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Islamic Finance Briefing 06.Jan 2011

Posted on 06 January 2011 by Laxman |  Email|Print

Jalal YaqoubFrom Boomberg: Yemen, the poorest country in the Middle East, plans to sell $500 million of local currency Islamic bonds for the first time to fund the budget deficit and spur the Shariah-compliant finance industry.

The central bank may offer sukuk in the domestic market from the first quarter, Deputy Finance Minister Jalal Yaqoub said in a telephone interview Dec. 29 from Sanaa, the capital. The government is seeking technical assistance on the sale from the International Monetary Fund…………………………………….Full Article: Source

Posted on 06 January 2011 by Laxman |  Email|Print

Mulya SiregarFrom Boomberg: Indonesia’s plan to offer tax incentives for Islamic finance may spur sukuk issuance, which was 32 percent that of Malaysia last year. Sales of Shariah-compliant debt rose 56 percent to 26.2 trillion rupiah ($2.9 billion) in Indonesia in 2010, compared with an 11 percent drop to 28.5 billion ringgit ($9.3 billion) in Malaysia, data compiled by Bloomberg show.
The central bank plans to submit proposals, including tax cuts for mudarabah investment accounts, Mulya Siregar, director of Islamic banking at Bank Indonesia, said in a Dec. 30 interview in Jakarta, without saying when. A mudarabah is a partnership in profit, in which each party provides either capital or labor…………………………………….Full Article: Source

Posted on 06 January 2011 by Laxman |  Email|Print

From Equitymaster.com: Bombay Stock Exchange (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? Shariah is Islamic law that governs the day-to-day life in Islam. This holds relevance for investing in companies as well.
As per criteria set by BSE and TASIS (Taqwaa Advisory and Shariah Investment Solutions (P) Ltd.), a company can be considered Shariah compliant only if it meets the following conditions:……………………………………Full Article: Source

Posted on 06 January 2011 by Laxman |  Email|Print

From Ngrguardiannews.com: So much interest has been generated in Islamic Finance on a global scale because of its phenomenal growth within a relatively short span of time, and more especially, as an aftermath of the recent financial crisis.

On a regional and sub-regional plane several countries are struggling to become the hub of Islamic Finance in African continent or in the West African Sub-region or at least to become pioneers in the field…………………………………….Full Article: Source

Posted on 06 January 2011 by Laxman |  Email|Print

From Bernews.com: Bermuda is well positioned to play a key role in the swiftly growing Islamic insurance, or takaful, industry, says local law firm Conyers, Dill & Pearman. In a newly released background paper on Islamic insurance, CDP says despite the island’s small size and isolation a sophisticated legal system, a regulatory framework supervised by the Bermuda Monetary Authority (BMA) and a world-class pool of insurance and reinsurance talent has allowed the island to keep pace with global developments in the market — making it a prime jurisdiction for the development and expansion of the takaful industry.
“In widely reported comments made at the Bahrain/Bermuda Conference on Global Financial and Insurance Services in July 2010, now Premier Paula Cox said that Bermuda’s Government and private sector are actively involved in promoting the development of Islamic finance in Bermuda, and would welcome the development of takaful,” said the Hamilton law firm…………………………………….Full Article: Source

Posted on 06 January 2011 by Laxman |  Email|Print

From Zawya.com: Pre-2009, buying a property through leverage and flipping it to another for quick returns was common-place. But as the global financial wheels slowed, people stopped buying and investors suddenly learned that frenzied growth was a risky substitute for a well-strategised business plan - something that real estate investment trusts, or Reits, can offer.

Unlike property funds, which also invest in property and property-related assets, Reits are more attractive because the majority of assets under management are income-producing. There are also tighter restrictions on borrowing and listing is mandatory…………………………………….Full Article: Source

Posted on 06 January 2011 by Laxman |  Email|Print

From Gfsnews.com: The Japanese Financial Services Authority is set to implement a detailed action plan over the coming year, with planned changes including reforms of international tax rules and a reforming of the tax treatment of OTC derivatives.Central to this will be a change to the tax system on cross-border transactions, aimed to promote participation from foreign investors in the Japanese securities markets.

These are aimed to enable Islamic finance in the region, and will go alongside changes designed to increase securities lending and to change international taxation principles from an ‘entire income principle’ to an ‘attributable income principle’…………………………………….Full Article: Source

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