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Islamic Finance Briefing 12.Jan 2011

Posted on 12 January 2011 by Laxman |  Email|Print

Daud Vicary AbdullahFrom Arabianbusiness.com: Global issuance of Islamic bonds will take another year to reach pre-crisis levels as new markets in Europe and Asia have yet to make up for the slump in the Gulf, said Deloitte’s head of Islamic Finance on Tuesday.
Underwritten issuance of Islamic bonds, or sukuk, reached $14.3bn last year, according to Thomson Reuters estimates, well below the $20-30bn in annual issuance before the global financial crisis……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

Ijlal AlviFrom Tradearabia.com: Investor worries over the impact of defaults in Islamic bonds is driving a push for a better structure for asset-backed instruments that should help alleviate concerns, bankers and lawyers said.
Islamic finance industry body IIFM is looking to develop a template in 12 to 18 months that will help reduce some of the legal and operational complexities surrounding asset-backed Islamic bonds, or sukuk, its chief executive Ijlal Alvi said……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Bt.com.bn: With the recovery in global economy, Bursa Malaysia has retained its position as the top sukuk listing destination. The exchange said 2010 had been a good year with total global issuance reaching US$30 billion, 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 12 January 2011 by Laxman |  Email|Print

From Bloomberg: Indonesia may sell retail Islamic bonds in the first week of February, Rahmat Waluyanto, director general of debt management at the Finance Ministry, said in an interview in Jakarta.
“The size of the issue will depend on the ability of the banks and securities companies to distribute, as well as the value of the underlying assets,” Waluyantu said……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: Borrowers from the six-nation Gulf Cooperation Council will have to offer investors higher-yields as they seek to refinance about $70bn of debt maturing this year, according to Standard Chartered.
“With significant debt maturities coming into the year and concerns over transparency for some GCC economies, risk premiums will build up and this will serve to push up borrowing costs,” Nafees Akbarali, regional head of fixed income, currencies and commodities trading at the London-based bank said……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Tradearabia.com: The United Arab Emirates finance ministry expects to issue the oil producer’s first sovereign bonds toward the end of the year or in early 2012, a minister said on Tuesday.
The UAE’s top advisory council passed a new public debt law last month, paving the way for the Gulf country’s first debt issues at the federal level……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Cnbc.com: Mohamed Nedal Alchaar, secretary general at AAOFI shares his growth and regulatory outlook for the Islamic finance industry, with CNBC’s Yousef Gamal El-Din, Chloe Cho and Rebecca Meehan.………………………………………Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Gulfnews.com: A member from the UAE’s top advisory council on Tuesday accused the General Authority of Islamic Affairs and Endowments of failing to conduct governance and control of the endowment funds.
Mohammad Abdullah Al Za’abi, a representative of the Federal national Council (FNC) from Sharjah, posed a question to Dr Anwar Mohammad Gargash, Minister of State for FNC Affairs, about regulations for endowment funds……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Bloomberg: The Islamic Development Bank’s export-credit arm will start operating in Syria tomorrow, Tishreen reported, without saying where it got the information.
The Islamic Corporation for Insurance of Investments will sign an agreement with the Syrian Exporters Federation in Damascus tomorrow to insure and finance the nation’s exports of products and services, the newspaper said……………………………………….Full Article: Source

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From Gulf-daily-news.com: Bank of London and The Middle East (BLME), the UK-based wholesale, Sharia- compliant bank, has been awarded Best Islamic Bank in the UK by the Islamic Finance News Annual Poll for 2010.
The Islamic Finance News Awards are widely recognised as the most transparent and comprehensive in the industry. The awards are now in their sixth year with a 26 per cent increase in number of votes from the previous year……………………………………….Full Article: Source

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From Arabnews.com: Bank of London and The Middle East plc (BLME), London’s leading wholesale Shariah-compliant bank whose main shareholders are Boubyan Bank, National Bank of Kuwait, the Securities House and the Public Institution for Social Security, announced the launch of its Premier Deposit Account (PDA) in pound sterling, US dollars and euro for investors in Saudi Arabia.
The PDA is the first online Shariah-compliant deposit account in the UK with a minimum investment of 50,000 pounds. This account is termed ideal for investors looking for a competitive rate of return on an ethical, alternative investment……………………………………….Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

Jordan Dubai Islamic Bank has recently announced the extension of its Islamic Home Financing Program until the end of March, 2011. This extension caters to the demands of a wide client base, taking advantage of the extension of the discount in registration fees and sales tax on property by 50%, according to the amendments on the Jordanian land and property registration laws which is effective until 31/03/2011.
The Bank’s decision comes in answer to popular demand of its clients, who find in this financing program the ideal solution for enabling them to own their dream home in easy and uncomplicated procedures that suit their financial capabilities and lifestyles……………………………………….Full Press Release: Source

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From Cpifinancial.net: Adnan Ahmed Yousif, Chief Executive of Albaraka Banking Group and Riad Kamal, Managing Director and Chief Executive Officer of Arabtec Construction signed the deal for the bank’s new offices in Bahrain Bay.
Adnan Ahmed Yousif said, “The new building is designed to meet the present and future needs of the group. The choice of the Gulf of Bahrain for the construction of the bank’s headquarters follows our belief of the vital importance enjoyed by the Kingdom of Bahrain as a financial centre and as a leader in regional and global Islamic banking.”………………………………………Full Article: Source

Posted on 12 January 2011 by Laxman |  Email|Print

From Bernama: Etiqa Takaful Bhd aims to chalk up 12-15 per cent growth in premiums this year from RM2.4 billion in 2010 through greater consumer awareness and the launch of new products.
Its chief executive officer, Shahril Azuar Jimin, said with more than 48 per cent market share in the takaful industry, the company was the first takaful operator in Malaysia to surpass the RM2 billion mark in premiums in 2010……………………………………….Full Article: Source

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