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Islamic Finance Briefing 16.Mar 2010

Posted on 16 March 2010 by Laxman |  Email|Print

From Businessweek.com: Kazakhstan, central Asia’s biggest energy producer, may sell Islamic bonds for the first time as it seeks to attract overseas money to finance its budget deficit.

The government plans to become a “significant player” in the Islamic finance market by offering debt that complies with Muslim tenets as early as this year, Finance Minister Bolat Zhamishev said in the capital Astana today. Kazakhstan has drafted a bill that will allow it to sell the so-called sukuk, he said, without providing details………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Arabnews.com: The board of executive directors of the Islamic Development Bank (IDB), which concluded its 266th meeting at its headquarters in Jeddah, has approved $333.9 million for financing new projects.

The beneficiaries include Pakistan, Bahrain, Yemen, Benin, Sierra Leone and Saudi Arabia………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Reuters: Shuua Capital’s Saudi Arabian unit said its hospitality fund had bought land in Jeddah for a hotel development worth more than $130 million, the first ever land acquisition by a hospitality fund in the kingdom.
The fund, worth over $500 million, is tapping growing demand for hotels in the world’s largest oil exporter and will build a luxury project in the Red Sea city worth 500 million riyals ($133.3 million), Shuaa Capital Saudi Arabia said………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Maktoob.com: Dubai World may offer creditors new debt tranches at zero or reduced interest in a plan to restructure $26 billion in debt, a UAE newspaper said on its website, citing bankers close to the situation.

“What they (Dubai World) came back with was not as bad as most banks had anticipated. Under this plan they would refinance several different tranches. Some would come with zero interest and some with reduced interest rates,” the daily The National quoted one banker as saying………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Thenational.ae: In early February, the head of National Bank of Abu Dhabi (NBAD) was adamant that the bank was in no rush to tap the markets. With Greece’s debt troubles topping the daily news and talk about a 40 per cent haircut for Dubai World creditors, his attitude made perfect sense.

“We don’t have our back against the wall,” Michael Tomalin, the chief executive of NBAD, said at the time. “We are not obliged, but if we do [issue bonds], it will give us more flexibility.”……………………………………..Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Muslims.net: The Yemeni Islamic Bank for financing and investment has achieved a remarkable position in the progress and growth of its activities through the level of profits, deposits volume, financial statement circulation and the profit earnings per share of customers’ deposits in 2009.
The Deputy General Manager Abdullah al-Qubati announced that the bank could achieve remunerative profits and returns amounting to YR one billion……………………………………..Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Nationmultimedia.com: The Islamic Bank of Thailand will start extending student loans in May, Sathit Limpongpan, Finance Ministry permanent secretary and chairman of the Student Loan Fund, said yesterday. At present, students may apply for them only through Krung Thai Bank.

Sathit was speaking at an exhibition to celebrate the 12th anniversary of the Student Loan Fund, which has to date provided Bt326 billion to 3 million students. “Islamic students will prefer to deal with the Islamic Bank,” said Sathit………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Businessweek.com: Esterad Investment Co., a Bahraini trade and investment firm, said its Chief Executive Officer Subhi Benkhadra will become the CEO of the European Islamic Investment Bank Plc.

Esterad and European Islamic formed an asset management business to be based in Bahrain, Esterad said in a statement to the Bahrain bourse today………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

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

Posted on 16 March 2010 by Laxman |  Email|Print

From BNA: His Royal Highness the Prime Minister Prince Khalifa bin Salman Al Khalifa today asserted that the financial challenges faced by the world need immediate reforms that are compatible with Islamic Shari’a.
In a message to his Kazakhstani counterpart Karim K. Massimov, HRH Premier indicated that the strong commitment of Bahrain and Kazakhstan strengthens the brotherly ties bonding the two friendly countries and consolidates their economies………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Bernama: CIMB Islamic Bank has won the “Best Islamic Bank in Asia” award from Euromoney Islamic Finance Awards 2010.

The bank was also awarded with the “Best Sukuk Deal” honour for its RM20 billion Islamic Commercial Paper/Medium Term Note (CP/MTN) programme for Pengurusan Aset Air Bhd, a statement from the bank said here on Monday………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

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

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

Posted on 16 March 2010 by Laxman |  Email|Print

From Gulf-times.com: A new Qatari Islamic insurance company, Beema, will offer Shariah-based products including takaful in the market from today.
Beema, with a paid up capital of QR200mn, is a joint venture of Qatar Insurance Company (QIB), Masraf Al Rayan, Barwa and QInvest………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Arabnews.com: Insurance premiums in the Gulf Cooperation Council (GCC) reached a high of $10.6 billion last year, showing a massive 28 percent year-on-year growth rate, according to research conducted by Value Partners, a leading global management consulting firm.

This compares to a worldwide growth of 3.4 percent in nominal dollar terms, implying stagnation in real terms………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Dailymirror.lk: Our homes house our joys, hopes and dreams and the place where we find comfort and rest. However, we seldom view our homes as something worth safeguarding. However, a question that exists is whether we secure our homes or insure them.

Believing that the latter is a better solution Amana Takaful recently gave fresh impetus to its home insurance product, ‘My Home,’ with an additional enhanced accident cover in a bid to promote the importance of home insurance in Sri Lanka………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Dailymirror.lk: Amana Investments won the award for the category Best Islamic Bank in Sri Lanka in the 2009 Islamic Finance News Poll conducted by the Malaysian-based REDmoney Group.

Though Amana Investments is not a bank, the award it has won in the category of the Best Islamic Bank by country confirms its clear leadership position in the field of Islamic Finance in Sri Lanka………………………………………Full Article: Source

Posted on 16 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Saudi Arabia plans to launch stock market index funds accessible to foreigners by the end of March in a bid to open up the Arab world’s biggest bourse, the market regulator’s chief said in remarks published on Sunday.

‘We want to study experiences of many countries, which have allowed foreign investment in an organised way,’ Abdulrahman Al-Tuwaijri, head of the Capital Markets Authority (CMA), was quoted as saying in business daily Al-Eqtisadiah………………………………………Full Article: Source

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