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Islamic Finance Briefing 15.Mar 2010

Posted on 15 March 2010 by Laxman |  Email|Print

From KUNA:As many as 680 Islamic funds, 45 percent of which are concentrating in the GCC member states, are running assets in the neighborhood of USD 70 billion, according to a recent economic report.
There are 306 Islamic funds in the GCC member states alone, witnessing fast-track growth as a result of increasing wealth in the Arabian Gulf region thanks to edging oil prices, indicated the monthly report released by Kuwait-based Saba’ek Company……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Koreatimes.co.kr: Funds coming from Islamic countries are increasing in the capital market here, according to Koscom. It stood at a mere 128.9 billion won in the fourth quarter of 2007, but over 3 trillion won flew into the Seoul stock market in 2008.

Islamic money in the bourse increased to 3.2 trillion won last year, with 122.7 billion won arriving in January. The money is part of the huge assets that they accumulated during the global oil price hike……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Arabnews.com: Al-Rajhi Capital, the investment arm of Al-Rajhi Bank, signed a distribution agreement with Derayah Financial on Saturday which would enable its Shariah-compliant mutual funds to be available to individual investors through its website, www.derayah.com.

“The agreement represents the company’s aim to widen the distribution channels of its investment funds to meet the growing customer needs,” said Modker Al-Mutairi, vice president of sales and distribution at Al-Rajhi Capital……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Shariah boards face increased scrutiny and criticism as high-profile corporate defaults and cautionary comments from respected scholars cast a harsh light on the fast growth of financial products touted as Islamic.

Experts say rapid growth in the industry, which some estimates value at $1 trillion, has put more pressure on scholars to sign off on increasingly complicated structures, wrapped in sharia packaging……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Arabnews.com: The year 2010 could be a landmark year for the Saudi housing sector, and the opportunities for Islamic housing finance - both development and mortgages - could be potentially immense.

Following the recent confirmation by Muhammed Al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA), that the proposed mortgage law would be adopted within the next few months, the financial market is expectant about the possibilities that such a law would unleash in a market that is under-housed and has a very young demographic profile……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Ameinfo.com: Jordan’s finance minister, Mohammad Abu Hammour has said the government may need to issue new pieces of legislation or find a new mechanism to speed up the issuance of Islamic sukuk.
“We are very interested in Islamic sukuk especially that Islamic banks were less affected by the global financial crisis than commercial banks,” the minister said, adding that there are some legislative obstacles that restrict the government from using such financing instruments……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Tradearabia.com: National Bank of Abu Dhabi, the United Arab Emirate’s second biggest bank by assets, will tap markets to raise up to $1 billion, an executive at the bank said on Sunday.
“The bank is looking to raise anything between $500 million to $1 billion, depending on the response,” the executive said, asking not to be identified. “The roadshows are underway.”…………………………………….Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Brunei.fm: Islamic financial institutions looking into tawarruq, a controversial Islamic financing structure, should instead consider sukuk ijarah, or Islamic bonds, when looking at options to raise cash, a study said.

In its basic form, tawarruq allows the sale of an asset on a deferred payment basis. The purchaser then sells the asset to a third party to get cash……………………………………..Full Article: Source

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From Gulf-daily-news.com: Last year was seen to be the most difficult periods in recent years in the Gulf financial markets starting with the default of Saad and Gosaibi groups and ending with Dubai’s crisis, according to a report by Global Investment House.

The GCC banking sector reported drops in net profits by 8.56 per cent last year reaching $14.40 billion against $15.75bn in 2008……………………………………..Full Article: Source

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From Globalarabnetwork.com: According to Global Investment House report, the financial results of the banking sector in the Gulf Cooperation Council (GCC) states showed a retreat in net profits in 2009 by 8.5 percent to hit USD 14.4 billion compared with 15.7 billion in the previous year.

It also made clear that this sector did not see a hike in its net profits in 2009 except in the Kuwaiti market that has its net profits rallying by 70.02% at a time when the Bahraini banking sector led the retreats by 35.2 percent……………………………………..Full Article: Source

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From Muslims.net: 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

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From Cpifinancial.net: The ratings of Bahrain Islamic Bank remain unchanged with Baa1 long-term and Prime-2 short-term local and foreign currency issuer ratings and a D+ bank financial strength rating (BFSR). The rating outlook is stable.

“Moody’s recognises that BIsB has demonstrated its capacity to weather the current financial stress, especially by maintaining ample asset liquidity cushions,” Hassoune said……………………………………..Full Article: Source

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From Gulf-times.com: Ahlibank is gearing up to strengthen its retail presence in Qatar by adding more branches and launching new products, CEO Salah Murad has said.
The bank, which posted a net profit of QR300mn in 2009 ‘amidst challenging conditions’ in the global business environment, will add two more to its existing network of 22 branches across the country……………………………………..Full Article: Source

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From Gulfnews.com: Mashreq Group announced Saturday the introduction of its Islamic banking division, Mashreq Al Islami, made available to customers throughout all of its 58 branches in the UAE.

Initially established in 2006 as Badr Al Islami, the Islamic banking division of Mashreqbank has been advised by the respected Sharia Supervisory Board, whose members will continue to guide Mashreq Al Islami, the official Islamic service provider for all Mashreq Group-related instruments……………………………………..Full Article: Source

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From Tradearabia.com: Jordan Islamic Bank, a subsidiary of the Bahrain-based Al Baraka Banking Group (ABG), achieved a net profit of $39.49 million in the financial year 2009.

The bank’s net profit before tax was $55.01 million……………………………………..Full Article: Source

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From Business24-7.ae: Six large banks controlled about 60 per cent of the UAE’s total banking business as at the end of 2009. This points to the need for mergers in the UAE’s banking industry, which has more than 50 local and foreign banks, say financial services experts.

While Emirates NBD, National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank, First Gulf Bank, Dubai Islamic Bank and Mashreq control 60 per cent of the total business, about 45 banks share the remaining 40 per cent of the UAE business……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Takaful International registered a seven per cent growth in business last year with total insurance contributions up from BD14.002 million ($37.14m) to BD15.02m.

That helped the company improve profit by 25pc to BD560,234……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Ameinfo.com: Malaysia is inviting investors and institutions from the Middle East to use its comprehensive services platform to tap the growing interest in Islamic finance and target the burgeoning Asia-Pacific markets.
Major Malaysian banks and investment companies specialising in Islamic finance products will attend the third Malaysia Services Exhibition (MSE 2010), to be held in Dubai this year to showcase their expertise and network with potential business partners……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Arabnews.com: Zeti Akhtar Aziz, governor of Bank Negara Malaysia, the central bank, took the message of the Islamic finance proposition to the heart of continental Europe when she gave the inaugural global lecture at Goethe University following the opening earlier of the inaugural Official Monetary and Financial Institutions Forum (OMFIF) in early March 2010 in Frankfurt, Germany.

Germany, which ought to be the closest partner of Islamic finance because of its tradition of mutual savings societies and cooperatives, has been relatively absent from the Islamic finance space, allowing US, UK, French, Swiss and Japanese financial institutions to take the first mover lead……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

From Tripolipost.com: The Islamic Corporation for the Development of the Private Sector (ICD) has recently signed a deal to develop small and medium enterprises (SMEs) in Libya.

ICD, the private sector arm of the Jeddah-based Islamic Development Bank Group (IDB), will be working with Libya’s National Council for Economic Development (NCED) to implement the deal……………………………………..Full Article: Source

Posted on 15 March 2010 by Laxman |  Email|Print

KPMG has been named ‘Best Islamic Assurance and Advisory Services Provider’ at the 2010 Euromoney Islamic finance Awards ceremony in London, UK. Now in its eighth year, Euromoney’s Islamic finance Awards are regarded as the benchmark awards for the global Islamic finance industry.

In selecting KPMG, Euromoney magazine said: “What made KPMG stand out in 2009 was the work it did to help the promotion of Islamic finance globally……………………………………..Full Press Release: Source

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