Fri, Feb 26, 2021
A A A
Welcome bhaimia
RSS
Islamic Finance Briefing 17.Mar 2010

Posted on 17 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Islamic financial institutions hold assets that exceed $822 billion (Dh3 trillion) and the value of Shariah-compliant bonds was $100bn in 2009, Saudi Arabia’s central bank governor Muhammad Al Jasser said.

Islamic banks account for 15 per cent of the assets of the largest 30 banks in the Middle East, Jasser said…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Thestar.com.my: The Islamic finance industry is on a steady growth path of about 20% per annum in Malaysia, said Bank Muamalat Malaysia Bhd chairman Tan SriMohd Munir Abdul Majid.

“The rate of growth of Islamic financing has been impressive,” he told reporters after an agreement signing ceremony between Bank Muamalat and Bank Kerjasama Rakyat Malaysia Bhd with Columbia Asia Sdn Bhd for an eight-year RM250mil syndicated financing facility……………………………………Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Bernama: Islamic finance should be transparent as possible as it ensures predictability and confidence in the processes. “While there may inevitably be some element of complexity when devising management products, it was important that there is clear and direct relations between products and the underlying assets.

“We must ensure that we are inclusive. Engagement of stake holders especially consumers and financial institutions are the keys to unlocking the potential within Islamic finance,” said the Crown Prince of Perak Raja Perak, Raja Dr Nazrin Shah here Tuesday…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Btimes.com.my: Islamic finance is now in the third stage of its development that requires the broadening of its acceptability and growing the market, Raja Muda of Perak Raja Dr Nazrin Shah said. The first stage was to establish Islamic finance as a viable business, followed by a test of its stability, which was proven during the global financial crisis.
“For all its successes, Islamic finance still accounts for less than 1 per cent of global financial instruments, while Muslims make up over 20 per cent of the world’s population……………………………………Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Brunei.fm: As the Islamic finance market grows, debates remain on some of the Islamic financial structures which some scholars spurn for being too close for comfort to conventional finance products.
The Brunei Times speaks with Sri Anne Masri, a local Islamic business consultant, about one of these controversial products, tawarruq, which is a subject of debate among scholars…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Zawya.com: Governor of Central Bank of Syria (CBS) Adib Mayala has urged more efforts to adopt a unified Islamic reference to avoid division and jurisprudential debate in Islamic banking.

Speaking at the opening of the 5th Islamic Banks and Financial Institutions Conference held in Damascus on Monday, Mayala called to find legal and taxational regulatory frameworks to facilitate operation of Islamic banks…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Aawsat.com: The Saudi Interior Ministry yesterday threatened to impose automatic provisional seizure on any bank account advertised for raising funds before obtaining the approval of the relevant authorities in a preventive and organizational step to prevent funds from reaching groups that are not licensed to carry out these charity functions.

Major General Mansour al-Turki, the ministry’s security spokesman, told Asharq Al-Awsat that this step by his ministry is aimed at organizing the raising of contributions in legal ways and preventing the transfer of money to banking accounts that raise funds without official cover…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Thepeninsulaqatar.com: Qatar Islamic Bank (QIB) has signed a Memorandum of Understanding (MoU) with Woori Investment & Securities Inc (Woori) of South Korea.

The MoU aims to boost cooperation between the two parties and explore the financial and investment opportunities available in the South Korean, Asian and Qatari markets…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Gulf-times.com: The Qatar Faculty of Islamic Studies (QFIS), a member of Qatar Foundation (QF), is launching the second series of its executive training courses for 2009-10.
The five-day course on ‘Fundamentals of Islamic Banking and Finance Course’ is organised in association with the Qatar Finance and Business Academy, a specialised educational institution jointly instituted by QF and the Qatar Financial Centre…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Businessweek.com: Dubai is not in talks with Abu Dhabi’s Al Hilal Bank to use the remaining $2 billion of a $2.5 billion credit facility, Al Hilal’s Chief Executive Officer Mohamed Berro said today.

Al Hilal, owned by the state-controlled Abu Dhabi Investment Council, committed in November to buy a $2.5 billion Islamic bond from the Dubai Financial Support Fund, which aims to help Dubai’s state-owned companies amid the credit crisis. The first $500 million of that bond was bought in November…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Globalarabnetwork.com: Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the Foreign Currency ratings of Yemen’s Tadhamon International Islamic Bank (TIIB) at B (Long-term) and B (Short-term) and the Financial Strength rating at BB-.
However, the Support rating was adjusted to 4 from the previous level of 3.
This downward adjustment reflects the more challenging domestic and regional operating environment and the likely impact this will have on the Bank’s owner and, inter-alia, its capacity to provide financial support, in case of need, to the Bank. The Outlook for all ratings is affirmed at Stable…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Timesofoman.com: The Board of directors of National Bank of Oman has announced the appointment of Salaam Said Salim Al Shaksy as its first Omani chief executive officer, with effect from today.

In his capacity as NBO’s chief executive officer, he will lead, direct and manage NBO’s strategic direction to grow and transform the bank while focusing on innovative business goals…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Gulf-times.com: Private equity firms in the Middle East are looking at development financial institutions (DFIs) as an alternative to elusive bank lending, executives said yesterday.
“The change in mix of funding providers – more (reliant) on development financial institutions as opposed to Western commercial banks – is going to be the theme for private equity in 2010,” said Ahmed El Houssieny, managing director at Cairo-based Citadel Capital, at a conference in Dubai…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Eyeofdubai.com: Regional private equity firms can help lead regional growth provided they have the right business models and skill sets, Citadel Capital Managing Director and Co-Founder Hisham El-Khazindar tells industry leaders at PEI’s Middle East Forum
Hisham El-Khazindar, Co-Founder and Managing Director of leading Middle East and Africa private equity firm Citadel Capital, joined a distinguished group of industry leaders in the Great Debate, the featured event Private Equity International (PEI)’s sixth annual Annual Middle East Forum, which opened today in Dubai…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: South Korean institutions are showing increasing interest in Islamic financing to diversify capital raising avenues.

That was the conclusion of delegates at a seminar on Korean sukuk held this week in Seoul by BNY Mellon, a leading provider of corporate trustee and agency services on Islamic transactions and other complex structured finance deals globally…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Arabnews.com: All is set for Bahrain to raise $1 billion from the international market through a 10-year bond that will be used to narrow the gap in the national budget, a top regulator in the Kingdom revealed on Thursday.

The Governor of the Central Bank of Bahrain Rasheed Al-Maraj, who was among the panelists during the BNP Paribas 2010 Gulf Economic Outlook session on Thursday, said that three banks have been already appointed to market the bond in the Far East, US and the European markets…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Gulf-times.com: Abu Dhabi Investment Authority, or ADIA, has started converting $7.5bn of bonds in Citigroup in line with an agreement signed in 2007, a person familiar with the matter said yesterday.
“The conversion takes place automatically according to the predetermined dates,” the source said. “The arbitration process is completely separate.” ……………………………………Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Alef Capital, the Cayman Island based investment management firm, has launched Alef Mena Value Fund, as the first Mena focused value fund.

‘The Mena markets offer some of the most interesting value investment opportunities in the world today. There are a good number of well managed and positioned companies trading at good discounts of the possible range of their fair values,’ stated Hossam Shobokshi, head of Alef Capital…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Saudi Arabia has approved the Gulf Arab state’s first exchange-traded fund (ETF), which will be accessible to foreigners as part of efforts to open up the biggest Arab bourse.

Saudi financial firm Falcom Financial Services won approval to list the ‘Falcom Saudi Equity ETF’ on the bourse, the capital market authority said in a statement on Tuesday…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Gulf-times.com: Insurance premiums in the Gulf countries grew 28% year-on-year to $10.6bn in 2009, according to Value Partners, a global management consulting firm.
The insurance premium growth in the GCC region far outpaced the world average of 3.4% in nominal dollar terms, said its study ‘The Unfulfilled Potential for the GCC Insurance Sector’…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Gulf Finance House announced on Tuesday that it had signed a memorandum of understanding with the Syrian Investment Authority (SIA) on behalf of Syria Finance House (SFH), to develop an economic zone, power projects and phosphate mines.

With a capital of $333 million, Syria Finance House is one of the largest banks currently under establishment in Syria…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

Sakana Holistic Housing Solutions, the innovative Islamic mortgage finance provider, announced that four of its Bahraini employees were recently promoted to next grade.
Sakana also announced that two employees have successfully obtained professional degree from the Chartered Institute of Management Accountants, Islamic Finance (CIMA-IF)…………………………………….Full Press Release: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Ernst & Young has clarified that the securities licence cancellation by the Saudi Capital Market’s Authority (CMA) is limited to its unit Ernst & Young Consulting Limited, Saudi Arabia (EYCSA), and does not affect its other entities in the kingdom.

The CMA had announced on Sunday that it had revoked the securities business licence of Ernst & Young Consulting Limited, Saudi Arabia, because of ’several violations’ of the kingdom’s capital market law and implementing regulations, a statement posted on the Saudi bourse website said…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: The trillion-dollar GCC market will be a springboard to help the countries of the region develop as major players in the global economy, Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa has said.

“All the countries coming together as a single market will also mean that these nations take their proper place on the world’s economic scene,” he said during a workshop on strengthening integrity in the private sector in Arab countries yesterday…………………………………….Full Article: Source

Posted on 17 March 2010 by Laxman |  Email|Print

A meeting of Muslim initiative group on establishing Shariah and Expert Councils took place in Kazan. Representatives of the Religious Department under the cabinet of Ministres of the Republic of Tatarstan, Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund), Russian Islamic University (RIU), Spiritual Administration of Muslims of the Tatarstan Republic and Non-profit partnership of Muslim enterpreneurs “Tarhan Group” participated in the meeting.
The meeting of the initiative group was initiated by Non-profit Fund for the Development of Islamic Business and Finance (IBFD Fund). Foundation of the Expert Council on Islamic Economy and Shariah Council were the key problems for discussion and considered to be an important stage in development of Islamic Business and Finance in Russia…………………………………….Full Press Release: Source

See more articles in the archive

banner
banner
banner
banner
February 2021
M T W T F S S
« May    
1234567
891011121314
15161718192021
22232425262728