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Islamic Finance Briefing 04.Mar 2010

Posted on 04 March 2010 by Laxman |  Email|Print

From Abc News: Islamic banking must speed standardization to grow while monetary authorities should enact laws that allow expansion into new Sharia-based products in domestic markets, industry experts said.

The industry needs to surmount divergent views and practices, due to different readings of the sharia, and adhere to benchmarks as it looks for new ways to grow, industry experts said on the sidelines of an Islamic finance forum at the Dead Sea……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Bernama: Islamic finance has revitalised the economic ties and strengthened the financial linkages between Asia and the Middle East, says Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz.

This emergence of new financial centres in Asia and the Middle East and their increased integration has paved the foundation for a new “Silk Road” and growth prospects, she said……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Brudirect.com: Fewer than half of respondents in a survey on Islamic financial products conducted in Brunei in 2008 said they did not understand the concepts behind products offered by financial institutions that adhere to Shariah principles.

The survey, carried out from April to November 2008 by Arne Hj Matali, a lecturer Universiti Islam Sultan Sharif All (Unissa) Faculty of Syariah and Law, found that approximately 45 per cent of the 650 respondents did not understand the concepts behind products on offer by Islamic financial institutions……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Brunei.fm: Human resource development is a key factor in helping boost Brunei’s Islamic finance sector.This was the collective conclusion from speakers at the International Conference on Islamic Finance organised by the Sultan Sharif Ali Islamic University (Unissa).

“If Brunei wants to develop the Islamic finance sector, they have to have the talent. Human resource is very important … (but) doesn’t necessarily have to be Bruneians,” said Dr Zohra Jabeen, assistant professor from the Institute of Management Studies in Pakistan, who was a presenter at the conference……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Thaindian.com: Bowing to stiff opposition from several quarters and a High Court verdict against it, The Kerala government has shelved a plan to start an Islamic bank and instead is launching an interest-free monetary institution.
Industries Minister Elamaram Kareem Wednesday informed the assembly that the state government is starting an interest-free monetary institution……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Bworldonline.com: BNP Paribas Investment aims to double its Islamic assets under management this year as the global economy recovers but higher borrowing costs worldwide could dampen market sentiment, a senior official said on Wednesday.

BNP’s Islamic assets of $500 million would be boosted by demand from sharia insurers and private banks, with investors expected to favor equities as they embrace riskier assets, the fund manager’s Southeast Asia head said……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Brunei.fm: There is a lack of understanding with regards to the Islamic Banking System among Bruneians. This finding was stated in a working paper entitled “The Bruneian Perception towards Islamic Banking System in Brunei” which was delivered yesterday by Azme bin Haji Matali, a lecturer from the Faculty of Shari’ah and Law, UNISSA.

The lecturer made the disclosure during the International Conference on Islamic Finance whereby his study of 650 respondents indicated that 44.3 per cent “hardly understand” or “do not understand” the Islamic Banking System and this can be considered as “worrying as it is related to the Islamic religion”……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Reuters: An Islamic megabank slated to open this year is expected to spur bank mergers in the Gulf Arab region, where lenders are struggling to compete with large financial institutions.

Ernst & Young partner Sameer Abdi told the Reuters Islamic Finance Summit last month the firm expected to see an Islamic megabank launched within the next six to 12 months……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Against the backdrop of the global financial crisis and a challenging regional environment, National Bank of Bahrain (NBB) achieved realistic growth last year.

That was the message from deputy chairman Farouk Almoayyed to shareholders at the bank’s annual general meeting yesterday……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Oman will keep interest rates close to zero for the foreseeable future to prevent a further surge of liquidity into the Gulf country’s banking system, the oil producer’s central bank head said on Wednesday.

The Gulf sultanate has been keeping the rate it uses for draining excess liquidity from the market at around 0.04 percent at its weekly auctions of deposit certificates, near the lower end of the US benchmark rate range……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Istockanalyst.com: The first Islamic Finance and Investment Forum for the Middle East concluded on Wednesday with participants calling for more regulations and laws that help the Islamic banking industry thrive and increase its share in global banking activities.
At the conclusion of the two-day forum, which gathered over 300 bankers and experts in the Islamic banking sector from over 15 Arab and foreign countries, participants recommended that central banks in the Arab and Muslim world issue regulations and laws that further regulate the industry, a matter that will help it grow at a faster pace……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Fointelligence.com: Islamic finance specialists gave a cautious welcome this week to the new Isda/IIFM Tahawwut (Hedging) Master Agreement for Islamic derivatives.

The long-awaited document, prepared by the International Swaps and Derivatives Association and the International Islamic Financial Market, is a standardised form for Islamic derivatives transactions……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Brunei.fm: Brunei has to make use of its intentions to establish itself as a halal hub to further develop the Sultanate’s Islamic banking and finance industry, said Universiti Kebangsaan Malaysia’s Professor of Banking and Financial Economics Dr Abdul Ghafar Ismail.

Dr Abdul Ghafar said that Brunei “needs” to combine the two industries as it will allow the country to kill two birds with one stone in terms of economy diversification……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Tradearabia.com: The $35 billion international Islamic funds industry must offer more innovative areas of investment and expand into untapped geographical markets, said renowned Shariah scholar Dr Mohammed Daud Bakar.

Dr Bakar, who is also managing director of Dubai-based Amanie Islamic Finance Consultancy and Education, said Islamic fund managers should look at commodities such as gold and silver, metals and agriculture as well as relatively untouched markets for Islamic funds like Australia, Thailand and Vietnam besides Africa and Latin America……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Zawya.com: Bullion Management Group Inc. (BMG) is pleased to announce that the Islamic Finance Advisory Board has endorsed BMG BullionFund and BMG Gold BullionFund as Shariah compliant.

BMG Funds, which invest only in precious metals bullion, are considered “interest-free” investments, making them a viable option for Canadians looking for Shariah-compliant investment vehicles……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: EFG Hermes will enter the Syrian market with the opening of its office in the Syrian Arab Republic and the simultaneous launch of a new private equity fund that targets investments in the Syrian market.
EFG Hermes Syria is a partnership between EFG Hermes (70 per cent) and Syrian businessman Firas Tlass (30 per cent). The Damascus office will offer EFG Hermes’ full range of world-class investment banking, private equity, brokerage and asset management services……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Bernama: RHB Investment Management Sdn Bhd (RHBIM) aims to grow its assets under management by 20 per cent this year from RM10.6 billion in 2009.

Managing director, Sharifatul Hanizah Said Ali, said RHBIM planned to launch at least five retail funds, both Islamic and conventional this year towards this……………………………………….Full Article: Source

Posted on 04 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Solidarity Saudi Takaful Company is to offer 22.2 million shares, at 10 Saudi riyals ($2.7) per share, in an initial public offering (IPO) later this month.

The company is a joint venture between prominent Saudi investors and Bahrain-based Solidarity Group……………………………………….Full Article: Source

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