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Islamic Finance Briefing 18.Jan 2011

Posted on 18 January 2011 by Laxman |  Email|Print

The value of Islamic ‘bonds’ (sukuk) issued in the Gulf has jumped 61% in the past year having slumped to the lowest level in four years as a result of a number of factors, including the global financial crisis, according to research by Trowers & Hamlins, the international law firm. $7bn of sukuk was issued in the Gulf in 2009/10 (to June 30), compared to $4.3bn the previous year.
At the same time issuance of conventional bonds surged to record levels. The value of conventional bonds issued in the Gulf hit $15bn in 2009/10 compared to $12.9bn the year before, an increase of 16.3%……………………………………….Full Press Release: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Bloomberg: Fund managers in Pakistan are urging the government to increase sales of Islamic debt, saying a 13- fold rise in sukuk sales this year isn’t enough for them to invest inflows of cash.
The central bank plans to auction 45 billion rupees ($526 million) of three-year sukuk in the domestic market on March 1 and another 55 billion rupees in the three months ending June 30……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Bloomberg: Kazakhstan’s government expects to pass legislation within the next two months that would enable companies to sell Islamic bonds, said Deputy Prime Minister Aset Issekeshev.
The first corporate sukuk may be sold in dollars globally, Issekeshev told reporters at a conference in Abu Dhabi today. The country has delayed plans to offer sovereign Islamic debt because the government doesn’t need the funds, he said……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Arabianbusiness.com: The UK, Europe’s largest market for Shariah-compliant financial products and services, cancelled what would have been the first sale of Islamic bonds by a Western federal government as issues fell 15 percent in 2010.
“The UK government has decided not to issue sovereign sukuk because it is judged not to provide value for money,” a spokesman for the UK Treasury in London, said in an emailed response to questions January 13……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Bloomberg: Qatar, the world’s biggest exporter of liquefied natural gas, sold 50 billion riyals ($13.7 billion) of bonds to local banks as the Persian Gulf country seeks to absorb excess cash with lenders.
The bonds, both Islamic and non-shariah compliant, mature in three years, Central Bank Governor Abdullah bin Saud Al Thani said in a phone interview today. The conventional bond pays 5 percent interest, he said……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Bloomberg: France plans to develop Islamic finance and attract investment from the Gulf to its economy, State Secretary for Foreign Trade Pierre Lellouche said.
“We’ve had some delay, compared to the British particularly,” Lellouche said in an interview in Abu Dhabi today. “The legal mechanisms are getting in place and French banks are very capable and they are at it.”………………………………………Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From 234next.com: Conventional banks and other financial institutions can offer or sell Sharia-compliant products and services through subsidiaries or branches. The Central Bank of Nigeria (CBN), said that such non interest subsidiary shall be established in line with the licencing requirements for the establishment of a fully fledged non-interest bank or financial institution.
“Similarly, a non-interest window or branch of a conventional bank or financial institution shall be established and operated in line with the guidelines on windows/branches issued by the CBN.”………………………………………Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Malaysiasun.com: CIMB Islamic has launched its Flexi Select NID-i, which is a 10-year investment product structured based on the Shariah concept of restricted Mudharabah.
CIMB Bank said on Monday, Jan 17 the product combined innovative investment features with the added flexibility for investors to switch their investment strategies……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Gulf-times.com: In line with its commitment to develop innovative and modern banking solutions, Al Yusr Islamic Banking Service of IBQ, yesterday announced the launch of Al Yusr Islamic banking ‘Young Saver Account’ aimed at individuals under the age of 18.
Fully Shariah-compliant and working under the Mudaraba principle, the Al Yusr Islamic banking Young Saver Account features a range of benefits and features including an opening balance of QR100, quarterly revenues, an annual birthday gift and a regular savings option through free standing orders……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Bernama: Islamic countries should continue to use paper currency instead of gold dinar as history has shown that the return to the coinage system could increase interest rates and inflation would be difficult to control.
Professor of Comparative Economic History at International Centre for Education in Islamic Finance (INCEIF), Dr Murat Cizakca, said money should serve as a medium of exchange, not as a commodity……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Dailytimes.com.pk: Islamic fund manager KFH Asset Management will launch a $300 million fund to invest in consumer, healthcare and education businesses by end 20120, its private equity head said on Monday.
“KFH Asset Management, a subsidiary of the Malaysian unit of Kuwait Finance House , would raise money from Gulf investors for the fund which would also invest in waste management and light manufacturing companies, Lew Oon Yew said……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

Daman Investments PSC, the leading Dubai-based investment management company, has announced the performance results of its funds: the Daman Second Emirates Fund, the Daman Islamic Fund, the Daman Speculator Fund, and the Daman Fifth Fund for the month ending December 31, 2010.
Daman Second Emirates Fund also declared fourth quarter dividends of Dhs0.75 per share, wrapping up the year 2010 on a positive note. All four funds exhibited stable performance during 2010; relative to their respective benchmarks……………………………………….Full Press Release: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Gulf-daily-news.com: Assicurazioni Generali, a leading insurance company with worldwide operation, has signed an agreement with Takaful International as their representative in Bahrain to provide group employee benefits coverage for its international clientele.
All local subsidiaries in Bahrain of international multinational customers of Assicurazioni Generali will benefit from group insurance services offered by Takaful International……………………………………….Full Article: Source

Posted on 18 January 2011 by Laxman |  Email|Print

From Gulf-daily-news.com: The Central Bank of Bahrain (CBB) has been selected to the executive committee of the International Association of Insurance Supervisions (IAIS), a key recognition for the bank’s regulatory initiatives in the area of insurance and takaful.
This announcement was made during the IAIS meeting and recognised Bahrain’s efforts amongst 17 Mena regulators in the formulation or enforcement of insurance standards as a regulator and supervisor……………………………………….Full Article: Source

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