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Islamic Finance Briefing 07.Jan 2011

Posted on 07 January 2011 by Laxman |  Email|Print

Zeid Ayer

From Bloomberg: The lowest relative yields on Islamic bonds in more than two years may encourage issuers to tap the market after a 15 percent drop in new sales in 2010, helping revive interest among investors. The difference between average yields for emerging-market sukuk and the London interbank offered rate narrowed to 282.7 basis points yesterday, the least since August 2008, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index.
Albaraka Banking Group BSC, Bahrain’s biggest publicly traded Islamic lender, plans to sell Islamic bonds in the first quarter, while Albaraka Turk Katilim Bankasi AS, a Turkish Islamic bank, may make an offering this year, company officials said this week…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Reuters: Turkey’s Istanbul Stock Exchange on Thursday launched an index comprised of 30 listed companies that comply with Sharia banking principles as the country seeks to attract interest in its burgeoning Islamic finance sector.

The Participation Index .KATLM will include discount retailer BIM, Turk Telekom, the main landline operator and builder Enka Insaat, said Avsar Sungurlu, deputy CEO of Bizim Securities, which is consulting for the index…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Gulfnews.com: Noor Islamic Bank, a part of the Dubai Holding, yesterday said it expects to break even in 2012. The banking group has also put on hold all its physical overseas expansion plans temporarily.

“We expect to break even in 2012. That has been our original target and I think we can meet it,” Hussain Al Qamzi, Group Chief Executive Officer of Noor Investment Group and Noor Islamic Bank, said…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Brecorder.com: Islamic Banking Industry (IBI) has sustained growth momentum despite prevailing tenuous economic conditions; and overall share of IBI in the country’s banking system also improved to 6.4 percent in September 2010.
The Islamic banking assets, deposits and financing continued exhibiting strong growth with total assets increasing to Rs 424 billion at the third quarter end (September 2010) from Rs 411 billion at the beginning of the quarter; the Year on Year (YoY) growth in the assets was 31 percent…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Cpifinancial.net: Khaled Al-Aboodi, Chief Executive Officer and General Manager of the Islamic Corporation for the Development of the Private Sector (ICD), explained to Islamic Business & Finance how the Islamic Development Bank (IDB) Group and the ICD are battling to counteract the effects of the global financial crisis.
Although he agreed that Islamic finance is still at an early stage of development, with assets values expected to reach $1.5 trillion by the end of 2012, he predicted that we will certainly start to see a greater impact of Islamic finance products on global financial markets…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Tradearabia.com: UAE conglomerate Dubai Investments expects to report a fourth-quarter profit of Dh240 million ($65 million) before provisions and impairments, its chief executive told Reuters on Thursday.

Dubai Investments, which is involved in sectors from real estate to manufacturing, reported a fourth-quarter net profit of Dh141 million in 2009…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Arabnews.com: Bahrain plans to spend 5.3 billion dinars ($14.1 billion) over the next two years and oil prices need to rise to $97-$100 per barrel to balance its budget, the Finance Ministry said on Thursday.

Such a spending level would be greater than analysts’ expectations and proportionately exceed the 2.19 billion dinar outlays initially foreseen for the 2010 budget…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Noor Investment Group, today inaugurated the new headquarters of Noor Takaful, located adjacent to the Noor Islamic Bank station on the Dubai Metro Red Line, on Sheikh Zayed Road, in the presence of a number of high-ranking officials and senior banking and finance industry representatives were also present.
The inauguration was part of the celebrations hosted by Noor Investment Group (NIG), the Dubai-based Shari’a compliant financial services group, to commemorate the third anniversary of Noor Islamic Bank and the second anniversary of its insurance arm Noor Takaful…………………………………….Full Press Release: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Ifresource.com: The global financial crisis of 2008-09 has brought to the forefront issues concerning the stability and resilience of financial systems.At the heart of the crisis is the near-breakdown of the functioning of the financial intermediation process, amid a generalised loss ofconfidence in the financial system.

Many factors have been cited as the cause of the crisis. They include a combination of misalignments in the incentive structure and unbridled financial innovation which led to indiscriminate lending and excessive risk-taking. Other contributory factors include the erosion of sound prudential practices, with banks compromising on underwriting and risk management standards in pursuit of short-term gains and market share…………………………………….Full Article: Source

Posted on 07 January 2011 by Laxman |  Email|Print

From Halaljournal.com: The word Halal, Arabic for permissible, is often used to describe meat slaughtered and prepared in line with Islamic law. Halal beauty products, which comprise $500 million of the $2 trillion global Halal market, are made using plant extracts and minerals rather than the alcohol and pork ingredients that are banned in Islam but often found in cosmetics.

The appeal of Halal cosmetics mirrors a global trend for ethical beauty products that are not tested on animals and do not use animal derivatives, as well as booming demand for ranges based on natural ingredients that are kind to hair and skin…………………………………….Full Article: Source

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