Minister Nouman Al-Suhaibi and Governor of the Central Bank of Yemen Mohammed Awad bin Hammam have over the last few weeks confirmed that the government is actively considering issuing a debut sukuk of up to $500 million during 2011 but only at the right pricing and timing……………………………………….Full Article: Source

Lion to issue sukuk

Posted on 25 January 2011 by Laxman  |  Email|Print

From Thestar.com.my: Lion Industries Corp Bhd has proposed a RM300mil Islamic securities programme by way of sukuk by Antara Steel Mills Sdn Bhd to enable the latter to tap into the domestic capital market at competitive interest rates. Antara is a wholly-owned subsidiary of Amsteel Mills Sdn Bhd, which is in turn a 99%-owned subsidiary of Lion Industries.
Through the Islamic securities programme, Lion Industries said in a filing with Bursa Malaysia that Antara would have cash inflow of RM300mil, of which RM130mil would be utilised to refinance the outstanding existing Islamic securities which were issued by Antara in 2005……………………………………….Full Article: Source

Islamic Sukuks need real revision: Thomas

Posted on 25 January 2011 by Laxman  |  Email|Print

From Arabtimesonline.com: The international capital markets have changed beyond recognition, and the Islamic Sukuks need real revision, says Gatehouse Bank’s CEO, Richard Thomas. The expert on Islamic financial services was in Kuwait Sunday as part of a GCC tour aimed at investigating new opportunities in the GCC market.
The trip, he said, started with a presentation at the UAE Central Bank Friday. Richard Thomas further said that the Kuwait leg of trip aims to provide an interface between Kuwait and the international market, “as that Gatehouse’s principle shareholders are Kuwaitis.”………………………………………Full Article: Source

Zambia to issue US$500 mln euro bond to foreign investors

Posted on 25 January 2011 by Laxman  |  Email|Print

From Ukzambians.co.uk: Government says it will proceed with plans to sell a US$500 million euro bond to foreign investors once it receives a sovereign credit rating before the end of the year. Other countries in the region considering issuing euro bonds are Tanzania and Angola while Sudan is likely to sell US$300 million of Islamic bonds next year.
Minister of Finance and National Planning Situmbeko Musokotwane said discussions are currently underway with the advisers on the issuance of a euro bond for the country……………………………………….Full Article: Source

MARC removes Matang Highway’s Sukuk rating from Marcwatch Negative

Posted on 25 January 2011 by Laxman  |  Email|Print

From Bernama: Malaysian Rating Corporation Bhd (MARC) has removed its “A”is rating on Matang Highway Sdn Bhd’s RM70.0 million Sukuk Musharakah from MARCWatch Negative.
The MARCWatch Negative had been placed on Dec 13, 2010 to highlight a potential shortfall and departure from the scheduled build up of sinking fund……………………………………….Full Article: Source

U.K.’s NEST seeks Islamic equity fund manager for pension plans

Posted on 25 January 2011 by Laxman  |  Email|Print

From Bloomberg: The U.K.’s National Employment Savings Trust said it is seeking a fund manager to run a global equity fund that complies with Shariah-law.
The trust, known as NEST, will select the winning fund by March, it said in an e-mailed statement today. The fund will be offered to members when NEST is launched later this year……………………………………….Full Article: Source

Making a Shariah-compliant NEST

Posted on 25 January 2011 by Laxman  |  Email|Print

From Cpifinancial.net: The UK National Employment Savings Trust Corporation (NEST) has put out a tender for investment management services for a Shari’ah-compliant global equity fund as part of its retirement savings programme
The tender notice said, “NEST is seeking to include a passive or actively managed Shari’ah-compliant global equity investment option as part of its optional suite of investment funds in order to fully provide for the needs of scheme members.”………………………………………Full Article: Source

Amanah Raya to help set up Islamic bank in Kazakhstan

Posted on 25 January 2011 by Laxman  |  Email|Print

From Arabnews.com: Malaysian trustee company Amanah Raya Berhad is joining forces with Fattah Finance, a local Kazakh brokerage company, and the state-owned Development Bank of Kazakhstan to conduct a feasibility study to establish the second Islamic bank in the CIS country.
The aim is to submit an application for an Islamic-banking license later this year under new legislation introduced by Kazakhstan in 2009 to facilitate the establishment of Islamic banks and the introduction of Islamic financial products in the country……………………………………….Full Article: Source

Bank Indonesia seeks House approval to grow Islamic finance

Posted on 25 January 2011 by Laxman  |  Email|Print

From Thejakartapost.com: Bank Indonesia (BI) is seeking the House of Representatives’ approval for $5 million in capitalization funds for the International Islamic Liquidity Management (IILM) to develop sharia financing in Indonesia, home to the world’s largest Muslim population.
BI Governor Darmin Nasution on Monday said IILM members comprised 12 countries and multinational institutions, including Iran, Malaysia, Kuwait, Luxemburg, Qatar and the United Arab Emirates, the Islamic Development Bank (IDB), the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Financial Services Board (IGFB)……………………………………….Full Article: Source

Kuwait Finance House claims expansion strategy success

Posted on 25 January 2011 by Laxman  |  Email|Print

From Cpifinancial.net: Kuwait Finance House says the performance of its subsidiary banks overseas highlights the success of its expansion strategy. KFH: Our strategy allowed for geographic expansion, led to 220 branches, subsidiary banks locally, overseas. Performance of subsidiary banks overseas highlights successful expansion strategy
Kuwait Finance House (KFH) local and global geographic expansion plans that it has been following during the past years have succeeded, which is evident by its network of branches and subsidiary banks that reached 220 branches and banks that are found in prime local locations, in addition to existing in prime economic and financial centers; thus allowing it to have a competitive edge in the local banking sector……………………………………….Full Article: Source

PQFTL, HBL Islamic Banking sign accord

Posted on 25 January 2011 by Laxman  |  Email|Print

From Dailytimes.com.pk: Pak-Qatar Family Takaful Ltd (PQFTL) and HBL Islamic Banking inked an accord to provide family (Life) Takaful coverage to HBL-Islamic Banking Al-Ziarat Account (Hajj and Umrah Savings Plan) holders.
The contribution for Life Takaful coverage will be made by HBL. P Ahmed CEO PQFTL and Muhammad Aslam head of Islamic Banking HBL said HBL Al-Ziarat Account is a scheme where the plan holders could save for Hajj and Umrah to undertake the journey at the time of their choice. As an incentive HBL Al-Ziarat Account will have higher weightage than PLS account in addition to free life cover……………………………………….Full Article: Source

Allianz Takaful, HSBC partner to promote Islamic insurance products

Posted on 25 January 2011 by Laxman  |  Email|Print

From Insurance-business-review.com: Allianz Takaful, a Bahrain-based fully owned subsidiary of Allianz Group and HSBC Amanah have entered into Bancassurance partnership to promote Islamic insurance products in the State of Qatar.
HSBC said the bank will promote and sell Family Takaful products comprising plans for protection, savings, investment and children’s education through qualified financial planning managers located in a network of branches across the Qatar……………………………………….Full Article: Source

Takaful International plans Qatar expansion

Posted on 25 January 2011 by Laxman  |  Email|Print

From Gulf-daily-news.com: Bahrain-based Islamic insurance company, Takaful International, is looking to expand its operations into Qatar. The firm announced that it was hoping to open a branch in Qatar as soon as it received a licence from the regulatory authorities, at a Press conference where it launched its new e-takaful website.
The company will be the first insurance operation in Bahrain to offer individual and corporate clients the ability to check rates and buy insurance over the Internet……………………………………….Full Article: Source

Dubai: Tamweel to offer cheapest mortgage rates in country

Posted on 25 January 2011 by Laxman  |  Email|Print

From Thenational.ae: Tamweel is aggressively pushing back into the mortgage market after being frozen for two years by the financial crisis and restructuring plans by the Dubai Government. The Islamic home finance company yesterday revealed a new programme to offer loans with a 4.99 per cent interest rate on some properties, making it the lowest in the UAE.
The offerings will also be available in the capital, putting Tamweel in direct competition with Abu Dhabi Finance (ADF), a mortgage company part-owned by several developers and Mubadala Development, a strategic investment company owned by the Abu Dhabi Government……………………………………….Full Article: Source

Abraaj plans $533mln Saudi investment platform

Posted on 25 January 2011 by Laxman  |  Email|Print

From Tradearabia.com: Abraaj Capital, a leading private equity firm in the region, has announced plans to initiate a SR2 billion ($533.3 million) investment platform dedicated exclusively to investing in Saudi Arabia.
Abraaj and Saudi Arabian General Investment Authority (Sagia), which serves as the gateway to investment in Saudi Arabia, jointly announced this landmark initiative on the sidelines of the 5th Global Competitiveness Forum (GCF) being convened by Sagia……………………………………….Full Article: Source

Luxembourg to host intl conf. on Islamic finance

Posted on 25 January 2011 by Laxman  |  Email|Print

From KUNA: Islamic Financial Services Board (IFSB) which is based in the Malaysian capital, Kuala Lumpur, is to hold its 8th Summit from 10-13 May in Luxembourg. The Central Bank of Luxembourg is hosting the conference which is themed “Enhancing Global Financial Stability, Challenges and Opportunities for Islamic Finance.”
According to a statement by the financial agency Luxembourg for Finance’, the conference aims to bring together an experienced international group of speakers, with a projected audience of over 200 delegates from all sectors of the financial services industry across the globe……………………………………….Full Article: Source

Sukuk market expected to see revival in 2011, issuance to rise 60 pct

Posted on 24 January 2011 by Laxman  |  Email|Print

From Thejakartaglobe.com: Global sales of Islamic bonds are forecast to rise nearly 60 percent this year to more than $22 billion as economic recoveries and high crude oil prices revive the market, a Reuters quarterly poll demonstrated.
An upswing in corporate spending, an increase in issuers seeking to diversify their sources of funding and improving investor sentiment in the Gulf are also expected to fuel fund-raising activities, according to the 15 respondents……………………………………….Full Article: Source

Malaysia Sukuk rally opens way for Dubai sales

Posted on 24 January 2011 by Laxman  |  Email|Print

From Bloomberg: The month-long rally in Malaysia’s sovereign Islamic bonds is paving the way for a revival in issuance of Shariah-compliant notes.
The yield on the government’s 3.928 percent dollar sukuk due in June 2015 fell to 2.87 percent, down 37 basis points from a five month-high of 3.24 percent on Dec. 15, Royal Bank of Scotland Group prices show……………………………………….Full Article: Source

Shariah polemics of Sukuk trading by Jhordy Kashoogie

Posted on 24 January 2011 by Laxman  |  Email|Print

From Opalesque: In Shariah, sukuk have to represent the ownership of assets or services that belong to sukuk holders, and therefore sukuk have to be traded against the value of its underlying assets or services. However, that is not happening in actual practises of sukuk trading as there is a grey area for what constitutes sukuk to be tradable in the market.
Therefore, in this opportunity, the sukuk trading is examined in light of Shari’a and the regulatory framework. Interviews with scholars (Prof. Tariqullah Khan and Bilal Khan), and advisers in leading Islamic banks (Abdulkhaliq Elshayyal and Nayyar Azam Saifi) are conducted in order to incorporate their insights regarding issues of sukuk trading practises, and also suggestions for the future of sukuk……………………………………….Full Article: Source

Malaysia should be ready for challenges in Islamic finance

Posted on 24 January 2011 by Laxman  |  Email|Print

From Thestar.com.my: Malaysia has all the ingredients to be a success story in Islamic finance but it will not come by itself, according to Prof Volker Nienhaus. He advised the country to prepare itself for the second phase of competition with the new entrant of Islamic finance markets such as South Korea and Thailand.
“One has to identify and take it as a challenge and not to compete with the first phase of South Korean or Thai initiative but prepare for the second phase. Let them prepare the market but be prepared for the second phase,” Nienhaus said……………………………………….Full Article: Source

Dubai Islamic Bank names Al-Gebali CFO

Posted on 24 January 2011 by Laxman  |  Email|Print

From Reuters: Dubai Islamic Bank (DIB), the Gulf Arab emirate’s third-largest bank by market value, named Ahmed Fathy Al-Gebali, as chief financial officer on Sunday, in the bank’s latest top-management appointment.
Al-Gebali was previously chief financial officer at Kuwait’s Boubyan Bank (BOUK.KW) and has held senior positions at Global Investment House, Gulf Investment House and Kuwait Financial Center, a statement from Dubai Islamic said……………………………………….Full Article: Source

SIB profit rises 2.4pct in 2010

Posted on 24 January 2011 by Laxman  |  Email|Print

From Zawya.com: Sharjah Islamic Bank announced its 2010 results yesterday with a net profit of Dh266.4 million, compared to Dh260.1 million in 2009, an increase of 2.4 per cent.
It proposed a cash dividend of seven per cent of the paid-up capital, totalling Dh169.8 million. The total balance sheet footing reached Dh16.7 billion, up by Dh692 million or 4.3 per cent, mainly due to increases in customer deposits by Dh518 million, or 5.3 per cent, to Dh10.4 billion……………………………………….Full Article: Source

Sri Lanka: Amana gets banking license

Posted on 24 January 2011 by Laxman  |  Email|Print

From Dailymirror.lk: Amana Bank Limited, which obtained the provisional approval license from the Central Bank last year to become a bank have been granted the go-ahead of the Minister of Finance to operate as a commercial bank in the country.
According to the senior officials of Amana, the new bank will start operations in the near future as Sri Lanka’s first commercial Islamic Bank following the Shari code of ethics. Amana Bank last year raised 3,159 million rupees by selling 631.9 million 5.00 rupee shares in a private placement deal……………………………………….Full Article: Source

Oman’s NBO Q4 net falls 16pct, misses estimates

Posted on 24 January 2011 by Laxman  |  Email|Print

From Arabianbusiness.com: Fourth-quarter net profit at National Bank of Oman, the sultanate’s second-largest lender by assets, dropped sixteen percent, Reuters calculations showed on Sunday.
The bank made a quarterly net profit of OMR5.5m ($14.3m), Reuters calculated, compared with OMR6.54m ($16.98m) in the same period in 2009……………………………………….Full Article: Source

NBAD increases Emiratisation to 39pct

Posted on 24 January 2011 by Laxman  |  Email|Print

From Tradearabia.com: National Bank of Abu Dhabi (NBAD), the leading bank in the UAE, has increased the number of its UAE national employees to 39 per cent at the end of 2010. NBAD recruited 393 UAE nationals during 2010, thus increasing Emiratisation to 39 per cent from 36 per cent a year earlier.
The Government of the UAE has mandated that financial services companies to make UAE nationals comprise 40 per cent of the workforce. With NBAD starting 2011 at 39 per cent Emiratisation the bank is in position to achieve the g overnment’s mandate this year……………………………………….Full Article: Source

Qatar’s CBQ Q4 net misses forecast despite 66pct rise

Posted on 24 January 2011 by Laxman  |  Email|Print

From Arabianbusiness.com: Commercial Bank of Qatar’s (CBQ) fourth quarter net profit soared 66 percent, the bank said on Sunday, but the results fell short of analysts’ expectations.
Qatar’s second largest bank by market value posted a net profit of QR309m ($84.93m), compared with $51m a year earlier……………………………………….Full Article: Source

Islamic micro lenders set up global network

Posted on 24 January 2011 by Laxman  |  Email|Print

From Thenews.com.pk: Islamic Microfinance Network (IMFN) has been set up to assemble the international Islamic Microfinance organisations on one platform. The IMFN head office is in Lahore and its regional offices will be in Ghana, Mauritius and Middle East.
According to IMFN official the board members of IMFN are Farida Tariq, Chairperson, Amjad Saqib, Vice Chairman, and Muhammad Zubair Mughal, Chief Executive Officer……………………………………….Full Article: Source

OIC may float takaful company

Posted on 24 January 2011 by Laxman  |  Email|Print

From Emirates247.com: Dubai-based Oman Insurance Company (OIC), the largest insurer in the UAE, may float an Islamic insurance (takaful ) firm in the country. The company, also known as Tameen, has appointed an advisory company which is carrying out the due diligence for it to foray in to takaful segment.
OIC chief executive officer Abdul Muttalib Al Jaidi said: “OIC cannot have a takaful window and to go for a company, a due diligence is underway. I can’t say yes or no as it depends on the results of due diligence. ………………………………………Full Article: Source

Takaful International goes online

Posted on 24 January 2011 by Laxman  |  Email|Print

From Arabnews.com: Bahrain-based Takaful International, the pioneering takaful company in the region, on Sunday embarked on a new journey by introducing first of its kind service in Bahrain called e-takaful.
Being the first takaful company to offer on-line services at its portal www.etakaful.bh will immediately benefit both individual and corporate clients……………………………………….Full Article: Source

East Africa’s first Sharia-compliant insurance company opens in Kenya

Posted on 24 January 2011 by Laxman  |  Email|Print

From Ahlul Bayt News Agency: The first fully sharia-compliant insurance company has been licensed and is due to open on Tuesday , a move expected to deepen penetration of such financial institutions in the East Africa region.
Takaful Insurance of Africa will be launched in Nairobi on Tuesday, joining a market currently served by more than 45 conventional insurance companies……………………………………….Full Article: Source

Iran, Syria agree on “Islamic pipeline” to transfer Iran’s natural gas to Europe

Posted on 24 January 2011 by Laxman  |  Email|Print

From Xinhua: The deputy head of Iran’s oil minister said that Iran and Syria have signed an agreement to build an Islamic gas pipeline to transfer Iran’s natural gas to Europe, the semi-official Mehr news agency reported.
Javad Oji told Mehr that a tripartite meeting between Iran, Iraq and Syria will be held within the next month on the implementation of the agreement……………………………………….Full Article: Source

Mena private equity deals surge to $933mln

Posted on 24 January 2011 by Laxman  |  Email|Print

From Tradearabia.com: The value of private equity deals in Mena region rose to $993 million in 2010, compared to $680 million the previous year with the UAE topping the list in terms of the number and value of deals brokered, said a report.
The most popular sector for private equity investment was Information Technology, with seven deals, while the media and consumer-related sectors also saw the completion of four deals each followed by health sector with three, said Al Masah Capital in its report……………………………………….Full Article: Source

Dow Jones Indexes named best Islamic Index provider

Posted on 24 January 2011 by Laxman  |  Email|Print

Dow Jones Indexes, a leading global index provider, today announced it was named “Best Islamic Index Provider” at the fifth annual Islamic Business & Finance Awards. Nearly 300 distinguished regional and global industry professionals attended the monthly magazine’s ceremony in Dubai, one of the Gulf region’s most prominent financial industry events.

“We are thrilled to receive this prestigious award for the second time,” said Michael A. Petronella, president, Dow Jones Indexes. “I believe this honor reflects Dow Jones Islamic Market Indexes’ commitment to providing the strict standards, objectivity and reliability that market participants value. As Islamic finance grows and evolves worldwide, Dow Jones Indexes will continue to be a leader in Shari’ah-compliant indexing by providing innovative and meaningful Islamic indexes.”

The Dow Jones Islamic Market Indexes were introduced in 1999 as the first indexes intended to measure the global universe of investable equities that pass screens for Shari’ah compliance. With thousands of indexes, the series is the most comprehensive family of Islamic market measures and includes regional, country, and industry indexes - all of which are subsets of the Dow Jones Islamic Market Index. An independent Shari’ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies.

Islamic finance – niche or real opportunity?

Posted on 21 January 2011 by Laxman  |  Email|Print

From Maltabusinessweekly.com.mt: A great deal has already been said and written on the subject of Islamic finance, both on a European and on an international level. Indeed, few market developments in the finance sector have received so much attention in recent times. Over the past few years, European markets and domiciles such as Luxembourg, Ireland and Malta tracked the activities and development of this sector.
Dedicated working groups and task forces were created, tax circulars and service guidelines were published and many conferences were held and specialist training was, and still is, being made available……………………………………….Full Article: Source

BNP’s Dalmau discusses challenges in Islamic product innovation

Posted on 21 January 2011 by Laxman  |  Email|Print

From Bloomberg: Rafael Dalmau, head of Shariah- compliant portfolio management at BNP Paribas in Singapore, discusses product innovation in an e-mailed response to Bloomberg questions. On the drive for new products:
“The Islamic banking and financial sectors continue to evolve and part of that growth path involves the need to create new products. It is not always a lack of investment alternatives that motivate institutions to offer structured products……………………………………….Full Article: Source

Derivatives sales by CIMB spur global standards: Islamic finance

Posted on 21 January 2011 by Laxman  |  Email|Print

From Bloomberg: The leading Islamic finance standard-setting body is working on global rules for Shariah- compliant structured products to make them acceptable across borders as banks start selling more derivatives.
The International Islamic Financial Market, based in Manama, Bahrain, is developing a common template for hedging instruments such as currency swaps, Ijlal Ahmed Alvi, the agency’s chief executive officer, said……………………………………….Full Article: Source

Islamic microfinance network instituted in Pakistan

Posted on 21 January 2011 by Laxman  |  Email|Print

From Microfinancefocus.com: To assemble international Islamic Microfinance organizations under one platform, Islamic Microfinance Network (IMFN) has been established in Lahore – Pakistan. The initial member countries of Islamic Microfinance Network are Iraq, Jordan, Yemen, Ghana, Mauritius and Kazakhstan
The core objective of this network is to provide best methodologies of Islamic microfinance, Shariah guidelines, and lasting relations and manpower to the industry. Third working group meeting of IMFN held today at Lahore University of Management Sciences (LUMS), Lahore – Pakistan wherein national and international microfinance organizations participated……………………………………….Full Article: Source

OCBC banking on consumer, Islamic ops

Posted on 21 January 2011 by Laxman  |  Email|Print

From Thestar.com.my: OCBC Bank (M) Bhd, which expects at least a 10% growth in earnings this year, is banking on two fronts consumer and Islamic to garner a larger market presence and beef up its revenue stream.
Director and CEO Jeffrey Chew said it was looking at enlarging its consumer banking business to ultimately account for 40% of the bank’s total revenue over the next three to four years from the current figure of 27%……………………………………….Full Article: Source

Sharjah Islamic Bank net profit up by 2.4pct and propose 7pct cash dividend

Posted on 21 January 2011 by Laxman  |  Email|Print

Sharjah Islamic Bank announced its 2010 results yesterday with net profit of Dhs266.4m, compared to Dhs260.1m in 2009, an increase of 2.4%, and proposing a cash dividend of 7% of the paid up capital, amounting to Dhs169.8m.
The total balance sheet footing reached Dhs16.7bn, up by Dhs692m or 4.3%, which is mainly due to the increases of customer’s deposits by Dhs518m, or 5.3%, to reach Dhs10.4bn, while customer’s financing portfolio decreased by Dhs368m, or 3.7% to reach Dhs9.7bn……………………………………….Full Press Release: Source

QIB records net profit of QR1.33bln

Posted on 21 January 2011 by Laxman  |  Email|Print

From Thepeninsulaqatar.com: Qatar Islamic Bank (QIB), the leader in Islamic banking solutions, has announced a recorded net profit of QR1.33bn for the year 2010. The QIB Board of Directors proposed a 50 percent cash profit distribution to shareholders, subject to the approval of Qatar Central Bank and to be discussed in the next meeting of QIB General Assembly.
The profit is mainly from operating revenues that reached QR2.353bn, while total assets were at QR51.8bn by end of 2010 compared to 39.3bn in 2009, showing 32 percent growth. In addition, ROAA was at 2.9 percent, to further consolidate the Bank’s Financial Utilization Adequacy……………………………………….Full Article: Source

Australia’s first Shari’ah-compliant retail property fund receives registration

Posted on 21 January 2011 by Laxman  |  Email|Print

From Cpifinancial.net: The Chairman of Crescent Investments Australasia has announced that its wholly-owned subsidiary and fully licensed entity Crescent Funds Management (Aust) Limited has received registration of Australia’s first Shari’ah-compliant wholesale and retail property fund called The Crescent Shariah Compliant Diversified Property Fund.
“ASIC has provided The Crescent Shariah Compliant Diversified Property Fund with an Australian Registered Scheme Number of 148 080 952 authorised to hold direct real property and financial assets property” said Chaaban Omran, Chief Executive Officer. Omran added, “This new fund will not allow any conventional borrowing or debt of any kind. The fund will target solid assets which will generate steady returns and sustainable capital growth within Australia.”………………………………………Full Article: Source

NEST to offer Sharia global equity fund

Posted on 21 January 2011 by Laxman  |  Email|Print

From Professionalpensions.com: NEST has confirmed it will offer investors access to a global equity Sharia-compliant fund. The mandate to run the brief - posted on the official European Union tender website today - said the successful bidder will have their products approved by a board of Sharia scholars. The fund will not include any asset classes forbidden under Sharia law - for example, conventional bonds.
The notice said: “NEST is seeking to include a passive or actively managed Sharia compliant global equity investment option as part of its optional suite of investment funds in order to fully provide for the needs of scheme members.”………………………………………Full Article: Source

Mideast fund managers shift strategy

Posted on 21 January 2011 by Laxman  |  Email|Print

From Tradearabia.com: Middle East funds spooked by the prospect of political unrest in the region are reallocating money to richer and smaller countries like Qatar and the UAE because they are seen as more stable.
Investment inflows to the region have all but dried up over the past two years but a pool of at least $10 billion remains parked among various Middle East and North Africa funds……………………………………….Full Article: Source

banner
banner
banner
banner
January 2011
M T W T F S S
« Dec   Feb »
 12
3456789
10111213141516
17181920212223
24252627282930
31