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Islamic Finance Briefing 13.Jan 2011

Posted on 13 January 2011 by Laxman |  Email|Print

From Bloomberg: Borrowers from the Persian Gulf may sell as much as $8.2 billion of Islamic bonds this year, the most since 2007, encouraged by the lowest yields in two months and accelerating economic growth.
Average yields on Shariah-compliant bonds from Gulf Cooperation Council countries fell to 5.385 percent on Jan. 4, the lowest level since Nov. 10, according to the HSBC/NASDAQ Dubai GCC Dollar Sukuk Index……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Kippreport.com: Saudi Arabia’s civil aviation authority is eyeing sale of Islamic bonds, or sukEk, in several tranches to finance a modernisation of the kingdom’s airports, its top executive said on Wednesday.
The first tranche of the sukuk would be worth 4.5 billion riyals ($1.20 billion), Abdullah al-Rahimi told Al Arabiya television……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Bloomberg: Malaysia’s Employees Provident Fund, the country’s biggest pension fund, plans to increase its $1 billion global sukuk program by about 50 percent this year to meet government-set targets.
The Kuala Lumpur-based company, which manages more than 400 billion ringgit ($131 billion) of assets, will also start a $500 million program to invest in Asian bonds, Wan Kamaruzaman Wan Ahmad, general manager of treasury at EPF, said in an interview in the capital………………………………………Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Reuters: Indonesia’s finance ministry plans to issue retail Islamic bonds or sukuk with a three-year tenor on Feb. 23, debt office chief Rahmat Waluyanto said on Wednesday.
“The available underlying assets are 10.8 trillion rupiah and the size of issuance won’t exceed the underlying assets,” he said, adding that the retail sukuk yield would be more attractive compared to bank time deposits……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Bloomberg: Indonesia may offer dollar- denominated conventional and Islamic bonds targeted at local investors this year, to curb price swings caused by capital outflows.
“In the next issuance of global bonds, we might want to increase the allocation for domestic investors, or we might issue entirely in the domestic market,” Rahmat Waluyanto, director-general of the Finance Ministry’s debt management department, said………………………………………Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Thestar.com.my: Pembinaan BLT Sdn Bhd, an entity under the Ministry of Finance Inc, is raising RM10bil worth of sukuk in order to fund the construction of police quarters and facilities under the “build, lease and transfer” (BLT) model.
The BLT model, a form of private finance initiative under the broad umbrella of public-private partnerships, has been used before to fund infrastructure projects in Malaysia……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: First Gulf Bank plans to raise 200 million Swiss francs ($205m) in a sale of five-year bonds that may be priced to yield about 164 basis points over the benchmark mid-swap rate, according to three people familiar with the deal.
Abu Dhabi’s third-largest lender in November delayed a planned bond sale because rates weren’t favorable. Borrowers from the Gulf Cooperation Council, including the UAE and Saudi Arabia, sold $32.6bn of bonds last year, compared with $42.8bn in 2009, according to data compiled by Bloomberg……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Nasdaq.com: With Islamic financial institutions seeking to expand into emerging markets in Africa and Asia, could Latin America be next? While Islamic financial institutions have aggressively expanded through Asia and Africa, Latin America presents a new frontier. With Latin American economies growing strongly, they may find the $1 trillion global Islamic finance market an appealing alternative to traditional financing sources.
“There is significant opportunity for the Islamic finance system to provide an attractive alternative [to conventional bank financing],” says Arti Sangar, a partner with the law firm of Diaz Reus in Miami……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Qatar Islamic Bank is hunting for acquisition targets in Indonesia to boost its presence in Asia and tap demand for sharia banking products in the world’s most populous Muslim nation, the head of its Malaysian unit said on Wednesday.
Qatar Islamic is studying several potential candidates in Indonesia that have been identified by Asian Finance Bank, which is 62 per cent-owned by the Gulf lender……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Suite101.com: Islamic banking and Islam Sharia no interest loans have become hot topics in the last year as many banks have rushed to create their own approved Sharia loan program. According to many speculators 2011 will see more and more Islamic banks opening up to handle the new rush of applicants for these interest free loans.
According to the Daily Monitor (January 11, 2011) “In 2011, Shall We See the Emergence of Islamic Banking,” “Recent reports have indicated that the central bank will soon move to regulate an Islamic commercial bank.” This news has shown to be an immediate indicator of what is in store for 2011……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: Three Saudi lenders including Banque Saudi Fransi posted fourth-quarter earnings above forecasts, kicking off the sector’s earnings season on a bright note after uncertainty over provisions.
Provisions for bad loans to cover a fallout from family firms hit the profits of lenders in the top oil exporter and biggest Arab economy in previous quarters……………………………………….Full Article: Source

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From Dailystar.com.lb: Central Bank Governor Riad Salameh Wednesday called for better indexing of Islamic stocks. “As the Islamic capital markets grow in sophistication, they will attract more international investors looking for enhanced returns and diversification opportunities,” said Salameh.
“Islamic indices will be present to assist investors and increase potential for further investments in the Islamic Equities and Sukuk markets alike,” Salameh added……………………………………….Full Article: Source

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From Telegraphindia.com: A Shariah-compliant stock index launched recently by the BSE could help draw trillions of dollars from oil-rich West Asia and prompt Indian Muslims to shed their aversion to shares, investment analysts from the community believe.
The analysts — most of whom have set up firms that channel investment into stocks — say they will rope in clerics to leverage their influence in the Gulf. One analyst claimed the countries of that region were not keen to invest in the US and Europe after 9/11 and the wars in Afghanistan and Iraq that followed the attack……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Dubai’s ruler approved a state budget for 2011 with the smallest deficit, at around 1.1 per cent of GDP, since 2007 as spending on development projects in the debt-laden emirate dips, the government said on Wednesday.
The 2011 deficit was set at Dh3.78 billion ($1 billion), equivalent to 1.1 per cent of gross domestic product in 2008, the latest year for which full economic output data is available. A gap of Dh5.99 billion was projected for 2010……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Emirates247.com: Gulf markets have grappled with debts, regulatory worries and stalled IPOs in the past two years, lagging emerging market peers, but investors see better times ahead in 2011.
The bullish tone is more evident in a year seen globally to be better for riskier assets such as equities as the pace of the global economic recovery speeds up and ample liquidity drives investment……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Thestar.com.my: The Securities Commission Malaysia (SC) has appointed Zainal Izlan Zainal Abidin as executive director with effect from Jan 12.
In a statement, SC said Zainal would lead and drive the Commission’s agenda for the Islamic capital market and would be responsible for the SC’s operational, strategic and developmental initiatives aimed at strengthening and sustaining Malaysia’s leadership in this area……………………………………….Full Article: Source

Posted on 13 January 2011 by Laxman |  Email|Print

From Saudigazette.com.sa: The president of the world-famous Pantheon-Sorbonne University said Tuesday that his school would work with King Abdulaziz University and focus on research into Islamic economics.
Jean-Claude Colliard said during a visit to the Scholarly Student Symposium at King Abdulaziz University that a partnership agreement signed with KAU earlier this week would help the French school draw on KAU’s research relating to Islamic economics and open a new window of knowledge at the school, which is located in Paris……………………………………….Full Article: Source

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