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Islamic Finance Briefing 14.Jan 2011

Posted on 14 January 2011 by Laxman |  Email|Print

From Bloomberg: Indonesia’s dollar Islamic bonds fell for a second week, after a record decline last quarter, as concern inflation will quicken outstripped optimism the nation will win an investment-grade rating.
The yield on Indonesia’s 8.8 percent sukuk due in April 2014 has climbed 68 basis points to 3.33 percent since reaching a record-low 2.65 percent on Oct. 14, according to the Royal Bank of Scotland Group……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Bloomberg: Indonesia plans to increase the type of assets that can be used to pay returns on Islamic bonds to road and rail projects in a bid to support its $140 billion development program.
The government is seeking approval from the country’s Shariah board to use future fees from transport facilities to be constructed over the next three years as the underlying asset for sukuk, Rahmat Waluyanto, director general of the finance ministry’s Debt Management Office, said………………………………………Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Reuters: A Malaysian government agency plans to issue 10 billion ringgit ($3.3 billion) of Islamic bonds, one of a flurry of large sukuk sales that are expected to hit the Southeast Asian market this year as confidence returns.
Pembinaan BLT Sdn Bhd, a government subsidiary which builds housing and facilities for the Malaysian police, will sell the Islamic bonds, the company said in a media invitation to a briefing on Friday……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Gulfnews.com: Pembinaan BLT, a company owned by Malaysia’s government, plans to sell 10 billion ringgit ($3.3 billion (Dh12.12 billion) of Islamic bonds to fund upgrades to national police facilities. The sukuk issuance will be the biggest in the Southeast Asian nation in more than three years.
The government raised $1.25 billion from its first Sharia-compliant dollar bond in eight years last May, drawing bids for five times the debt on offer……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Bernama: MAA Takaful Bhd has announced attractive returns for its investment-linked funds for financial year ended Dec 31, 2010.
Under its equity and balanced funds, it said the bonus units for the Shariah Growth Fund were 16 units per 100 units held, which represented a return of 21.82 per cent while its Shariah Balanced Funds gave 13 units per 100 units held, or a return of 16.69 per cent……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Tradearabia.com: Major lender Banque Saudi Fransi reported a forecast-beating 119 per cent rise in quarterly profit, citing the performance of its core business and lower costs.
Banque Saudi Fransi made SR709 million ($189 million) in the fourth quarter from SR324 million in the same period a year ago, the bank said on the bourse website……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Thepeninsulaqatar.com: Qatari banks are well capitalised, profitable, liquid and ready to finance viable projects, said George Nasra , Managing Director, IBQ.
“Our affiliation with the National Bank of Kuwait (NBK), which owns 30 percent of IBQ and which has a noticeable footprint in Turkey, makes for a strong partnership between IBQ and existing and new Turkish companies in Qatar,” he said……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Tribune.com.ng: The concept of interest-free co-operative is an integral part of the Islamic economic system. What we are familiar with is the conventional co-operative system of financing, which according to its operations, is interest-based.
The International Labour Organisation (ILO) defines co-operative as “an association of people usually of limited means, who voluntarily come together to achieve a common objective through the formation of a democratically controlled business organisation making equitable contributions to the capital (base) and other inputs required and accepting a fair share of the risks and benefits of the undertakings in which members actively participate.”………………………………………Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Eurasiareview.com: On 27 December Mumbai Stock Exchange launched a new platform called “The BSE TASIS Shariah 50.” In the normal course of our politicized conditions, it would have attracted much attention. A leading Muslim leader in toe with a number of industrialists from many communities would have inaugurated it.
And leaders from both the Hindu and Communal sections would try to make political capital out of it. In the current climate surcharged with rumours of corruption, terrorism, etc. including those over 2G scams and stock market gyrations, this development has goneunnoticed. However, there has been good coverage in the international press……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Brudirect.com: A signing ceremony was held on January 12 for a Memorandum of Understanding (MoU) between Universiti Brunei Darussalam (UBD) and the Markfield Institute of Higher Education (MIHE) at Park Suite, The Dorchester, London, United Kingdom, a press release stated.
The MoU was signed by Dr Hj Zulkarnain bin Hj Hanafi, the Vice Chancellor of UBD and Dr M Manazir Ahsan, the Rector of MIHE……………………………………….Full Article: Source

Posted on 14 January 2011 by Laxman |  Email|Print

From Asahi.com: In Malaysia, the South Koreans have taken orders to create several new trading systems, including one exclusively for Islamic financial products.
In Vietnam, KRX beat Western bourses in bidding for a next-generation trading environment. A key feature of KRX’s bid was an offer to train exchange staff, just as it is doing in Laos……………………………………….Full Article: Source

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