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Islamic Finance Briefing 03.Jan 2011

Posted on 03 January 2011 by Laxman |  Email|Print

From Arabnews.com: The dawn of the new Hijrah year and 2011 could either signify more of the same as in the last year or a leap toward the first steps to taking the global Islamic finance industry to the next level as Malaysian Prime Minister Mohd Najib Tun Abdul Razak’s government says it aspires to do.
In an entrenched interdependent world, the global economic recovery and financial sector stability remains fragile with much of the adoption of the new Basel III provisions relating to core capital strength, early warning systems, stress testing, risk management and financial stability still work in progress……………………………………….Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Bloomberg: Asian Islamic financial institutions are attracting more female executives and scholars to fill a shortage of talent, setting a precedent for companies in the Middle East.
Malaysia’s Shariah Advisory Council appointed a second female scholar to its 11-member board in November. Indonesia has six women on its panel of 35 experts, Ma’ruf Amin, chairman of the country’s National Shariah Council, said……………………………………….Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Equitymaster.com: BSE launched its Shariah Index this week. But what is the Shariah index. The Shariah index is an index made up of 50 of the Shariah compliant companies out of the BSE 500. But what does Shariah mean and how does one know whether a stock is a Shariah compliant stock. Shariah is Islamic law that governs the day-to-day life in Islam.
This holds relevance for investing in companies as well. As per Shariah, a person can only invest in those companies which fulfil the following conditions:………………………………………Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Gulf-times.com: Arabian Gulf borrowers are selling ringgit-denominated Islamic bonds at a record pace in Malaysia to raise funds for expansion and take advantage of demand in the world’s biggest market for Shariah-compliant bonds.
Issuance surged to 1bn ringgit ($318mn) last year, the most since 2008 when Gulf companies started tapping the Malaysian market, data compiled by Bloomberg show. In 2009, 100mn-ringgit of debt was sold. Dubai’s government is “likely” to sell bonds next year and a Malaysian offering is a possibility, Abdulrahman al-Saleh, the director general of the emirate’s Department of Finance, said on December 14.2………………………………………Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Khaleejtimes.com: Nakheel, the developer behind Dubai’s palm-shaped islands, is expected to achieve 95 per cent of acceptance of trade creditors in the next three months, the company said. Nakheel, a unit of Dubai World, needs 95 per cent agreement with trade creditors for the restructuring of its $10.5 billion worth of debt.
“Nakheel has approximately 91 per cent (by value) of acceptances and is working closely with the rest of our trade creditors to achieve its 95 per cent acceptance of all payables and claims by end of first quarter of current year,” a Nakheel spokesperson said on Sunday……………………………………….Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Arabnews.com: Malaysia’s Amanah Raya Berhad Group and Kuwait Finance House Malaysia (KFH Malaysia) would cooperate in facilitating the issuance of the debut sovereign sukuk of Tatarstan, work on the feasibility study on the sukuk origination is set to start this month.
The study, which will be conducted by Amanah Raya Investment Bank, a subsidiary of Amanah Raya Berhad Group (the Malaysian government owned trust administration and inheritance legacy company), KFH Malaysia and IFC Linova will consider a range of issues including potential asset pools to be securitized in Tatarstan;………………………………………Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Arabnews.com: Bank Negara Malaysia (BNM), the central bank, last week published the draft of its latest Shariah consultation on Islamic financial products, the “Concept Paper of Shariah Parameter Reference 5: Istisna Contract (SPR5)”.
According to BNM, SPR5 is aimed at becoming the true source of reference on the nature and features of the Istisna contract for the Islamic financial services industry and to facilitate the consistent implementation of the contract in the Malaysian financial market……………………………………….Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Thenational.ae: The Union Insurance Company expects revenue to increase by 32 per cent this year through the introduction of Sharia-compliant products. The company, based in Ajman and listed on the Abu Dhabi Securities Exchange (ADX), said it would introduce Islamic insurance products, known as takaful, this year.
“This company will become an Islamic insurance company, therefore we expect a lot of business from the market,” said Dharmasiri Edirisinghe, the finance manager at Union Insurance……………………………………….Full Article: Source

Posted on 03 January 2011 by Laxman |  Email|Print

From Gulf-times.com: Global audit, tax and advisory firm, KPMG Qatar has announced the appointment of a new audit partner, Omar Mahmood, to strengthen its financial services practice in the country.
According to a communiqué, Mahmood, who previously worked in London, was promoted from within the business, after being deputed to KPMG’s Qatar office more than two years ago……………………………………….Full Article: Source

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