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Islamic Finance Briefing 11.Mar 2010

Posted on 11 March 2010 by Laxman |  Email|Print

From CNN: Bahrain’s finance minister said adherence to strict Islamic rules helped his country escape the worst of the global recession. Finance Minister Sheikh Ahmed bin Mohammed al Khalifa predicts growth of four percent for Bahrain’s economy this year, saying “long-term consistent growth” is the kingdom’s goal.

Sheikh Ahmed said the country “built an economy that is resilient, that is able to withstand shock.”………………………………………..Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Bfnnews.com: European Islamic Investment Bank posts a full year loss of £22.2m - up from £14.8m last time. The bank said while the result was disappointing it was broadly in line with the result at the end of the first half of the year.

Operating profit on continued operations before tax, fair value losses, impairments and oil and gas activity declined from £4.3m in 2008, to a loss of £4.0m in 2009………………………………………….Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Union of Arab Banks (UAB) is close to finalising a plan to facilitate Islamic banks to approach Central Banks for liquidity support, said to a top UAB official.

Chairman Adnan Ahmed Yousif said the project is at an advanced stage and Islamic Development Bank (IDB) will soon take up this issue with authorities. Currently, Islamic banks are unable to use the liquidity schemes made available by the Central Banks as Sharia laws do not allow them to deal with interest…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Xinhua: China has been urged to consider introducing Islamic banking practices to boost trade with the Arab and Muslim world.

China is already the area’s biggest commercial partner but economists and experts in the industry say this can be greatly increased…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Gulf-times.com: International Islamic (QIIB) shareholders have approved a cash dividend of 40% of the paid-up capital for 2009, which amounts to QR4 a share.
The resolution to the effect was approved by the shareholders at their annual general meeting at the Diplomatic Club yesterday…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Gulf-times.com: International Islamic (QIIB) has made 100% allocation this year to develop its core banking business particularly in Qatar, CEO Abdulbasit A al-Shaibei has said.
“We stay focused on our core business; we are not greatly concerned about making investments in the non-banking areas to maximise returns. It is a challenge nevertheless, but by God’s grace, we will meet it,” al-Shaibei said…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Pakobserver.net: A national Road Show consisting of over 300 awareness interactive programmes in Islamic Banking and Takaful, covering 100 cities throughout Pakistan has been started. Al-Huda the Centre of Islamic Banking and Economics started the programme from Khyber Wednesday and it would be concluded on April 10.

The prime objective of this program is to promote logical awareness about Islamic Banking and Takaful among the businessmen and industrialists…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Ithmaar Bank plans to launch a $200 million rights issue today to help fund the planned expansion of its operations.

The rights issue is part of a capital raising initiative, which includes a mandatory convertible sukuk, designed to raise a total of up to $400m…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Gulf-times.com: The Gulf’s banking sector is likely to lag an anticipated regional economic recovery in 2010, but the industry could see continued government support, analysts at Standard & Poor’s Rating Services said yesterday.
“We consider all GCC governments interventionist,” Emmanuel Volland, S&P’s director of financial institutions ratings said on a conference call with reporters yesterday. “We expect a high level of support for banks.”………………………………………..Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Wam.ae: Fitch Ratings has affirmed the National Bank of Abu Dhabi’s (NBAD) strong rating, basing its decision on robust management and the Bank’s performance during the global financial crisis.
Fitch affirmed NBAD’s Long-term Issuer Default Rating (IDR) at ‘AA-’ with a Stable Outlook. The credit rating agency has also affirmed NBAD’s Short-term IDR at ‘F1+’, Support Rating at ‘1′ and Support Rating Floor at ‘AA-’. The Individual Rating is affirmed at ‘B/C’, by Fitch…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Ameinfo.com: Fitch Ratings has affirmed the Commercial Bank of Qatar’s (CBQ) Long-term Issuer Default Rating (IDR) at ‘A’, Short-term IDR at ‘F1′, Individual Rating at ‘C’ and Support Rating at ‘1′. The Support Rating Floor is affirmed at ‘A’. The Outlook on the Long-term IDR is Stable.
CBQ’s IDRs are support-driven, reflecting Qatar’s strong credit fundamentals and the extremely high probability of external support available to the bank from the Qatari authorities in case of need…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: The Dubai Financial Services Authority (DFSA) has launched a series of electronic Islamic finance tailored handbooks to help firms undertaking Islamic finance activities in the Dubai International Financial Centre (DIFC).
The Islamic finance handbooks are designed to assist with the identification of the DFSA’s Rulebook requirements applicable to financial activities conducted as Islamic or Shari’ah- compliant…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Metronews.ca: Centennial College is aiming to enhance Toronto’s global standing as a financial services hub with the launch of an Islamic finance course this May.

The school is the first training provider to offer the course in association with the London-based Chartered Institute for Securities and Investment (CISI)…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Thepeninsulaqatar.com: International ratings agency Moody’s has rated Qatar Islamic Insurance Company (QIIC) as one of the best Islamic insurers in the world for the second consecutive year in 2009.

Net profits of the company totalled QR51m in the year (2009). The shareholders of the company approved its 2009 financials at the annual general meeting (AGM) here yesterday…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Dailymirror.lk: The Maldives Monetary Authority has granted the license for Amana Takaful (Maldives) Pvt. Limited, the Maldivian subsidiary of Amana Takaful Plc, to begin general insurance with effect from 4 March.

The company launched its operations in 1998 in collaboration with Takaful Malaysia, one of the largest Takaful operators in the world. It offers life and general insurance policies…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Tradearabia.com: National Bonds Corporation, the Shari’a-compliant saving scheme, has announced a strategic alliance with Emirates Post to enable customers to purchase the savings certificates from over 100 Emirates Post offices across the UAE.

Mohammed Qasim Al Ali, chief executive officer of National Bonds Corporation and Ibrahim Bin Karam, chief executive officer of Emirates Post, signed the MoU…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Lenders to Dubai World will get a range of options including full repayment once Abu Dhabi decides how much additional support it will give its debt laden neighbour, sources close to the discussions said.

Bankers in London and the Gulf are divided over how Dubai should restructure the $26 billion debt pile dogging its flagship holding company, leading the emirate to consider parallel offers in an effort to please all, the sources said…………………………………………Full Article: Source

Posted on 11 March 2010 by Laxman |  Email|Print

From Yonhap: South Korea’s Woori Investment and Securities Co. said Wednesday that it has agreed to cooperate with Qatar Islamic Bank, the largest bank in the Middle East country, in the corporate finance and investment sectors.

Woori Investment and Qatar Islamic Bank sealed a memorandum of understanding (MOU) to mutually cooperate in the fields, which is expected to help the South Korean securities house gain a footing in the Middle East and expand its global network to India and the Southwest Asian region, the company said………………………………………..Full Article: Source

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