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Islamic Finance Briefing 04.Jan 2011

Posted on 04 January 2011 by Laxman |  Email|Print

From Theborneopost.com: The nation’s Islamic capital market is seen as being intelligently positioned within the evolving Islamic financial-services industry, says ratings RAM Rating Services Bhd (RAM Ratings).
To this end, RAM Ratings’ head of Islamic ratings, Zakariya Othman noted the positive results following the carefully-planned and strategic approach adopted in the country to develop a comprehensive Islamic financial system that would co-exist with its conventional counterpart within the broader financial landscape……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Bernama: Malaysia Debt Ventures Bhd (MDV), a wholly-owned subsidiary of the Ministry of Finance, will focus more of its activities, this year, on Islamic financing, said Managing Director cum Chief Executive Officer Md Zubir Ansori Yahaya.
He said the company was determined to support the government’s effort to promote Islamic finance and utilise the funds raised from sukuk issue to finance development projects……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Bloomberg: Indonesia’s central bank is speeding up the approval process for new Islamic banking products by forming a 10-member joint committee with the nation’s board of Shariah scholars.
Under the existing system, products have to be first reviewed for compliance with Shariah law by the panel of scholars and then Bank Indonesia……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Btimes.com.my: AmanahRaya Bhd, a government-owned trustee company, plans to set up Kazakhstan’s second Islamic bank through a joint venture with Fattah Finance, a local brokerage company and state-run Development Bank of Kazakhstan (DBK).
An AmanahRaya spokeperson said the company expects to secure the required licences in the second quarter of 2011 and start operating the bank within one year thereafter……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Ameinfo.com: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has acted as Mandated Lead Arranger for the $32m structured Ijara facility to fund the acquisition of up to 6 Offshore Supply Vessels (OSVs) for Waha Offshore Marine Services (WOMS), the marine chartering and operations arm of Waha Maritime.
The financing represents an important milestone for Waha Maritime in its expansion in the Offshore Supply Vessel (OSV) sector. Waha Maritime is a subsidiary of Waha Capital, one of the Middle East’s leading diversified investment holding companies……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Ameinfo.com: A unique series of credit cards that focus on the well-being of the cardholders, as well as offering thousands of dirhams of savings on a range of products, has been launched by Noor Islamic Bank.
The ‘Fit For Life’ credit cards are designed to meet the needs of individuals who not only wish to improve the health of their finances in 2011, but also want to live a healthier lifestyle……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Microfinancefocus.com: Pakistan’s AlHuda Centre of Islamic Banking and Economics (CIBE) has recently established a unit for development of Islamic Microfinance to provide the technical and Shariah guidance to the local and international micro-finance institutions in the conversion process of micro-finance structure into Shariah compliance micro-finance or establish new Islamic Microfinance institutions.
AlHuda CINE has also entered into collaboration with Naymet Islamic Microfinance to render its services for Islamic Microfinance product development……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Dar Al Takaful, a leading Islamic insurance and reinsurance company, said it has tied up with Al Zaabi Insurance Brokers to extend its Sharia compliant services in Umm Al Quwain (UAQ).
Al Zaabi started operations in 2009 and have grown into a major brokerage for local insurance firms, achieving premiums worth Dh10 million ($2.72 million) in its first year……………………………………….Full Article: Source

Posted on 04 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 04 January 2011 by Laxman |  Email|Print

From Kuwaitsamachar.com: A fresh report published Sunday indicated that oil revenues of Gulf Cooperation Council (GCC) countries rose by 15.6 percent, the equivalent of 63 billion US dollars over the past year to reach $465 billion.
The report, issued by the Kuwait-based Diplomatic Center for Strategic Studies, conveyed that the average price of a barrel of oil rose to $75 for the first 10 months of 2010, compared to $59 a barrel for the year 2009……………………………………….Full Article: Source

Posted on 04 January 2011 by Laxman |  Email|Print

From Zawya.com: Luxembourg for Finance, the agency for the development of the Luxembourg financial center, has enhanced its website by the addition of a section dedicated to shariah compliant products and services.
The website,which is available in English and French, can be accessed on www.islamicfinanceluxembourg.lu or via the existing website www.luxembourgforfinance.lu ………………………………………Full Article: Source

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