Tue, Mar 2, 2021
A A A
Welcome bhaimia
RSS
Islamic Finance Briefing 19.Mar 2010

Posted on 19 March 2010 by Laxman |  Email|Print

From Reuters: The first electronic trading platform allowing sharia-compliant companies to raise cash will launch in London in May, the venture capital firm behind the project said on Thursday.

The Sharia Ummah Securities Information Exchange (UMEX) is designed to provide a platform to companies with a capital value of at least 20 million pounds ($31 million) and looking to raise the equivalent of at least 20 percent of their market value…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Btimes.com.my: Hong Kong is changing its tax laws to allow the sale of Islamic bonds, or sukuk, its financial secretary John Tsang said. “We’re also enhancing market infrastructure and product development and educating market participants and investors in raising the profile of Hong Kong as an Islamic finance platform,” he said.

Hong Kong wants to use its position as the main financial gateway to China by bridging investment opportunities between Muslim economies like Malaysia and the mainland…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Thestar.com.my: Malaysia can leverage on Hong Kong’s strong financial platform to promote greater interest in Islamic financing, especially in the republic and mainland China, said Hong Kong Finance Secretary John Tsang.

By year-end, Hong Kong would amend its tax legislation to enable Islamic financing to be on par with conventional financing, he said at a media briefing yesterday…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Reuters: Islamic finance researchers backed by the Malaysian central bank have developed a new wadiah retakaful model which could boost protection for sharia insurers.

The structure aims to address some of the sharia objections to the popular wakala, mudaraba and hybrid models currently used by Islamic reinsurers who play a key role in the $14 billion takaful industry…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Maktoob.com: The ministerial committee in charge of restructuring the two United Arab Emirates-based Islamic finance companies Amlak Finance and Tamweel has reached the final stages regarding a scenario to complete the proposed merger, Abu Dhabi-based Al Ittihad daily reports Thursday citing Sultan Bin Saeed Al Mansouri, U.A.E. minister of economy.

The ministerial committee is awaiting the final approvals and the ultimate solution to restructure the two companies will be announced soon, Mansouri, who also heads the committee, told the paper…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Bernama: Takaful Ikhlas Sdn Bhd plans to introduce at least three new takaful schemes by next year for individual and corporate customers in line with the growing demand for takaful products.

Its executive vice president Wan Mohd Fadzlullah Wan Abdullah said the company, a subsidiary of MNRB Holdings, was constantly innovating products to tap the robust 20 per cent annual growth of the local takaful industry…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Bernama: Malaysian Rating Corporation Bhd (MARC) has affirmed its AAAIS and AA+IS ratings on Tradewinds Plantation Capital Sdn Bhd’s asset-backed RM180 million Class A and RM30 million Class B Sukuk Ijarah respectively, with a stable outlook.

The affirmed ratings of the Class A and Class B Sukuk Ijarah reflects the satisfactory performance of the securitised plantation assets and higher-than-projected net operating income (NOI), the rating agency said in a statement here Thursday…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Iii.co.uk: Philippine President Gloria Macapagal Arroyo has authorised the sale of up to $1 billion worth of dollar- and euro-denominated retail bonds to Filipinos abroad, the country’s national treasurer said on Thursday.
“The authority is up to $1 billion,” Roberto Tan told Reuters in a phone interview. “We have enough headroom.” He said the initial sale may be in the “vicinity of $500 million”, adding the timing has yet to be finalised…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Khaleejtimes.com: State owned National Bank of Abu Dhabi, or NBAD sold a five-year benchmark bond worth $750 million on Thursday.

The new bond by NBAD, the largest lender in the Gulf oil producer by market capitalisation, was priced at 178 basis points over mid swaps, two banking sources told Reuters, and was likely to set a benchmark for other UAE banks…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Maktoob.com: UAE banks need a cash injection of $40 billion to fill their liquidity gap and boost lending to firms hungry to do deals, the head of one of Dubai’s largest holding companies said on Wednesday.

“Bank lending has been at a standstill for two years and I don’t think this will be different in 2010. Banks need $20 billion to close the gap in loans and deposits and another $20 billion in extra liquidity to start lending again,” said Khalid bin Kalban, chief executive and managing director of Dubai Investments…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Qatar-tribune.com: Qatar First Investment Bank, which has paid up capital of $430 million, will deploy $250 million across the Middle East and North Africa, or MENA, this year but warned that 2010 could be no better than 2009 for region’s private equity industry, a company executive said on Wednesday.

“I think it (the private equity industry) will be the same as 2009, probably slightly tougher in the sense that sellers are becoming tougher to negotiate with,” Emad Mansour, chief investment officer at QFIB, said on the sidelines of a private equity conference in Dubai…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Ameinfo.com: After months of negotiations with the two troubled Saudi groups, a number of Kuwaiti banks have decided to sue Saad and Algosaibi groups for some $1.5bn in debt, Arabic daily Alqabas has reported.
The country’s Gulf Bank, Commercial Bank, Burgan Bank and Kuwait Finance House are expected to file lawsuits in Kuwait, Saudi Arabia and in Britain. Another Kuwaiti lender, Al-Ahli Bank has already filed a lawsuit against the two Saudi groups in New York, the daily said…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Confirms Path Solutions has the largest Islamic banking client base in the world with a stated 70 Islamic banks and financial institutions. In 2009, banks in emerging markets such as Iraq, Libya and Hong Kong selected Path Solutions’ iMAL.
Path Solutions, a provider of software solutions to the Islamic finance industry, took top honours for the third consecutive year in the IBS Sales League Table…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Gulfnews.com: Standard Chartered said yesterday it remains committed to expanding its Middle East operations, including within the UAE, despite the significant rise in non-performing loans in the region in 2009.

“We do see lots of opportunities here,” Peter Sands, Standard Chartered Group chief executive officer told reporters in Abu Dhabi. “If you look at revenue growth in the Middle East, it was up 25 per cent in 2009…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Unlike other banks in Yemen, which are very much domestic focused (and hence relatively little impacted by the global credit crisis), TIIB has far more international asset exposure, particularly in markets such as the UAE and Saudi Arabia, including real estate and securities.
This has placed pressure on asset quality over the last couple of years…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From 7thspace.com: Following is the speech by the Financial Secretary, Mr John C Tsang, at the roundtable on Islamic finance in Kuala Lumpur, Malaysia this morning (March 18): Distinguished Guests, Ladies and Gentlemen, Good morning.
It is a great pleasure for me to join you for this roundtable on Islamic finance. It was back in 2007 that we first signalled our intention to establish a platform for Islamic finance in Hong Kong. Since then, we have built up our knowledge-bank of best practices on Islamic finance, we have nurtured contacts in various countries, particularly here in Malaysia and throughout the Middle East, and we have successfully launched a number of Shariah-compliant financial products…………………………………Full Article: Source

Posted on 19 March 2010 by Laxman |  Email|Print

From Allafrica.com: Investors, analysts, bankers and other financial operators will be exposed to the benefits of Islamic banking in a workshop staged by the Chartered Institute of Bankers of Nigeria and Lotus Capital Limited.

The workshop on Islamic finance and investment products put together by CIBN and Lotus Capital, according to a statement, is scheduled for 22 - 26, March, 2010, at Colonades, Ikoyi, Lagos, at 9.00 am…………………………………Full Article: Source

See more articles in the archive

banner
banner
banner
banner
March 2021
M T W T F S S
« May    
1234567
891011121314
15161718192021
22232425262728
293031