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Islamic Finance Briefing 24.Mar 2010

Posted on 24 March 2010 by Laxman |  Email|Print

From Reuters: Market participants are hoping sovereign borrowers will issue international Islamic bonds, or sukuk, to kickstart a sluggish market, but many governments are moving only slowly in that direction this year.
Global sukuk issuance is likely to range between $15-17 billion in 2010, down from $19 billion last year, a recent Reuters poll shows. Following are possible sovereign sukuk issues:…………………………….Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Reuters: Sovereign borrowing still eludes the Islamic bond, or sukuk, market, leaving investors hungry for a benchmark issue to reinvigorate trading after the credit crunch and the Dubai World crisis.

Where issuance from euro zone and emerging market borrowers in 2010 has been fast and furious, with emerging market borrowers alone issuing over $50 billion, there have been no sovereign sukuk issues at all……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From 7days.ae: The Islamic bond market will struggle to regain its position for a long time if an alternative for creating short-term cashflow is not developed, according to a senior figure at a leading Islamic finance company based in Dubai International Financial Centre.

Abdulrauf Sivany, managing director of Islamic finance at Global Commo-dity Finance, said that it is crucial the Islamic financial sector devises a method to allow Islamic bonds or ’sukuk’ investors to generate liquidity when needed……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Bernama: Danajamin Nasional Bhd has entered into an agreement to guarantee Kencana Petroleum Bhd’s RM250 million Sukuk Mudharabah programme.

In a statement here on Tuesday, Danajamin said the agreement marks a key milestone for the country’s first financial guarantee insurer, established to help financially viable Malaysian companies tap the sukuk or bond market for capital raising……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From ANTARA News: The government is planning to offer state sharia bonds (sukuk) of Rp1 trillion in an auction on March 30 to meet part of financing target in the 2010 state budget, an official said.

The sukuk consist of series IFR0003, IFR0005 and IFR0007 all of which are the reopening of existing issues and IFR006 which is new issuance, Director General of Debt Management at the Finance Ministry Rahmat Waluyanto said in a statement on Tuesday……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Thejakartapost.com: State power firm PT Perusahaan Listrik Negara (PLN) plans to issue Rp 3 trillion (US$ 330 million) in bonds between June and July this year.

The funds generated from the bonds will be used to finance the company’s transmission infrastructure, PLN’s head of corporate finance Yusuf Hamdani said Tuesday……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Btimes.com.my: Malaysia may return to the international bond market for the first time in about eight years to set a global benchmark or help indicate borrowing costs for its companies.

“It is under serious consideration by the government. The market is very positive and receptive to the idea,” Prime Minister Datuk Seri Najib Razak told a media briefing here yesterday……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Gulf-daily-news.com: The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing bonds, Sukuk Al-Ijara, has been oversubscribed by 330 per cent.

Subscriptions worth BD33 million were received for the BD10m issue, which carries a maturity of 182 days. The expected return on the issue, which begins tomorrow and matures on September 23, is 0.98pc……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Businessweek.com: More African central banks may join Sudan and Nigeria in becoming members of the Islamic Financial Services Board as demand for shariah-compliant assets grows, Secretary General Rifaat Ahmed Abdel Karim said.

The Kuala Lumpur-based standard-setting body, established in 2002, sets guidelines including capital reserves for Islamic banks and insurance companies. Its newest member is the central bank of Luxembourg, which joined the group in November 2009, according to its Web site……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

Five Islamist lawmakers yesterday submitted a draft law calling to end conventional banking in Kuwait by abolishing interest on loans or what is known in Islam as usury, which is totally forbidden. MPs said in the draft law that the Kuwaiti constitution explicitly states that Islam is the religion of the state and is a major source of legislation.

They cited verses of the Holy Quran and Prophet’s (PBUH) sayings that clearly forbid usury under the Islamic financial system and accordingly called for abolishing the interest system in Kuwait. The bill states that its rules apply to conventional Kuwaiti banks as well as branches of foreign banks in the country. Kuwait has six conventional banks and branches of six international banks. It also has three Islamic banks……………………………..Full Press Release: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Knowledge@Wharton: On February 11, when Dubai Islamic Bank, the UAE’s largest Islamic bank, posted a profit of $327 million for 2009, it was a shot in the arm for those who have been preaching against the “greed” of the Western financial world and the advantages of Islamic banking.
Profits were lower than the previous year’s $471 million, but that was almost entirely because of provisions for doubtful debts. At a time when many institutions in Dubai seem to be drowning in debt, the bank’s balance sheet has shown surprising resilience……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Globalarabnetwork.com: Jordan is moving to further open its financial sector to sharia-compliant lenders, having unveiled plans to change regulations and legislation that will strengthen the regulatory environment for the Islamic component of the banking industry.

At present, Islamic banks have a relatively low profile in Jordan’s finance sector, though this is in the process of changing……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Allafrica.com: Islamic banking is the answer to Nigeria’s economy because it “promotes infrastructural development which Nigeria critically needs,” says Mrs. Hajara Adeola, the managing director and chief executive officer of Lotus Capital Limited.
She said the establishment of Islamic financing in Nigeria is rife following the plan by the CBN to discontinue universal banking for specialised banks……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Dailytimes.com.pk: Assets of Islamic banks grew by 13.3 percent in Oct-Dec 2009 quarter, a growth rate sharply higher than seven percent rise in assets of conventional banks in the same quarter, according to the performance review of the banking system released by the State Bank.

The healthy growth in assets helped expand the share of Islamic banking institutions in the industry as a whole. Islamic banking operations remain profitable and steady in Dec-09 quarter……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Gulfnews.com: The National Bank of Abu Dhabi (NBAD) will host its Second Global Financial Markets Workshop (GFMW) next month to address important topics in today’s steadily evolving and challenging financial environment and enhance its partners’ collective skills.

It will take place on April 5, 7, 8 and 12 and will build on last year’s GFMW with the addition of a new workshop on Islamic financial institutions. With the addition of one more workshop, this year’s event will be one day longer than last year’s GFMW. Offering workshops on Islamic finance will offer a greater scope and participation in the event……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Saudigazette.com.sa: Real economic growth in Saudi Arabia is forecast to grow by 3.8 percent in 2010, as opposed to 0.15 percent in 2009, according to Riyadh-based Jadwa Investment.
The merchant bank also stated that it expects the Saudi stock market index (TASI) to grow by ten percent from its current level during the course of the year, to 7,400 points, with earnings per share to rise 8.2 percent……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Reuters: Saudi Arabia plans to launch its first exchange-traded fund of Saudi shares, which will be accessible to foreign investors, as part of efforts to open up the biggest Arab bourse.

Saudi investment bank Falcom Financial Services’ exchange-traded fund for Saudi stocks will be listed and start trading next Sunday, March 28, the stock exchange said in a statement on its website……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Muslims.net: Prominent Saudi Shariah scholar and economist, Mohamed Ali Elgari, threw down the gauntlet to his fellow Shariah advisories warning that it is high time that Shariah governance in Islamic finance is addressed impartially, and in a transparent and positive way, and that the authority to issue fatwas should not be centralized or monopolized by one authority or body of Shariah scholars.
Diversity of Fiqh (jurisprudence) and interpretations is a strength, which he stressed, should neither be ignored nor eliminated. Although, such diversity could be perceived by the general public as inconsistency and conflict amongst scholars……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Across the theory and practice of finance and financial valuation, the two most important principles used to value instruments and investments are time value of money and risk and return. This is a textbook fact, and is also true in theoretical and applied financial valuation models.

I propose the concept of space value of money as the abstract and universal parallel to a key principle of Islamic finance, ie, the principle that prohibits interest, and seeks to incorporate real activity into its instruments and transactions……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Ecosystemmarketplace.com: The amount of Shari’ah-compliant assets grew by nearly 30% over the past year, but no one really knows how much of that has gone to green sustainability investments.
By applying the Islamic finance concept of Zakat, which refers to “sharing of wealth” and “purification and growth”, it is possible to integrate sustainable economic development with culturally appropriate finance and governance structures within the growing nascent forestry carbon offset asset markets……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Arabianbusiness.com: Saudi private lending will rise eight percent this year on improved bank liquidity, after stagnating in 2009, Banque Saudi Fransi said.

Most of the increase will come in the second half, Banque Saudi Fransi said in an e-mailed report, with borrowers still currently hesitant about seeking credit for new projects. The bank, part-owned by Credit Agricole, predicts the kingdom’s non-oil gross domestic product will grow by 3.7 percent in 2010,…………………………….Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From KUNA: The Gulf Moroccan Holding Company’s scheduled listing in the Kuwait Stock Exchange on Tuesday would crown five years of rigorous work by staff and managers, said the board chairman.

Speaking at a news conference on the occasion, Talal Jassem Al-Kharafi said the company was founded, in September 2005, at a capital of KD 15 million, forming an alliance with several mega companies……………………………..Full Article: Source

Posted on 24 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Dubai World will present plans to restructure its $26 billion debt pile to creditors this week, with details emerging as soon as Wednesday, sources familiar with the discussions said.

The plan on how the emirate plans to repay its commitments will be discussed with an informal committee, which represents 97 creditors to the state-owned conglomerate, in Dubai, said the sources, who spoke on condition of anonymity……………………………..Full Article: Source

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