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Islamic Finance Briefing 26.Mar 2010

Posted on 26 March 2010 by Laxman |  Email|Print

From WSJ: Hedge funds and other investors who bought into Dubai government-linked corporate debt at distressed prices are sitting on a mint after Dubai on Thursday said they will be fully repaid under a restructuring of Dubai World and its Nakheel unit.

Holders of the Nakheel Sukuks, or Islamic bonds, due in 2010 and 2011 will be paid in full and on time, a far rosier outcome than had been anticipated when Dubai rocked financial markets in November by saying it needed creditors to stay their claims………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Bisnis.com: Several Hong Kong investors are interested in investing in the domestic Islamic capital market instruments this year as they have expressed during their visit to the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) office.

“They are interested in domestic capital market investment instruments. They have been asking questions about Islamic instruments and tell us they will invite investors here at the next meeting,” informed Head of the Accounting and Transparency Standard Bureau at Bapepam-LK Etty Retno Wulandari……………………………..Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Ngrguardiannews.com: The benefits of implementing of Islamic banking in Nigeria’s financial sector have been emphasised by the Chartered Institute of Bankers Nigeria (CIBN) and Lotus Capital Limited.

Speaking during a workshop on Islamic Finance and Investment Products put together by CIBN and Lotus Capital, the Registrar of the CIBN, Dr. ‘Uju Ogubunka, remarked that Islamic banking has come to stay and that the CIBN will raise people and institution to create synergy in the sector………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Tradearabia.com: Noor Islamic Bank has signed an agreement with Dubai’s Real Estate Regulatory Agency (Rera) to offer escrow services based on the new Rera requirements introduced recently.

Galal Kulaib, chief executive, Noor Islamic Bank,and Marwan Bin Ghalita, CEO, Rera, signed the agreement at the Rera headquarters………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Bworldonline.com: The Al-Amanah Islamic Investment Bank of the Philippines has begun operating as an Islamic bank, even when it continues to be a commercial bank. Al-Amanah Chairman and Chief Executive Armando O. Samia told reporters the lender’s board approved the shift to differentiate Al-Amanah from other banks.

“The preference of the board was for sharia compliant operations,” he said at the sidelines of the relaunch of the bank’s Makati branch on Wednesday night………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Inquirer.net: Amanah Islamic Bank, which is now under rehabilitation, aims to start posting profit next year, ahead of the 2014 schedule. “We are in training and hiring mode, and refurbishing bank branches. We are also investing in technology. The money we have is essentially for cleaning up the bank,” bank chair Armando Samia told reporters Wednesday night during the opening of a branch in Makati City.

Samia said the bank was expecting to post a net loss this year given its huge spending related to rehabilitation. Nonetheless, he said, the bank had set a bullish target of posting profit starting next year although its rehabilitation program would be completed in 2014………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Gulf-times.com: France’s second largest banking group, BPCE, and QIB have signed a memorandum of understanding (MoU) to establish a joint venture financial institution that will develop and market Shariah-based retail banking products in the European country.

The joint venture (JV) will look at developing and marketing mortgage, vehicle and consumer goods finance and deposits and structured and investment products, QIB chief executive officer, Salah Mohamed al-Jaidah told Gulf Times here yesterday………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Business24-7.ae: Abu Dhabi National Islamic Finance (Adnif), a subsidiary of the National Bank of Abu Dhabi, plans to open four new branches and launch its takaful and credit card during the year.

Adnif has achieved impressive growth in 2009 against the previous year. Aref Al Khouri, General Manager, Adnif said 2009 was a growth year despite the global economic meltdown during which most other financial institutions struggled………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Thestar.com.my: The conventional and Islamic banking systems faced significant downward pressures on profitability, particularly in the first half of 2009, as financial market sentiments were dampened and demand for financing and financial services, particularly from businesses, remained subdued.

Increased competition in the financing markets, particularly the retail-based segments, continued to pose challenges to banks in sustaining revenue growth of the financing portfolios………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Reuters: Egypt’s National Bank for Development, which is converting to a fully Islamic bank, said it will launch its 250 million Egyptian pounds rights issue next month.

A UAE-based consortium led by Abu Dhabi Islamic Bank agreed on the capital increase, to 2 billion pounds, when it bought a 60.8 percent stake in NDB in 2007………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Bank has extended new credit primarily to salaried employees and government-linked entities. Says bank has adequate capital to support moderate growth in risk assets and sufficient resources to fund that growth without straining liquidity ratios.
Capital Intelligence (CI) said that it has affirmed the foreign currency rating of Bank Islam Malaysia Berhad (BIMB) at BBB- long-term and A3 short-term with a support rating of 2. The ratings are underpinned by the bank’s majority government ownership………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Reuters: Dubai’s government said on Thursday it would support the restructuring of debt-laden state-owned firms Dubai World and Nakheel by providing $9.5 billion in new funding.
Dubai’s request for debt payment delays in November shook global markets and raised wider concerns among international investors about transparency and disclosure standards in the region………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Thejakartapost.com: A discussion at Nahdlatul Ulama’s (NU) 32nd national congress in Makassar, South Sulawesi, ended Thursday with a conclusion that Shariah banks in Indonesia had yet to provide fully ‘halal’ fund management.

A young scholar who was also the deputy head of the contemporary religious issues deliberation division at NU headquarters, Cholil Nafisia, said Islamic institutions in Indonesia still lacked ability to verify funds managed by Sharia banks………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Bnp.org.uk: The steady colonisation of Britain by Islam has taken another step forward with the announcement that a sharia-compliant Islamic stock exchange is to be launched in London in May. The electronic trading platform, which will allow “sharia-compliant companies” to raise cash, is called the Sharia Ummah Securities Information Exchange (ShariaUMEX).
The aim is to further strengthen the foothold of sharia-companies in Europe which have sprung up as a result of decades of mass immigration polices promoted by the Tory/Labour ruling elite………………………………Full Article: Source

Posted on 26 March 2010 by Laxman |  Email|Print

From Globalarabnetwork.com: Standard & Poor’s Ratings Services said today that it raised to ‘AA’ from ‘AA-’ its counterparty credit and insurer financial strength ratings on Kuwait-domiciled The Arab Investment and Export Credit Guarantee Corp. (Dhaman). The outlook remains stable.

“The upgrade reflects the company’s improved liquidity following recovery of long-outstanding debts during 2009,” said Standard & Poor’s credit analyst Kevin Willis. This action has also improved the quality of capital, and Dhaman retains very strong capitalization………………………………Full Article: Source

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