Tue, Mar 2, 2021
A A A
Welcome bhaimia
RSS
Islamic Finance Briefing 11.Jan 2011

Posted on 11 January 2011 by Laxman |  Email|Print

Daud Vicary AbdullahFrom Bloomberg: Brazil’s first Islamic bond may be a private sale by a company in 2012, Daud Vicary Abdullah, global Islamic finance leader at Deloitte Corporate Advisory Services Sdn. said in Doha.
“I think it will be a corporate,” Vicary Abdullah said. “I think there is a possibility it could be this year but I think 2012 is more likely.”………………………………………Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

Ijlal AlviFrom Reuters: A master agreement for asset-backed Islamic bonds will help spur demand for securitised paper in the fast-growing industry, bankers and lawyers said. Islamic finance industry body IIFM is looking to develop a template in 12 to 18 months that will help mitigate some of the legal and operational complexities surrounding asset-backed Islamic bonds, or sukuk, said its chief executive Ijlal Alvi.
At present, issuers offer instruments that provide no recourse in the event of a default, bankers and lawyers said……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Thepeninsulaqatar.com: There are good prospects for global Sukuk issuance this year, although it will not reach the 2007 pre-crisis levels, says Deloitte’s Global Islamic Finance Leader. “The Sukuk was down on 2007 pre-crisis but has started coming back last year. I thing we will see an increase in Sukuk issuance this year. I don’t expect it to reach the 2007 pre crisis levels this year but possibly in 2012,” Daud Vicary Abdullah said.
He said interestingly, 50 percent of global Sukuk last year was issued through Malaysia with 25 percent coming from one bank both in terms of number and volume, the Malaysia Commerce International Merchant Bankers Berhad (CIMB), Malaysia’s second largest financial service provider……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Bernama: With the recovery in global economy, Bursa Malaysia has retained its position as the top sukuk listing destination. The exhange said 2010 has been a good year with total global issuance reaching US$30 billion, representing an increase of 20 per cent from the previous year, and a two-fold increase from US$15 billion in 2008.
“Of that amount, some US$8.6 billion sukuk programme was listed on Bursa Malaysia, accounting for almost one-third of total global issue,” it said……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Bloomberg: The lack of long-term investment products is undermining growth in Malaysia’s Islamic insurance industry, spurring calls for more sukuk maturing beyond 10 years in the world’s biggest market for the debt.
The country’s 13.9 billion ringgit ($4.5 billion) of insurance assets that comply with Shariah law made up 9 percent of the 154 billion ringgit total as of July 2010, according to central bank data……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Financeasia.com: As the sukuk market matures, embedding itself in mainstream finance, asset management shall be the next big thing for Islamic finance, argues HSBC. The last couple of years have seen seismic movements in the sukuk industry despite the global economic downturn.
In this time, we have seen newcomers to the global sovereign sukuk market such as the Republic of Indonesia, greater facilitation of cross boarder liquidity penetration such as the National Bank of Abu Dhabi’s Malaysian ringgit issuance; growth and innovation around asset type……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: 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 Arabian Gulf.
The HSBC/NASDAQ Dubai UAE US Dollar Sukuk Index, which tracks ten sovereign and corporate securities, climbed to 131.15 on January 4, the highest since HSBC started tracking their performance in January 2005……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Thenational.ae: International Investment Group (IIG), a troubled Kuwaiti financial concern, announced it was considering selling assets, finding a new investor or breaking up the company after defaulting last year on a US$200 million (Dh734.6m) Islamic bond.
IIG is the third major investment company in Kuwait to default on debt - the others being The Investment Dar in 2009 and Global Investment House (GIH) in 2008. Kuwait’s finance companies were some of the hardest-hit in the region by the global financial crisis as share prices plummeted and banks became reluctant to refinance borrowings……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Gulf-times.com: Islamic component in project finance will increase if longer tenor instruments become available, an expert has said.
“Longer tenor instruments will have a knock-on effect on the growth of Islamic finance. Currently, we don’t see too many Islamic financing instruments going out beyond 10 years,” said Daud Vicary Abdullah, Deloitte’s Global Islamic Finance Leader……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Emirates247.com: Islamic financial institutions are at a crossroads entering 2011, Ernst & Young said in a statement. The industry is expected to continue to show resilience in the face of a challenging economic scenario, it said.
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……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Timesofoman.com: Islamic financial institutions are at crossroads entering the year 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……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Reuters: Malaysia’s Sapuracrest Petroleum secured a 750 million ringgit ($244 million) Islamic financing facility to fund its expansion, the lead arranger of the deal said on Monday.
Maybank Investment said it signed an angreement with Sapuracret’s unit for the facility that include Malaysian ringgit and U.S. dollar denominated tranches……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Efinancialcareers-gulf.com: The Middle East is lagging behind other major centres for Islamic finance when it comes to employing female executives and scholars, which is discouraging women from entering the sector lower down the ranks.
Malaysia, one of the world’s largest Islamic finance centres, is setting the pace when it comes to appointing women scholars and executives,………………………………………Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Bernama: National mortgage corporation, Cagamas Bhd, has signed an agreement with the International Syariah Research Academy (ISRA) to sponsor an Islamic financial market textbook.
In a statement Monday, Cagamas said the textbook, which was scheduled to be published later in the year, was part of its corporate social responsibility programme……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Monitor.co.ug: Recent reports have indicated that the central bank will soon move to regulate an Islamic commercial bank. What exactly is involved in Islamic banking? Globally, the assets of Islamic banks have been expanding at double-digit rates for a decade and Islamic banking is increasingly becoming a visible alternative to conventional banks in Islamic countries and countries with many muslims.
Islamic banks serve muslim customers, but are not religious institutions. They are profit-maximising intermediaries between savers and investors and offer custodial and other traditional banking services. ………………………………………Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Hurriyetdailynews.com: Turkish participation bank Kuveyt Türk, a lender that adheres to Islamic rules in banking, has said it will upgrade its automatic teller machines within a month to distribute gold as well as banknotes.
The ATMs will dispense certified gold coins, which customers can withdraw from gold deposit accounts at Kuveyt Türk or buy with a credit card or cash, said Irfan Yılmaz, executive vice president in charge of retail banking……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Nikkei: Mizuho Corporate Bank and Maybank, Malaysia’s largest financial services group, have agreed to form a business partnership covering Islamic finance, the Nikkei reported in its Monday edition.
An announcement will come as soon as this week. The Mizuho Financial Group Inc. subsidiary plans to open a local unit in Malaysia as early as the spring and will draw on Maybank’s know-how to offer its own Islamic financial services in the Southeast Asian country, which aims to become a hub for this type of banking……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: Qatar National Bank (QNB), the Gulf state’s largest lender by market capitalisation, posted a 40.2 percent jump in fourth-quarter earnings, beating analyst expectations as financing and interest income soared.
The lender said in a statement that annual net profit jumped 35.8 percent to $1.57bn in 2010……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

The Islamic Development Bank (IDB), a founding and permanent member of the International Islamic Financial Market (IIFM), hosted a briefing by IIFM to its group entities and senior officials at the IDB offices in Jeddah.
Ijlal Ahmed Alvi, Chief Executive Officer of IIFM briefed the IDB officials on the value addition of IIFM as well as its global standardization of products and documentation initiatives that are contributing to the development, transparency and unification of the Islamic Capital and Money Market……………………………………….Full Press Release: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Bernama: Syarikat Takaful Malaysia Bhd will set up an agency learning centre known as Takaful myStar Academy as it aims to grow its agency force to 2,500 this year.
In a statement Monday, the company said Takaful Malaysia’s agency force had grown to a total of 800 active agents with 45 dedicated Agency Leaders since the birth of its Wakalah or agency model in March last year……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Methaq Takaful Insurance announced that it has finalised the electronic link between its online platform and the Abu Dhabi E-Traffic services and Dubai’s Roads & Traffic Authority (RTA).
The new online system will allow direct contact with the traffic departments and instant updating of the customer’s data before issuing the insurance policy……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Thenational.ae: What a difference a day makes with the rise and fall of Takaful Emarat Insurance the story on the bourses Monday morning. Shares of the insurance firm, listed in Dubai, declined by more than three per cent to 78 fils at 10:40amm this was a reverse on yesterday when Takaful gained 7.8 per cent.
“The price is good considering the past period,” said Rami Awwad, operations manager at Al Awael Securities in Abu Dhabi. Shares have fallen by 12 per cent in the last 3 months. “The chances are it will recover, it is a well liked stock among local investors, but volumes are not as high as leading firms,” he said……………………………………….Full Article: Source

Posted on 11 January 2011 by Laxman |  Email|Print

From Zawya.com: A recently released study by Dubai Chamber of Commerce & Industry focuses on the current trends and prospects in the UAE insurance market as highlighted by Business Monitor International (BMI) report which indicates that the UAE insurance market is expected to experience strong growth as the demand for insurance products increases.
Future forecasts for the UAE insurance sub-sector, in which the non-life premium market is forecast to increase by a compound annual growth rate (CAGR) of 11%, while the life premium market is forecast to grow by a CAGR of 8% per year……………………………………….Full Article: Source

See more articles in the archive

banner
banner
banner
banner
March 2021
M T W T F S S
« May    
1234567
891011121314
15161718192021
22232425262728
293031