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Islamic Finance Briefing 08.Mar 2010

Posted on 08 March 2010 by Laxman |  Email|Print

From Arabnews.com: Adalet Djabiev is the “comeback kid” of Russian Islamic financial services. He is also part of the new generation of Russian bankers that have mushroomed in the post Soviet Union era and is passionate about giving the country’s 20 million plus Muslims access to Islamic financial services and products, which he would like the Russian government to institute under financial inclusion policies like in the UK.

Djabiev is one of the founders and CEO of the latest Islamic financial institution to be set up in the Russian Federation, Al-Shams Capital………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Gulfnews.com: The Development Bank of the Philippines (DBP) started honing its expertise in Sharia banking after the acquisition of Al Amanah Islamic Investment Bank, a senior official said.

“Interest in Islamic banking has been rekindled [in the Philippines],” said Ignacio Bunye of the Central Bank’s Monetary Board………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Thaindian.com: India Friday ruled out introducing Islamic banking in the country for the moment, making the wait longer for interest-free access to finance under the principles of Sharia.
The introduction of Islamic banking was recommended by a committee on financial sector reforms, set up by the Planning Commission, for delivery of interest-free finance on a larger scale, even through the banking system………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Gulfnews.com: The Bank of Sharjah plans to join forces with France’s biggest lender BNP Paribas to tap the fast-growing Middle-Eastern market for the very rich, the company’s general manager said.

The two banks are in the final stages of setting up a joint venture with possibly a 50-50 ownership structure to cover the Middle-Eastern private banking market, Bank of Sharjah’s executive director and general manager said………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Business24-7.ae: 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.

BNP’s Islamic assets of $500 million (Dh1.83 billion) would be boosted by demand from Shariah insurers and private banks, with investors expected to favour equities as they embrace riskier assets, the fund manager’s Southeast Asia head said………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: The Waqf Fund for research, education and training is continuing with the second phase of its programme, it was announced.

The programme aims to develop Bahraini graduates, both academically and professionally, to ensure a constant supply of qualified professionals for the Islamic finance industry in Bahrain………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

Misys plc, the global application software and services company, today announced that QNB, the leading national bank in Qatar, has licensed Misys BankFusion Equation to ensure it has the most modern technology platform available to underpin its business strategy.

QNB has the largest distribution network in Qatar, comprising 44 branches in addition to eleven Islamic branches and offices operated by its Islamic banking subsidiary QNB Al Islami, and more than 160 ATMs………………………………………Full Press Release: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Ameinfo.com: Noor Islamic Bank today hosted a delegation of 44 Executive MBA students from Haub Business School - Saint Joseph University from Pittsburgh, as part of the bank’s efforts to boost global awareness on Islamic banking and finance.
The graduates were given a comprehensive presentation on the world of Shari’a compliant banking and finance by the bank’s Shari’a team……………………………………….Full Article: Source

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From Ameinfo.com: Saudi Arabia’s biggest property developer by market value, Dar al-Arkan has said that it has repaid an Islamic bond worth SR2.25bn ( $500mln ).
Last month, the developer said it raised a lower-than-expected $450m from a sukuk sale that was priced at 10.75%. The five-year Islamic bond was the fourth issue from the Saudi firm………………………………………Full Article: Source

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From Thenational.ae: Gulf Finance House (GFH), an Islamic investment company based in Bahrain, is pushing ahead with plans to start an Islamic bank in Syria and will soon begin construction on a major development near Mumbai.

The moves mark a surprising turnaround for the company, which was recently forced to restructure debts after it ran out of money and could not secure refinancing from banks on US$400 million (Dh1.46 billion) of loans. Paying down debt and reforming GFH’s business model have been central to an aggressive restructuring strategy under Ted Pretty, the chief executive………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Tradearabia.com: GFH Economic Development Zone (GFH EDZ), a $10 billion development being promoted by Bahrain-based Gulf Finance House, was formally launched at a ground-breaking ceremony held in India’s financial capital Mumbai on Sunday.

Signaling the commencement of development work at one of India’s most anticipated infrastructure projects, the chief minister of Indian state of Maharashtra, Ashok Chavan formally kicked off the infrastructure work of the project in the presence of Esam Janahi, GFH chairman and others investors in the project………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Reuters: Bahrain’s Gulf Finance House (GFH) said it was close to setting up a $326 million unit in Syria as the Islamic investment bank looks to boost revenues in a relatively untapped banking market.
Shares in GFH were unchanged on the Bahrain stock exchange on Sunday. In Kuwait, the shares were 1.4 percent higher………………………………………Full Article: Source

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From Arabianbusiness.com: Kuwait’s Investment Dar, which owns half of British luxury carmaker Aston Martin, said on Sunday that it was considering along with creditors’ to use a $5.2 billion state rescue facility.

The Islamic investment firm said in a statement that the government’s aid package would set the legal framework for its restructuring process, amid the dissent of some creditors and investors that have opposed its restructuring plan………………………………………Full Article: Source

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From Thenational.ae: Kuwait’s The Investment Dar (TID) is arguing in a London court that it does not have to pay back $10.7 million to Lebanon’s Blom Bank because the deal, inked in 2007, was not Shariah compliant.
TID, the troubled investment firm that owns half of the high-end car maker Aston Martin and is close to a $3.5bn debt restructuring, is an Islamic company guided by Shariah principles that forbid collecting or charging interest, among other strictures………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Reuters: Troubled conglomerate Dubai World expects to put its debt plan to creditors as early as this week but the final proposal is being delayed by efforts to accurately value developer Nakheel’s assets, bankers said on Sunday.

Dubai World’s plan for repaying $26 billion in debt will not include a proposal to raise capital or contain any surprises, one of the bankers said, such as the repayment of Nakheel’s Islamic bond in December after a last-minute bailout by Abu Dhabi………………………………………Full Article: Source

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From Business24-7.ae: While most fund managers are optimistic about the considerable opportunities the region offers, the dearth of existing and new funds managed from the Middle East remains a concern.

Fund managers have put considerable efforts into growing their resources and standards to meet investors’ demands, but this has not yet been matched by noteworthy inflows. This is putting pressure on the fees structure, which is already higher than in other comparable markets………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Hedge funds are set to receive a larger proportion of the Middle East investor’s funds this year compared with 2009, a new survey has revealed. 90.9 per cent of respondents expect to either maintain or increase their allocations to hedge funds in 2010 while the remaining 9.1 per cent intend to decrease their hedge funds holdings this year.

The survey polled 66 respondents from across the Middle East, with 27.3 per cent of them from the UAE, followed by 21.2 per cent from Bahrain, 18.2 per cent from Kuwait and 13.6 per cent from Saudi Arabia among others………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Thestar.com.my: An acute shortage of talent in the local takaful market, coupled with two new takaful licences to be issued this year in line with the financial sector liberalisation, are expected to put a dampener on the Government’s move to turn Malaysia into an international Islamic financial hub.

An industry observer, who declined to be named, told StarBiz that for the two takaful start-ups to run efficiently, they would need around 100 to 200 people in the first two years of operations………………………………………Full Article: Source

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From Brudirect.com: Takaful IBB held an appreciation dinner last night to honour retiring members of its board of directors and officers for their dedication and commitment at the Dewan Takaful Dar Takaful Utama Building in Bandar Seri Begawan.

More than 100 people attended the dinner, consisting of Takaful IBB employees.some of whom have been working with the company for more than 15 years out of its 17 years of establishment………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Brudirect.com: The government will try to bring Brunei into the “cutting edge” of the global halal market this year, a government consultant said.

To this end, Abdalhamid David Evans, managing director and senior analyst for halal specialist consultancy Imarat Consultants, touted the upcoming International Halal Market Conference to be held here on June 5-6………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Albawaba.com: As part of its pioneering role in providing software solutions to its clients in Jordan and neighboring countries, Manafsoft has taken the role of participating in the First Islamic Finance & Investment Forum for the Middle East held at King Hussein Convention Center in the Dead Sea on 2nd and 3rd of March 2010.

Manafsoft’s role in the forum is considered an added value to its experience as one of the parties interested in the Islamic finance industry. “Yusur“, a system that was launched in 2010 to comply with different financial projects and services in the Islamic finance industry………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Arabnews.com: While many reasons have been cited for the cause of the credit crunch and the global financial crisis, a major criticism of global banking is that of a disconnect between finance and ethics.
Islamic finance, which is a faith-based system of financial management, was less affected by the crisis, but it is not immune to some of the excesses of conventional bankers………………………………………Full Article: Source

Posted on 08 March 2010 by Laxman |  Email|Print

From Thenews.com.pk: The Jang Economic Session has regretted that although Pakistan claims to be an Islamic republic, there exists no regular Islamic economic or commercial policy. It has called for paving way for the introduction of the Islamic economic system.
Islamic banking had grown satisfactorily in the last decade and deposits under this head now constitute 5.5% of the total deposits………………………………………Full Article: Source

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