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Islamic Finance Briefing 09.Mar 2010

Posted on 09 March 2010 by Laxman |  Email|Print

From Smh.com.au: Forget the City, Wall Street, Frankfurt and Tokyo, here’s a revelation that will rock you, and probably Gail Kelly at Westpac too. One of the world’s biggest financial centres is Kuala Lumpur.

No, you didn’t read incorrectly - tropical KL, capital of the infamously ”recalcitrant” Malaysia, a country better known in recent times for caning its beer-drinking adulterous womenfolk than as a titan of global high finance……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Arabnews.com: The Jordanian government on Monday borrowed $100 million from the Jordan Islamic Bank in what Finance Minister Mohammad Abu Hamour described as a recognition of the successful performance of Islamic finance during the latest global financial crisis.

Abu Hammour, who signed the loan agreement on behalf of the government, said that the credit would be used for buying wheat and barley to enhance the country’s strategic stockpile of the two basic commodities……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Emiratesfn.com: The Jordan Islamic Bank posted JD39 million in pre-tax net profit and JD28 million in after tax profit for the 2009 fiscal year.

The board endorsed the bank’s financial statement for last year and recommended the distribution of dividends at a rate of 12 per cent……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Sharjah Islamic Bank said on Monday it would split its dividend to 5 percent cash and 5 percent stock rather than cut a previously proposed 10 percent cash dividend.

Chief executive Mohammed Abdullah said the move was an effort to abide by recently issued central bank guidelines that put a cap on cash dividends to 50 percent of annual profits……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Kuwaittimes.net: The National Bank of Kuwait (NBK) has announced a 4 percent increase in its annual net profit for 2009 from KD 255 million in 2008 to KD 265 million in 2009. The operational income of the bank rose by 2 percent to KD 518 million in 2009.
The general assembly approved a recommendation of the board of directors to distribute 40 percent of the nominal share value as cash profits in addition to 10 percent bonus shares. The assembly also approved a proposition to further raise the capital of the bank by 10 percent to KD 3,598 million……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Saudi Arabia’s bank lending growth is set to recover this year as confidence in the global economy rises and the domestic banking system is liquid and well capitalised, the country’s central bank governor said.

Muhammad Al-Jasser of the Saudi Arabian Monetary Agency also told Reuters in an interview that strong supply in the real estate sector will help keep inflation in check in the world’s largest oil exporter, adding that he expected this year’s non-oil sector growth to be similar to that of 2009……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Gulf-times.com: Masraf Al Rayan will open two more branches in Doha within two months as part of the Qatar-based bank’s expansion programme.
Addressing the bank’s shareholders at their ordinary general meeting last night, Masraf Al Rayan chairman and managing director Dr Hussein Ali al-Abdullah said the new branches would come up on C-Ring Road and at Wathnan Mall at Muaither……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Bernama: Bank Islam Malaysia Bhd recorded a 51 per cent increase in profit before zakat and tax to RM158.1 million for the six months ended Dec 31 2009.

This was achieved on the back of a strong net financing growth of 8.2 per cent or RM796.1 million to RM10.5 billion……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Masraf Al Rayan, one of the leading Islamic banks in Qatar, has launched its $1.1 billion Al Rayan GCC Fund.

It has appointed Al Rayan Investment as fund manager of the Sharia-compliant value fund, which will take a medium to long-term perspective, investing in GCC-listed equities as well as fixed-income and money-market instruments. The fund will seek to take an activist investment approach……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Kuwait Finance House (KFH), the Gulf state’s biggest Islamic lender, expects 2010 earnings to be in line with those in 2009.

Chairman Bader al Mukhaizeem told reporters on Monday the bank would continue to expand in international markets including the United States, Canada and China, adding that overseas markets contributed 43 percent of the lender’s earnings……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Globalarabnetwork.com: Early last month, Kuwait’s parliament passed new legislation for the establishment of an independent authority to oversee and regulate the country’s securities exchange.
While no official date has been set, the law calls for the formation of an independent, five-member Capital Markets Authority (CMA) whose role will be to “ensure total transparency and prevent insider trading and other illegal practices”……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Tradearabia.com: The cost of insuring Dubai’s debt against default fell and Dubai World subsidiary Nakheel’s 2011 bond rose on Monday as bankers expect a Dubai World restructuring deal this week.

Dubai World expects to put its plan for repaying $26 billion in debt 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……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Despite the tightness of banks’ willingness and ability to lend, the GCC’s demand to tap the debt capital market remains dampened by market uncertainly.

Only a handful of quality financial institutions have tapped the DCM market in the past six months and it is hard to predict the homogeneity of the region’s appetite going forward……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Kuwait Projects Co (KIPCO) plans to launch a savings and pensions company in Bahrain with a capital of $25 million, which it said would be the first of its kind in the Middle East.
Kuwait’s biggest investment firm plans to sell pension products worth up to $500 million in the first five years of operation of its pensions firm, a KIPCO official said on Monday……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Neurope.eu: During a recent visit to Astana, foreign Islamic bankers announced that Kazakhstan is strongly interested in developing Islamic finance. The central Asian nation is emerging strongly as the most proactive and advanced Islamic finance market, Gazeta.kz reported.
President Nazarbayev is keen to develop diversified economic relations with both traditional partners such as Russia but also with the West and the Middle East Muslim nations. Kazakhstan is a member of the OIC (Organization of the Islamic Conference) and the IDB……………………………………….Full Article: Source

Posted on 09 March 2010 by Laxman |  Email|Print

From Scotsman.com: Three recent events illustrate the dilemmas of today’s Pakistan, which are in many ways the same challenges faced by the country’s founder, Mohammed Ali Jinnah, over six decades ago.
The foreign secretaries of India and Pakistan met in New Delhi recently, after a gap of more than 15 months, the terrorist attacks on Mumbai of 11 November, 2008, having frozen relations between the two countries in suspicion and mutual recrimination……………………………………….Full Article: Source

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