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Islamic Finance Briefing 18.Mar 2010

Posted on 18 March 2010 by Laxman |  Email|Print

From Btimes.com.my: Malaysia may sell longer dated government sukuk to help alleviate a shortage of investments for takaful firms, an Islamic insurer said, which would help address a barrier to the industry’s growth.

An illiquid sukuk market and a shortage of Islamic assets, especially long-term paper, have generated an over-reliance on regional equity and real estate markets, rendering the the US$14 billion takaful industry vulnerable to sudden shocks………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Reuters: Indonesia plans to issue a global sukuk in September this year, Rahmat Waluyanto, the head of the country’s debt office, said on Wednesday.
“Probably in September after Eid al-Fitr,” Waluyanto said, referring to festivities for the Muslim fasting month. The official said that the government had not decided the size of the issue yet………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Brunei.fm: Standard Chartered Bank yesterday launched a new investment, offering its customers alternative investment solutions in the form of bonds. While SCB is the first bank in the country to introduce bonds as an investment product, it would not be the first to do so.

The Ministry of Finance has been issuing syariah-compliant Sukuk Al-Ijarah (a subset of bonds), targeted at local institutions, while other financial institutions are also exploring the market for possible sukuk issuances to the general public………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Zawya.com: National Bonds Corporation, which is licensed and regulated by the UAE Central Bank, has continued to reward its bondholders for saving and investing in their Sharia-compliant scheme with their weekly lucrative prize draw.

Two UAE nationals and two Indian Nationals were the February millionaires each winning the AED One Million in the weekly draws. Mr. Mohammed AlRaessi, a UAE national residing in Ajman, and a professional from the petroleum industry, did not even in his wildest dreams imagine that he would wake up from his sleep after a hard day’s work and become one million dirhams richer………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Businessweek.com: Investors should start buying some Gulf bonds as the region’s debt recovers from an “indiscriminate selloff” after Dubai World’s announced plans to restructure $26 billion of debt, Emirates NBD Asset Management said.

“After Dubai World’s standstill announcement the entire region was so oversold,” said Helen Holmes, the Dubai-based manager of the fund, overseeing about $2 billion in assets. “Aldar is a good example. It’s been painted with the same brush because it’s real estate and in the proximity of Dubai.”……………………………….Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: United Arab Bank (UAB) today launched its Shari’ah-compliant banking and financial services at a special ceremony held at the House of Calligraphy in the Heritage Area in Sharjah.
United Arab Bank’s Chairman, HE Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, called the launch “a new chapter” for the bank. He noted, “Islamic banking is a rapidly growing phenomenon in the financial markets because it answers the call of discerning Muslims who seek a banking system that conforms to their religious beliefs and is Shari’ah compliant.”……………………………….Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Thestar.com.my: Bank Islam Malaysia Bhd (BIMB) is on track to achieve a 12 per cent loan growth in its current financial year, managing director Datuk Seri Zukri Samat said on Wednesday.

The bank is changing its financial year to ending Dec 31, 2010, from June 30, 2010, to be in line with its shareholder Lembaga Tabung Haji’s financial year………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Thefinancialexpress-bd.com: Bangladesh Bank recently introduced the ‘Guidelines for Islamic Banking’. The central bank stated that as Islamic banking has become a part of mainstream banking in Bangladesh, it has become necessary to introduce the guidelines to bring greater transparency and accountability to the Islamic banking.
It is a delayed and inadequate step for the central bank to introduce the guidelines………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Reuters: Banks in Qatar will be able to diversify their revenue base and bolster trading income as the government relaxes curbs on buying listed securities and allows banks back into brokerage operations, analysts said on Wednesday.

On Tuesday, the Qatar Central Bank said banks will soon be allowed to buy shares of listed companies on the bourse. Qatar’s index .QSI rose 3.8 percent Wednesday on the news as banks and other bluechip stocks rallied………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: Al Baraka Turk Participation Bank, a subsidiary of Bahrain-based Al Baraka Banking Group (ABG), saw net operating income increase by 19 per cent last year.

The bank’s assets increased 33pc to reach $4.28 billion compared to $3.13bn in 2008. This increase was invested in financing the growth in Murabaha, Ijara Muntahiya Bittamleek and investment………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Thestar.com.my: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is looking to tie up with a bank in Indonesia to distribute its insurance products and grow its business there.

Takaful Malaysia group managing director Datuk Mohamed Hassan Kamil said the company has been in Indonesia for more than 10 years but the lack of a proper distribution mechanism for its products has been a handicap………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Bernama: Syarikat Takaful Malaysia Bhd is targeting to grow its market share in terms of asset base to 50 per cent from 40 per cent currently.

Group managing director Datuk Mohamed Hassan Kamil said the company aimed to increase its market share in the industry with new products and new agency initiatives………………………………..Full Article: Source

Posted on 18 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 18 March 2010 by Laxman |  Email|Print

From Klgates.com: In structuring the Ta’Hawwut Agreement, ISDA and IIFM have sought to provide a basis to hedge risks that are common in Shariah-compliant transactions in a Shari’ah-compliant way. There is a high correlation between Shariah-compliant investing and socially responsible investing.
Shariah investment is constrained by restrictions on the way in which transactions can be carried out and the purposes for which they are entered into. In particular, Shari’ah-compliant financial transactions may not involve “riba” (the charging of interest), “gharar” (unavoidable uncertainty) or “maysir” (gambling or speculation)……………………………….Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Tradearabia.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 18 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: As the leading players in the Islamic finance industry continue to adapt business strategies in the aftermath of the global economic crisis, the First Annual World Islamic Banking Conference: Asia Summit (WIBC Asia 2010) could not have come at a more opportune time.

Held under the theme of Seeking New Growth Horizons, WIBC Asia 2010 provides a powerful platform for assessing the future outlook for Islamic finance in key Asian markets, including China, Japan, Pakistan, Malaysia, Indonesia, Brunei, Singapore and Australia………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Thepeninsulaqatar.com: The Qatar Faculty of Islamic studies (QFIS), a member of Qatar Foundation, is launching the second series of its Training Executive Programme courses for the year 2009-2010.

This series is organised in conjunction with the Qatar Finance and Business Academy (QFBA), a joint initiative of the Qatar Financial Centre (QFC) and the Qatar Foundation, which intends to become the GCC financial knowledge hub by 2013 and a global benchmark by 2015………………………………..Full Article: Source

Posted on 18 March 2010 by Laxman |  Email|Print

From Caymannetnews.com: The Dubai office of local law firm, Maples and Calder, has received three awards in the Islamic Finance News Awards 2009.

Maples and Calder collected awards in three categories: UAE Deal of the Year and Real Estate Deal of the Year (for TDIC Sukuk); and Wakalah Deal of the Year (for the IFC Hilal Sukuk)………………………………..Full Article: Source

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