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Islamic Finance Briefing 05.Jan 2011

Posted on 05 January 2011 by Laxman |  Email|Print

From Tradearabia.com: The sukuk market in 2011 will be driven by the recovery made in global economic activity, flexible monetary policies, and sovereign fund-raising efforts to support economic growth as well as the revival of private sector projects, said a report.
A major report by Kuwait Finance House into the Sharia-compliant bond market further predicts the entry of new players in the emerging markets, as well as new non-Islamic exporters willing to take advantage of the sukuk market with potential debut in Thailand, Japan and Europe, which will boost demand for sukuk…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Zawya.com: Most issuers postpone their sukuk plans to the new year, while second tranches of existing programs close in December. More than $6 billion worth of sukuks were issued in December according to data compiled Zawya Sukuk Monitor.
Although most issuers postponed their Islamic debt-raising plans to 2011, the month witnessed a slew of “second tranche” issues from Pakistan, UAE and Malaysia…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Reuters: Indonesia’s central bank is aiming to simplify the approval process for Islamic banking products to accelerate the development of the country’s Islamic finance industry, a central banker said on Tuesday.

Bank Indonesia, sharia board Majelis Ulama Indonesia and the Indonesian Accountants Association has established a working group whose job will be to review new Islamic banking products, said sharia director Mulya Siregar……………………………………Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Bloomberg: Afghanistan plans to let financial institutions expand services that comply with religious law and set up standalone Islamic banks to attract investment and an estimated $3 billion its residents haven’t entrusted to banks.
The country’s central bank, Da Afghanistan Bank, is drafting legislation to enable non-Islamic banks to convert into full-fledged Shariah-compliant lenders, Muhammad Qaseem Rahimi, director general of the Financial Supervision Department, said in a telephone interview Dec. 29…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Alrroya.com: Islamic banking is expected to constitute around 30 per cent of the total banking sector in the next three years in the UAE, Douglas Beckett, the Head of Retail Banking at Mashreq Bank has said.
Beckett said that Islamic banking, broadly referred to as Sharia’h finance, is increasingly becoming the mode of banking over conventional methods and is attracting all types of customers…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Themalaysianinsider.com: Malaysian trustee firm Amanah Raya Bhd expects to obtain licences to set up Kazakhstan’s second Islamic bank in the second quarter of 2011 and begin operating the lender within a year.
Amanah Raya would have a 55 per cent stake in the joint venture company to be set up, state-run Development Bank of Kazakhstan will own 40 per cent and brokerage Fattah Finance the balance, Malaysia’s Business Times reported…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Bloomberg: Kuwait Finance House, the country’s largest Islamic Bank, will invest $20 million in a sewage plant in China. The $20 million investment is the third from the $100 million al-Fayez Fund for Private Property, Talal al-Nesf, the bank’s Private Banking Services Department Manager, said.
The Chinese sewage plant is one of the most profitable deals financed by the fund, al-Nesf said…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Bloomberg: Kuwait Finance House agreed to First Investment Co.’s rescheduling plan, Al-Qabas reported, citing unidentified people familiar with the matter.
First Investment, the Kuwait Islamic finance company known as Al-Ola, owes more than 50 percent of its total liabilities to Kuwait Finance House and is still seeking approval from five remaining creditors to restructure debt, the newspaper said…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: Abu Dhabi Islamic Bank (ADIB) has acted as Mandated Lead Arranger for the $32 million structured Ijara facility to fund the acquisition of up to six Offshore Supply Vessels (OSVs) for Waha Offshore Marine Services (WOMS), the marine chartering and operations arm of Waha Maritime.

ADIB said 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 05 January 2011 by Laxman |  Email|Print

From Albawaba.com: Net foreign assets of the Yemeni banking system of until the end of October 2010 amounted to US$7.942 billion, with an estimated rise of US$ 119 million compared to the end of 2009. In a report by the Central Bank of Yemen, it was said the rise is due to the increase in net foreign assets of commercial banks, local and foreign banks operating in Yemen.

Foreign assets at the Central Bank of Yemen reached US$5.9873 billion last October, compared with US$6055 million at the end of September…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Emirates247.com: UAE banks are turning heavily to the Central Bank to invest excess liquidity and offset a sharp slowdown in their credit to the private sector which they now see as a high-risk field, financial analysts said on Tuesday.

At the end of November, their investment in the Central Bank’s certificates of deposits climbed to their highest level of around Dh92.8 billion in nearly two years, indicating the banks are awash with liquidity but are reluctant to reopen their lending purses to the private sector, they said…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Ameinfo.com: Baker & McKenzie announces that Bilal Kahlon and Zahi Younes have been promoted to partner with effect from 1 January 2011. Specializing in project and Islamic finance, Bilal recently advised the Saudi Binladin Group on a SAR700m ($187m) Sukuk Al-Murabaha issued by SBG Sukuk Limited.
Zahi Younes spent three years with Legal Advisors in association with Baker & McKenzie in Riyadh, Saudi Arabia, before relocating to the Abu Dhabi office in April 2009…………………………………….Full Article: Source

Posted on 05 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: Dar Al Takaful is partnering with Al Zaabi Insurance Brokers in Umm Al Quwain. Al Zaabi Insurance Brokers commenced operations in 2009, and has since acted as a broker for large local insurance companies, achieving premiums of AED 10 million in its first year ($2.72 million).

“Al Zaabi Insurance Brokers have an impeccable reputation and excellent contacts in Umm Al Quwain, and are ideal partners for us to extend our services through. The partnership will improve our reputation and brand in the market and will offer the residents and citizens of Umm Al Quwain tailored Takaful services that hold true to the fundamentals of Islamic Shari’ah”, said Ayman Al Ajmi, Chief Executive Officer, Dar Al Takaful…………………………………….Full Article: Source

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