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Islamic Finance Briefing 31.Mar 2010

Posted on 31 March 2010 by Laxman |  Email|Print

From WSJ: Dubai is opening up its inaugural hedge fund to investors after an index-beating debut. The Middle East emirate’s first fund of funds, which was launched at the beginning of 2009, beat comparable indexes by posting a 41% return last year.
The fund, up slightly more than 1% through March 28, is still outperforming benchmarks this year………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Investmentexecutive.com: As the Muslim community in Canada continues to grow, there are vast opportunities for financial institutions to offer Islamic financial products, services and advice, speakers at a Toronto conference said on Tuesday.

UFANA, the Usury-Free Association of North America — a new non-profit organization committed to helping people sustain themselves on a usury-free lifestyle — launched its first annual conference on Tuesday………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Thenational.ae: Friends Provident International, the global arm of one of the UK’s biggest life insurers, is looking to offer Islamic insurance services in the Gulf to expand its regional presence.

The company already offers conventional insurance products and services throughout the UAE from its headquarters in Dubai, but wants to open more offices in the GCC………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Btimes.com.my: Franklin Templeton has received an Islamic fund management licence from Malaysia’s capital market regulator, the central bank’s Islamic finance promotional arm said.

Sandeep Singh is the executive director of Franklin Templeton (Global Shariah Compliant) Asset Management, Malaysia International Islamic Financial Centre said in its newsletter………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Alibaba.com: Indonesia’s finance ministry raised 620 billion rupiah ($68.24 million) in a sukuk auction on Tuesday, well below target, as investors demanded high yields to compensate for a lack of trading liquidity in the paper.

An Islamic debt analyst said the fact the auction raised less than the target amount did not reflect changes in interest rate expectations but was due to the government’s unwillingness to pay higher yields, particularly given its strong cash position………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Thenews.com.pk: The government plans to issue Sukuk bonds amounting to Rs100 billion by the end of next month to overcome circular debt and trim fiscal deficit, a senior government official said on Tuesday.

“The government is planning to sell Sukuk or Islamic bonds as there seems to be an appetite for it,” said the official requesting anonymity………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Reuters: Debtors of Kuwait’s Al-Mal Investment Co have agreed to defer repayment of 20 million dinars ($69.35 million) in bonds for a year, the company said on Tuesday.
The investment management firm, controlled by family-owned conglomerate Kharafi Group, said in a statement to the bourse that its bond holders had approved a one-year extension of payment till April 5, 2011………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Reuters: Three UAE lenders are interested in buying Royal Bank of Scotland’s retail operations in the United Arab Emirates, three banking sources said, as the banks seek to strengthen their domestic business.

The banks which expressed interest were Dubai-based lenders Emirates NBD and Mashreq, as well as Abu Dhabi Commercial Bank, the three bankers said, all declining to be named………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Dubai Islamic Bank achieved 41 per cent Emiratisation in 2009, including 100 per cent Emiratisation at branch manager- level, says it is committed to supporting Government initiative by investing in talented UAE nationals, offering long-term career options.
DIB also participated at the recent Sharjah National Career Exhibition, where it received 1270 applications from UAE nationals eager to embark on a career at the Bank………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From 234next.com: The Central Bank of Nigeria has announced its desire to work with the Bank Negara Malaysia (Central Bank of Malaysia) to seek solutions to and share expertise on a wide range of issues for the benefit of the banking industry.

Today, the bank announced that it has signed a memorandum of understanding with the Malaysian bank with the purpose of sharing skills expertise and exchanging relevant information that pertain to the banking industry………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Albawaba.com: Mashreq Al Islami, the Islamic banking arm of Mashreq, has appointed UAE National, Yusra Abdul Gaffar as Manager for Mashreq Gold.

Launched in March 2010, Mashreq Al Islami was established with the aim of offering a full suite of Sharia’h compliant products and services to both retail and corporate customers. Mashreq Al Islami will also provide Islamic Advisory Services, Structuring Finance Solutions, Sukuk Advisory, Islamic Investment Products, and Islamic Treasury Products etc………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Nationalpost.com: A new interest-free credit card, the first of its kind in North America, aims to reconcile Islamic canonical law and Western consumer culture.

Until now, observant Muslims have been precluded from owning credit cards on which they pay interest, a violation of shariah law………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Montrealgazette.com: Dubai will recapitalize its Dubai World conglomerate and repay property unit Nakheel’s bonds in full, with $9.5 billion of aid for a debt deal promising creditors all their money back in up to eight years.

The price of bonds issued by Nakheel, which built a map of the world archipelago, soared and the cost of insuring Dubai debt against default plummeted, while the Dubai main stock index rose 4.73 percent to an 11-week high………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Maktoob.com: Gas-rich Qatar unveiled a budget for the 2010-2011 fiscal year on Tuesday that forecasts a surplus of 2.7 billion dollars from 35 billion dollars in revenues, QNA state news agency reported.

The planned 32.3-billion-dollar outlay would mark a 25-percent rise on the previous year, while the increase in revenues would be 44 percent over the same period, QNA cited a finance ministry statement as saying………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Cpifinancial.net: Swiss private bank offers an overview of the various asset classes in Islamic wealth management along with a synopsis of the market scenario during the past 18 months.
Bank Sarasin-Alpen’s 2010 Islamic Wealth Management Report 2010 explores the concept of estate and succession planning, which Sarasin believes is insufficiently addressed in the Islamic finance industry.
The bank claims it as a key element of its own Islamic wealth management offering. Finally, the report provides an insight into the bank’s economic outlook for 2010………………………………..Full Article: Source

Posted on 31 March 2010 by Laxman |  Email|Print

From Abc.az: GRBS jointly with Dar Al Istithmar, a UK-based Shari’a advisory firm and the global leader on Islamic Finance System, is to conduct “Global Islamic Finance System” Master Class in Azerbaijan for the first time.

The organizers inform that the Master Class is a series of high intensity interactive case study oriented sessions that focus on both the traditional Islamic commercial parameters and the contemporary application of Islamic Finance………………………………..Full Article: Source

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