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Islamic Finance Briefing 10.Jan 2011

Posted on 10 January 2011 by Laxman |  Email|Print

Ashar NazimFrom Aabnews.com: With over 20 percent of sustained annual growth and having achieved the critical volume estimated at $1 trillion in Islamic assets by 2010, the Islamic financial institutions are at crossroads entering 2011, according to Ernst & Young.
“The industry is expected to continue to show resilience in the face of a challenging economic scenario. This is despite the fact that growth levels of the Islamic finance industry, at more than 20 percent per annum for the past several years, came under tremendous pressure in 2010,” said E&Y in a report……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Tadearabia.com: Islamic financial institutions are at cross roads entering 2011, as the users of the service debate effectiveness of existing Shari’a governance framework, as well as synthetic product structures commonly in use, according to Ernst & Young.
Islamic finance industry is expected to show resilience in the a challenging economic scenario despite the fact that growth levels of the Islamic finance industry, at more than 20 per cent per annum for the past several years, came under tremendous pressure in 2010, said the E&Y in its study……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Cifinancial.net: Islamic financial institutions are at cross roads entering 2011, said Ernst & Young; the industry is expected to continue to show resilience in the face of a challenging economic scenario. This is despite the fact that growth levels of the Islamic finance industry, at more than 20 per cent per annum for the past several years, came under tremendous pressure in 2010.
Ashar Nazim, Executive Director and MENA Head of Islamic Financial Services Group at Ernst & Young said, “Having achieved the critical volume estimated at US$1 trillion in Islamic assets, the question reverberating across board rooms, and among users of Islamic financial services, is about differentiation, or the lack thereof, that Islamic financial institutions have on offer……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Gardian: It has its limitations, but it’s worth considering how the Islamic approach to banking might have prevented the financial crisis. Islamic finance extends beyond its well-known characteristics: interest-free banking and the prohibition of investment in items or activities deemed un-Islamic, such as prostitution, gambling, pornography, pig farming and alcohol.
In contrast to conventional loans, Islamic bank loans are confined to financing the purchase of physical assets, to which they have recourse in case of default……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Kippeport.com: The Islamic finance industry has started to gain major momentum outside of the Middle East. As more financial institutions begin to introduce Sharia-compliant banking products and services, the growth of this market segment provides a new opportunity for financial institutions located in the Middle East to export their business outside of the region to serve the more than 1 billion Muslims living worldwide.
For instance, just a couple of months ago, the Central Bank of Malaysia announced that before the end of 2010 it would issue a license to a new Islamic bank, jointly established by institutions from the Middle East and Asia……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Bloomberg: Islamic bonds from the United Arab Emirates are poised to extend gains after climbing to a record last week, buoyed by progress in debt restructuring and a pickup in appetite for high-yielding assets in the Persian Gulf.
The HSBC/NASDAQ Dubai UAE US Dollar Sukuk Index, which tracks 10 sovereign and corporate securities, climbed to 131.15 on Jan. 4, the highest since HSBC started tracking their performance in January 2005……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Livemint.com: Islamic finance will serve its purpose better if is propagated as a bouquet of products rather than as a category of banking. Even as the Reserve Bank of India (RBI) and the finance ministry stand resolutely against the introduction of Islamic banking, market participants are trying to get a slice of the $1 trillion global Islamic finance pie.
Last week, the Bombay Stock Exchange launched a shariah-compliant index that will “allow domestic and foreign investors to buy stocks in line with the investment guidelines derived from the shariah”……………………………………….Full Article: Source

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From Arabnews.com: The launch over the last few weeks by the Bombay Stock Exchange (BSE) and the Istanbul Stock Exchange (ISE) of their debut equity indexes which comply with non-interest based Islamic investment principles is potentially a major development for the Islamic capital market and asset management industry.
India with the world’s largest Muslim minority of between 150 million to 200 million and Turkey with a population nearing 70 million, are both untapped markets for Islamic investment funds especially equities, exchange-traded funds (ETFs), exchange traded commodities (ETCs) and index-linked equity funds……………………………………….Full Article: Source

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From Gulf-daily-news.com: Turkey’s Istanbul Stock Exchange yesterday launched an index comprising 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 will include discount retailer BIM, Turk Telekom and the main landline operator and builder Enka Insaat, said Avsar Sungurlu, deputy chief executive officer of Bizim Securities, which is consulting for the index……………………………………….Full Article: Source

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From Todayszaman.com: The İstanbul Stock Exchange (İMKB) launched its first Participation Index comprising 30 listed companies in line with a strategy to attract interest in the country’s Islamic finance sector. The İMKB on Thursday hosted the presentation and signing ceremony of the Participation Index. Bizim Securities will serve as the consultant of the Participation Index, which some have also termed the “Islamic Index.”
Association of Turkish Participation Banks (TKBB) President Fahrettin Yahşi spoke during the ceremony at the İMKB and stressed the importance of the participation banks’ experience in stock trading……………………………………….Full Article: Source

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From Arabnews.com: Islamic financial institutions (IFIs) that are authorized by Bank Negara Malaysia (BNM), the central bank, and the Securities Commission Malaysia, the securities regulator, and have been operating in the country have six months to comply with all requirements of the new Shariah governance framework (SGF) for Islamic financial institutions which was introduced by Malaysia late last year and which became effective on Jan. 1.
According to Bank Negara, by the end of June 2011 each IFI authorized and operating in Malaysia is required to confirm the status of compliance with the framework, which was adopted pursuant to section 59 of the Central Bank of Malaysia Act 2009, section 53A of the Islamic Banking Act (IBA), section 69 of the Takaful Act (TA), section 126 of the Banking & Financial Institutions Act (BAFIA) and section 126 of the Development Finance Institutions Act (DFIA)……………………………………….Full Article: Source

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From Tehrantimes.com: The director of the Organization for Investment, Economic and Technical Assistance of Iran (OIETAI) said the Islamic Development Bank has agreed to pay Iranian firms $110 million in financial facilities.
The Mehr News Agency quoted Behrouz Alishiri as saying the International Islamic Trade Finance Corporation (ITFC) as an autonomous entity within the Islamic Development Bank Group has allocated $50 million to an Iranian company to import raw material……………………………………….Full Article: Source

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From Tradearabia.com: Ithmaar Bank, an Islamic retail and commercial bank in Bahrain, has honoured twelve employees who graduated with advanced banking and finance certifications.
“We recognise that, to continue our success, we must continue to invest in our people and ensure they remain among the very best in the world,” said chief executive and member of the board, Mohammed Bucheerei……………………………………….Full Article: Source

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From Arabianbusiness.com: The First Gulf Bank said on Thursday it plans to distribute 75 million shares bought under its buyback programme as bonus shares, in a move to benefit its shareholders. FGB initiated the share buyback programme in early 2009 to counter poor trading due to weak market sentiment and improve liquidity.
The move is subject to approval by the competent authorities and the annual general meeting, a statement by the bank said……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Ameinfo.com: SEI, aglobal provider of outsourced asset management, investment processing, and investment operations solutions, announced a partnership with Allfunds Bank to offer a greater choice of investment solutions for Shariah investors in the Gulf Cooperation Council (GCC).
The agreement brings together SEI’s Shariah asset management capabilities and Allfunds’ platform and intermediary services to give banks, wealth managers, and insurance providers the opportunity to access world-class Shariah-compliant funds and deliver more efficient and diversified investment choices to their clients……………………………………….Full Article: Source

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From Sundaytimes.lk: Islamic banking and finance industry which has already made its mark in the financial services sector is spreading its wings to cover every nook and corner of the world at a considerable pace.
The concepts of encouraging investments, profit and loss sharing in a business venture, and disapproving the unfair system of interest in financial transactions, are the main pillars of Islamic finance and one would agree that these theories are acceptable to any person irrespective of race or religion……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Thefinancialexpress-bd.com: As per a decision of the board of directors of DSE, trading of the units of AIBL 1st Islamic Mutual Fund (MF) will start at DSE today (Monday) under ‘A’ category. DSE Trading Code for AIBL 1st Islamic Mutual Fund is ‘AIBL1STIMF’.
The mutual fund, floated by Al-arafah Islami Bank Ltd (AIBL) issued a total of 50 million units worth Tk 500 million for the general investors……………………………………….Full Article: Source

Posted on 10 January 2011 by Laxman |  Email|Print

From Khaleejtimes.com: Layla Mandi is a young Canadian Muslim woman who has single-handedly ventured into the still unexplored field of manufacturing and marketing a wide range of Halal beauty products.
“I developed OnePure products because I wanted Muslims around the world to have the choice of Halal certified beauty products that were chick, effective and luxurious,” Layla, the CEO and founder of OnePure, told Khaleej Times in an interview in Dubai……………………………………….Full Article: Source

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