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Islamic Finance Briefing 01.Mar 2010

Posted on 01 March 2010 by Laxman |  Email|Print

From Business24-7.ae: UTI International, a subsidiary of India’s UTI Asset Management Company, is planning to launch another offshore Shariah-compliant fund for retail and institutional investors based in the UAE and the Gulf, a top company official said.

“We’ll be launching another Shariah fund in the next three months, as we are getting tremendous interest in such investment products from retail as well as institutional investors from this region. There is huge demand for Shariah products, which needs to be tapped,” Tarun Ghulati, CEO, UTI International, said……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Thepeninsulaqatar.com: The Philippines is looking at issuing its first ever sukuk, or Islamic bonds, worth around $500, said a banker familiar with the transaction, as the government seeks to diversify its debt profile.

The issue could be done through state enterprises like the National Power Corp, which is raising 15bn pesos ($325m) for its Small Power Utilities Group project, said Roberto Juanchito Dispo, executive vice president at First Metro Investment Corp……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Thenational.ae: Nakheel, the indebted property developer owned by Dubai World, is preparing investors for a “liability management exercise” over the terms of a sukuk due for repayment in May.

A source close to the company, who declined to be identified, yesterday confirmed reports that Nakheel was seeking up to date details of its bondholders with a view to informing them of likely new terms of repayment of a US$980 million (Dh3.59 billion) bond due on May 13……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Gulf-times.com: Nakheel, the Dubai World property arm that narrowly avoided a debt default in December, asked on Friday through a clearing house for the details of its 2010 bond holders, according to a banker who received the notice.

The notice, sent by Nakheel via Euroclear, asks 2010 bond holders to submit their details and says “this may prove useful in disseminating information to the note holders in the future with regard to a liability management exercise that the issuer may undertake.”…………………………………..Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Arabnews.com: At the moment there is only potential, for Islamic finance has yet to come to Russia. There has been the odd financial institution trying to introduce an Islamic financial product. The potential for Islamic finance however is great.
In Russia there are 20 million Muslims mainly in Tatarstan and the northern Caucasus. Islamic finance is not only for Muslims but for anyone interested in socially responsible investments and ethical finance. Sberbank is currently expanding its presence abroad. We have a wholly-owned subsidiary bank in Kazakhstan and Ukraine…………………………………..Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Brudirect.com: Brunei will have to equip itself first with the necessary infrastructure before it could take advantage of the opportunity to establish itself as a global Islamic financial hub, an expert said.
Dr Mohamed Sharif Bashir, Sultan Sharif All Islamic University’s dean of Faculty Business and Management Science, said that Brunei must highlight and give serious attention to the issues and challenges faced by Islamic financial institutions before being able to position itself as a global Islamic financial hub……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Mb.com.ph: Not many of us are aware that there is such a concept as Islamic banking, and that there is actually a special bank for our Muslim brothers and sisters.

In a country like the Philippines where there is a significant Muslim population, this financial system is indeed very important……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Reuters: Saudi Arabia’s regulator has fined the country’s biggest Islamic bank, al-Rajhi, for not notifying it about the resignation of two senior executives, the regulator said on Sunday.

The fine is the latest action by the Capital Market authority (CMA) to enforce greater adherence to corporate governance following debt defaults at two family owned companies……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Bi-me.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group and an industry leader in Emiratisation initiatives, increased its Emiratisation rate to 40% in 2009 compared to 31.5% in 2008 after recruiting a large number of UAE Nationals in 2009 bringing up the total number of Emiratis as bank staff to 570.

The bank has been recognized for its continued commitment to Emiratization by the Emirates Institute of Banking and Financial Studies (EIBFS) and was presented with their Human Resource Development Award in the first category for 2009……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Arabnews.com: The launch of Thomson Reuters’s supposedly “next generation Islamic Finance Gateway to guide the emerging industry to the next stage of growth and development” comes at a time when the industry is taking stock in the aftermath of the worst global financial crisis since the 1930s.

Perhaps Thomson Reuters can be forgiven for the hype of its indulgence in self-importance and its savvy use of language, after all, the Gateway was launched simultaneously in Abu Dhabi and Dubai, the capital of the Middle Eastern version of “bling-bling”……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Arabnews.com: Whether it is at the Islamic Finance Summit held at the Cercle de l’Union Interalliée in Paris, France, or a lively open fatwa session at the Islamic Retail Banking Conference (IRBC) 2009 held in Dubai or the 1st Euro-Arab Real Estate Conference held in Barcelona, Spain, all held over the last two or three months, it is certain that a “new kid on the block” will be a key participant.

The International Shariah Research Academy for Islamic Finance (ISRA) — the Shariah research entity of Bank Negara Malaysia, the central bank, armed with a trust of 200 million ringgits and led by Shariah scholar and executive director Mohammed Akram Laldin — is fast making its mark in an industry segment not known for its convergence or purpose of unity……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Kuwaittimes.net: Merger and acquisition activity in the Middle East is expected to recover in 2010, driven by sovereign wealth funds in Abu Dhabi and Qatar, the potential for consolidation in several industries and as companies are forced to restructure, a senior banker said yesterday.

There is quite a bit of fragmentation, i.e. the region is really ripe for consolidation,” said Peter Fort, executive director in Morgan Stanley’s Dubai office……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Morgan Stanley & Co is working on a “number” of restructuring transactions in the Middle East that involve companies selling assets to repay debtors, the bank’s regional executive director for mergers and acquisitions said.

Peter Fort said: “There is usually a tremendous amount of restructuring activity that comes about 18 to 24 months after the trough of the economic cycle.”…………………………………..Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Business24-7.ae: After suffering from one of the most turbulent periods, the economies of Gulf oil producers are set to sharply rebound in 2010 while their public finances will largely improve and stock markets head for sustained recovery, said a latest economic report.
Inflation in the six-nation Gulf Co-operation Council (GCC) countries, which control nearly 45 per cent of the world’s proven oil wealth, will pick up again this year, but it will be a slight increase as a sign of strong domestic demand and it will likely be far below the 2008 record rates……………………………………Full Article: Source

Posted on 01 March 2010 by Laxman |  Email|Print

From Gulf-times.com: The financial crisis has provided banks in the Gulf Co-operation Council countries with the impetus to reassess their strategic direction and realign their operating models as they gear up for new opportunities, according to a new report by AT Kearney.
“To adjust to the new market conditions, banks need to reassess their strategic direction and realign their operating models,” the consultancy firm said in the report……………………………………Full Article: Source

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