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Islamic Finance Briefing 10.Mar 2010

Posted on 10 March 2010 by Laxman |  Email|Print

From Forbes: Islamic finance is one of the fastest growing segments of international financial markets. Currently, total sharia-compliant assets amount to an estimated $1.125 trillion to 1.275 trillion, with an annual growth rate of 15-20%.

The global credit crunch has not left it unscathed, and recent capital market growth has been hampered by conflicting interpretations of the sharia compliance of specific wholesale product structures (sukuk). Nevertheless, the outlook for the sector is positive………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Bernama: The Dubai debt crisis does not represent a permanent setback to Islamic finance eventhough the sukuk or Islamic bonds suffered a blow as potentially safer instrument than conventional.

Deputy Minister of International Trade and Industry Datuk Mukhriz Mahathir said this was because of the reasonable disenchantment with the banking and financial system as practised in the West………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Channelnewsasia.com: The Islamic insurance or takaful market is expected to see strong growth this year. Still, challenges remain including low market penetration and a lack of Shariah-compliant investment opportunities for takaful players.

Industry executives said they want to see more Islamic bond, or sukuk, issuances in order to help them balance their portfolios away from equities and reduce risk………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Thestar.com.my: Amanah Mutual Bhd (AMB), the subsidiary of Amanah Saham Nasional Bhd, has launched a Islamic capital-protected fund, AMD Dana Aqeel, to take advantage of the current strong demand by investors for such products.

Permodalan Nasional Bhd (PNB) chairman Tun Ahmad Sarji Abdul Hamid said the syariah-compliant product is a closed-end fund of 3 million units of three years at a price of 50 sen per unit………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Gulfnews.com: The Islamic Development Bank will soon launch a roadshow to attract investment for Istikhlaf, an Islamic bank, a top banking official said.

Adnan Ahmad Yousuf, Chairman of the Union of Arab Banks and CEO of Al Baraka Banking Group told Gulf News: “Istikhlaf will be launched with $2 billion [Dh7.34 billion] paid-up capital and $10 billion authorised capital and is being sponsored by the IDB.”……………………………………..Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Khaleejtimes.com: The total assets of 420 banks in the Arab world grew 3.57 per cent to $2.26 trillion in 2009 in spite of the unprecedented global financial turbulence, the head of the Union of Arab Banks said on Tuesday.

The deposit base of Arab banks surged 17 per cent to $1.27 trillion, loan portfolio grew six per cent to $1.09 trillion while the capital base rose 19.5 per cent to $239 billion in 2009, said Adnan Yousef, Chairman of Union of Arab Banks………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Business24-7.ae: The UAE Government should come out with schemes to encourage mergers in the banking system, Union of Arab Banks (UAB) Chairman Adnan Ahmed Yousif said yesterday.

The UAE has more than 50 banks but only one merger, between Emirates Bank International and National Bank of Dubai, has taken place in the recent history………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Qatarmorningpost.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 10 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Abu Dhabi Islamic Bank announced on Tuesday that it would provide a $81.6 million Islamic finance facility to Al Dharfa Cooperative Society to fund working capital and capital expenditures.

Al Dharfa Cooperative Society is owned by a group of more than 1,500 UAE nationals, who are mainly residents of the western region of the country………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Arabnews.com: Bahrain-based Islamic investment bank Unicorn is close to signing a “big” mandate for asset management services in Saudi Arabia, a senior executive said on Tuesday.

“We hope to sign it in the next days,” said Ikbal Daredia, head of the capital markets, institutional banking and treasury unit at the Manama-based bank………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Bahrain’s Ahli United Bank (AUB) yesterday said it had acquired a 40 per cent stake in Libya’s United Bank for Commerce & Investment (UBCI) through a capital hike by investing $53.8 million.
UBCI’s capital has been increased from 33.3m Libyan dinars ($26.47m) to 80m, 60pc of which is owned by Libyan shareholders………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Iii.co.uk: Indonesia raised 999 billion rupiah ($108.9 million) rupiah from the auction of Islamic-compliant bond or sukuk on Tuesday, the finance ministry said in a statement.

The ministry had expected to raise 1 trillion rupiah from the sales of sukuk with tenors ranging from five to 15 years. The proceeds will be used to help finance budget deficit seen at 2.1 of gross domestic product (GDP) this year………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Dar Al-Arkan Real Estate Development Company (Dar Al-Arkan), a residential real estate developer in Saudi Arabia, has announced that it has successfully redeemed its inaugural Sukuk issued in March 2007.
The repayment was made on schedule. Issued by DAAR International Sukuk Company, the three-year $600 million issue marked the first Sukuk to be issued by a Saudi company in the international capital markets………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Gulfbase.com: State-owned utilities firm Dubai Electricity and Water Authority (Dewa) expects its $1.5 billion bond to be completed by the beginning of next month, its chief executive said on Tuesday.

‘We hope to finalise it by the first week of April,’ Dewa’s chief executive Saeed Mohammed al Tayer told Reuters on the sidelines of a conference. Earlier, Dewa’s chairman said the bonds would be used to cover short-term financing………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Islamicfinanceasia.com: The world becomes a much less complex place when one realizes that everything can be reduced to buying and selling. With some exceptions of course, where Islamic finance is involved. The proverbial “15 minutes” has trickled into almost every aspect of our lives, including business and investment trends. These days, faster is always better.

However, how does this concept of faster and better relate to Islamic finance — which is famous for its relatively long-tenure finance structures and is therefore anything but quick?……………………………………..Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Lankabusinessonline.com: Sri Lanka’s Amana Takaful Insurance said its Maldivian subsidiary Amana Takaful (Maldives) has got regulatory approval to do general insurance business in the archipelago.
The company said in a stock exchange filing that Amana Takaful (Maldives) is a subsidiary of Amana Global which is a fully owned subsidiary of Amana Takaful………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Gulf-times.com: The six GCC states are expected to witness a combined budget surplus of more than $50bn in 2010 instead of a projected deficit of $2.9bn thanks to improved oil prices, according to a report by Emirates Industrial Bank (EIB).
The GCC states have based their 2010 budgets on an oil price of $50 a barrel while the average price for 2010 is expected to hit $70 a barrel, EIB said in the report, adding that there was a possibility that the GCC states would increase spending in case of oil price stability………………………………………Full Article: Source

Posted on 10 March 2010 by Laxman |  Email|Print

From Thenational.ae: Apart from being an amusing analogy, there is also an essential truth in that observation that has sometimes been overlooked in media coverage of Dubai World: the restructuring of the emirate’s former flagship conglomerate is an incredibly complex affair involving a cast of thousands, with huge sums of money at stake and the potential for external actions or agencies to significantly influence the outcome on any given day.

We in the media with our daily, even hourly, deadlines, our need to simplify things into headline-speak, and our natural inclination to inject a bit of drama into the proceedings, sometimes forget this simple fact:……………………………………..Full Article: Source

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